Easterly Government Properties acquired a 297,713 leased square foot campus of three properties in Glen Allen, Virginia on January 16, 2026. As of September 30, 2026, properties were 98% leased and three-month total revenues increased $7.5 million to $93.6 million.
DEA · Easterly Government Properties, Inc.
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Easterly reported third-quarter 2026 core FFO per share of $0.78, up approximately 2.6% year over year, raised 2026 guidance to $3.08 to $3.13 per share, and improved net debt to annualized quarterly EBITDA to 7.1.
Easterly Government Properties, Inc. reported third-quarter net income of $5.7 million and Core FFO of $38.0 million, or $0.78 per diluted share, and approved a $0.45 per common share dividend payable November 20, 2026.
Metrics snapshot
Useful current figures from the complete screener profile.
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
Equibles Rating
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Guidance & track record
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
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Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
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| Adjusted Net Debt non-GAAP | $1.61B | September 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net Debt 1.68B
-65.37M Less: Adjustment for development projects(2)
= Adjusted Net Debt 1.61B
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| annualized lease income | 2.3% | As of September 30, 2026 | — |
| Cash Available for Distribution (CAD) non-GAAP | $90.81M | Nine Months Ended September 30, 2026 | — |
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GAAP → non-GAAP reconciliationGAAP Core FFO 38.05M
-1.42M Straight-line rent and other non-cash adjustments
-432K Amortization of above-/below-market leases
-3.86M Amortization of deferred revenue
+1.05M Non-cash interest expense
+2.04M Non-cash compensation
-1K Natural disaster event expense, net of recovery
-642K Principal amortization
-1.27M Maintenance capital expenditures
-704K Contractual tenant improvements
+11K Unconsolidated real estate venture allocated share of above adjustments
= Cash Available for Distribution (CAD) 32.82M
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| Cash Net Operating Income non-GAAP | 182.07M | Nine Months Ended September 30, 2026 | — |
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| Core FFO non-GAAP | 112.5M | nine months ended September 30, 2026 | — |
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GAAP → non-GAAP reconciliationGAAP FFO 38.48M
+42K Loss on extinguishment of debt and modification costs
-752K Provision for (recovery of) credit losses
+1K Natural disaster event expense, net of recovery
+257K Depreciation of non-real estate assets
+17K Unconsolidated real estate venture allocated share of above adjustments
= Core FFO 38.05M
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| Core FFO per share on a fully diluted basis non-GAAP | $2.33 | nine months ended September 30, 2026 | — |
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| Cost to Date | $118.84M | As of September 30, 2026 | — |
| EBITDA | $174.62M | Nine Months Ended September 30, 2026 | — |
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GAAP → non-GAAP reconciliationGAAP Net income 5.69M
+30.96M Depreciation and amortization
+20.04M Interest expense
+157K Tax expense
+0K Impairment loss
+2.13M Unconsolidated real estate venture allocated share of above adjustments
= EBITDA 58.98M
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| FFO non-GAAP | $112.46M | Nine Months Ended September 30, 2026 | — |
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GAAP → non-GAAP reconciliationGAAP Net income 5.69M
+30.71M Depreciation of real estate assets
+0K Impairment loss
+2.08M Unconsolidated real estate venture allocated share of above adjustments
= FFO 38.48M
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| FFO, per share - fully diluted basis non-GAAP | $2.33 | Nine Months Ended September 30, 2026 | — |
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| Net Debt non-GAAP | 1.68B | At September 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Total Debt(1) 1.68B
-5.86M Less: Cash and cash equivalents
-750K Less: property acquisition closing escrow, net of deposit
= Net Debt 1.68B
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| Net Debt to total enterprise value non-GAAP | 59.6% | As of September 30, 2026 | — |
| Net Operating Income non-GAAP | 199.51M | Nine Months Ended September 30, 2026 | — |
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| Number of Leases Expiring | 148 | As of September 30, 2026 | — |
| operating portfolio | 98% | As of September 30, 2026 | — |
| operating properties | 106 | As of September 30, 2026 | — |
| operating properties that were leased primarily to U.S. Government tenant agencies | 93 | As of September 30, 2026 | — |
| Outstanding Lump-Sum Reimbursement (2) | $1.18M | As of September 30, 2026 | — |
| Total Leased Square Feet | 154,812 | As of September 30, 2026 | — |
| Total lump sum reimbursements received | 153.4M | As of September 30, 2026 | — |
| weighted average age | 17.4 | As of September 30, 2026 | — |
| weighted average interest rate | 4.6% | As of September 30, 2026 | — |
| weighted average maturity | 3.8 | As of September 30, 2026 | — |
| weighted average remaining lease term | 9.2 | As of September 30, 2026 | — |
| Annualized Lease Income per Leased Square Foot | $36.72 | As of June 30, 2026 | — |
| Leased square feet | 10.7M | As of June 30, 2026 | — |
| Net Proceeds (2021 ATM Program) | 18.83M | For the quarter ended June 30, 2026 filing | — |
| Number of Shares Issued (2021 ATM Program) | 796,943 | For the quarter ended June 30, 2026 filing | — |
| U.S. Government share of Annualized Lease Income | 86.3% | As of June 30, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Office — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
DEA
this stock
Easterly Government Properties, Inc.
|
$1.04B | +4.1% | +11.3% | 78.8 | 3.9% |
|
BXP
BXP, Inc.
|
$10.18B | -5.5% | +2.2% | 19.1 | 8.0% |
|
ARE
Alexandria Real Estate Equities, Inc.
|
$7.64B | -10.4% | -2.9% | — | 3.7% |
|
VNO
Vornado Realty Trust
|
$6.48B | +4.3% | +1.3% | — | 6.5% |
|
CUZ
Cousins Properties Inc
|
$4.88B | +15.0% | +16.0% | 329.3 | 8.0% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Oct 26, 2026
- This year
- 15
Easterly Government Properties acquired a 297,713 leased square foot campus of three properties in Glen Allen, Virginia on January 16, 2026. As of September 30, 2026, properties were 98% leased and three-month total revenues increased $7.5 million to $93.6 million.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| DEA | -1.9% | +1.1% | -8.4% | -1.2% | +4.1% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -4.5% | +2.3% | -8.9% | -1.0% | -6.5% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.