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Sep 30, 2025
Easterly Q3 2025 Earnings Report
Easterly reported Q3 2025 results with modest net income and steady operational metrics.
Key Takeaways
Easterly Government Properties achieved positive net income in Q3 2025, driven by stable rental income and consistent occupancy across its government-leased real estate portfolio. The company maintained a strong leasing profile and executed strategic acquisitions and developments.
Reported net income of $1.2 million, or $0.03 per share on a fully diluted basis
Core FFO was $35.6 million, or $0.76 per share
Acquired a 138,125 sq. ft. facility in Colorado leased to York Space Systems
Initiated development of a 64,000 sq. ft. lab in Fort Myers, FL under a 25-year lease
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Easterly raised its full-year 2025 Core FFO guidance to $2.98 - $3.02 per share and issued 2026 Core FFO guidance of $3.05 - $3.12, driven by expected acquisitions and development activity.
Positive Outlook
- Full-year 2025 Core FFO guidance increased to $2.98 - $3.02 per share
- Issued 2026 Core FFO guidance at $3.05 - $3.12 per share
- Assumes $167M of acquisitions in 2025
- Plans for $50M in acquisitions and $50–$100M in development for 2026
- Long-term leases with government entities add income stability
Challenges Ahead
- High leverage with Net Debt/TEV at 59.9%
- Adjusted Net Debt to EBITDA remains elevated at 7.2x
- Limited diversification beyond government tenants
- Cash and cash equivalents declined to $4.4M
Historical Earnings Impact
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Avg. Return Before/After Earnings
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