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Dec 31, 2025
Easterly Q4 2025 Earnings Report
Easterly Q4 2025 Earnings Report
Key Takeaways
Easterly Government Properties delivered a solid fourth quarter with net income of $4.8 million and Core FFO of $36.8 million. The company successfully completed the FDA laboratory development in Atlanta and maintained a high-quality portfolio primarily leased to U.S. Government agencies with a weighted average remaining lease term of 9.5 years.
Reported Core FFO of $0.77 per share on a fully diluted basis for the fourth quarter.
Substantially completed the 162,000 square foot FDA laboratory development in Atlanta, Georgia.
Maintained a strong portfolio of 103 operating properties with 99% occupancy across 10.4 million leased square feet.
Strengthened the balance sheet by extending term loans and issuing $125 million in senior unsecured notes during the fiscal year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Easterly is maintaining its full-year 2026 Core FFO guidance and expects continued growth through acquisitions and development projects.
Positive Outlook
- Core FFO per share guidance maintained at $3.05 - $3.12.
- Anticipated $50 million in wholly owned acquisitions.
- Expected $50 - $100 million of gross development-related investment.
- Recent acquisition of a 297,713 square foot campus in Virginia in January 2026.
- Strong pipeline with projects in Flagstaff, Fort Myers, and Medford.
Challenges Ahead
- Net income per share guidance is significantly lower than Core FFO at $0.35 - $0.42.
- High reliance on U.S. Government tenant retention for long-term stability.
- Exposure to interest rate fluctuations on revolving credit facilities.
- Development projects are subject to delivery timing risks.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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