Easterly Government Properties Increases Earnings Guidance
Easterly Government Properties, Inc. (NYSE: DEA) has increased its 2021 FFO guidance to $1.30 - $1.32 per share, representing a $0.02 rise from prior estimates. The company expects net income per share for 2021 to be in the range of $0.30 - $0.32, compared to $0.15 in 2020. The growth is attributed to a projected acquisition volume increase to $300 million and development investments of up to $25 million. CEO William C. Trimble, III highlights a strong acquisition pipeline and confidence in accelerated growth for 2021.
- Increased 2021 FFO per share guidance to $1.30 - $1.32, a 4% year-over-year growth.
- Projected acquisition volume raised to $300 million from $200 million.
- Total projected net income per share expected between $0.30 and $0.32 for 2021.
- None.
Easterly Government Properties, Inc. (NYSE: DEA) (the “Company” or “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 is increasing its guidance for 2021 FFO per share on a fully diluted basis to a range of
The Company’s 2020 net income (loss) per share on a fully diluted basis was
At the new midpoint of
“With an increasingly strong pipeline of actionable acquisition opportunities, we are raising the assumed acquisition volume underlying our guidance for 2021 by
About Easterly Government Properties, Inc.
Easterly Government Properties, Inc. (NYSE:DEA) is based in Washington, D.C., and focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to the U.S. Government. Easterly’s experienced management team brings specialized insight into the strategy and needs of mission-critical U.S. Government agencies for properties leased through the U.S. General Services Administration (GSA). For further information on the company and its properties, please visit www.easterlyreit.com.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “expect,” “intend,” “project,” “anticipate,” “position,” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those risks and uncertainties associated with our business described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed on February 24, 2021. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and we undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in our expectations.
Non-GAAP Supplemental Financial Measures
Definitions
Funds From Operations (FFO) is defined, in accordance with the Nareit FFO White Paper - 2018 Restatement, as net income (loss), calculated in accordance with GAAP, excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. FFO is a widely recognized measure of REIT performance. Although FFO is a non-GAAP financial measure, the Company believes that information regarding FFO is helpful to shareholders and potential investors.
Fully diluted basis assumes the exchange of all outstanding common units representing limited partnership interests in the Company’s operating partnership, the full vesting of all shares of restricted stock, and the exchange of all earned and vested LTIP units in the Company’s operating partnership for shares of common stock on a one-for-one basis, which is not the same as the meaning of “fully diluted” under GAAP.
Reconciliations
2021 Revised Outlook for FFO Per Share on a Fully Diluted Basis
|
|
Low |
|
High |
||||
Net income (loss) per share – fully diluted basis |
|
$ |
0.30 |
|
|
|
0.32 |
|
Plus: real estate depreciation and amortization |
|
$ |
1.00 |
|
|
|
1.00 |
|
FFO per share – fully diluted basis |
|
$ |
1.30 |
|
|
|
1.32 |
|
2020 Actual FFO Per Share on a Fully Diluted Basis
|
|
Year Ended December 31, 2020 |
||
Net income (loss) per share – fully diluted basis |
|
$ |
0.15 |
|
Plus: real estate depreciation and amortization |
|
$ |
1.06 |
|
Plus: (gain) loss on the sale of operating property |
|
$ |
0.05 |
|
FFO per share – fully diluted basis |
|
$ |
1.26 |
|
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FAQ
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