\nEasterly Government Properties, Inc. (NYSE: DEA) (the \u201cCompany\u201d or \u201cEasterly\u201d), a fully integrated real estate investment trust (\u201cREIT\u201d) focused primarily on the acquisition, development and management of Class A commercial properties leased to the U.S. Government and its adjacent partners, today announced its results of operations for the quarter ended March 31, 2026.<\/p>\n
Highlights for the Quarter Ended March 31, 2026:<\/b><\/p>\n \n\u201cWe entered 2026 with clear priorities, and the first quarter demonstrates progress toward them,\u201d said Darrell Crate, President & CEO of Easterly Government Properties. \u201cStable operating performance and the successful execution of our first mezzanine investment highlight our strategic approach to capital allocation and earnings growth.\u201d<\/p>\n Portfolio Operations<\/b><\/p>\n \nAs of March 31, 2026, the Company or its joint venture owned 106 operating properties in the United States encompassing approximately 10.7 million leased square feet, including 93 operating properties that were leased primarily to U.S. Government tenant agencies, eight operating properties leased primarily to tenant agencies of a U.S. state or local government and five operating properties that were entirely leased to private tenants. In addition, the Company wholly owned three properties in development that the Company expects will encompass approximately 0.2 million rentable square feet upon completion.<\/p>\n \nThe first development project, located in Flagstaff, Arizona, is currently under construction and, once complete, a 20-year lease with the GSA is expected to commence for the beneficial use of the United States Judiciary. The second project, located in Fort Myers, Florida, is currently under construction and, once complete, a 25-year lease with the Florida Department of Law Enforcement is expected to commence for their beneficial use. The third project, located in Medford, Oregon, is currently under construction and, once complete, a 20-year lease with the GSA is expected to commence for the beneficial use of the United States Judiciary.<\/p>\n \nAs of March 31, 2026, the portfolio had a weighted average age of 16.9 years, based upon the date properties were built or renovated-to-suit, and had a weighted average remaining lease term of 9.4 years.<\/p>\n Acquisitions Activity<\/b><\/p>\n Acquisitions<\/span><\/p>\n \nOn January 16, 2026, the Company acquired a 297,713 square foot campus consisting of three assets near Richmond, Virginia. The assets are leased primarily to the Commonwealth of Virginia and have lease expirations ranging from 2027 to 2036.<\/p>\n Balance Sheet and Capital Markets Activity<\/b><\/p>\n \nAs of March 31, 2026, the Company had total indebtedness of approximately $1.7 billion comprised of $245.1 million outstanding on its senior unsecured revolving credit facility, $100.0 million outstanding on its 2016 term loan facility, $200.0 million outstanding on its 2018 term loan facility, $1.0 billion of senior unsecured notes, and $150.5 million of mortgage debt (excluding unamortized premiums and discounts and deferred financing fees). The Company’s outstanding debt had a weighted average maturity of 3.9 years and a weighted average interest rate of 4.6%. Further, the Company’s Net Debt to total enterprise value was 62.5% and its Adjusted Net Debt to annualized quarterly pro forma EBITDA ratio was 7.3x.<\/p>\n Dividend<\/b><\/p>\n \nOn April 22, 2026, the Board of Directors of Easterly approved a cash dividend for the first quarter of 2026 in the amount of $0.45 per common share. The dividend will be payable May 21, 2026 to shareholders of record on May 7, 2026.<\/p>\n Guidance<\/b><\/p>\n \nThis guidance is forward-looking and reflects management\u2019s view of current and future market conditions. The Company\u2019s actual results may differ materially from this guidance.<\/p>\n Outlook for the 12 Months Ending December 31, 2026<\/span><\/b><\/p>\n \nThe Company is raising the lower end of its guidance for full-year 2026 Core FFO per share on a fully diluted basis at a range of $3.06 – $3.12.<\/p>\n\n
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