~ Easterly increases its 2024 full year Core
FFO per share guidance ~
Easterly Government Properties, Inc. (NYSE: DEA) (the “Company”
or “Easterly”), a fully integrated real estate investment trust
focused primarily on the acquisition, development and management of
Class A commercial properties leased to the U.S. Government and its
adjacent partners, announced today that it is acquiring a combined
77,260 square foot portfolio of two assets leased to the U.S.
Department of Homeland Security (DHS) and both located in Orlando,
Florida.
“HSI - Orlando” is a 27,840 square foot facility 100% leased to
Homeland Security Investigations (HSI), the principal investigation
arm within the DHS, with a 15-year lease that does not expire until
March 2036. HSI is the principal investigative arm within the DHS
and helps shield the nation from global threats to ensure Americans
are safe and secure. The agency maintains operations in 235 cities
nationwide and maintains an international presence that spans over
90 offices in more than 50 countries. HSI - Orlando also houses the
Central Florida Intelligence Exchange, which is an all crime and
all hazards fusion center, supporting nine counties with on-site
staffing from multiple federal, state, and local agencies. Easterly
acquired HSI - Orlando on May 7, 2024.
“ICE - Orlando” is a 49,420 square foot facility 100% leased to
the U.S. Immigration and Customs Enforcement (ICE). The
Orlando-based property features a 20-year lease that does not
expire until August 2040. As one of the country’s premier federal
law enforcement agencies, ICE is dedicated to detecting and
dismantling transnational criminal networks that target the
American people and threaten our industries, organizations, and
financial system. The critical operations housed in this facility
cover a significant portion of Central Florida. Easterly is
currently under contract to acquire ICE - Orlando and expects to
close on the property later this month, subject to customary
closing conditions.
In connection with the current and pending acquisition, the
Company is increasing its guidance for full-year 2024 Core FFO per
share on a fully diluted basis to a range of $1.15 - $1.17.
This guidance is forward-looking and reflects management’s view
of current and future market conditions. The Company’s actual
results may differ materially from this guidance.
Low
High
Net income (loss) per share – fully
diluted basis
$
0.22
0.24
Plus: Company’s share of real estate
depreciation and amortization
$
0.92
0.92
FFO per share – fully diluted basis
$
1.14
1.16
Plus: Company’s share of depreciation of
non-real estate assets
$
0.01
0.01
Core FFO per share – fully diluted
basis
$
1.15
1.17
This guidance assumes (i) the closing of VA - Jacksonville
through the Company’s joint venture (JV) at the Company’s pro rata
share of approximately $41 million, (ii) approximately $50 million
in wholly owned acquisitions throughout 2024, and (ii) $100 - $110
million of gross development-related investment during 2024.
“We are pleased to increase guidance in connection with these
strategic acquisitions and remain laser-focused on advancing our
external growth strategy,” said Darrell Crate, Easterly’s Chief
Executive Officer. “With the addition of these assets and our
ongoing emphasis on mission critical government real estate, we
believe Easterly is well positioned to deliver long term growth for
our shareholders.”
Pro forma for acquisitions completed subsequent to quarter end,
as well as the expected closing of ICE - Orlando, Easterly owns,
directly or through the Company’s joint venture, 93 properties
totaling 9.1 million square feet.
About Easterly Government Properties, Inc.
Easterly Government Properties, Inc. (NYSE: DEA) is based in
Washington, D.C., and focuses primarily on the acquisition,
development and management of Class A commercial properties that
are leased to the U.S. Government. Easterly’s experienced
management team brings specialized insight into the strategy and
needs of mission-critical U.S. Government agencies for properties
leased to such agencies either directly or through the U.S. General
Services Administration (GSA). For further information on the
company and its properties, please visit www.easterlyreit.com.
This press release contains forward-looking statements within
the meaning of federal securities laws and regulations. These
forward-looking statements are identified by their use of terms and
phrases such as “believe,” “expect,” “intend,” “project,”
“anticipate,” “position,” and other similar terms and phrases,
including references to assumptions and forecasts of future
results. Forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties and
other factors which may cause the actual results to differ
materially from those anticipated at the time the forward-looking
statements are made. These risks include, but are not limited to
those risks and uncertainties associated with our business
described from time to time in our filings with the Securities and
Exchange Commission, including our Annual Report on Form 10-K filed
on February 27, 2024. Although we believe the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, we can give no assurance that the
expectations will be attained or that any deviation will not be
material. All information in this release is as of the date of this
release, and we undertake no obligation to update any
forward-looking statement to conform the statement to actual
results or changes in our expectations.
Non-GAAP Supplemental
Financial Measures
Definitions
Funds From Operations (FFO) is defined, in accordance
with the Nareit FFO White Paper - 2018 Restatement, as net income
(loss), calculated in accordance with GAAP, excluding depreciation
and amortization related to real estate, gains and losses from the
sale of certain real estate assets, gains and losses from change in
control and impairment write-downs of certain real estate assets
and investments in entities when the impairment is directly
attributable to decreases in the value of depreciable real estate
held by the entity. FFO includes the Company’s share of FFO
generated by unconsolidated affiliates. FFO is a widely recognized
measure of REIT performance. Although FFO is a non-GAAP financial
measure, the Company believes that information regarding FFO is
helpful to shareholders and potential investors.
Core Funds from Operations (Core FFO) adjusts FFO to
present an alternative measure of the Company's operating
performance, which, when applicable, excludes items which it
believes are not representative of ongoing operating results, such
as liability management related costs (including losses on
extinguishment of debt and modification costs), catastrophic event
charges, depreciation of non-real estate assets, and the
unconsolidated real estate venture's allocated share of these
adjustments. In future periods, the Company may also exclude other
items from Core FFO that it believes may help investors compare its
results. The Company believes Core FFO more accurately reflects the
ongoing operational and financial performance of the Company's core
business.
Fully diluted basis assumes the exchange of all
outstanding common units representing limited partnership interests
in the Company’s operating partnership, or common units, the full
vesting of all shares of restricted stock, and the exchange of all
earned and vested LTIP units in the Company’s operating partnership
for shares of common stock on a one-for-one basis, which is not the
same as the meaning of “fully diluted” under GAAP.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240508974470/en/
Easterly Government Properties, Inc. Lindsay S. Winterhalter
Senior Vice President, Investor Relations & Operations
202-596-3947 ir@easterlyreit.com
Easterly Government Prop... (NYSE:DEA)
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