Easterly Government Properties (NYSE: DEA) reported Q3 EPS of $0.01, $0.03 better than the analyst estimate of ($0.02). Revenue for the quarter came in at $57.59 million versus the consensus estimate of $54.96 million.

Highlights for the Quarter Ended September 30, 2019:

• Net income of $0.6 million, or $0.01 per share on a fully diluted basis
• FFO of $23.9 million, or $0.29 per share on a fully diluted basis
• FFO, as Adjusted of $23.7 million, or $0.29 per share on a fully diluted basis
• CAD of $20.7 million
• Completed the previously announced $275.0 million private placement of senior unsecured notes (the “Notes”) on September 12, 2019, comprised of three tranches with a weighted average maturity of 12.4 years and a weighted average interest rate of 3.85%
• Delivered a 69,624-square foot U.S Food & Drug (FDA) laboratory in Alameda, California (“FDA - Alameda\") and commenced a brand new 20-year lease with the U.S. Government
• Acquired a 169,585-square foot Environmental Protection Agency (EPA) regional headquarters located in Lenexa, Kansas (“EPA - Lenexa\")
• Closed on the acquisition of the site that will house the future FDA laboratory located in Atlanta, Georgia (“FDA - Atlanta\")
• Issued 1,398,814 shares of the Company’s common stock through the 2017 ATM program (the “2017 ATM Program”) and 2,094,599 shares of common stock through the Company’s 2019 ATM program (the “2019 ATM Program”) for a combined total of 3,493,413 shares, raising gross proceeds of approximately $68.5 million to maintain balance sheet strength
• Maintained portfolio occupancy at 100%

“The Company’s consistent quarterly acquisition pace coupled with non-speculative development have historically provided steady growth,” said William C. Trimble, III, Easterly’s CEO. “These accretive drivers of FFO growth remain the backbone of our dependable quarterly dividend.”

GUIDANCE:

Easterly Government Properties sees FY2019 EPS of $0.10-$0.12, versus the consensus of $0.04.

Easterly Government Properties sees FY2020 EPS of $0.10-$0.12, versus the consensus of $0.05.

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