Easterly Government Properties (DEA) Q4 2025 earnings summary

Executive summary

• Achieved 2%-3% Core FFO per share growth for 2025, with similar growth targeted for 2026, reflecting a durable strategy focused on government-related cash flows and disciplined capital allocation.

• Reported Q4 2025 net income of $4.8 million ($0.10 per share) and full-year net income of $13.6 million ($0.29 per share).

• Portfolio consists of mission-critical, long-term leased government facilities with high occupancy and stable, predictable cash flows.

• Completed three property acquisitions totaling $169.9 million and disposed of one property for $3.5 million.

• Developed and delivered a 162,000 sq. ft. FDA laboratory in Atlanta and commenced two new development projects.

Financial highlights

• Q4 2025 net income per share was $0.10; Core FFO per share grew nearly 6% year-over-year to $0.77.

• Full-year 2025 net income per share was $0.29; Core FFO per share grew nearly 3% year-over-year to $2.99.

• Q4 2025 revenues were $87.0 million, up from $78.3 million in Q4 2024; full-year revenues reached $336.1 million, up from $302.1 million in 2024.

• Q4 EBITDA was $54.9 million; full-year EBITDA was $214.3 million, up from $187.3 million in 2024.

• Cash Available for Distribution was $29.1 million for Q4 and $118.8 million for the year.

Outlook and guidance

• 2026 Core FFO per share guidance range is $3.05 to $3.12, representing approximately 3% growth at the midpoint.

• Growth supported by FDA Atlanta delivery, renewal execution, operational efficiencies, and recent acquisitions.

• Guidance assumes $50M-$100M in development investment and $50M in acquisitions for 2026.