Easterly Government Properties (NYSE: DEA) reported Q1 EPS of $0.09, $0.02 better than the analyst estimate of $0.07. Revenue for the quarter came in at $65 million versus the consensus estimate of $66.7 million.

Highlights for the Quarter Ended March 31, 2021:

• Net income of $7.9 million, or $0.09 per share on a fully diluted basis
• FFO of $30.2 million, or $0.33 per share on a fully diluted basis
• FFO, as Adjusted of $28.3 million, or $0.31 per share on a fully diluted basis
• CAD of $24.4 million
• Acquired a 176,550-square foot mission critical LEED Certified portfolio comprised of a Federal Bureau of Investigation (FBI) field office in Knoxville, Tennessee (“FBI - Knoxville"), a U.S. Attorney’s Office (USAO) facility in Louisville, Kentucky (“USAO - Louisville"), and a U.S. Immigration and Customs Enforcement (ICE) office in Louisville, Kentucky (“ICE - Louisville")
• Issued 1,556,824 shares of the Company's common stock through the Company's $300.0 million ATM Program (the “December 2019 ATM Program”) at a net weighted average price of $25.69 per share, raising net proceeds to the Company of approximately $40.0 million. All shares issued in the quarter ended March 31, 2021 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 $72.1 million from the sale of 2,949,697 shares of the Company’s common stock that have not yet been settled under its $200.0 million ATM Program (the “March 2019 ATM Program”) and December 2019 ATM Program, assuming these forward sales transactions are physically settled in full using a net weighted average initial forward sales price of $24.43 per share

“Easterly continues to drive significant growth through the acquisition, development and re-leasing of Class A mission critical facilities leased to the U.S. Federal Government,” said William C. Trimble, III, Easterly’s Chief Executive Officer. “The longevity and stability of future cash flows backed by the full faith and credit of the U.S. Government serves as a strong anchor to windward while still achieving meaningful results for our shareholders.”

GUIDANCE:

Easterly Government Properties sees FY2021 EPS of $0.28-$0.30, versus the consensus of $0.32.

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