DEA - Easterly Government issues brighter outlook after Q3 miss
Easterly Government Properties ([[DEA]] +0.2%) boosts its 2020 guidance to at least meet the consensus estimate and introduces 2021 guidance that exceeds consensus.Sees 2021 FFO per share of $1.28-$1.30 vs. consensus of $1.26; guidance assumes $200M of acquisitions and $25M of gross development-related investment during the year.For 2020, DEA sees FFO per share of $1.24-$1.26, up from the $1.23-$1.25 range it issued in August; average analyst estimate is $1.24.Keeps assumption for 2020 acquisitions at $200M; sees $35M-$45M of gross development-related investment during 2020 vs. prior assumption of $40M-$50M.Expects to get net proceeds of ~$116.2M from sale of ~4.6M shares of common stock that haven't yet been settled under its March 2019 and December 2019 at-the-market programs, assuming forward sales transactions are physically settled in full using a net weighted average initial forward sales price of $25.27 per share.Q3 adjusted FFO per share of 30 cents trails the consensus of 31
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Easterly Government issues brighter outlook after Q3 miss