Easterly Government Properties Inc

NYSE:DEAUnited States

Easterly Government Properties Inc ( DEA ) is currently at $11.86, down $0.72 or 5.69%

--Would be lowest close since June 11, 2024, when it closed at $11.80

(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 September September September 30, 2024 30, 2023 30, 2024 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 September September September 30, 2024 30, 2023 30, 2024 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.