Easterly Government Properties, Inc. · NYSE:DEA
Easterly Government Properties — Q2 2025 Earnings Presentation
27 slides from Easterly Government Properties's earnings presentation, Aug 5, 2025
Slide 1: Supplemental Information Package Second 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 June 30, 2025 that will be rel
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 Funds From Operations (FFO) is defined, in accordance with the Nareit FFO White Paper - 2018 Restatement, as net income (loss), calculated in accordance with GAAP, excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real
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 ended June 30, ended June 30, Diluted Basis At June 30, 2025 Earnings 2025 2024 Common shares 45,295,422 Net income available to Easterly Governme
Slide 9: Balance Sheets
Balance Sheets (Unaudited, in thousands, except share amounts) June 30, 2025 December 31, 2024 Assets Real estate properties, net $ 2,682,915 $ 2,572,095 Cash and cash equivalents 4,697 19,353 Restricted cash 9,354 8,451 Tenant accounts receivable 75,506 71,172 Investment in unconsolidated real esta
Slide 10: Income Statements
Income Statements (Unaudited, in thousands, except share and per share amounts) Three Months Ended Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Revenues Rental income $ 80,367 $ 72,183 $ 155,913 $ 142,929 Tenant reimbursements 1,895 2,814 2,921 3,831 Asset management inco
Slide 11: Net Operating Income
Net Operating Income (Unaudited, in thousands) Three Months Ended Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net income $ 4,254 $ 4,850 $ 7,537 $ 9,734 Depreciation and amortization 28,534 24,086 55,331 47,886 Acquisition costs 362 408 669 827 Corporate general and admi
Slide 12: EBITDA
EBITDA (Unaudited, in thousands) Three Months Ended Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net income $ 4,254 $ 4,850 $ 7,537 $ 9,734 Depreciation and amortization 28,534 24,086 55,331 47,886 Interest expense 18,960 15,165 37,337 29,001 Tax expense 193 (293) 356 (27
Slide 13: FFO and CAD
FFO and CAD (Unaudited, in thousands, except share and per share amounts) Three Months Ended Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net income $ 4,254 $ 4,850 $ 7,537 $ 9,734 Depreciation of real estate assets 28,282 23,834 54,828 47,383 Unconsolidated real estate v
Slide 14: Unconsolidated Real Estate Venture
Unconsolidated Real Estate Venture (Unaudited, in thousands) Balance Sheet Information Balance Sheet Easterly's Share(2) June 30, 2025 June 30, 2025 Real estate properties - net $ 495,900 $ 262,827 Total assets 596,539 316,165 Total liabilities 11,246 5,960 Total preferred stockholders' equity 125 6
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) Six Months Ended Easterly's Share(1) June 30, 2025 June 30, 2025 June 30, 2025 June 30, 2025 Revenues Rental income $ 12,632 $ 6,695 $ 25,217 $ 13,365 Other income
Slide 16: Debt Schedules
Debt Schedules (Unaudited, in thousands) June 30, 2025 June 30, 2025 June 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 + 145 bps(3) 277,550 16.0% 2016 Term Loan facility 28-Jan-28(4) 5.31%(5)
Slide 17: Debt Schedules (Cont.)
Debt Schedules (Cont.) (Unaudited, in thousands) Debt Statistics June 30, 2025 June 30, 2025 Variable rate debt - unhedged $ 252,050 % Variable rate debt - unhedged 14.6% Fixed rate debt 1,479,034 % Fixed rate debt(3) 85.4% Total Debt(1) $ 1,731,084 Less: cash and cash equivalents (5,789) Weighted a
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 2,334 - - 2,334 0.0% 0.00% 2026 3,686 6,368 174,500 184,554 10.5%
Slide 19: Leased Operating Property Overview
Leased Operating Property Overview (As of June 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 Wholly Ow
Slide 20: Leased Operating Property Overview (Cont.)
Leased Operating Property Overview (Cont.) (As of June 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 W
Slide 21: Leased Operating Property Overview (Cont.)
Leased Operating Property Overview (Cont.) (As of June 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 W
Slide 22: Leased Operating Property Overview (Cont.)
Leased Operating Property Overview (Cont.) (As of June 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 U
Slide 23: Tenants
Tenants (As of June 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 22.4% $ 96,117,145 26.0
Slide 24: Tenants (Cont.)
Tenants (Cont.) (As of June 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 (Cont.) Homeland Security Investigations ("HSI") 4.6 33,407 0.3% 97
Slide 25: Lease Expirations
Lease Expirations (As of June 30, 2025, unaudited) Percentage of Percentage of Annualized Number of Leased Square Total Leased Square Annualized Total Annualized Lease Income Leases Footage Footage Lease Income Lease Income per Leased Year of Lease Expiration (1) Expiring Expiring Expiring Expiring
Slide 26: Lease Expirations
Lease Expirations (As of June 30, 2025, unaudited) 26
Slide 27: Summary of Re/Development Projects
Summary of Re/Development Projects (As of June 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 Cost to
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