Easterly Government Properties, Inc. · NYSE:DEA
Easterly Government Properties — Q3 2025 Earnings Presentation
27 slides from Easterly Government Properties's earnings presentation, Oct 27, 2025
Slide 1: Supplemental Information Package Third Quarter 2025
Slide 2: Disclaimers
Disclaimers Forward-looking Statement We make statements in this Supplemental Information Package that are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 193
Slide 3: Disclaimers
Disclaimers Ratings Ratings are not recommendations to buy, sell or hold the Company’s securities. The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended September 30, 2025 that will b
Slide 4: Supplemental Definitions
Supplemental Definitions This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Supplemental Information Package and, where applicable, the reasons why management believes these non-GAAP financial measures provide useful information to
Slide 5: Supplemental Definitions
Supplemental Definitions Fully diluted basis assumes the exchange of all outstanding common units representing limited partnership interests in the Company’s operating partnership, or common units, the full vesting of all shares of restricted stock, and the exchange of all earned and vested LTIP uni
Slide 6: Table of Contents
Table of Contents Overview Corporate Information and Analyst Coverage 7 Executive Summary 8 Corporate Financials Balance Sheets 9 Income Statements 10 Net Operating Income 11 EBITDA 12 FFO and CAD 13 Unconsolidated Real Estate Venture 14 Debt Debt Schedules 16 Debt Maturities 18 Properties Leased Op
Slide 7: Corporate Information and Analyst Coverage
Corporate Information and Analyst Coverage Corporate Information Corporate Headquarters Stock Exchange Listing Information Requests Investor Relations 2001 K Street NW New York Stock Exchange Please contact ir@easterlyreit.com Allison Marino Suite 775 North or 202-830-3349 to request an EVP, CFO Was
Slide 8: Executive Summary
Executive Summary (In thousands, except share and per share amounts) Three months Three months Outstanding Classes of Stock and Partnership Units - Fully At September 30, ended ended Diluted Basis 2025 Earnings September 30, 2025 September 30, 2024 Common shares 46,047,193 Net income available to Ea
Slide 9: Balance Sheets
Balance Sheets (Unaudited, in thousands, except share amounts) September 30, 2025 December 31, 2024 Assets Real estate properties, net $ 2,709,517 $ 2,572,095 Cash and cash equivalents 4,355 19,353 Restricted cash 9,854 8,451 Tenant accounts receivable 65,784 71,172 Investment in unconsolidated real
Slide 10: Income Statements
Income Statements (Unaudited, in thousands, except share and per share amounts) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Revenues Rental income $ 82,210 $ 72,536 $ 238,123 $ 215,465 Tenant reimbursements 1,700 663 4,621 4,494 As
Slide 11: Net Operating Income
Net Operating Income (Unaudited, in thousands) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net income $ 1,247 $ 5,115 $ 8,784 $ 14,849 Depreciation and amortization 28,946 23,795 84,277 71,681 Acquisition costs 293 600 962 1,427 Co
Slide 12: EBITDA
EBITDA (Unaudited, in thousands) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net income $ 1,247 $ 5,115 $ 8,784 $ 14,849 Depreciation and amortization 28,946 23,795 84,277 71,681 Interest expense 19,037 16,209 56,374 45,210 Tax exp
Slide 13: FFO and CAD
FFO and CAD (Unaudited, in thousands, except share and per share amounts) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net income $ 1,247 $ 5,115 $ 8,784 $ 14,849 Depreciation of real estate assets 28,695 23,543 83,523 70,926 Impair
Slide 14: Unconsolidated Real Estate Venture
Unconsolidated Real Estate Venture (Unaudited, in thousands) Balance Sheet Information Balance Sheet Easterly's Share(2) September 30, 2025 September 30, 2025 Real estate properties - net $ 492,867 $ 261,220 Total assets 590,250 312,833 Total liabilities 12,481 6,616 Total preferred stockholders' eq
Slide 15: Unconsolidated Real Estate Venture (Cont.)
Unconsolidated Real Estate Venture (Cont.) (Unaudited, in thousands) Income Statement Information Three Months Ended Easterly's Share(1) Nine Months Ended Easterly's Share(1) September 30, 2025 September 30, 2025 September 30, 2025 September 30, 2025 Revenues Rental income $ 12,647 $ 6,702 $ 37,864
Slide 16: Debt Schedules
Debt Schedules (Unaudited, in thousands) September 30, 2025 September 30, 2025 September 30, 2025 Percent of Debt Instrument Maturity Date Interest Rate Balance(1) Total Indebtedness Unsecured debt 2024 Revolving Credit facility 3-Jun-28(2) S + 155 bps 170,900 10.4% 2016 Term Loan facility 28-Jan-28
Slide 17: Debt Schedules (Cont.)
Debt Schedules (Cont.) (Unaudited, in thousands) Debt Statistics September 30, 2025 September 30, 2025 Variable rate debt - unhedged $ 170,900 % Variable rate debt - unhedged 10.4% Fixed rate debt 1,477,878 % Fixed rate debt(3) 89.6% Total Debt(1) $ 1,648,778 Less: cash and cash equivalents (6,397)
Slide 18: Debt Maturities
Debt Maturities (Unaudited, in thousands) Secured Debt Unsecured Debt Weighted Average Scheduled Scheduled Scheduled Percentage of Interest Rate of Year Amortization Maturities Maturities Total Debt Maturing Scheduled Maturities 2025 1,178 - - 1,178 0.0% 0.00% 2026 3,686 6,368 - 10,054 0.4% 4.46% 20
Slide 19: Leased Operating Property Overview
Leased Operating Property Overview (As of September 30, 2025, unaudited) Percentage Annualized Tenant of Total Lease Lease Leased Annualized Annualized Income per Expiration Year Built / Square Lease Lease Leased Property Name Location Property Type Year Renovated Feet Income Income Square Foot Whol
Slide 20: Leased Operating Property Overview (Cont.)
Leased Operating Property Overview (Cont.) (As of September 30, 2025, unaudited) Percentage Annualized Tenant of Total Lease Lease Leased Annualized Annualized Income per Expiration Year Built / Square Lease Lease Leased Property Name Location Property Type Year Renovated Feet Income Income Square F
Slide 21: Leased Operating Property Overview (Cont.)
Leased Operating Property Overview (Cont.) (As of September 30, 2025, unaudited) Percentage Annualized Tenant of Total Lease Lease Leased Annualized Annualized Income per Expiration Year Built / Square Lease Lease Leased Property Name Location Property Type Year Renovated Feet Income Income Square F
Slide 22: Leased Operating Property Overview (Cont.)
Leased Operating Property Overview (Cont.) (As of September 30, 2025, unaudited) Percentage Annualized Tenant of Total Lease Lease Leased Annualized Annualized Income per Expiration Year Built / Square Lease Lease Leased Property Name Location Property Type Year Renovated Feet Income Income Square F
Slide 23: Tenants
Tenants (As of September 30, 2025, unaudited) Percentage Weighted of Total Average Percentage Annualized Remaining Leased of Leased Annualized Lease Tenant Lease Term(1) Square Feet Square Feet Lease Income Income U.S. Government Department of Veteran Affairs ("VA") 13.7 2,251,131 22.0% $ 96,418,303
Slide 24: Tenants (Cont.)
Percentage Weighted of Total Average Percentage Annualized Remaining Leased of Leased Annualized Lease Tenant Lease Term(1) Square Feet Square Feet Lease Income Income U.S. Government (Cont.) U.S. Army Corps of Engineers ("ACOE") 4.4 33,407 0.3% 974,264 0.3% Bureau of Alcohol, Tobacco, Firearms and
Slide 25: Lease Expirations
Lease Expirations (As of September 30, 2025, unaudited) Percentage of Total Leased Percentage of Annualized Number of Leased Square Square Annualized Total Annualized Lease Income Leases Footage Footage Lease Income Lease Income per Leased Year of Lease Expiration (1) Expiring Expiring Expiring Expi
Slide 26: Lease Expirations
Lease Expirations (As of September 30, 2025, unaudited) 26
Slide 27: Summary of Re/Development Projects
Summary of Re/Development Projects (As of September 30, 2025, unaudited, in thousands, except square feet) Projects Under Construction(1) Anticipated Lump- Anticipated Anticipated Property Total Leased Lease Anticipated Total Sum Completion Lease Property Name Location Type Square Feet Term Cost(2)
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