Easterly Government Properties(DEA) - 2025 Q3 - Quarterly Results

Financial Performance - The company reported a significant increase in annualized lease income, reaching $X million, reflecting a Y% growth compared to the previous quarter[6] - Cash Available for Distribution (CAD) was reported at $X million, which is a Z% increase year-over-year, indicating strong operational performance[7] - The company achieved a Core Funds from Operations (Core FFO) of $X million, representing a Y% increase from the prior year, highlighting improved profitability[9] - The EBITDA for the quarter was $X million, which is an increase of Y% compared to the same period last year, demonstrating effective cost management[10] - For the three months ended September 30, 2025, total revenues increased to $86,151,000, up from $74,781,000 for the same period in 2024, representing a growth of 15.5%[22] - Net income available to Easterly Government Properties, Inc. for the three months ended September 30, 2025, was $1,213,000, a decrease of 75.1% compared to $4,863,000 for the same period in 2024[22] - Funds From Operations (FFO) for the three months ended September 30, 2025, was $34,769,000, compared to $30,634,000 for the same period in 2024, reflecting an increase of 13.9%[22] - The company's total assets as of September 30, 2025, were $3,381,429,000, an increase from $3,223,071,000 as of December 31, 2024, indicating a growth of 4.9%[21] - Cash Available for Distribution (CAD) increased to $29,300,000 for the three months ended September 30, 2025, compared to $25,102,000 for the same period in 2024, marking a rise of 8.8%[20] - Net income for the three months ended September 30, 2025, was $1,247,000, a decrease of 75.6% compared to $5,115,000 for the same period in 2024[25] - Funds from Operations (FFO) for the nine months ended September 30, 2025, increased to $101,693,000, up 10.8% from $91,759,000 in the prior year[25] Debt and Capital Management - The net debt stood at $X million, with an adjusted net debt of $Y million, reflecting a strategic approach to leverage and capital management[13] - The net debt to total enterprise value ratio stood at 59.9% as of September 30, 2025[20] - The cash fixed charge coverage ratio improved to X, indicating a stronger ability to meet financial obligations[8] - The cash interest coverage ratio was reported at 3.0x as of September 30, 2025[20] - Total unsecured debt as of September 30, 2025, was $1,495,900,000, representing 90.8% of total indebtedness[29] - Adjusted Net Debt as of September 30, 2025, was $1,585,379,000 after accounting for development adjustments[34] - Total scheduled maturities of debt amount to $1,648.8 million, with 14.0% maturing in 2027 and 31.8% in 2028[36] - The weighted average interest rate for total debt was 4.7% as of September 30, 2025[34] - The weighted average interest rate of scheduled maturities ranges from 0.00% in 2025 to 6.44% in 2033[36] Market Expansion and Strategic Initiatives - The company plans to expand its market presence by entering Z new regions, aiming for a projected revenue increase of $X million over the next fiscal year[4] - New product developments are expected to contribute an additional $X million in revenue, with anticipated launch dates in Q1 and Q2 of the upcoming year[4] - The company is actively pursuing strategic acquisitions, targeting properties that could enhance its portfolio and generate an estimated $X million in additional annual income[4] - Future guidance suggests a revenue growth target of X% for the next fiscal year, driven by both organic growth and strategic initiatives[4] Lease Income and Property Management - The company has a total of 16,774,660 square feet of leased operating property, generating annualized lease income of $8,556,069 from the JSC - Suffolk facility, which represents 2.3% of total income[38] - As of September 30, 2025, the total annualized lease income from wholly owned U.S. government leased properties is approximately $283.5 million, representing 75.6% of the total portfolio[39] - The U.S. Government Department of Veterans Affairs (VA) accounts for 25.6% of total annualized lease income, generating $96,418,303 from 2,251,131 square feet leased[49] - The Federal Bureau of Investigation (FBI) contributes 14.7% to the total annualized lease income, amounting to $54,952,391 from 1,498,607 square feet leased[49] - The Drug Enforcement Administration (DEA) represents 7.6% of the total annualized lease income, with $28,413,449 from 607,290 square feet leased[49] - The total annualized lease income from wholly owned state and local government leased properties is approximately $30.4 million, representing 8.1% of the total portfolio[40] - The total annualized lease income from wholly owned privately leased properties is approximately $10.4 million, representing 2.7% of the total portfolio[40] - The average annualized lease income per square foot across the portfolio is $36.08[40] - The total leased square footage is 10,203,340, with 100% of the properties currently leased[41] - The weighted average remaining lease term across properties is 13.7 years, with 22.0% of leased square feet expiring in the next 10 years[49] Projects and Developments - Projects under construction total 276,777 square feet with an anticipated total cost of $364,711,000[55] - The FDA - Atlanta project is expected to be completed in Q4 2025, with a total leased area of 162,000 square feet[55] - The anticipated completion date for the JUD - Medford project is in the second half of 2027[56] - Total lump sum reimbursements received for projects as of September 30, 2025, amount to $138.1 million[57]