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Sep 30, 2024
Easterly Q3 2024 Earnings Report
Announced results for the quarter ended September 30, 2024.
Key Takeaways
Easterly Government Properties reported net income of $5.1 million, or $0.05 per share, and Core FFO of $32.2 million, or $0.30 per share, for the quarter ended September 30, 2024. The company also acquired a VA outpatient clinic in Jacksonville, Florida and a facility leased to Northrop Grumman in Beavercreek, Ohio.
Net income was $5.1 million, or $0.05 per share on a fully diluted basis.
Core FFO was $32.2 million, or $0.30 per share on a fully diluted basis.
Entered into a construction loan agreement to lend up to $52.1 million for the re-development of a DEA facility in Bedford, Massachusetts.
Acquired a VA outpatient clinic in Jacksonville, Florida through a joint venture and a facility leased to Northrop Grumman in Beavercreek, Ohio.
Revenue by Segment
Forward Guidance
The Company is maintaining its guidance for full-year 2024 Core FFO per share on a fully diluted basis at a range of $1.15 - $1.17. The Company is introducing its guidance for full-year 2025 Core FFO per share on a fully diluted basis at a range of $1.17 - $1.21.
Positive Outlook
- Maintaining full-year 2024 Core FFO per share guidance at $1.15 - $1.17.
- Introducing full-year 2025 Core FFO per share guidance at $1.17 - $1.21.
- Assumes approximately $90 million in additional wholly owned acquisitions for the remainder of 2024.
- Assumes $100 - $110 million of gross development-related investment during 2024.
- Assumes $25 - $35 million of gross development-related investment during 2025.
Challenges Ahead
- Guidance is forward-looking and reflects management’s view of current and future market conditions.
- The Company’s actual results may differ materially from this guidance.
- Risks associated with dependence on the U.S. Government and its agencies.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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