Easterly Government Properties (DEA) Q4 2024 earnings summary

Executive summary

• Focused on mission-critical government facilities, emphasizing efficiency and cost savings for federal agencies under the DOGE initiative.

• Achieved net income of $5.7M ($0.05/share) for Q4 2024 and $20.6M ($0.19/share) for the year.

• Core FFO reached $32.6M ($0.29/share) in Q4 and $126.9M ($1.17/share) for the year, exceeding initial guidance.

• Completed 10 property acquisitions totaling $230M, expanding into private sector government contractor facilities.

• Expanded partnerships with government and government-adjacent tenants, including defense contractors.

Financial highlights

• Q4 2024 net income per share was $0.05; core FFO per share grew 3% year-over-year to $0.29.

• Full-year 2024 net income per share was $0.19; core FFO reached $1.17, at the upper end of guidance.

• Q4 2024 revenues were $78.3M, up from $72.6M in Q4 2023; full-year revenues $302.1M.

• Q4 EBITDA was $49.9M; full-year EBITDA $187.3M.

• Cash available for distribution was $25.1M for Q4 and $100.9M for the year.

Outlook and guidance

• Raised 2025 core FFO guidance to $1.18–$1.21 per share, assuming $100M in acquisitions and $25–$75M in development investments.

• Net income per share guidance for 2025 set at $0.20–$0.23.

• Targeting 2–3% core FFO growth for shareholders.

• Strong pipeline of accretive acquisition and development opportunities, with focus on state, local, and government-adjacent tenants.