Easterly Government Properties (DEA) Misses Q1 EPS by 2c, Miss on Revenues; Offers FY18 EPS Guidance Below Consensus

Easterly Government Properties (NYSE: DEA) reported Q1 EPS of $0.03, $0.02 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $35.97 million versus the consensus estimate of $37.88 million.

• Net income of $1.8 million, or $0.03 per share on a fully diluted basis
• FFO of $16.4 million, or $0.31 per share on a fully diluted basis
• FFO, as Adjusted of $13.7 million, or $0.26 per share on a fully diluted basis
• CAD of $11.9 million
• Announced the purchase of the re-development rights to a 210,373-square foot Federal Emergency Management Agency (FEMA) distribution center in Tracy, California (“FEMA - Tracy”)
• Subsequent to quarter end, announced an agreement to purchase a Department of Veterans Affairs (VA) Community-Based Outpatient Clinic in San Jose, California (“VA - San Jose”)
• Issued 671,666 shares of common stock for approximately $13.7 million of gross proceeds through the Company’s At-the-Market (ATM) Program
• Portfolio occupancy at 100%

GUIDANCE:

Easterly Government Properties sees FY2018 EPS of $0.07-$0.21, versus the consensus of $0.22.

For earnings history and earnings-related data on Easterly Government Properties (DEA) click here.

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