It looks like high interest rates are here to stay for a while.Hump Day proved to be insurmountable for real estate stocks. A great many of them saw notable dives in their stock prices, on worries that the chances for the Federal Reserve to cut its key interest rate were fading. From real estate investment trusts (REITs) to brokers to mortgage financiers, stocks across the sector took body blows during the Wednesday trading session.Among the numerous real estate decliners were Easterly Government Properties ...

Easterly Government Properties, Inc. (DEA) recently announced that it has been awarded a lease to develop a 50,777 rentable square foot Federal courthouse in Flagstaff, AZ.This cutting-edge project represents Easterly's first net-zero development endeavor, signaling a pivotal moment in the company's commitment to sustainable real estate solutions. The 20-year non-cancelable lease, slated to commence upon project completion, underscores Easterly's recognized expertise in the specialized market of government ...

WASHINGTON--(BUSINESS WIRE)--Easterly Government Properties, Inc. (NYSE: DEA) (“Easterly”), a fully integrated real estate investment trust focused primarily on the acquisition, development and management of Class A commercial properties leased to the U.S. Government, announced today that it has been awarded a 20-year non-cancelable lease for a 50,777 rentable square foot Federal courthouse in Flagstaff, Arizona (“JUD - Flagstaff”). JUD - Flagstaff is expected to be a state-of-the-art, three-story courth ...

WASHINGTON--(BUSINESS WIRE)--Easterly Government Properties, Inc. (NYSE: DEA) (the “Company” or “Easterly”), a fully integrated real estate investment trust (“REIT”) focused primarily on the acquisition, development and management of Class A commercial properties leased to the U.S. Government, announced today that management will present at the Citi 2024 Global Property CEO Conference (the “Conference”) in Hollywood, Florida on Monday, March 4, 2024, at 8:10 AM Eastern Time. For investors interested in lis ...

Easterly Government Properties, Inc. (NYSE:DEA) Q4 2023 Earnings Conference Call February 27, 2024 11:00 AM ET Company Participants Lindsay Winterhalter - Head of Investor Relations Darrell Crate - CEO Meghan Baivier - President and COO Allison Marino - CFO and CAO Conference Call Participants Michael Griffin - Citi John Kim - BMO Capital Markets Michael Carroll - RBC Michael Lewis - Truist Securities Bill Crow - Raymond James Operator Greetings. Welcome to the Easterly Government Properties Fourth Quarter ...

Easterly Government Properties (DEA) reported $72.62 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 1.2%. EPS of $0.28 for the same period compares to $0.18 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $73.7 million, representing a surprise of -1.47%. The company delivered an EPS surprise of -3.45%, with the consensus EPS estimate being $0.29.While investors closely watch year-over-year changes in headline numbers -- revenue an ...

Easterly Government Properties (DEA) came out with quarterly funds from operations (FFO) of $0.28 per share, missing the Zacks Consensus Estimate of $0.29 per share. This compares to FFO of $0.29 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -3.45%. A quarter ago, it was expected that this property management company would post FFO of $0.29 per share when it actually produced FFO of $0.29, delivering no surprise.Over the last fou ...

WASHINGTON--(BUSINESS WIRE)--Easterly Government Properties, Inc. (NYSE: DEA) (the “Company” or “Easterly”), a fully integrated real estate investment trust (“REIT”) focused primarily on the acquisition, development and management of Class A commercial properties leased to the U.S. Government, today announced its results of operations for the quarter and full year ended December 31, 2023. Highlights for the Quarter Ended December 31, 2023: Net income of $4.8 million, or $0.04 per share on a fully dilut ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended: December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from To Commission File Number: 001-36834 EASTERLY GOVERNMENT PROPERTIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporatio ...

Financial Performance - Total revenues for the twelve months ended December 31, 2023, were $287.227 million, a decrease from $293.606 million in the same period in 2022[2] - Net income available to Easterly Government Properties, Inc. for the twelve months ended December 31, 2023, was $18.804 million, down from $31.474 million in 2022[2] - Core FFO for the twelve months ended December 31, 2023, was $120.139 million, compared to $130.885 million in 2022[4] - Cash Available for Distribution (CAD) for the twelve months ended December 31, 2023, was $94.835 million, a decrease from $108.527 million in 2022[4] - Net income for Q4 2023 was $4.787 million, compared to $18.420 million in Q4 2022[26] - Funds From Operations (FFO) for Q4 2023 were $29.883 million, down from $30.868 million in Q4 2022[26] - Core FFO for Q4 2023 was $30.134 million, compared to $31.241 million in Q4 2022[26] - Cash Available for Distribution (CAD) for Q4 2023 was $21.862 million, slightly up from $21.687 million in Q4 2022[26] - EBITDA for Q4 2023 was $43.953 million, compared to $44.468 million in Q4 2022[33] - Pro forma EBITDA, assuming a full quarter of operations from properties acquired in Q4 2023, was $44.032 million[33] - Rental income for the three months ended December 31, 2023, was $10.652 million, with Easterly's share at $5.646 million[35] - Total revenues for the twelve months ended December 31, 2023, were $40.693 million, with Easterly's share at $21.567 million[35] - EBITDA for the twelve months ended December 31, 2023, was $25.362 million, with Easterly's share at $13.427 million[35] - Core FFO for the twelve months ended December 31, 2023, was $24.940 million, with Easterly's share at $13.203 million[35] Lease and Tenant Information - The U.S. Government accounted for 97.3% of the total annualized lease income as of December 31, 2023[5] - Weighted average remaining lease term for all tenants as of December 31, 2023, was 10.5 years[5] - Total leased square feet as of December 31, 2023, was 8,805,050, with the U.S. Government occupying 96.0% of the leased space[5] - The U.S. Department of Veteran Affairs ("VA") accounts for 23.3% of leased square feet, generating $88,091,238 in annualized lease income, which is 27.7% of total lease income[7] - The Federal Bureau of Investigation ("FBI") leases 1,501,720 square feet, contributing $52,774,609 in annualized lease income, representing 16.7% of total lease income[7] - The Drug Enforcement Administration ("DEA") occupies 607,064 square feet, with annualized lease income of $27,846,156, making up 8.8% of total lease income[7] - The Judiciary of the U.S. ("JUD") leases 401,610 square feet, generating $16,839,813 in annualized lease income, which is 5.3% of total lease income[7] - U.S. Citizenship and Immigration Services ("USCIS") accounts for 5.9% of leased square feet, contributing $14,955,067 in annualized lease income, representing 4.7% of total lease income[7] - The Environmental Protection Agency ("EPA") leases 225,418 square feet, with annualized lease income of $9,230,618, making up 2.9% of total lease income[7] - The Food and Drug Administration ("FDA") occupies 129,314 square feet, generating $9,152,747 in annualized lease income, which is 2.9% of total lease income[7] - The U.S. Joint Staff Command ("JSC") leases 403,737 square feet, contributing $8,427,298 in annualized lease income, representing 2.7% of total lease income[7] - The Internal Revenue Service ("IRS") accounts for 2.7% of leased square feet, with annualized lease income of $7,998,696, making up 2.5% of total lease income[7] - Immigration and Customs Enforcement ("ICE") leases 183,894 square feet, generating $7,871,695 in annualized lease income, which is 2.5% of total lease income[7] - Total annualized lease income for wholly owned U.S. government leased properties is $310,282,360, with VA - Loma Linda contributing the highest at $10,282,360 (5.2% of total)[43] - USCIS - Kansas City has the largest leased square footage at 416,399 sq ft, generating $8,000,000 in annualized lease income (3.2% of total)[43] - FDA - Lenexa laboratory achieves the highest annualized lease income per square foot at $71.28, contributing $4,254,683 (1.3% of total)[43] - DEA - Pleasanton laboratory has the highest lease income per square foot among DEA properties at $65.11, generating $2,765,720 (0.9% of total)[44] - VA - San Jose outpatient clinic shows strong performance with $64.06 lease income per square foot, contributing $5,770,504 (1.8% of total)[43] - FBI - Tampa office has the longest lease term extending to 2040, generating $5,313,544 annually (1.7% of total)[43] - DEA - Dallas Lab maintains a high lease income per square foot at $55.78, contributing $2,773,342 (0.9% of total)[44] - JUD - El Centro courthouse/office achieves $64.62 lease income per square foot, generating $2,800,983 (0.9% of total)[44] - CBP - Savannah laboratory shows strong performance with $64.80 lease income per square foot, contributing $2,267,962 (0.7% of total)[44] - NARA - Broomfield office/warehouse has the lowest lease income per square foot at $14.68, generating $2,373,591 (0.7% of total)[44] - Total leased square footage as of December 31, 2023, is 8,805,050 square feet, with an annualized lease income of $316,793,566[46] - Wholly owned U.S. government leased properties account for 85.5% of total annualized lease income, totaling $270,421,014[45] - The VA - Phoenix property contributes 3.4% of total annualized lease income with $10,678,873 in revenue[46] - Lease expirations in 2024 account for 1.8% of total leased square footage, with $5,504,512 in annualized lease income[52] - The VA - San Antonio property generates $9,185,752 in annualized lease income, representing 2.9% of total income[46] - The weighted average annualized lease income per leased square foot across all properties is $35.98[46] - Lease expirations in 2033 account for 5.9% of total leased square footage, with $20,815,244 in annualized lease income[52] - The VA - Marietta property has the highest annualized lease income per square foot at $51.45[46] - Lease expirations beyond 2033 account for 51.7% of total leased square footage, with $178,692,286 in annualized lease income[52] Debt and Liquidity - Net Debt stood at $1.289 billion as of December 31, 2023, with a Net Debt to Total Enterprise Value ratio of 47.1%[26] - Total enterprise value was $2.736 billion as of December 31, 2023[26] - Liquidity as of December 31, 2023 included $10.250 million in cash and $370.875 million available under a $450 million senior unsecured revolving credit facility[26] - Total unsecured debt as of December 31, 2023, was $1.079 billion, representing 82.9% of total indebtedness[36] - Secured mortgage debt as of December 31, 2023, was $220.597 million, representing 17.1% of total indebtedness[36] - Weighted average maturity of total debt as of December 31, 2023, was 4.6 years, with a weighted average interest rate of 4.2%[40] - Net debt as of December 31, 2023, was $1.289 billion, adjusted net debt was $1.235 billion[40] - Scheduled maturities for 2024 include $100.000 million of unsecured debt and $59.895 million of secured debt[42] - Total debt maturing in 2027 includes $95.000 million of unsecured debt and $134.640 million of secured debt[42] Property and Development - The FDA - Atlanta project, a laboratory under construction, has an anticipated total cost of $229.053 million and is expected to be completed in Q4 2025[6] - The company owns 53.0% of properties through an unconsolidated joint venture[34] - The company owns 53.0% of the properties through an unconsolidated joint venture[51] Expenses - Depreciation and amortization expenses for the twelve months ended December 31, 2023, were $91.292 million, down from $98.254 million in 2022[2] - Interest expense, net for the twelve months ended December 31, 2023, was $49.169 million, compared to $47.378 million in 2022[2]