Easterly Government Properties (DEA) reports mixed Q2 2026 results as revenue beats estimates but Core FFO misses slightly.
Stock Earnings Results
August 3, 2026
Table of Contents
August 3, 2026
Easterly Government Properties, Inc. (NYSE: DEA) reported second-quarter 2026 results with revenue above expectations, higher Core FFO from the prior year, a 98% leased portfolio, and raised full-year Core FFO guidance, but Core FFO per share came in slightly below analyst estimates.
Easterly Government Properties is a real estate investment trust focused primarily on acquiring, developing, and managing Class A commercial properties leased to the U.S. Government and its adjacent partners.
The company reported Core FFO of $0.78 per share, below estimates of $0.79, representing a 1.3% miss. Revenue came in at $92.42 million, above estimates of $91.34 million, with revenue growth of 9.7%.
Total revenues increased to $92.4 million from $84.2 million in the prior-year quarter.
Net income was $3.2 million.
Net income was $0.07 per share $3.2 million.
Net income was $0.07 per share on a fully diluted basis.
Core FFO was $37.4 million.
Core FFO was $0.78 per share on a fully diluted basis.
FFO was $37.3 million, or $0.78 per share on a fully diluted basis.
The quarter showed better revenue growth, but Core FFO came in slightly below the dashboard estimate.
As of June 30, Easterly owned 106 operating properties in the United States through the company or its joint venture.
The portfolio included approximately 10.7 million leased square feet.
Of those properties, 93 were leased primarily to U.S. Government tenant agencies.
Eight properties were leased primarily to U.S. state or local government tenant agencies.
Five properties were entirely leased to private tenants.
The operating portfolio was 98% leased.
The portfolio had a weighted average age of 17.1 years and a weighted average remaining lease term of 9.2 years.
Easterly wholly owned three properties in development.
The company expects those properties to add approximately 0.2 million leased square feet once completed.
The first project is in Fort Myers, Florida, where a 25-year lease with the Florida Department of Law Enforcement is expected to begin after completion.
The second project is in Flagstaff, Arizona, where a 20-year lease with the GSA is expected to support the United States Judiciary.
The third project is in Medford, Oregon, where another 20-year lease with the GSA is expected to support the United States Judiciary.
Easterly closed a new five-year $200.0 million senior unsecured term loan facility.
The facility matures in June 2031.
It also includes an accordion feature that could increase total facility size to $250.0 million, subject to customary terms and conditions.
The company also issued 796,943 shares through its 2021 ATM Program.
Those shares were physically settled at a weighted average price of $23.86 per share, raising approximately $18.8 million in net proceeds.
At quarter-end, total indebtedness was approximately $1.7 billion.
The company’s outstanding debt had a weighted average maturity of 4.0 years and a weighted average interest rate of 4.6%.
Adjusted Net Debt to annualized quarterly EBITDA was 7.1 times.
Easterly’s board approved a second-quarter cash dividend of $0.45 per common share.
The dividend is payable August 20, 2026, to shareholders of record as of August 10.
The dividend remains an important focus for REIT investors, especially given Easterly’s government-leased property base and Core FFO profile.
Easterly raised its full-year 2026 Core FFO guidance.
The company now expects Core FFO of $3.07 to $3.13 per share on a fully diluted basis.
Full-year FFO is expected to range from $3.05 to $3.11 per share.
Net income per share is expected to range from $0.23 to $0.29.
The guidance assumes approximately $50 million of wholly owned acquisitions and $50 million to $100 million of gross development-related investment during 2026.
Easterly delivered a mixed second-quarter report.
Revenue beat expectations, the portfolio remained 98% leased, Core FFO increased from the prior year, and management raised full-year Core FFO guidance. The company also strengthened liquidity through a new senior unsecured term loan and ATM proceeds.
The key issue is that Core FFO per share came in slightly below estimates, while leverage remains an important focus for investors in REITs.
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