Want to see DEA full AI Analyst Report?
EarningsQ2 2026 Earnings Report
DEA Q2 2026 EPS Results
Actual EPS$0.06
Consensus EPS$0.06
Beat/MissBeat by +<$0.01
One Year Ago EPS$0.09
DEA Q2 2026 Revenue Results
Actual Revenue$92.42M
Expected Revenue$90.94M
Beat/MissBeat by +$1.48M
YoY Revenue Growth+9.71%
Earnings Announcement Details
QuarterQ2 2026
Date08/03/2026
TimeBefore Open
Conference CallMonday, August 3, 2026
DEA Upcoming Earnings
Easterly Government Properties's next earnings date is estimated for October 26, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DEA Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated solid operational and financial results: double‑digit revenue growth (+10% YoY), positive EBITDA and FFO per‑share trends (~5% YoY), high occupancy (98%), a long WALE (9.2 years), progress on deleveraging (net debt/EBITDA 7.3x) and successful capital markets activity (attractive $200M term loan). Headwinds remain from a challenging interest‑rate environment, a near‑term mortgage refinance (Loma Linda), and some lease/timing uncertainties (FAA move). Given the breadth and materiality of the positive developments and the company’s clear plan/options to fund the pipeline, the highlights outweigh the lowlights.Company Guidance
Core FFO per Share Growth Above Long‑Term Target
Core FFO per share $0.78 vs $0.74 prior year (~5% YoY / management reported 5.4%), above the company's 2%–3% long‑term growth target; company raised full‑year core FFO per share guidance midpoint by $0.01 to $3.10 (revised range $3.07–$3.13).
Top‑Line and EBITDA Expansion
Total revenue $92.4M vs $84.2M in Q2 2025 (+10% YoY); EBITDA $58.4M vs $54.3M (+~8% YoY), driven by recent acquisitions/developments, lease renewals and TI & BAC income.
High Occupancy and Long Lease Duration
Portfolio occupancy at 98% and weighted average lease term of 9.2 years, indicating durable, mission‑critical cash flows and tenant stickiness.
Successful Capital Markets Execution — Term Loan
Closed $200M 5‑year term loan with $50M accordion at an initial spread of 130 bps over SOFR; proceeds used to pay down revolver, increasing liquidity and reflecting lender confidence in government‑backed cash flows.
Deleveraging Progress and Path to Investment‑Grade
Net debt to annualized quarterly EBITDA improved to 7.3x (down from Q1); management expects lump‑sum reimbursements from development and incremental EBITDA from delivered projects to further deleverage and support pursuit of additional investment‑grade rating in 2027.
Robust Acquisition & Development Pipeline and Active Projects
Maintains a $1.5B pipeline; three active developments progressing (FDL lab in Fort Myers, U.S. Courthouse Flagstaff, U.S. Courthouse Medford); FY guidance assumes $50M–$100M gross development investment and $50M of wholly‑owned acquisitions.
Expanded Capital Flexibility (Mezzanine & JV Options)
Mezzanine financing program targeting $30M–$50M; active cultivation of JV relationships and programmatic JV history (prior VA program ~$600M–$700M) provides optionality to fund pipeline without relying solely on equity issuance.
Quarterly Cash Available for Distribution
Cash available for distribution approximately $25.8M for the quarter, supporting shareholder distributions and demonstrating cash generation.
DEA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed