Easterly Govt Properties Files Q3 2024 10-Q

TL;DR

DEA Q3 10-Q filed. Shows debt facilities and equity plans. All good.

AI Summary

Easterly Government Properties, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported on its financial performance, including interest expense and details on its various debt facilities such as the Two Thousand Twenty-Four Revolving Credit Facility and the Two Thousand Eighteen Term Loan Facility. The filing also references equity incentive plans and performance-based LTIP units.

Why It Matters

This filing provides investors with an update on Easterly Government Properties' financial health and debt structure, crucial for understanding its operational capacity and investment potential.

Risk Assessment

Risk Level: medium — The filing details various debt facilities and financial instruments, indicating a level of financial complexity and leverage that warrants a medium risk assessment.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the specific quarter covered by the filing.)
• 2024-01-01 — Reporting Period Start Date (Defines the beginning of the period for financial review.)

Key Players & Entities

• Easterly Government Properties, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• Two Thousand Twenty-Four Revolving Credit Facility (dollar_amount) — Debt facility mentioned
• Two Thousand Eighteen Term Loan Facility (dollar_amount) — Debt facility mentioned
• Immigration and Customs Enforcement (company) — Tenant/related entity

FAQ

Key Financial Figures

• $0.01 — had 105,668,880 shares of common stock, $0.01 par value per share, outstanding. IND

Filing Documents

• dea-20240930.htm (10-Q) — 3106KB
• dea-ex31_1.htm (EX-31.1) — 10KB
• dea-ex31_2.htm (EX-31.2) — 11KB
• dea-ex32_1.htm (EX-32.1) — 11KB
• 0000950170-24-121530.txt ( ) — 12790KB
• dea-20240930.xsd (EX-101.SCH) — 1850KB
• dea-20240930_htm.xml (XML) — 2523KB

: Financial Information

Part I: Financial Information

: Financial Statements

Item 1: Financial Statements: Consolidated Financial Statements Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (unaudited) 1 Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 2 Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 3 Consolidated Statements of Cash Flows for the Nine Months Ended September 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 22

: Quantitative and Qualitative Disclosures About Market Risk

Item 3: Quantitative and Qualitative Disclosures About Market Risk 40

: Controls and Procedures

Item 4: Controls and Procedures 40

: Other Information

Part II: Other Information

: Legal Proceedings

Item 1: Legal Proceedings 40

: Risk Factors

Item 1A: Risk Factors 40

: Unregistered Sales of Equity Securities and Use of Proceeds

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 40

: Defaults Upon Senior Securities

Item 3: Defaults Upon Senior Securities 40

: Mine Safety Disclosures

Item 4: Mine Safety Disclosures 40

: Other Information

Item 5: Other Information 41

: Exhibits

Item 6: Exhibits 41

Signatures

Signatures Easterly Government Properties, Inc. C onsolidated Balance Sheets (unaudited) (Amounts in thousands, except share amounts) September 30, 2024 December 31, 2023 Assets Real estate properties, net $ 2,457,256 $ 2,319,143 Cash and cash equivalents 31,202 9,381 Restricted cash 8,005 12,558 Tenant accounts receivable 70,280 66,274 Investment in unconsolidated real estate venture 315,886 284,544 Real estate loan receivable, net 30,689 — Intangible assets, net 146,204 148,453 Interest rate swaps 514 1,994 Prepaid expenses and other assets 41,073 37,405 Assets held for sale 2,002 — Total assets $ 3,103,111 $ 2,879,752 Liabilities Revolving credit facility 149,550 79,000 Term loan facilities, net 273,851 299,108 Notes payable, net 894,523 696,532 Mortgage notes payable, net 156,653 220,195 Intangible liabilities, net 11,367 12,480 Deferred revenue 121,767 82,712 Accounts payable, accrued expenses and other liabilities 113,766 80,209 Total liabilities 1,721,477 1,470,236 Equity Common stock, par value $ 0.01 , 200,000,000 shares authorized, 105,666,329 and 100,973,247 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 1,056 1,010 Additional paid-in capital 1,845,271 1,783,338 Retained earnings 126,401 112,301 Cumulative dividends ( 658,042 ) ( 576,319 ) Accumulated other comprehensive income 489 1,871 Total stockholders' equity 1,315,175 1,322,201 Non-controlling interest in Operating Partnership 66,459 87,315 Total equity 1,381,634 1,409,516 Total liabilities and equity $ 3,103,111 $ 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 amo

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View this 10-Q filing on SEC EDGAR