Easterly Government Properties (NYSE: DEA) reported Q3 EPS of $0.05, in-line with the analyst estimate of $0.05. Revenue for the quarter came in at $61.13 million versus the consensus estimate of $62.16 million.

Highlights for the Quarter Ended September 30, 2020:

• Net income of $4.8 million, or $0.05 per share on a fully diluted basis
• FFO of $28.3 million, or $0.31 per share on a fully diluted basis
• FFO, as Adjusted of $27.2 million, or $0.30 per share on a fully diluted basis
• CAD of $23.0 million
• Acquired a 76,112-square foot Federal Bureau of Investigation (FBI) field office in Mobile, Alabama (“FBI - Mobile”)
• Completed the re-development and commenced a new 20-year lease at the Company’s U.S. Food and Drug Administration (FDA) laboratory in Lenexa, Kansas (“FDA - Lenexa")
• Issued 1,475,991 shares of the Company's common stock through the Company's December 2019 ATM Program at a net weighted average price of $22.72 per share, raising net proceeds to the Company of approximately $33.5 million. 951,197 of these shares were issued in settlement of certain forward sales transactions entered into in prior quarters
• Expects to receive, as of the date of this release, net proceeds of approximately $116.2 million from the sale of 4,595,873 shares of the Company’s common stock that have not yet been settled under its March 2019 and December 2019 ATM Programs, assuming these forward sales transactions are physically settled in full using a net weighted average initial forward sales price of $25.27 per share

“Easterly is committed to its consistent growth strategy,” said William C. Trimble, III, Easterly’s Chief Executive Officer. “The strength of our acquisition pipeline coupled with our attractive cost of capital and the young age of the Easterly portfolio all contribute to the furtherance of this goal.”

GUIDANCE:

Easterly Government Properties sees Q4 2020 EPS of $0.16-$0.18, versus the consensus of $0.06.

Easterly Government Properties sees FY2020 EPS of $0.28-$0.30, versus the consensus of $0.19.

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