Easterly Government Properties(DEA)2024-02-26 16:00Financial 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]