DEA - Easterly Government Properties guides for lower year core FFO
Easterly Government Properties ( NYSE: DEA ) Q4 earnings matched analyst expectations but slipped from a year earlier, the office REIT said Tuesday.
For 2023, the company expects core funds from operations per share to be $1.12-$1.15 compared with the $1.14 average analyst estimate and $1.28 for the year ended Dec. 31, 2022.
“With 97% of our annualized lease income originating from the United States Federal Government, we feel well positioned as we navigate an evolving economic backdrop in 2023,” said CEO William C. Trimble.
Q4 core FFO of $0.30 per share, in-line with consensus, drifted down from $0.33 in the year-ago quarter.
Revenue of $73.51M, exceeding the $72.03M consensus, rose from $71.64M in the quarter ended Dec. 31, 2021.
Total expenses were $57.12M versus $53.23M in Q4 2021.
EBITDA increased to $44.47M from $42.83M a year earlier.
As of Dec. 31, 2022, the company owned 86 operating properties in the U.S. encompassing around 8.7M leased square feet, including 85 operating properties that were leased mostly to U.S. Government tenant agencies and one operating property that is entirely leased to a private tenant.
Conference call at 10:00 a.m. ET.
Easterly Government FFO of $0.30 n-line, revenue of $73.51M beats by $1.48M .
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Easterly Government Properties guides for lower year core FFO