Easterly Government Properties, Inc. Q4 FY2025 earnings call

President emphasized 2026 midpoint guidance reflects core FFO per share growth of 2%-3% for third consecutive year. Strategic priorities include core FFO growth, increasing same-store performance, and executing value-creating development. CFO reported fourth quarter net income per share $0.10, core FFO per share $0.77; full year net income per share $0.29, core FFO per share $2.99. Lease renewals progress, development projects ongoing, FDA project reimbursements received.

Fourth quarter core FFO per share grew by nearly 6% year-over-year to $0.77; full year core FFO per share grew by nearly 3% year-over-year to $2.99. Portfolio occupancy near historical highs at 97% with weighted average lease terms of roughly a decade.

Maintaining 2026 full-year core FFO share guidance range $3.05 to $3.12, midpoint ~3% growth. Guidance assumes $50,000,000 to $100,000,000 gross development-related investment and $50,000,000 wholly owned acquisitions in 2026. Monitoring market for attractive opportunities.

Actual results may differ materially from forward-looking statements. Affected by various risks beyond company's control, including those in SEC filings. Non-GAAP financial measures used.

Q: On acquisitions guidance and GSA conversation; A: Darrell mentioned optimism, searching for assets with strong spread to cost of capital, excited for 2027 growth.

Q: About Virginia acquisition expiration and occupancy; A: Allison said Virginia leases long-dated, 2027 expiration immaterial.

Q: About budgets and tenant profile; A: Darrell talked about government efficiency, mission-critical focus, cutting fat in government