Easterly Q3 Core FFO $0.78/Share; Raises 2026 Guidance Floor, Sets 2027 Outlook
DEA is trading near its 52-week low of $20.56 (10.0% above the low).
Summary
Easterly reported Q3 2026 Core FFO of $38.0 million, or $0.78 per share, and raised the low end of 2026 Core FFO guidance to $3.08-$3.13 while issuing 2027 guidance of $3.09-$3.17. The quarter also brought early repayment of the $35.6 million Bedford construction loan and $200 million of new interest rate swaps.
Key Events · Earnings and Guidance · DEA
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Q3 Core FFO Holds at $0.78/Share
Core FFO was $38.0 million, or $0.78 per fully diluted share, versus $0.76 a year earlier; net income was $5.7 million, or $0.12 per share.
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2026 Guidance Floor Raised, 2027 Initiated
Full-year 2026 Core FFO per share guidance is now $3.08-$3.13 (low end raised), and first 2027 guidance is $3.09-$3.17, assuming about $50 million of acquisitions in each year.
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Debt Actions Cut Interest Costs
The $35.6 million Bedford construction loan was repaid in full in September 2026, ahead of its August 2027 maturity, and $6.4 million of cash extinguished the USFS II - Albuquerque mortgage; four new swaps add $200.0 million of notional hedging.
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Leverage Still the Key Constraint
Net debt of $1.68 billion is 7.1x annualized quarterly EBITDA and 59.6% of enterprise value, with a 3.8-year weighted average maturity and 4.6% weighted average rate.
Analysis · DEA · Real Estate & Construction
Core FFO of $0.78 per share matched the prior-year quarter's $0.76 and held the Q2 pace, so operations are steady rather than accelerating. What changes the picture is guidance: management lifted the low end of 2026 Core FFO to a $3.08-$3.13 range and issued first-time 2027 guidance of $3.09-$3.17, signaling that the dividend is covered and growth will be roughly flat-to-modest next year. The balance sheet also improved — the $35.6 million Bedford construction loan was repaid early, the mortgage on USFS II - Albuquerque was extinguished with $6.4 million of cash, and the company added $200 million of interest rate swaps while stripping the SOFR credit spread adjustment out of two credit facilities. Against a 98% leased, government-tenant portfolio with 9.2 years of weighted average lease term, the main risk remains leverage: net debt is 7.1x annualized quarterly EBITDA and 59.6% of enterprise value.
How filings like this one have moved
In the 30 days to Oct 26, 2026, 29.9% of the 1374 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, DEA was trading at $22.61 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $20.56 to $25.96. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.