Easterly Government Properties Reports Fourth Quarter 2024 Results

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WASHINGTON, February 25, 2025--(BUSINESS WIRE)--Easterly Government Properties, Inc. (NYSE: DEA) (the "Company" or "Easterly"), a fully integrated real estate investment trust ("REIT") focused primarily on the acquisition, development and management of Class A commercial properties leased to the U.S. Government and its adjacent partners, today announced its results of operations for the quarter and full year ended December 31, 2024.

Highlights for the Quarter Ended December 31, 2024:

  • Net income of $5.7 million, or $0.05 per share on a fully diluted basis

  • Core FFO of $32.6 million, or $0.29 per share on a fully diluted basis

  • Acquired a 104,136 square foot facility 100% leased to Northrop Grumman Systems Corporation (NYSE: NOC, S&P: BBB+), a multinational aerospace and defense company, located in Aurora, Colorado ("Northrop Grumman - Aurora")

  • Acquired a 100,000 leased square foot, Level 4 secure facility fully occupied by the Internal Revenue Service (IRS) and located in Ogden, Utah ("IRS - Ogden")

  • Acquired a 97% leased, combined 295,253 square foot campus across three assets leased primarily to the Wake County Public School System (WCPSS) and located in Cary, North Carolina

  • Issued an aggregate of 2,269,843 shares of the Company's common stock in settlement of previously entered into forward sales transactions through the Company's $300.0 million ATM Program launched in December 2019 (the "2019 ATM Program"). These shares were then physically settled in the same quarter at a weighted average price per share of $12.38, raising net proceeds to the Company of approximately $28.1 million

"We are pleased with the position of our portfolio," said Darrell Crate, Easterly’s President & Chief Executive Officer. "Through the DOGE effort, the federal government has recognized the value and efficiency of leasing versus owning its real estate. We are specialists in delivering mission-critical facilities to key government agencies, and we remain committed to our ongoing public-private partnership."

Highlights for the Year Ended December 31, 2024:

Net income of $20.6 million, or $0.19 per share on a fully diluted basis

Core FFO of $126.9 million, or $1.17 per share on a fully diluted basis

Received an investment grade issuer credit rating from Kroll Bond Rating Agency, LLC ("KBRA") of BBB with Stable Outlook

Awarded a lease to develop a 50,777 square foot federal courthouse in Flagstaff, Arizona ("JUD - Flagstaff")

Achieved a 4% decrease in total portfolio energy consumption year-over-year


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