Easterly Government Properties Inc (DEA) Reports Q3 2023 Earnings: Net Income of $6.1 Million
Net income for Q3 2023 stood at $6.1 million, or $0.06 per share on a fully diluted basis.
Core FFO for the quarter was $30.2 million, or $0.29 per share on a fully diluted basis.
The company acquired a VA outpatient clinic in Corpus Christi, Texas, through a joint venture.
Easterly issued an aggregate of 1,700,000 shares of the Company's common stock, raising net proceeds of approximately $33.7 million.
Easterly Government Properties Inc (NYSE:DEA) announced its Q3 2023 results on October 31, 2023. The company reported a net income of $6.1 million, or $0.06 per share on a fully diluted basis. The Core FFO for the quarter was $30.2 million, or $0.29 per share on a fully diluted basis.
Financial Performance
For the nine months ended September 30, 2023, the company reported a net income of $16.3 million, or $0.15 per share on a fully diluted basis, and a Core FFO of $90.0 million, or $0.86 per share on a fully diluted basis.
Portfolio Operations and Acquisitions
As of September 30, 2023, the company owned 87 operating properties in the United States, encompassing approximately 8.6 million leased square feet. The company also acquired a VA outpatient clinic in Corpus Christi, Texas, through a joint venture. This acquisition is the ninth property to be acquired in the previously announced portfolio of 10 properties 100% leased to the VA under predominately 20-year firm term leases.
Balance Sheet and Capital Markets Activity
As of September 30, 2023, the company had total indebtedness of approximately $1.2 billion. The company had no outstanding borrowings on its revolving credit facility as of September 30, 2023. Easterlys outstanding debt had a weighted average maturity of 5.0 years and a weighted average interest rate of 4.0%. The company also issued an aggregate of 1,700,000 shares of the Company's common stock, raising net proceeds of approximately $33.7 million.
Dividend
On October 26, 2023, the Board of Directors of Easterly approved a cash dividend for the third quarter of 2023 in the amount of $0.265 per common share. The dividend will be payable on November 21, 2023, to shareholders of record on November 9, 2023.
Guidance
The company is maintaining its full-year 2023 Core FFO guidance per share on a fully diluted basis at a range of $1.13 - $1.15.
About Easterly Government Properties Inc
Easterly Government Properties, Inc. (NYSE: DEA) is a fully integrated real estate investment trust (REIT) focused primarily on the acquisition, development, and management of Class A commercial properties leased to the U.S. Government.
Explore the complete 8-K earnings release (here) from Easterly Government Properties Inc for further details.
This article first appeared on GuruFocus.
