DEA · Easterly Government Properties, Inc.

Easterly Government Properties reported solid Q1 2026 results with net income of $1.4 million, or $0.03 per fully diluted share, and Core FFO of $37.1 million, or $0.77 per share, reflecting stable operations in its portfolio of 106 operating properties totaling 10.7 million leased square feet, primarily leased to U.S. Government agencies. Key drivers included portfolio stability with a weighted average remaining lease term of 9.4 years and average age of 16.9 years. The company executed strategic growth initiatives, acquiring a 297,713 square foot campus near Richmond, Virginia, leased to the Commonwealth of Virginia with expirations through 2036, and entering a $7.0 million mezzanine construction loan at 12.00% interest to a developer. Capital markets activity involved settling 94,170 common shares via the 2021 ATM Program at $23.01 weighted average price, raising $2.1 million net proceeds. Balance sheet remains manageable with $1.7 billion total debt at 4.6% weighted average rate and 3.9-year maturity. Management, led by President & CEO Darrell Crate, highlighted progress on priorities through operating performance and mezzanine investment. The company raised full-year 2026 Core FFO guidance to $3.06-$3.12 per share, assuming $50 million acquisitions and $50-100 million development investments, signaling confidence. A $0.45 per share dividend was declared, payable May 21 to May 7 record holders. Three development projects in Flagstaff AZ, Fort Myers FL, and Medford OR progress toward long-term GSA and state leases.