Easterly Government Properties Reports Third Quarter 2024 Results
Easterly Government Properties (NYSE: DEA) reported Q3 2024 results with net income of $5.1 million ($0.05 per share) and Core FFO of $32.2 million ($0.30 per share). The company expanded its portfolio through multiple acquisitions, including a VA outpatient clinic in Jacksonville and Northrop Grumman facilities in Dayton and Aurora. The company entered a $52.1M construction loan agreement for a DEA facility in Bedford. As of September 30, 2024, DEA owned 95 operating properties totaling 9.3M square feet, with a weighted average lease term of 10.2 years. The company maintains total indebtedness of $1.5B with a weighted average interest rate of 4.6%.
Easterly Government Properties (NYSE: DEA) ha riportato i risultati del Q3 2024 con un utile netto di $5,1 milioni ($0,05 per azione) e un Core FFO di $32,2 milioni ($0,30 per azione). L'azienda ha ampliato il proprio portafoglio attraverso diverse acquisizioni, inclusa una clinica per ambulatori VA a Jacksonville e strutture Northrop Grumman a Dayton e Aurora. L'azienda ha stipulato un accordo per un prestito di costruzione di $52,1 milioni per una struttura DEA a Bedford. Al 30 settembre 2024, DEA possedeva 95 proprietà in esercizio per un totale di 9,3 milioni di piedi quadrati, con una durata media ponderata del contratto di locazione di 10,2 anni. L'azienda mantiene un indebitamento totale di $1,5 miliardi con un tasso d'interesse medio ponderato del 4,6%.
Easterly Government Properties (NYSE: DEA) reportó los resultados del tercer trimestre de 2024 con un ingreso neto de $5.1 millones ($0.05 por acción) y un FFO básico de $32.2 millones ($0.30 por acción). La compañía amplió su portafolio a través de múltiples adquisiciones, incluyendo una clínica ambulatoria del VA en Jacksonville y las instalaciones de Northrop Grumman en Dayton y Aurora. La empresa firmó un acuerdo de préstamo de construcción de $52.1 millones para una instalación de DEA en Bedford. Al 30 de septiembre de 2024, DEA poseía 95 propiedades operativas que totalizan 9.3 millones de pies cuadrados, con una duración media de arrendamiento ponderada de 10.2 años. La compañía mantiene una deuda total de $1.5 mil millones con una tasa de interés media ponderada del 4.6%.
Easterly Government Properties (NYSE: DEA)는 2024년 3분기 보고서를 발표하며 순이익이 510만 달러($0.05 per share)와 Core FFO가 3220만 달러($0.30 per share)라고 밝혔습니다. 이 회사는 Jacksonville의 VA 외래 클리닉과 Dayton 및 Aurora의 Northrop Grumman 시설을 포함한 여러 인수를 통해 포트폴리오를 확장했습니다. 회사는 Bedford에 위치한 DEA 시설을 위한 5,210만 달러 규모의 건축 대출 계약을 체결했습니다. 2024년 9월 30일 현재, DEA는 930만 평방피트 규모의 95개 운영 자산을 소유하고 있으며, 임대 계약의 가중 평균 지속 기간은 10.2년입니다. 회사는 15억 달러의 총 부채를 유지하고 있으며, 가중 평균 금리는 4.6%입니다.
Easterly Government Properties (NYSE: DEA) a annoncé des résultats pour le troisième trimestre 2024 avec un revenu net de 5,1 millions de dollars (0,05 dollar par action) et un FFO de base de 32,2 millions de dollars (0,30 dollar par action). L'entreprise a élargi son portefeuille à travers plusieurs acquisitions, y compris une clinique de soins ambulatoires VA à Jacksonville et des installations Northrop Grumman à Dayton et Aurora. La société a conclu un accord de prêt de construction de 52,1 millions de dollars pour une installation DEA à Bedford. Au 30 septembre 2024, DEA possédait 95 propriétés opérationnelles totalisant 9,3 millions de pieds carrés, avec une durée moyenne pondérée de bail de 10,2 ans. L'entreprise maintient une dette totale de 1,5 milliard de dollars avec un taux d'intérêt moyen pondéré de 4,6%.
Easterly Government Properties (NYSE: DEA) berichtete über die Ergebnisse des dritten Quartals 2024 mit einem Nettogewinn von 5,1 Millionen Dollar (0,05 Dollar pro Aktie) und einem Core FFO von 32,2 Millionen Dollar (0,30 Dollar pro Aktie). Das Unternehmen erweiterte sein Portfolio durch mehrere Akquisitionen, darunter eine VA-Poliklinik in Jacksonville und Einrichtungen von Northrop Grumman in Dayton und Aurora. Das Unternehmen trat einem Baukreditvertrag über 52,1 Millionen Dollar für eine DEA-Einrichtung in Bedford bei. Zum 30. September 2024 besaß DEA 95 betriebliche Immobilien mit insgesamt 9,3 Millionen Quadratfuß und einer gewichteten durchschnittlichen Mietdauer von 10,2 Jahren. Das Unternehmen weist eine Gesamtverschuldung von 1,5 Milliarden Dollar bei einem gewichteten durchschnittlichen Zinssatz von 4,6% auf.
- Core FFO of $32.2 million ($0.30 per share) in Q3 2024
- Portfolio expansion with strategic acquisitions of government and defense contractor properties
- Strong weighted average remaining lease term of 10.2 years
- Consistent quarterly dividend of $0.265 per share
- Net Debt to total enterprise value at 49.0%
- Adjusted Net Debt to annualized quarterly pro forma EBITDA ratio at 7.0x
- Relatively high weighted average interest rate of 4.6%
Insights
The Q3 2024 results showcase mixed performance with several notable developments. Net income of
The portfolio metrics remain solid with a weighted average lease term of 10.2 years and
The strategic expansion into government-adjacent properties through Northrop Grumman acquisitions marks a significant portfolio diversification. These facilities' proximity to key military installations and secure design standards enhance their long-term value proposition. The completion of the 10-property VA portfolio acquisition strengthens the company's core government-focused strategy.
The development pipeline, including FDA and U.S. Judiciary projects, demonstrates continued growth opportunities in the federal sector. However, the
Highlights for the Quarter Ended September 30, 2024:
-
Net income of
, or$5.1 million per share on a fully diluted basis$0.05 -
Core FFO of
, or$32.2 million per share on a fully diluted basis$0.30 -
Entered into a construction loan agreement to lend up to
to a developer in connection with the re-development of an approximately 68,669 square foot Drug Enforcement Administration (DEA) facility located in$52.1 million Bedford, Massachusetts (“DEA - Bedford”) -
Acquired, through the Company's previously announced joint venture (the “JV”), a 193,100 leased square foot Department of Veterans Affairs (the “VA”) outpatient clinic located in
Jacksonville, Florida (“VA - Jacksonville”). VA -Jacksonville is the final property to be acquired in the previously announced portfolio of 10 properties100% leased to the VA under predominately 20-year firm term leases -
Acquired a 99,246 square foot facility
100% leased to Northrop Grumman Systems Corporation (NYSE: NOC, S&P: BBB+), a multinational aerospace and defense company and located inBeavercreek, Ohio , a suburb ofDayton (“Northrop Grumman - Dayton”) -
Issued an aggregate of 2,631,727 shares of the Company's common stock in settlement of previously entered into forward sales transactions through the Company's
ATM Program launched in December 2019 (the “December 2019 ATM Program”) at a weighted average price per share of$300.0 million , raising net proceeds to the Company of approximately$13.33 $35.1 million
“Easterly's accelerated acquisition activity this quarter underscores our pipeline of long-term growth opportunities,” said Darrell Crate, President and CEO of Easterly Government Properties. “We achieved important milestones to expand our total addressable market in the government-adjacent space and continue to deliver value for our shareholders through specialized, mission critical real estate.”
Financial Results for the Nine Months Ended September 30, 2024:
Net income of
Core FFO of
Portfolio Operations
As of September 30, 2024, the Company or its JV owned 95 operating properties in
Balance Sheet and Capital Markets Activity
As of September 30, 2024, the Company had total indebtedness of approximately
Acquisitions and Development Lending Activity
On August 6, 2024, the Company entered into a construction loan agreement to lend up to
On August 29, 2024, the Company acquired the previously announced 193,100 leased square foot outpatient facility leased to the VA located in
On September 4, 2024, the Company acquired Northrop Grumman -
Dividend
On October 31, 2024, the Board of Directors of Easterly approved a cash dividend for the third quarter of 2024 in the amount of
Subsequent Events
On October 10, 2024, the Company acquired a 104,136 square foot facility
Subsequent to the quarter ending September 30, 2024, the Company entered into forward sales transactions through the December 2019 ATM Program for the sale of 500,000 shares of the Company's common stock at a net weighted average initial forward sales price of
Guidance
This guidance is forward-looking and reflects management’s view of current and future market conditions. The Company’s actual results may differ materially from this guidance.
Outlook for the 12 Months Ending December 31, 2024
The Company is maintaining its guidance for full-year 2024 Core FFO per share on a fully diluted basis at a range of
|
|
Low |
|
|
High |
||
Net income (loss) per share – fully diluted basis |
|
$ |
0.22 |
|
|
|
0.24 |
Plus: Company’s share of real estate depreciation and amortization |
|
$ |
0.92 |
|
|
|
0.92 |
FFO per share – fully diluted basis |
|
$ |
1.14 |
|
|
|
1.16 |
Plus: Company’s share of depreciation of non-real estate assets |
|
$ |
0.01 |
|
|
|
0.01 |
Core FFO per share – fully diluted basis |
|
$ |
1.15 |
|
|
|
1.17 |
This guidance assumes (i) approximately
Outlook for the 12 Months Ending December 31, 2025
The Company is introducing its guidance for full-year 2025 Core FFO per share on a fully diluted basis at a range of
|
|
Low |
|
|
High |
||
Net income (loss) per share – fully diluted basis |
|
$ |
0.24 |
|
|
|
0.28 |
Plus: Company’s share of real estate depreciation and amortization |
|
$ |
0.92 |
|
|
|
0.92 |
FFO per share – fully diluted basis |
|
$ |
1.16 |
|
|
|
1.20 |
Plus: Company’s share of depreciation of non-real estate assets |
|
$ |
0.01 |
|
|
|
0.01 |
Core FFO per share – fully diluted basis |
|
$ |
1.17 |
|
|
|
1.21 |
This guidance assumes
Non-GAAP Supplemental Financial Measures
This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this press release and, where applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations and the other purposes for which management uses the measures. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. A reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure are included in this press release following the consolidated financial statements. Additional detail can be found in the Company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as other documents filed with or furnished to the Securities and Exchange Commission from time to time. We present certain financial information and metrics “at Easterly’s Share,” which is calculated on an entity-by-entity basis. “At Easterly’s Share” information, which we also refer to as being “at share,” “pro rata,” or “our share” is not, and is not intended to be, a presentation in accordance with GAAP.
Cash Available for Distribution (CAD) is a non-GAAP financial measure that is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined under GAAP. CAD is calculated in accordance with the current Nareit definition as FFO minus normalized recurring real estate-related expenditures and other non-cash items, nonrecurring expenditures and the unconsolidated real estate venture’s allocated share of these adjustments. CAD is presented solely as a supplemental disclosure because the Company believes it provides useful information regarding the Company’s ability to fund its dividends. Because all companies do not calculate CAD the same way, the presentation of CAD may not be comparable to similarly titled measures of other companies.
Core Funds from Operations (Core FFO) adjusts FFO to present an alternative measure of the Company's operating performance, which, when applicable, excludes items which it believes are not representative of ongoing operating results, such as liability management related costs (including losses on extinguishment of debt and modification costs), catastrophic event charges, depreciation of non-real estate assets, provision for credit losses, and the unconsolidated real estate venture's allocated share of these adjustments. In future periods, the Company may also exclude other items from Core FFO that it believes may help investors compare its results. The Company believes Core FFO more accurately reflects the ongoing operational and financial performance of the Company's core business.
EBITDA is calculated as the sum of net income (loss) before interest expense, taxes, depreciation and amortization, (gain) loss on the sale of operating properties, impairment loss, and the unconsolidated real estate venture’s allocated share of these adjustments. EBITDA is not intended to represent cash flow for the period, is not presented as an alternative to operating income as an indicator of operating performance, should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP, is not indicative of operating income or cash provided by operating activities as determined under GAAP and may be presented on a pro forma basis. EBITDA is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company's ability to service or incur debt. Because all companies do not calculate EBITDA the same way, the presentation of EBITDA may not be comparable to similarly titled measures of other companies.
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 includes the Company’s share of FFO generated by unconsolidated affiliates. 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.
Net Debt and Adjusted Net Debt Net Debt represents the Company's consolidated debt and its share of unconsolidated debt adjusted to exclude its share of unamortized premiums and discounts and deferred financing fees, less its share of cash and cash equivalents and property acquisition closing escrow, net of deposit. By excluding these items, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding its financial condition. Adjusted Net Debt is Net Debt reduced by 1) for each project under construction or in design, the lesser of i) outstanding lump-sum reimbursement amounts and ii) the cost to date, 2)
Other Definitions
Fully diluted basis assumes the exchange of all outstanding common units representing limited partnership interests in the Company’s operating partnership, or common units, 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.
Conference Call Information
The Company will host a webcast and conference call at 11:00 am Eastern time on November 5, 2024 to review the third quarter 2024 performance, discuss recent events and conduct a question-and-answer session. A live webcast will be available in the Investor Relations section of the Company’s website. Shortly after the webcast, a replay of the webcast will be available on the Investor Relations section of the Company's website for up to twelve months. Please note that the full text of the press release and supplemental information package are also available through the Company’s website at ir.easterlyreit.com.
About Easterly Government Properties, Inc.
Easterly Government Properties, Inc. (NYSE: DEA) is based in
Forward Looking Statements
We make statements in this press release that are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions and include our guidance with respect to Net income (loss) and Core FFO per share on a fully diluted basis. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement in this press release for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation: risks associated with our dependence on the
Balance Sheet (Unaudited, in thousands, except share amounts) |
||||||||
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||
Assets |
|
|
|
|
|
|
||
Real estate properties, net |
|
$ |
2,457,256 |
|
|
$ |
2,319,143 |
|
Cash and cash equivalents |
|
|
31,202 |
|
|
|
9,381 |
|
Restricted cash |
|
|
8,005 |
|
|
|
12,558 |
|
Tenant accounts receivable |
|
|
70,280 |
|
|
|
66,274 |
|
Investment in unconsolidated real estate venture |
|
|
315,886 |
|
|
|
284,544 |
|
Real estate loan receivable, net |
|
|
30,689 |
|
|
|
- |
|
Intangible assets, net |
|
|
146,204 |
|
|
|
148,453 |
|
Interest rate swaps |
|
|
514 |
|
|
|
1,994 |
|
Prepaid expenses and other assets |
|
|
41,073 |
|
|
|
37,405 |
|
Assets held for sale |
|
|
2,002 |
|
|
|
- |
|
Total assets |
|
$ |
3,103,111 |
|
|
$ |
2,879,752 |
|
|
|
|
|
|
|
|
||
Liabilities |
|
|
|
|
|
|
||
Revolving credit facility |
|
|
149,550 |
|
|
|
79,000 |
|
Term loan facilities, net |
|
|
273,851 |
|
|
|
299,108 |
|
Notes payable, net |
|
|
894,523 |
|
|
|
696,532 |
|
Mortgage notes payable, net |
|
|
156,653 |
|
|
|
220,195 |
|
Intangible liabilities, net |
|
|
11,367 |
|
|
|
12,480 |
|
Deferred revenue |
|
|
121,767 |
|
|
|
82,712 |
|
Accounts payable, accrued expenses and other liabilities |
|
|
113,766 |
|
|
|
80,209 |
|
Total liabilities |
|
|
1,721,477 |
|
|
|
1,470,236 |
|
|
|
|
|
|
|
|
||
Equity |
|
|
|
|
|
|
||
Common stock, par value |
|
|
1,056 |
|
|
|
1,010 |
|
Additional paid-in capital |
|
|
1,845,271 |
|
|
|
1,783,338 |
|
Retained earnings |
|
|
126,401 |
|
|
|
112,301 |
|
Cumulative dividends |
|
|
(658,042 |
) |
|
|
(576,319 |
) |
Accumulated other comprehensive income |
|
|
489 |
|
|
|
1,871 |
|
Total stockholders' equity |
|
|
1,315,175 |
|
|
|
1,322,201 |
|
Non-controlling interest in Operating Partnership |
|
|
66,459 |
|
|
|
87,315 |
|
Total equity |
|
|
1,381,634 |
|
|
|
1,409,516 |
|
Total liabilities and equity |
|
$ |
3,103,111 |
|
|
$ |
2,879,752 |
|
|
|
|
|
|
|
|
Income Statement (Unaudited, in thousands, except share and per share amounts) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Rental income |
|
$ |
72,536 |
|
|
$ |
68,205 |
|
|
$ |
215,465 |
|
|
$ |
204,111 |
|
Tenant reimbursements |
|
|
663 |
|
|
|
2,704 |
|
|
|
4,494 |
|
|
|
7,279 |
|
Asset management income |
|
|
579 |
|
|
|
526 |
|
|
|
1,680 |
|
|
|
1,560 |
|
Other income |
|
|
1,003 |
|
|
|
579 |
|
|
|
2,163 |
|
|
|
1,657 |
|
Total revenues |
|
|
74,781 |
|
|
|
72,014 |
|
|
|
223,802 |
|
|
|
214,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Property operating |
|
|
16,710 |
|
|
|
18,746 |
|
|
|
51,420 |
|
|
|
54,263 |
|
Real estate taxes |
|
|
8,000 |
|
|
|
7,814 |
|
|
|
24,072 |
|
|
|
22,901 |
|
Depreciation and amortization |
|
|
23,795 |
|
|
|
22,245 |
|
|
|
71,681 |
|
|
|
67,945 |
|
Acquisition costs |
|
|
600 |
|
|
|
321 |
|
|
|
1,427 |
|
|
|
1,226 |
|
Corporate general and administrative |
|
|
4,667 |
|
|
|
6,107 |
|
|
|
18,032 |
|
|
|
20,426 |
|
Provision for credit losses (1) |
|
|
1,260 |
|
|
|
- |
|
|
|
1,478 |
|
|
|
- |
|
Total expenses |
|
|
55,032 |
|
|
|
55,233 |
|
|
|
168,110 |
|
|
|
166,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from unconsolidated real estate venture |
|
|
1,575 |
|
|
|
1,346 |
|
|
|
4,367 |
|
|
|
4,166 |
|
Interest expense, net |
|
|
(16,209 |
) |
|
|
(12,046 |
) |
|
|
(45,210 |
) |
|
|
(35,739 |
) |
Net income |
|
|
5,115 |
|
|
|
6,081 |
|
|
|
14,849 |
|
|
|
16,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlling interest in Operating Partnership |
|
|
(252 |
) |
|
|
(707 |
) |
|
|
(749 |
) |
|
|
(1,905 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income available to Easterly Government Properties, Inc. |
|
$ |
4,863 |
|
|
$ |
5,374 |
|
|
$ |
14,100 |
|
|
$ |
14,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income available to Easterly Government Properties, Inc. per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.05 |
|
|
$ |
0.06 |
|
|
$ |
0.13 |
|
|
$ |
0.15 |
|
Diluted |
|
$ |
0.05 |
|
|
$ |
0.06 |
|
|
$ |
0.13 |
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
103,515,246 |
|
|
|
93,537,121 |
|
|
|
102,671,381 |
|
|
|
92,674,039 |
|
Diluted |
|
|
103,904,581 |
|
|
|
93,849,444 |
|
|
|
102,980,995 |
|
|
|
92,938,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income, per share - fully diluted basis |
|
$ |
0.05 |
|
|
$ |
0.06 |
|
|
$ |
0.14 |
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding - fully diluted basis |
|
|
108,488,604 |
|
|
|
105,888,188 |
|
|
|
108,162,965 |
|
|
|
105,014,057 |
|
(1) Provision for credit loss amounts previously classified within Corporate general and administrative have been reclassified to Provision for credit losses on our Consolidated Statements of Operations to conform with the current period presentation. |
EBITDA (Unaudited, in thousands) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Net income |
|
$ |
5,115 |
|
|
$ |
6,081 |
|
|
$ |
14,849 |
|
|
$ |
16,273 |
|
Depreciation and amortization |
|
|
23,795 |
|
|
|
22,245 |
|
|
|
71,681 |
|
|
|
67,945 |
|
Interest expense |
|
|
16,209 |
|
|
|
12,046 |
|
|
|
45,210 |
|
|
|
35,739 |
|
Tax expense |
|
|
(431 |
) |
|
|
283 |
|
|
|
(458 |
) |
|
|
803 |
|
Unconsolidated real estate venture allocated share of above adjustments |
|
|
1,999 |
|
|
|
1,960 |
|
|
|
6,154 |
|
|
|
5,842 |
|
EBITDA |
|
$ |
46,687 |
|
|
$ |
42,615 |
|
|
$ |
137,436 |
|
|
$ |
126,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pro forma adjustments(1) |
|
|
853 |
|
|
|
|
|
|
|
|
|
|
|||
Pro forma EBITDA |
|
$ |
47,540 |
|
|
|
|
|
|
|
|
|
|
|||
(1) Pro forma assuming a full quarter of operations from the two operating properties acquired in the third quarter of 2024. |
FFO and CAD (Unaudited, in thousands, except share and per share amounts) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
5,115 |
|
|
$ |
6,081 |
|
|
$ |
14,849 |
|
|
$ |
16,273 |
|
Depreciation of real estate assets |
|
|
23,543 |
|
|
|
21,995 |
|
|
|
70,926 |
|
|
|
67,194 |
|
Unconsolidated real estate venture allocated share of above adjustments |
|
|
1,976 |
|
|
|
1,887 |
|
|
|
5,984 |
|
|
|
5,637 |
|
FFO |
|
$ |
30,634 |
|
|
$ |
29,963 |
|
|
$ |
91,759 |
|
|
$ |
89,104 |
|
Adjustments to FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss on extinguishment of debt |
|
$ |
2 |
|
|
$ |
- |
|
|
$ |
260 |
|
|
$ |
14 |
|
Provision for credit losses |
|
|
1,260 |
|
|
|
- |
|
|
|
1,478 |
|
|
|
- |
|
Natural disaster event expense, net of recovery |
|
|
7 |
|
|
|
8 |
|
|
|
(1 |
) |
|
|
86 |
|
Depreciation of non-real estate assets |
|
|
252 |
|
|
|
250 |
|
|
|
755 |
|
|
|
751 |
|
Unconsolidated real estate venture allocated share of above adjustments |
|
|
17 |
|
|
|
17 |
|
|
|
50 |
|
|
|
50 |
|
Core FFO |
|
$ |
32,172 |
|
|
$ |
30,238 |
|
|
$ |
94,301 |
|
|
$ |
90,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
FFO, per share - fully diluted basis |
|
$ |
0.28 |
|
|
$ |
0.28 |
|
|
$ |
0.85 |
|
|
$ |
0.85 |
|
Core FFO, per share - fully diluted basis |
|
$ |
0.30 |
|
|
$ |
0.29 |
|
|
$ |
0.87 |
|
|
$ |
0.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Core FFO |
|
$ |
32,172 |
|
|
$ |
30,238 |
|
|
$ |
94,301 |
|
|
$ |
90,005 |
|
Straight-line rent and other non-cash adjustments |
|
|
(1,349 |
) |
|
|
(1,296 |
) |
|
|
(3,123 |
) |
|
|
(2,661 |
) |
Amortization of above-/below-market leases |
|
|
(390 |
) |
|
|
(676 |
) |
|
|
(1,464 |
) |
|
|
(2,052 |
) |
Amortization of deferred revenue |
|
|
(1,762 |
) |
|
|
(1,572 |
) |
|
|
(5,125 |
) |
|
|
(4,678 |
) |
Non-cash interest expense |
|
|
662 |
|
|
|
264 |
|
|
|
1,358 |
|
|
|
752 |
|
Non-cash compensation |
|
|
(180 |
) |
|
|
1,658 |
|
|
|
2,209 |
|
|
|
4,625 |
|
Natural Disaster event expense, net of recovery |
|
|
(7 |
) |
|
|
(8 |
) |
|
|
1 |
|
|
|
(86 |
) |
Principal amortization |
|
|
(1,093 |
) |
|
|
(1,100 |
) |
|
|
(3,288 |
) |
|
|
(3,226 |
) |
Maintenance capital expenditures |
|
|
(2,672 |
) |
|
|
(3,207 |
) |
|
|
(8,209 |
) |
|
|
(8,276 |
) |
Contractual tenant improvements |
|
|
(287 |
) |
|
|
(355 |
) |
|
|
(860 |
) |
|
|
(1,368 |
) |
Unconsolidated real estate venture allocated share of above adjustments |
|
|
8 |
|
|
|
12 |
|
|
|
(7 |
) |
|
|
(62 |
) |
Cash Available for Distribution (CAD) |
|
$ |
25,102 |
|
|
$ |
23,958 |
|
|
$ |
75,793 |
|
|
$ |
72,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding - fully diluted basis |
|
|
108,488,604 |
|
|
|
105,888,188 |
|
|
|
108,162,965 |
|
|
|
105,014,057 |
|
Net Debt and Adjusted Net Debt (Unaudited, in thousands) |
|||
|
September 30, 2024 |
|
|
Total Debt(1) |
$ |
1,481,463 |
|
Less: Cash and cash equivalents |
|
(33,239 |
) |
Net Debt |
$ |
1,448,224 |
|
Less: Adjustment for development projects(2) |
|
(121,270 |
) |
Adjusted Net Debt |
$ |
1,326,954 |
|
|
|
|
|
1 Excludes unamortized premiums / discounts and deferred financing fees. 2 See definition of Adjusted Net Debt on Page 5 of this release. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105786986/en/
Easterly Government Properties, Inc.
Lindsay S. Winterhalter
Senior Vice President, Investor Relations & Operations
202-596-3947
ir@easterlyreit.com
Source: Easterly Government Properties, Inc.
FAQ
What was Easterly Government Properties (DEA) net income for Q3 2024?
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