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Sep 30, 2023
Easterly Q3 2023 Earnings Report
Announced results for the quarter ended September 30, 2023.
Key Takeaways
Easterly Government Properties reported net income of $6.1 million, or $0.06 per share, and Core FFO of $30.2 million, or $0.29 per share, for the quarter ended September 30, 2023. They acquired a VA outpatient clinic in Corpus Christi, Texas through a joint venture and exercised a $50.0 million delayed draw option on their 2018 term loan facility.
Net income was $6.1 million, or $0.06 per share on a fully diluted basis.
Core FFO was $30.2 million, or $0.29 per share on a fully diluted basis.
Acquired a Department of Veterans Affairs outpatient clinic in Corpus Christi, Texas through a joint venture.
Exercised the $50.0 million delayed draw option on the Company's 2018 term loan facility, increasing the Company's term loan commitments from $250.0 million to $300.0 million
Forward Guidance
The Company is maintaining its full-year 2023 Core FFO guidance per share on a fully diluted basis at a range of $1.13 - $1.15.
Positive Outlook
- The closing of VA - Corpus Christi through the JV at the Company’s pro rata share of approximately $18 million
- Approximately $62 million of wholly owned acquisitions
- Up to $15 million of gross development-related investment during 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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