Easterly Government Properties(US:DEA)2025-10-27 20:31Financial Performance - Total revenues for the nine months ended September 30, 2025, increased to $249,060,000, up from $223,802,000 in the same period of 2024, representing an increase of 11.3%[10] - Rental income for the three months ended September 30, 2025, was $82,210,000, compared to $72,536,000 for the same period in 2024, reflecting a growth of 13.5%[10] - Net income available to Easterly Government Properties, Inc. for the nine months ended September 30, 2025, was $8,411,000, down from $14,100,000 in the same period of 2024, a decrease of 40.0%[10] - Comprehensive income attributable to Easterly Government Properties, Inc. for the three months ended September 30, 2025, was $1,163,000, compared to $3,008,000 for the same period in 2024, a decrease of 61.2%[13] - For the nine months ended September 30, 2025, net income was $8,784,000, a decrease from $14,849,000 in 2024, representing a decline of approximately 41.5%[15] - For the three months ended September 30, 2025, the company reported a net income of $1,247 thousand, compared to a net income of $5,115 thousand for the same period in 2024[71] Assets and Liabilities - Total assets as of September 30, 2025, amounted to $3,381,429,000, an increase from $3,223,071,000 as of December 31, 2024, marking a growth of 4.9%[8] - The company reported a total liabilities figure of $1,996,606,000 as of September 30, 2025, compared to $1,835,954,000 as of December 31, 2024, indicating an increase of 8.8%[8] - The total stockholders' equity as of September 30, 2025, was $1,384,823,000, slightly down from $1,387,117,000 as of December 31, 2024[8] - Total debt as of September 30, 2025, was $1,638.8 million, with a significant portion consisting of various senior notes and term loan facilities[43] Cash Flow - Net cash provided by operating activities increased to $217,263,000 in 2025 from $138,082,000 in 2024, reflecting a growth of approximately 57.3%[15] - The company’s cash and cash equivalents decreased to $4,355,000 as of September 30, 2025, from $19,353,000 as of December 31, 2024, a decline of 77.5%[8] - Total cash and cash equivalents and restricted cash at the end of the period decreased to $14,209,000 in 2025 from $39,207,000 in 2024, a decline of approximately 63.7%[16] Dividends and Stock Issuance - The company declared dividends of $0.45 per common share for the three months ended September 30, 2025, down from $0.66 per share in the same period of 2024[10] - The company issued common shares worth $63,620,000 in 2025, compared to $43,414,000 in 2024, reflecting an increase of approximately 46.5%[15] - The company issued 2,466,987 shares of common stock, netting $62,891 thousand during the nine months ended September 30, 2025[72] Real Estate Operations - The company owned 92 operating properties and had a total leased area of approximately 10.2 million square feet, with an occupancy rate of 97% as of September 30, 2025[21] - Real estate acquisitions and deposits amounted to $179,429,000 in 2025, significantly higher than $73,464,000 in 2024, indicating an increase of approximately 144.5%[15] - The U.S. Government accounted for approximately 88.0% of total annualized lease income as of September 30, 2025, highlighting a significant concentration in government tenants[95] Impairment and Losses - The company reported an impairment loss of $2,545,000 for the nine months ended September 30, 2025, with no impairment loss reported in the same period of 2024[10] - The company sold the ICE - Otay office building for net proceeds of approximately $3.5 million, resulting in an impairment loss of $2.5 million due to remeasurement[35] - The unrealized loss on treasury locks and interest rate swaps for the nine months ended September 30, 2025, was $5,536 thousand[72] Stock-Based Compensation - Stock-based compensation expense for the three months ended September 30, 2025, was $1.6 million, compared to a loss of $0.2 million in 2024[62] - The company experienced a stock-based compensation expense of $4,449 thousand for the nine months ended September 30, 2025[72] Other Financial Metrics - The company recognized asset management income of $1.9 million for the nine months ended September 30, 2025, compared to $1.7 million in the same period of 2024, indicating a growth of approximately 11.8%[10] - The company recognized interest income of $0.8 million and $2.5 million from real estate loan receivables during the three and nine months ended September 30, 2025, respectively[41] - The company incurred $1.0 million in acquisition-related expenses during the nine months ended September 30, 2025[34] Subsequent Events - The company had no significant subsequent events noted after evaluating events following September 30, 2025[105]