$DEA

Easterly Government Properties, Inc.

CIK:0001622194|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Rental income	$ 89,659	$ 80,367	$ 178,252	$ 155,913
Asset management income	697	622	1,343	1,244
Total revenues	92,417	84,234	183,962	162,909
Expenses
Property operating	20,007	19,210	40,543	37,009
Real estate taxes	9,072	8,486	17,604	16,443
Depreciation and amortization	32,158	28,534	65,379	55,331
Acquisition costs	553	362	1,202	669
Corporate general and administrative	8,953	6,807	17,448	13,022
Recovery of credit losses	(313)	(539)	(117)	(777)
Total expenses	70,430	62,860	142,059	121,697
Other income (expense)
Income from unconsolidated real estate venture	1,594	1,840	3,258	3,662
Interest expense, net	(20,423)	(18,960)	(40,589)	(37,337)
Net income	3,158	4,254	4,572	7,537
Non-controlling interest in Operating Partnership	(108)	(183)	(157)	(339)
Net income available to Easterly Government Properties, Inc.	$ 3,050	$ 4,071	$ 4,415	$ 7,198
Net income available to Easterly Government Properties, Inc. per share:
Basic	$ 0.06	$ 0.09	$ 0.08	$ 0.16
Diluted	$ 0.06	$ 0.09	$ 0.08	$ 0.15
Weighted-average common shares outstanding
Basic	46,463,199	45,011,585	46,362,418	44,122,803
Diluted	46,699,118	45,111,753	46,577,709	44,230,123
Dividends declared per common share	$ 0.45	$ 0.45	$ 0.9	$ 1.11
Tenant Reimbursements [Member]
Revenues
Total revenues	$ 345	$ 1,895	$ 1,149	$ 2,921
Other Income [Member]
Revenues
Total revenues	$ 1,716	$ 1,350	$ 3,218	$ 2,831

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 4,572	$ 7,537
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	65,379	55,331
Straight line rent	(3,561)	(49)
Income from unconsolidated real estate venture	(3,258)	(3,662)
Amortization of above- / below-market leases	(870)	(1,006)
Amortization of unearned revenue	(7,526)	(3,625)
Amortization of loan premium / discount	(7)	(11)
Amortization of deferred financing costs	1,896	1,548
Amortization of lease inducements	790	935
Amortization of real estate loans receivable origination fees	(78)	(73)
Amortization of treasury lock settlement	115	78
Distributions from investment in unconsolidated real estate venture	7,993	9,669
Non-cash compensation	4,200	2,816
Recovery of credit losses	(117)	(777)
Net change in:
Tenant accounts receivable	(14,882)	(3,759)
Prepaid expenses and other assets	2,030	(2,035)
Real estate loan interest receivable	(279)	(1,657)
Deferred revenue associated with operating leases	14,321	1,307
Principal payments on operating lease obligations	(380)	(344)
Principal repayment of sales-type lease	131
Accounts payable, accrued expenses and other liabilities	1,447	75
Net cash provided by operating activities	71,916	62,298
Cash flows from investing activities
Real estate acquisitions and deposits	(43,519)	(144,847)
Additions to operating properties	(14,728)	(15,686)
Additions to development properties	(44,509)	(36,033)
Repayment of note receivable	643
Investments in real estate loans receivable, net	(6,930)	4,639
Net cash used in investing activities	(109,043)	(191,927)
Cash flows from financing activities
Payment of deferred financing costs	(1,754)	(2,512)
Issuance of common shares	21,182	46,638
Credit facility draws	165,250	216,000
Credit facility repayments	(321,250)	(213,000)
Term loan proceeds	200,000
Issuance of notes payable		125,000
Treasury lock settlement		(1,945)
Repayments of mortgage notes payable	(2,393)	(2,265)
Dividends and distributions paid	(43,674)	(51,552)
Payment of offering costs	(212)	(488)
Net cash provided by financing activities	17,149	115,876
Net decrease in Cash and cash equivalents and Restricted cash	(19,978)	(13,753)
Cash and cash equivalents and Restricted cash, beginning of period	33,631	27,804
Cash and cash equivalents and Restricted cash, end of period	13,653	14,051
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Cash paid for interest (net of capitalized interest of $1,206 and $4,364 in 2026 and 2025, respectively)	39,180	33,782
Supplemental disclosure of non-cash information
Deferred financing costs accrued, not paid	164	0
Offering costs accrued, not paid	6	15
Deferred asset acquisition costs accrued, not paid		47
Unrealized gain (loss) on treasury locks and interest rate swaps, net	4,153	(5,488)
Recognition of operating lease right-of-use assets	859
Recognition of liabilities related to operating lease right-of-use assets	1,321
Exchange of Common Units for Shares of Common Stock
Non-controlling interest in Operating Partnership	(2,500)	(4,836)
Common stock	1	4
Additional paid-in capital	2,499	4,832
Operating Properties [Member]
Supplemental disclosure of non-cash information
Additions to properties accrued, not paid	7,913	4,864
Development Properties [Member]
Supplemental disclosure of non-cash information
Additions to properties accrued, not paid	$ 18,013	$ 25,843

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Real estate properties, net	$ 2,751,493	$ 2,714,650
Cash and cash equivalents	3,300	23,374
Restricted cash	10,353	10,257
Tenant accounts receivable	70,568	51,493
Investment in unconsolidated real estate venture	299,986	304,721
Real estate loans receivable, net and investment in sales-type lease, net	44,963	34,286
Intangible assets, net	182,225	183,911
Interest rate swaps	1,003
Prepaid expenses and other assets	52,508	57,078
Total assets	3,416,399	3,379,770
Liabilities
Revolving credit facility	43,050	199,050
Term loan facilities, net	495,847	297,200
Notes payable, net	1,019,382	1,018,884
Mortgage notes payable, net	148,906	151,191
Intangible liabilities, net	12,855	11,959
Deferred revenue	225,996	219,201
Interest rate swaps	0	3,034
Accounts payable, accrued expenses and other liabilities	110,604	109,686
Total liabilities	2,056,640	2,010,205
Equity
Common stock, par value $0.01, 80,000,000 shares authorized, 47,321,617 and 46,303,469 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectivel	473	463
Additional paid-in capital	1,983,878	1,958,412
Retained earnings	149,272	144,857
Cumulative dividends	(817,791)	(776,022)
Accumulated other comprehensive loss	(567)	(4,578)
Total stockholders’ equity	1,315,265	1,323,132
Non-controlling interest in Operating Partnership	44,494	46,433
Total equity	1,359,759	1,369,565
Total liabilities and equity	$ 3,416,399	$ 3,379,770