Easterly Government Properties, Inc. (NYSE: DEA) has reported its first quarter 2025 results, showcasing notable achievements and developments. The company's net income for the quarter ended March 31, 2025, stood at $3.3 million, equivalent to $0.07 per share on a fully diluted basis. Additionally, the core FFO (Funds from Operations) reached $33.1 million, translating to $0.73 per share on a fully diluted basis.
As of March 31, 2025, the company or its joint venture owned 100 operating properties in the United States, covering approximately 9.7 million leased square feet. The portfolio had a weighted average age of 15.9 years and a weighted average remaining lease term of 9.8 years.
In terms of financial activity, the company had total indebtedness of about $1.6 billion as of March 31, 2025. Notably, the company's net debt to total enterprise value was 56.2%, and its adjusted net debt to annualized quarterly pro forma EBITDA ratio was 7.1x.
Furthermore, the company announced an accretive acquisition with the District of Columbia government, involving a facility leased through February 2038, and it was awarded a 20-year non-cancelable lease for a federal district and federal magistrate courthouse in Medford, Oregon.
On the capital markets front, the company entered into a master note purchase agreement to issue an aggregate $125.0 million of senior unsecured notes in two tranches. It also amended its 2016 term loan facility, extending the maturity date and securing increased borrowing capacity.
The company's board of directors approved a cash dividend for the first quarter of 2025 in the amount of $0.45 per common share. However, on April 9, 2025, the board approved a reduction of approximately 32.0% from the company’s prior quarter dividend, setting the new quarterly dividend amount at $0.18 per share.
Looking ahead, Easterly Government Properties, Inc. is raising the lower end of its guidance for full-year 2025 core FFO per share on a fully diluted basis to a range of $2.98 * $3.03.
The company's proactive steps in positioning itself for future growth opportunities, coupled with its financial and operational achievements, underscore its commitment to delivering value to its shareholders and its strategic positioning in the real estate investment trust (REIT) sector. Today the company's shares have moved -4.7% to a price of $19.92. If you want to know more, read the company's complete 8-K report here.
