Easterly Government Properties Acquires Two Mission Critical Government Facilities, Financial Terms Of The Transaction Not Disclosed ; Increases FY24 Core FFO Per Share Guidance To $1.15-$1.17
~ Easterly increases its 2024 full year Core FFO per share guidance ~
Easterly Government Properties, Inc. (NYSE:DEA) (the "Company" or "Easterly"), a fully integrated real estate investment trust focused primarily on the acquisition, development and management of Class A commercial properties leased to the U.S. Government and its adjacent partners, announced today that it is acquiring a combined 77,260 square foot portfolio of two assets leased to the U.S. Department of Homeland Security (DHS) and both located in Orlando, Florida.
In connection with the current and pending acquisition, the Company is increasing its guidance for full-year 2024 Core FFO per share on a fully diluted basis to a range of $1.15 - $1.17.
This guidance is forward-looking and reflects management's view of current and future market conditions. The Company's actual results may differ materially from this guidance.
| Low | High | ||||||
| Net income (loss) per share – fully diluted basis | $ | 0.22 | 0.24 | ||||
| Plus: Company's share of real estate depreciation and amortization | $ | 0.92 | 0.92 | ||||
| FFO per share – fully diluted basis | $ | 1.14 | 1.16 | ||||
| Plus: Company's share of depreciation of non-real estate assets | $ | 0.01 | 0.01 | ||||
| Core FFO per share – fully diluted basis | $ | 1.15 | 1.17 | ||||
This guidance assumes (i) the closing of VA - Jacksonville through the Company's joint venture (JV) at the Company's pro rata share of approximately $41 million, (ii) approximately $50 million in wholly owned acquisitions throughout 2024, and (ii) $100 - $110 million of gross development-related investment during 2024.