Easterly Government Properties Files Q2 2024 10-Q

TL;DR

**EASTERLY GOVERNMENT PROPERTIES (DEA) FILES Q2 10-Q - FINANCIALS OUT NOW**

AI Summary

Easterly Government Properties, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and disclosures related to real estate investments and government leases are presented.

Why It Matters

This filing provides investors with crucial financial and operational details for Easterly Government Properties, Inc. during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust heavily reliant on government leases, the company faces risks related to tenant concentration and lease renewals.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the financial reporting quarter.)
• 20240731 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Easterly Government Properties, Inc. (company) — Filer of the 10-Q
• 2001 K STREET NW SUITE 775 NORTH WASHINGTON DC 20006 (location) — Company Business and Mail Address
• June 30, 2024 (date) — End of the reporting period
• 20240731 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — had 103,034,602 shares of common stock, $0.01 par value per share, outstanding. IND

Filing Documents

• dea-20240630.htm (10-Q) — 3005KB
• dea-ex10_3.htm (EX-10.3) — 287KB
• dea-ex10_4.htm (EX-10.4) — 314KB
• dea-ex31_1.htm (EX-31.1) — 10KB
• dea-ex31_2.htm (EX-31.2) — 10KB
• dea-ex32_1.htm (EX-32.1) — 11KB
• 0000950170-24-088240.txt ( ) — 12748KB
• dea-20240630.xsd (EX-101.SCH) — 1714KB
• dea-20240630_htm.xml (XML) — 2456KB

: Financial Information

Part I: Financial Information

: Financial Statements

Item 1: Financial Statements: Consolidated Financial Statements Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (unaudited) 1 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 2 Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 3 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited) 4 Notes to the Consolidated Financial Statements 6

: Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations 20

: Quantitative and Qualitative Disclosures About Market Risk

Item 3: Quantitative and Qualitative Disclosures About Market Risk 37

: Controls and Procedures

Item 4: Controls and Procedures 37

: Other Information

Part II: Other Information

: Legal Proceedings

Item 1: Legal Proceedings 37

: Risk Factors

Item 1A: Risk Factors 37

: Unregistered Sales of Equity Securities and Use of Proceeds

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 37

: Defaults Upon Senior Securities

Item 3: Defaults Upon Senior Securities 37

: Mine Safety Disclosures

Item 4: Mine Safety Disclosures 37

: Other Information

Item 5: Other Information 38

: Exhibits

Item 6: Exhibits 39

Signatures

Signatures Easterly Government Properties, Inc. C onsolidated Balance Sheets (unaudited) (Amounts in thousands, except share amounts) June 30, 2024 December 31, 2023 Assets Real estate properties, net $ 2,417,749 $ 2,319,143 Cash and cash equivalents 14,814 9,381 Restricted cash 12,425 12,558 Tenant accounts receivable 71,273 66,274 Investment in unconsolidated real estate venture 280,085 284,544 Intangible assets, net 147,510 148,453 Interest rate swaps 2,465 1,994 Prepaid expenses and other assets 49,717 37,405 Total assets $ 2,996,038 $ 2,879,752 Liabilities Revolving credit facility 72,500 79,000 Term loan facilities, net 274,181 299,108 Notes payable, net 844,939 696,532 Mortgage notes payable, net 209,283 220,195 Intangible liabilities, net 10,826 12,480 Deferred revenue 105,671 82,712 Accounts payable, accrued expenses and other liabilities 106,164 80,209 Total liabilities 1,623,564 1,470,236 Equity Common stock, par value $ 0.01 , 200,000,000 shares authorized, 103,034,602 and 100,973,247 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 1,030 1,010 Additional paid-in capital 1,810,678 1,783,338 Retained earnings 121,538 112,301 Cumulative dividends ( 630,738 ) ( 576,319 ) Accumulated other comprehensive income 2,344 1,871 Total stockholders' equity 1,304,852 1,322,201 Non-controlling interest in Operating Partnership 67,622 87,315 Total equity 1,372,474 1,409,516 Total liabilities and equity $ 2,996,038 $ 2,879,752 The accompanying notes are an integral part of these consolidated financial statements. 1 Easterly Government Properties, Inc. Consolidated Statements of Oper ations (unaudited) (Amounts in thousands, except share and per share amounts) For the three months ended June 30, For the six months ended June 30, 2024

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View this 10-Q filing on SEC EDGAR