Easterly Government Properties(US:DEA)2025-06-25 11:43Easterly's Strategy and Portfolio - Easterly's acquisition strategy focuses on high-credit tenants and mission-critical real estate, including the U S Department of Veterans Affairs and the U S General Services Administration[14, 15] - The company's portfolio consists of 102 operating properties with 10 1 million total leased square feet and a 97% leased rate[23] - The weighted average remaining lease term is 9 8 years including soft term and 8 5 years excluding soft term, with an annual lease income of $35 59 per leased square foot[23] - Veteran Affairs outpatient facilities account for 27% of the portfolio's annual lease income, followed by FBI Regional HQ at 17%[27] U S Government Tenancy Advantage - The company's portfolio is centered around key missions of the U S Federal Government, including Veteran Care (30%), Law Enforcement (26%), and Federal Infrastructure (13%)[30, 32] - Since its IPO, Easterly has grown its portfolio from 2 1 million leased square feet and 29 properties to 10 1 million leased square feet and 102 operating properties[66] - The company is tracking an estimated $1 5 billion of properties, actively evaluating ~$500 million[66] Financial Strength and Development - The company has a strong balance sheet with a net debt to total enterprise value of 57 9% and a cash interest coverage ratio of 2 8x[82] - The company has senior unsecured notes totaling $1025 0 million with maturities ranging from 2027 to 2034 and a weighted average interest rate of 4 47%[83, 88] - Easterly is actively involved in non-speculative development, including an FDA facility in Atlanta with approximately 162,000 leased square feet, expected to commence in 4Q 2025[70, 74] - 93% of lease income is backed by the full faith and credit of the U S Government[92]