Easterly Government Properties第二季收入9240萬美元 惟淨利按年跌25%

10-Q
 
 
 
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

 $
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 

 
 
 
 
 

 
 ☒

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the quarterly period ended June 30, 2026
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) 
 
 

 
 
 
 
 
 

 
 Maryland

  

 47-2047728

 

 
 (State of Incorporation)

  

 (IRS Employer Identification No.)

 

 
 2001 K Street NW, Suite 775 North, Washington, D.C.

  

 20006

 

 
 (Address of Principal Executive Offices)

  

 (Zip Code)

 

 (202) 595-9500 
(Registrant’s telephone number, including area code) 
Securities registered pursuant to Section 12(b) of the Act: 

 
 
 
 
 
 

 
 Title of each class

 Trading
Symbol(s)

 Name of each exchange on which registered

 

 
 Common Stock

 DEA

 New York Stock Exchange

 

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

 
 
 
 
 
 
 

 
 Large accelerated filer
 

 ☒

 Accelerated filer

 ☐

 

 
 Non-accelerated filer

 ☐

 Smaller reporting company

 ☐
 

 

 
  

  
 

 Emerging growth company

 ☐

 

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 27, 2026, the registrant had 47,321,617 shares of common stock, $0.01 par value per share, outstanding.
 
 

 

 
  

 INDEX TO FINANCIAL STATEMENTS
 

 
 
 
 
 

 
  

 Page

 

 
 Part I: Financial Information

  

 

 
  

  

 

 
    Item 1: Financial Statements:

  

 

 
 Consolidated Financial Statements

  

 

 
  

  

 

 
 Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (unaudited)

 1

 

 
  

  

 

 
 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited)

 2

 

 
  

  

 

 
 Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited)

 3

 

 
  

  

 

 
 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (unaudited)

 4

 

 
  

  

 

 
 Notes to the Consolidated Financial Statements

 6

 

 
  

  

 

 
 Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

 25

 

 
  

  

 

 
 Item 3: Quantitative and Qualitative Disclosures About Market Risk

 43

 

 
  

  

 

 
 Item 4: Controls and Procedures

 43

 

 
  

  

 

 
 Part II: Other Information

  

 

 
  

  

 

 
 Item 1: Legal Proceedings

 43

 

 
  

  

 

 
 Item 1A: Risk Factors

 43

 

 
  

  

 

 
 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds

 44

 

 
  

  

 

 
 Item 3: Defaults Upon Senior Securities

 44

 

 
  

  

 

 
 Item 4: Mine Safety Disclosures

 44

 

 
  

  

 

 
 Item 5: Other Information

 44

 

 
  

  

 

 
 Item 6: Exhibits

 45

 

 
  

  

 

 
 Signatures

  

 

  

  
 

 
  

 Easterly Government Properties, Inc.
Consolidated Balance Sheets (unaudited)
(Amounts in thousands, except share amounts)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30, 2026

  

  

 December 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

  

  

 —

  

  

  

 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, respectively

  

  

 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

  

 

 
The accompanying notes are an integral part of these consolidated financial statements.

 1
 

 
  

 Easterly Government Properties, Inc.
Consolidated Statements of Operations (unaudited)
(Amounts in thousands, except share and per share amounts)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the three months ended June 30,

  

  

 For the six months ended June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Revenues

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Rental income

  

 $

 89,659

  

  

 $

 80,367

  

  

 $

 178,252

  

  

 $

 155,913

  

 

 
 Tenant reimbursements

  

  

 345

  

  

  

 1,895

  

  

  

 1,149

  

  

  

 2,921

  

 

 
 Asset management income

  

  

 697

  

  

  

 622

  

  

  

 1,343

  

  

  

 1,244

  

 

 
 Other income

  

  

 1,716

  

  

  

 1,350

  

  

  

 3,218

  

  

  

 2,831

  

 

 
 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

  

  

 $

 0.90

  

  

 $

 1.11

  

 

  
The accompanying notes are an integral part of these consolidated financial statements.

 2
 

 
  

 Easterly Government Properties, Inc.
Consolidated Statements of Comprehensive Income (Loss) (unaudited)
(Amounts in thousands)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the three months ended June 30,

  

  

 For the six months ended June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Net income

  

 $

 3,158

  

  

 $

 4,254

  

  

 $

 4,572

  

  

 $

 7,537

  

 

 
 Other comprehensive income (loss):

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Unrealized gain (loss) on treasury locks and interest rate swaps, net

  

  

 2,059

  

  

  

 (1,656

 )

  

  

 4,153

  

  

  

 (5,488

 )

 

 
 Other comprehensive income (loss):

  

  

 2,059

  

  

  

 (1,656

 )

  

  

 4,153

  

  

  

 (5,488

 )

 

 
 Comprehensive income

  

  

 5,217

  

  

  

 2,598

  

  

  

 8,725

  

  

  

 2,049

  

 

 
 Non-controlling interest in Operating Partnership

  

  

 (108

 )

  

  

 (183

 )

  

  

 (157

 )

  

  

 (339

 )

 

 
 Other comprehensive (income) loss attributable to 
   non-controlling interest

  

  

 (72

 )

  

  

 36

  

  

  

 (142

 )

  

  

 214

  

 

 
 Comprehensive income attributable to 
   Easterly Government Properties, Inc.

  

 $

 5,037

  

  

 $

 2,451

  

  

 $

 8,426

  

  

 $

 1,924

  

 

  
The accompanying notes are an integral part of these consolidated financial statements.

 3
 

 
  

 Easterly Government Properties, Inc.
Consolidated Statements of Cash Flows (unaudited)
(Amounts in thousands) 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the six months ended June 30,

  

 

 
  

  

 2026

  

  

 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

  

 

  

 4
 

 
  

 Easterly Government Properties, Inc.
Consolidated Statements of Cash Flows (unaudited)
(Amounts in thousands)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the six months ended June 30,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 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

  

  

  

  

  

  

 

 
 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

  

  

  

  

  

  

 

 
 Additions to operating properties accrued, not paid

  

 $

 7,913

  

  

 $

 4,864

  

 

 
 Additions to development properties accrued, not paid

  

  

 18,013

  

  

  

 25,843

  

 

 
 Deferred financing costs accrued, not paid

  

  

 164

  

  

  

 —

  

 

 
 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

  

 

 
 Total

  

 $

 —

  

  

 $

 —

  

 

 
The accompanying notes are an integral part of these consolidated financial statements.

 5
 

 
  

 Easterly Government Properties, Inc.
Notes to the Consolidated Financial Statements (unaudited)
1. Organization and Basis of Presentation
The information contained in the following notes to the consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2025, and related notes thereto, included in the Annual Report on Form 10-K of Easterly Government Properties, Inc. (the “Company”) for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 23, 2026. 
The Company is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its tax