Easterly Government Properties, Inc.

Listed Company

DEACIK 0001622194NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$336.10M

Net Income

$13.00M

Total Assets

$3.38B

Equity

$1.32B

Shares Out

46.45M

Op. Cash Flow

$259.19M

Business

Easterly Government Properties, Inc. is an internally managed REIT that acquires, develops and manages Class A properties leased to U.S. Government agencies. It provides leasing, build-to-suit development, property and asset management and construction management services tailored to government tenants. Operations include ownership of government-leased office properties, development projects and interests through an operating partnership and a joint venture. Properties are located across the United States and leased mainly directly to federal agencies or through the GSA, with limited state, local and private tenants.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	322	290	274	284	267
Asset management income	3	2	2	1	136,000
Total revenues	336	302	287	294	275
Property operating	77	70	72	67	57
Real estate taxes	34	31	30	31	30
Depreciation and amortization	114	96	91	98	91
Acquisition costs	1	2	2	1	2
Corporate general and administrative	26	24	27	25	24
Provision for (recovery of) credit losses	−445,000	2	—	—	—
Total expenses	252	225	222	222	204
Income from unconsolidated real estate venture	7	6	5	3	271,000
Interest expense, net	−74	−62	−49	−47	−39
Gain on the sale of real estate	—	171,000	—	14	1
Impairment loss	−3	—	—	−6	—
Net income	14	21	21	36	34
Non-controlling interest in Operating Partnership	−554,000	−1	−2	−4	−4
Net income available to Easterly Government Properties, Inc.	13	20	19	31	30
Basic (per share)	0.27	0.46	0.48	0.34	0.35
Diluted (per share)	0.27	0.46	0.48	0.34	0.35
Basic (shares)	45	41	38	91	84
Diluted (shares)	45	42	38	91	85
Dividends declared per common share	2.01	2.65	2.65	1.06	1.05

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Real estate properties, net	2,715	2,572	2,319	2,285	2,399
Cash and cash equivalents	23	19	9	8	11
Restricted cash	10	8	13	10	9
Tenant accounts receivable	51	71	66	59	59
Investment in unconsolidated real estate venture	305	317	285	272	132
Real estate loan receivable, net	34	34	—	—	—
Intangible assets, net	184	161	148	157	186
Interest rate swaps	—	717,000	2	4	—
Prepaid expenses and other assets	57	39	37	35	30
Total assets	3,380	3,223	2,880	2,829	2,826
Revolving credit facility	199	275	79	66	15
Term loan facilities, net	297	274	299	249	249
Notes payable, net	1,019	895	697	696	696
Mortgage notes payable, net	151	156	220	241	252
Intangible liabilities, net	12	15	12	16	20
Deferred revenue	219	121	83	83	87
Interest rate swaps	3	—	—	—	6
Accounts payable, accrued expenses and other liabilities	110	101	80	67	61
Total liabilities	2,010	1,836	1,470	1,418	1,385
Commitments and contingencies (Note 14)	—	—	—	—	—
Common stock, par value $0.01, 80,000,000 shares authorized, 46,303,469 and 43,188,224 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	463,000	432,000	1	908,000	901,000
Additional paid-in capital	1,958	1,874	1,783	1,623	1,605
Retained earnings	145	132	112	93	62
Cumulative dividends	−776	−686	−576	−476	−380
Accumulated other comprehensive income	−5	683,000	2	4	−5
Total stockholders' equity	1,323	1,321	1,322	1,245	1,283
Non-controlling interest in Operating Partnership	46	66	87	166	159
Total equity	1,370	1,387	1,410	1,411	1,442
Total liabilities and equity	3,380	3,223	2,880	2,829	2,826

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Straight line rent	371,000	−3	−4	−410,000	−4
Income from unconsolidated real estate venture	−7	−6	−5	−3	−271,000
Amortization of above- / below-market leases	−2	−2	−3	−3	−5
Amortization of unearned revenue	−8	−7	−6	−6	−6
Amortization of loan premium / discount	−21,000	−675,000	−1	−1	−290,000
Amortization of deferred financing costs	3	3	2	2	2
Amortization of lease inducements	2	1	942,000	856,000	864,000
Amortization of real estate loan origination fees	−145,000	−58,000	—	—	—
Amortization of treasury lock settlement	217,000	—	—	—	—
Distributions from investment in unconsolidated real estate venture	19	12	10	6	—
Non-cash compensation	6	3	6	7	5
Provision for (recovery of) credit losses	−445,000	2	—	—	—
Tenant accounts receivable	21	−2	−3	−126,000	−9
Prepaid expenses and other assets	−12	−3	−6	−3	−3
Real estate loan interest receivable	−3	−1	—	—	—
Deferred revenue associated with operating leases	106	45	6	2	557,000
Principal payments on operating lease obligations	−676,000	−672,000	−497,000	−599,000	−352,000
Accounts payable, accrued expenses and other liabilities	4	5	6	−318,000	14
Net cash provided by operating activities	259	163	114	126	118
Real estate acquisitions and deposits	−180	−188	−63	−94	−215
Additions to operating properties	−34	−35	−28	−23	−18
Additions to development properties	−77	−116	−18	−12	−6
Proceeds from sale of operating properties, net	3	2	—	202	7
Distributions from investment in unconsolidated real estate venture	—	2	103,000	983,000	—
Investment in unconsolidated real estate venture	—	−40	−18	−144	−132
Repayments of real estate loan receivable	16	—	—	—	—
Investment in real estate loan receivable, net	−14	−34	—	—	—
Net cash used in investing activities	−285	−410	−127	−69	−363
Payment of deferred financing costs	−5	−8	—	—	−5
Issuance of common shares	64	72	86	10	176
Credit facility draws	343	618	198	231	466
Credit facility repayments	−418	−422	−185	−180	−531
Term loan draws	26	—	50	—	—
Term loan repayments	—	−26	—	—	—
Issuance of notes payable	125	200	—	—	250
Treasury lock settlement	−2	—	—	—	—
Repayments of mortgage notes payable	−5	−64	−20	−11	−4
Dividends and distributions paid	−95	−116	−112	−109	−100
Payment of offering costs	−673,000	−916,000	−397,000	−136,000	−1
Net cash provided by financing activities	32	253	17	−60	250
Net increase in Cash and cash equivalents and Restricted cash	6	6	5	−3	5
Cash paid for interest, net of capitalized interest	69	57	48	40	35
Capitalized interest	10	5	1	1	951,000
Deferred financing accrued, not paid	—	30,000	—	—	—
Offering costs accrued, not paid	3,000	21,000	16,000	—	29,000
Deferred asset acquisition costs accrued, not paid	14,000	—	—	—	—
Properties acquired for common units	—	0	219,000	17	21
Contingent consideration accrued, not received	—	—	41,000	125,000	—
Right-of-use asset and liability adjustment due to remeasurement	2	—	—	—	—
Non-controlling interest in Operating Partnership	−10	−19	−78	−3	−5
Common stock	6,000	14,000	59,000	2,000	3,000
Additional paid-in capital	10	19	78	3	5

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