UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended: December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from To Commission File Number: 001-36834 EASTERLY GOVERNMENT PROPERTIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporatio ...

Financial Performance - Total revenues for the twelve months ended December 31, 2023, were $287.227 million, a decrease from $293.606 million in the same period in 2022[2] - Net income available to Easterly Government Properties, Inc. for the twelve months ended December 31, 2023, was $18.804 million, down from $31.474 million in 2022[2] - Core FFO for the twelve months ended December 31, 2023, was $120.139 million, compared to $130.885 million in 2022[4] - Cash Available for Distribution (CAD) for the twelve months ended December 31, 2023, was $94.835 million, a decrease from $108.527 million in 2022[4] - Net income for Q4 2023 was $4.787 million, compared to $18.420 million in Q4 2022[26] - Funds From Operations (FFO) for Q4 2023 were $29.883 million, down from $30.868 million in Q4 2022[26] - Core FFO for Q4 2023 was $30.134 million, compared to $31.241 million in Q4 2022[26] - Cash Available for Distribution (CAD) for Q4 2023 was $21.862 million, slightly up from $21.687 million in Q4 2022[26] - EBITDA for Q4 2023 was $43.953 million, compared to $44.468 million in Q4 2022[33] - Pro forma EBITDA, assuming a full quarter of operations from properties acquired in Q4 2023, was $44.032 million[33] - Rental income for the three months ended December 31, 2023, was $10.652 million, with Easterly's share at $5.646 million[35] - Total revenues for the twelve months ended December 31, 2023, were $40.693 million, with Easterly's share at $21.567 million[35] - EBITDA for the twelve months ended December 31, 2023, was $25.362 million, with Easterly's share at $13.427 million[35] - Core FFO for the twelve months ended December 31, 2023, was $24.940 million, with Easterly's share at $13.203 million[35] Lease and Tenant Information - The U.S. Government accounted for 97.3% of the total annualized lease income as of December 31, 2023[5] - Weighted average remaining lease term for all tenants as of December 31, 2023, was 10.5 years[5] - Total leased square feet as of December 31, 2023, was 8,805,050, with the U.S. Government occupying 96.0% of the leased space[5] - The U.S. Department of Veteran Affairs ("VA") accounts for 23.3% of leased square feet, generating $88,091,238 in annualized lease income, which is 27.7% of total lease income[7] - The Federal Bureau of Investigation ("FBI") leases 1,501,720 square feet, contributing $52,774,609 in annualized lease income, representing 16.7% of total lease income[7] - The Drug Enforcement Administration ("DEA") occupies 607,064 square feet, with annualized lease income of $27,846,156, making up 8.8% of total lease income[7] - The Judiciary of the U.S. ("JUD") leases 401,610 square feet, generating $16,839,813 in annualized lease income, which is 5.3% of total lease income[7] - U.S. Citizenship and Immigration Services ("USCIS") accounts for 5.9% of leased square feet, contributing $14,955,067 in annualized lease income, representing 4.7% of total lease income[7] - The Environmental Protection Agency ("EPA") leases 225,418 square feet, with annualized lease income of $9,230,618, making up 2.9% of total lease income[7] - The Food and Drug Administration ("FDA") occupies 129,314 square feet, generating $9,152,747 in annualized lease income, which is 2.9% of total lease income[7] - The U.S. Joint Staff Command ("JSC") leases 403,737 square feet, contributing $8,427,298 in annualized lease income, representing 2.7% of total lease income[7] - The Internal Revenue Service ("IRS") accounts for 2.7% of leased square feet, with annualized lease income of $7,998,696, making up 2.5% of total lease income[7] - Immigration and Customs Enforcement ("ICE") leases 183,894 square feet, generating $7,871,695 in annualized lease income, which is 2.5% of total lease income[7] - Total annualized lease income for wholly owned U.S. government leased properties is $310,282,360, with VA - Loma Linda contributing the highest at $10,282,360 (5.2% of total)[43] - USCIS - Kansas City has the largest leased square footage at 416,399 sq ft, generating $8,000,000 in annualized lease income (3.2% of total)[43] - FDA - Lenexa laboratory achieves the highest annualized lease income per square foot at $71.28, contributing $4,254,683 (1.3% of total)[43] - DEA - Pleasanton laboratory has the highest lease income per square foot among DEA properties at $65.11, generating $2,765,720 (0.9% of total)[44] - VA - San Jose outpatient clinic shows strong performance with $64.06 lease income per square foot, contributing $5,770,504 (1.8% of total)[43] - FBI - Tampa office has the longest lease term extending to 2040, generating $5,313,544 annually (1.7% of total)[43] - DEA - Dallas Lab maintains a high lease income per square foot at $55.78, contributing $2,773,342 (0.9% of total)[44] - JUD - El Centro courthouse/office achieves $64.62 lease income per square foot, generating $2,800,983 (0.9% of total)[44] - CBP - Savannah laboratory shows strong performance with $64.80 lease income per square foot, contributing $2,267,962 (0.7% of total)[44] - NARA - Broomfield office/warehouse has the lowest lease income per square foot at $14.68, generating $2,373,591 (0.7% of total)[44] - Total leased square footage as of December 31, 2023, is 8,805,050 square feet, with an annualized lease income of $316,793,566[46] - Wholly owned U.S. government leased properties account for 85.5% of total annualized lease income, totaling $270,421,014[45] - The VA - Phoenix property contributes 3.4% of total annualized lease income with $10,678,873 in revenue[46] - Lease expirations in 2024 account for 1.8% of total leased square footage, with $5,504,512 in annualized lease income[52] - The VA - San Antonio property generates $9,185,752 in annualized lease income, representing 2.9% of total income[46] - The weighted average annualized lease income per leased square foot across all properties is $35.98[46] - Lease expirations in 2033 account for 5.9% of total leased square footage, with $20,815,244 in annualized lease income[52] - The VA - Marietta property has the highest annualized lease income per square foot at $51.45[46] - Lease expirations beyond 2033 account for 51.7% of total leased square footage, with $178,692,286 in annualized lease income[52] Debt and Liquidity - Net Debt stood at $1.289 billion as of December 31, 2023, with a Net Debt to Total Enterprise Value ratio of 47.1%[26] - Total enterprise value was $2.736 billion as of December 31, 2023[26] - Liquidity as of December 31, 2023 included $10.250 million in cash and $370.875 million available under a $450 million senior unsecured revolving credit facility[26] - Total unsecured debt as of December 31, 2023, was $1.079 billion, representing 82.9% of total indebtedness[36] - Secured mortgage debt as of December 31, 2023, was $220.597 million, representing 17.1% of total indebtedness[36] - Weighted average maturity of total debt as of December 31, 2023, was 4.6 years, with a weighted average interest rate of 4.2%[40] - Net debt as of December 31, 2023, was $1.289 billion, adjusted net debt was $1.235 billion[40] - Scheduled maturities for 2024 include $100.000 million of unsecured debt and $59.895 million of secured debt[42] - Total debt maturing in 2027 includes $95.000 million of unsecured debt and $134.640 million of secured debt[42] Property and Development - The FDA - Atlanta project, a laboratory under construction, has an anticipated total cost of $229.053 million and is expected to be completed in Q4 2025[6] - The company owns 53.0% of properties through an unconsolidated joint venture[34] - The company owns 53.0% of the properties through an unconsolidated joint venture[51] Expenses - Depreciation and amortization expenses for the twelve months ended December 31, 2023, were $91.292 million, down from $98.254 million in 2022[2] - Interest expense, net for the twelve months ended December 31, 2023, was $49.169 million, compared to $47.378 million in 2022[2]

WASHINGTON--(BUSINESS WIRE)--Easterly Government Properties, Inc. (NYSE: DEA), a fully integrated real estate investment trust focused primarily on the acquisition, development and management of Class A commercial properties leased to U.S. Government agencies, announced today that its Board of Directors has approved a quarterly cash dividend of $0.265 per common share. The dividend will be payable on March 18, 2024 to shareholders of record on March 6, 2024. *Anticipated annual dividend yield on investment ...

The S&P 500 has never been higher, but some stocks still look extremely cheap. In this video, Fool.com contributors Matt Frankel and Tyler Crowe discuss two that they still think are bargains.*Stock prices used were the afternoon prices of Jan. 25, 2024. The video was published on Jan. 26, 2024. ...

Easterly Government Properties, Inc. (NYSE:DEA) Q3 2023 Earnings Conference Call October 31, 2023 10:00 AM ET Company Participants Lindsay Winterhalter - Head, IR Darrell Crate - Chairman William Trimble - President and CEO Meghan Baivier - EVP, CFO, and COO Conference Call Participants Michael Griffin - Citi John Kim - BMO Capital Markets Bill Crow - Raymond James Aditi Balachandran - RBC Capital Markets Peter Abramowitz - Jefferies Operator Greetings. Welcome to the Easterly Government Properties' Third Q ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36834 EASTERLY GOVERNMENT PROPERTIES, INC. (Exact Name of Registrant as Specified in Its Charter) (State of Incorporation) (IRS Employer Identification No.) 2001 K Street NW, Suite 775 North, Washington, D.C. 20006 (Address of Principal Executive Offices) ( ...

Easterly Government Properties, Inc. (NYSE:DEA) Q2 2023 Earnings Conference Call August 8, 2023 11:00 AM ET Company Participants Lindsay Winterhalter - Head of Investor Relations Darrell Crate - Chairman William Trimble - President and Chief Executive Officer Meghan Baivier - Executive Vice President, Chief Financial and Chief Operating Officer Conference Call Participants Michael Griffin - Citigroup Inc. Peter Abramowitz - Jefferies LLC Operator Greetings. Welcome to the Easterly Government Properties Seco ...

Financial Performance - Total revenues for Q2 2023 were $71,373,000, a decrease of 1.9% compared to $72,757,000 in Q2 2022[8] - Net income for Q2 2023 was $5,778,000, down 29.5% from $8,130,000 in Q2 2022[10] - Comprehensive income for Q2 2023 was $8,885,000, down from $11,033,000 in Q2 2022[10] - Net income for the six months ended June 30, 2023, was $10,192,000, a decrease of 37.5% compared to $16,393,000 in 2022[12] - Basic and diluted earnings per share (EPS) for Q2 2023 were both $0.05, compared to $0.08 in Q2 2022, reflecting a 37.5% decrease[74] - The company's share of net income for the six months ended June 30, 2023, was $2,820,000, compared to $1,456,000 for the same period in 2022, indicating a significant growth[34] Revenue Sources - Rental income decreased to $67,758,000 in Q2 2023 from $71,156,000 in Q2 2022, reflecting a decline of 4.5%[8] - Revenue from tenant construction projects for Q2 2023 was $2.765 million, significantly up from $1.102 million in Q2 2022, marking a 150.5% increase[82] - Asset management income for Q2 2023 was $0.5 million, an increase from $0.3 million in Q2 2022, representing a 66.7% growth[90] - The company recognized $0.1 million in parking garage income for both Q2 2023 and Q2 2022, indicating stable revenue from this source[84] Assets and Liabilities - Total assets as of June 30, 2023, were $2,807,963,000, a slight decrease from $2,829,385,000 as of December 31, 2022[6] - Total liabilities decreased to $1,385,896,000 as of June 30, 2023, from $1,418,403,000 at the end of 2022[6] - The total debt as of June 30, 2023, was $1,221,180,000, with a revolving credit facility of $53,000,000 and various term loan facilities totaling $250,000,000[35] - The balance in accounts receivable related to tenant construction projects was $8.2 million as of June 30, 2023, up from $6.8 million at the end of 2022[82] Cash Flow and Investments - The company reported a net cash provided by operating activities of $59,052,000 for the six months ended June 30, 2023[12] - Net cash used in investing activities was $20,967,000, significantly lower than $147,028,000 in the prior year[12] - Cash paid for interest increased to $23,555,000 in 2023 from $21,766,000 in 2022, reflecting a rise of 8.2%[14] Shareholder Equity and Dividends - Stockholders' equity as of June 30, 2023, was $1,422,067, reflecting a net income of $5,778 for the three months ended June 30, 2023[63] - The company declared dividends of $0.265 per common share for both Q2 2023 and Q2 2022[8] - The balance of common stock increased to 93,415,706 shares by June 30, 2023, up from 90,814,021 shares at the end of 2022[65] Real Estate and Occupancy - As of June 30, 2023, the company wholly owned 78 operating properties and had an occupancy rate of 98% across approximately 8.6 million leased square feet[19] - The total real estate properties, net, amounted to $2,270,435,000, with land valued at $213,592,000 and buildings and improvements at $2,292,532,000[26] - The U.S. Government accounted for approximately 98.5% of total annualized lease income as of June 30, 2023[88] Financial Instruments and Risk Management - The company entered into three SOFR-based interest rate swaps with a total notional value of $300.0 million, designated as cash flow hedges of interest rate risk[39] - The fair value of interest rate swaps as of June 30, 2023, was recorded as an asset of $5,114,000[45] - The company estimates that $4.3 million will be reclassified from Accumulated Other Comprehensive Income (AOCI) as a decrease to interest expense over the next 12 months[47] Compensation and Equity Awards - The total compensation expense related to restricted common stock awards was $0.3 million for the six months ended June 30, 2023[54] - The fair value of LTIP units that vested was $4.0 million during the six months ended June 30, 2023[61] - The company granted 515,465 LTIP units during the six months ended June 30, 2023[58]

Financial Data and Key Metrics Changes - For Q1 2023, net income per share was $0.04, and core FFO per share was $0.29, with cash available for distribution at $24.5 million [19] - Total indebtedness was approximately $1.2 billion at a weighted average interest rate of 3.7%, with 96% of outstanding debt fixed [19] - The net debt to annualized quarterly EBITDA ratio stood at 7.2x, with over $400 million in capacity on the line of credit and an additional $50 million available under the 2018 term loan [19] Business Line Data and Key Metrics Changes - The company owned 86 operating properties comprising approximately 8.6 million lease square feet, with a weighted average age of 14.1 years and a weighted average remaining lease term of 10.4 years [33] - The average rent renewal spread from 2020 to present is expected to be 23% with an average term of over 18 years [14] Market Data and Key Metrics Changes - The office sector is facing challenges due to work-from-home trends, occupancy rates, local rental rates, and potential layoffs across various industries [13] - Only 51% of Easterly's annualized lease income comes from office assets, which is expected to decrease with the acquisition of additional VA properties [30] Company Strategy and Development Direction - The company is focused on acquiring mission-critical assets leased to the U.S. federal government, with plans to restart growth by acquiring such assets as inflation shows signs of cooling [27] - Easterly is maintaining an active presence in the acquisition market despite a decline in transaction volume, aiming for accretive acquisitions of bullseye properties [12] - The company is positioned to take advantage of potential distress in development projects over the next 18 months due to liquidity issues faced by over-leveraged developers [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the company will not face issues during potential government shutdowns, as they are funded through the end of the fiscal year [52] - The company believes it is well-positioned to capitalize on opportunities in the market, with a strong balance sheet compared to regional developers [27] - Management highlighted the importance of their unique portfolio focused on government infrastructure, differentiating them from typical office businesses [15][24] Other Important Information - The company has transitioned to a core FFO metric for 2023, which adjusts FFO to present a clearer picture of operating performance [34] - The full-year 2023 core FFO per share guidance is maintained in the range of $1.12 to $1.15, assuming the closing of specific properties and development-related investments [48] Q&A Session Summary Question: Are there any issues around OpEx or G&A to consider for forward earnings estimates? - Management indicated that they are running at a level just shy of the mid-point of guidance, with expectations for renewals and TI work to continue, offset by expiring interest rate swaps [38] Question: Do buildings shut down concurrently with government shutdowns? - Management confirmed that buildings do not shut down concurrently with government shutdowns [53] Question: What cap rates are needed for attractive bullseye properties? - Management stated that high-6s cap rates would be acceptable, and they are prepared to act on high-quality assets as they become available [54] Question: What types of investments are being targeted currently? - Management highlighted a healthy uptick in development opportunities and a narrowing in the acquisition market, indicating a readiness to pursue various types of deals [56][57] Question: How comfortable is the company with dividend coverage? - Management expressed confidence in the strength of underlying U.S. government-backed cash flows, maintaining a consistent dividend policy [70]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the transition period from to Commission file number: 001-36834 EASTERLY GOVERNMENT PROPERTIES, INC. (Exact Name of Registrant as Specified in Its Charter) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State of Incorporation) (IRS Employer I ...