Easterly 政府物業 (DEA) 2026 年第三季財報電話會議：核心 FFO 上升，上調財測指引

重點摘要

• 受惠於收購、開發活動、續約以及租戶裝修補助 (TI) 和 BSAC 收入的支撐，第三季營收年增 8.7% 至 9,360 萬美元。
• 每股核心 FFO 成長 2.6% 至 0.78 美元，符合 Easterly Government Properties 2% 至 3% 的長期年度成長目標。每股 FFO 則增加 6.8% 至 0.79 美元。
• 截至季末，投資組合出租率達 98%，加權平均租期為 9.2 年。軟條款曝險佔年化租金收入 (ALI) 的比例從 2024 年底的 5.2% 降至 2.3%。
• DEA 將 2026 年每股核心 FFO 財測低端上調至 3.08 美元至 3.13 美元。管理層表示，中位數意味著年成長率約為 4%。
• 2027 年每股核心 FFO 初步財測為 3.09 美元至 3.17 美元，中位數隱含約 1% 的成長。該展望包含預期 FAA 芝加哥搬遷帶來的逆風，以及主要與羅馬琳達貸款到期相關的再融資壓力。
• 淨負債對年化季度 EBITDA 改善至 7.1 倍。管理層仍專注於去槓桿並取得額外的投資級信用評級。

關鍵財務數據

業務與營運表現

營收成長反映了過去 12 個月內完成的收購與開發案、租約續約，以及租戶裝修補助 (TI) 與 BSAC 收入的開始進帳。

Easterly 透過續簽 USCIS 林肯 (Lincoln) 租約，完成了 2026 年的租約到期續簽。新租約總期限為 15 年，其中包括 10 年的固定期。管理層表示，針對 2027 年到期租約的談判已在進行中，並繼續將 2027 年和 2028 年續約的淨有效租金調幅目標定為 15% 至 19% 左右。

FAA 芝加哥租約在現有經濟條件下延長了 9 個月，其中包括 6 個月的固定期。雖然公司仍預期租戶最終會搬離，但該延期將對 2026 年和 2027 年的盈餘做出貢獻。該物業在租戶搬離後仍處於出售簽約狀態。

位於佛羅里達州麥爾茲堡 (Fort Myers) 的 FDLE 實驗室的所有重大施工已於 10 月完成，歷時動工後 15 個月。亞利桑那州弗拉格斯塔夫 (Flagstaff) 的美國聯邦法院仍預計於 2027 年第一季完工。俄勒岡州麥德福 (Medford) 法院的完工時間現已預計延至 2028 年上半年，因為政府的設計流程耗時比預期更長。

潛在收購案案源保持在約 15 億美元。管理層表示，在 10 年期美債殖利率大幅波動後，正在重新評估其資本成本，並將保持審慎選擇。公司也繼續與合作夥伴討論潛在合資企業的可能。

管理層財測指引

Easterly 將 2026 年每股核心 FFO 財測從 3.07 美元至 3.13 美元上調至 3.08 美元至 3.13 美元。低端的提高主要反映了 FAA 芝加哥租約的延長，但部分被 9 月提前償還 3,560 萬美元的 Bedford 建設貸款所抵消。

針對 2027 年，管理層首次提出了每股核心 FFO 財測為 3.09 美元至 3.17 美元。中位數意味著較 2026 年中位數成長約 1%，而高端則意味著約 2% 的成長。

2027 年展望假設如下：

• FAA 芝加哥將繼續承租至 2027 年 4 月 20 日固定期結束。
• 與開發相關的總投資額中位數為 2,500 萬至 5,000 萬美元。
• 獨資收購金額約為 5,000 萬美元。
• 再融資壓力主要與羅馬琳達貸款到期有關。
• 取得投資級評級並發行投資級債券並未納入盈餘效益。

管理層表示，如果在維持承銷紀律的同時能增益地部署資本，額外的收購可能會帶來上行空間。

風險與關注事項

預計 FAA 芝加哥的搬遷仍是 2027 年盈餘的逆風。管理層承認再次延期的可能性存在，但表示財測假設 2027 年 4 月 20 日之後將不再續租。

Bedford 建設貸款的提前償還，使先前對 2027 年的預期每股減少了約 0.02 美元。Easterly 利用該筆收益償還了部分循環信貸額度借款，並繼續評估夾層融資機會，包括退伍軍人事務部門診診所項目。

羅馬琳達貸款到期帶來了再融資風險。目前的財測假設該債務轉入循環信貸額度。若公司能順利獲得目標評級，管理層首選的替代方案是首次發行投資級債券；任何相關的盈餘增益均未包含在財測中。

管理層還提及了與利率、地緣政治局勢以及賣方價格預期相關的不確定性。管理層指出，若 10 年期美債殖利率長期維持在 4% 至 5% 的環境，可能會促使面臨貸款到期的業主重新評估定價。

分析師問答集錦

• 羅馬琳達再融資：若評級流程順利，Easterly 打算發行投資級債券。否則，預計將先使用循環信貸額度，隨後透過 4(a)(2) 私募融資將該借款轉為長期貸款。
• Bedford 資本重新部署：管理層繼續在夾層融資中尋找機會，特別是在退伍軍人事務部門診診所開發項目方面。
• 續約經濟效益：公司繼續將 2027 年和 2028 年續約的淨有效租金調幅目標設定在 15% 至 19% 左右，續約期限通常介於 10 到 15 年之間。各續約案的平均租戶裝修資金據提及為 35 美元。
• 利率避險：Easterly 以 SOFR 為基準簽署了四筆利率交換合約（固定利率 4.2%），旨在涵蓋 2027 年的大部分時間。
• 收購環境：管理層表示，賣方預期開始因應較高的美債殖利率進行調整。隨著新機會出現與其他機會淘汰，15 億美元案源中約有 30% 至 35% 已完成輪替。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

Greetings. Welcome to the Easterly Government Properties Third Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Cole Bardawill, Director of Investor Relations. Please go ahead.

Cole Bardawill

Good morning. Before the call begins, please note that certain statements made during this conference call may include statements that are not historical facts and are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the company believes that its expectations as reflected in any forward-looking statements are reasonable, it can give no assurance that these expectations will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the company's control, including, without limitation, those contained in the company's most recent Form 10-K filed with the SEC and in other SEC filings. The company assumes no obligation to update publicly any forward-looking statements.

Additionally, on this conference call, the company may refer to certain non-GAAP financial measures such as funds from operations, core funds from operations and cash available for distribution. You can find a tabular reconciliation of these non-GAAP financial measures to the most comparable current GAAP numbers in the company's earnings release and separate supplemental information package on the Investor Relations page of the company's website at ir.easterlyreit.com.

I would now like to turn the conference call over to Darrell Crate, President and CEO of Easterly Government Properties.

Darrell Crate

Thanks, Cole. Good morning, everyone. This quarter, we delivered year-over-year core FFO per share growth of 2.6%, in line with our 2% to 3% stated long-term growth target. We continue to execute our strategy by growing earnings steadily, allocating capital thoughtfully and improving the quality of our portfolio over time.

We've been operating in a dynamic geopolitical and interest rate environment for several quarters now. Throughout that period, the durability of our portfolio and the consistency of our cash flows have continued to demonstrate the resilience of our business model and position us to perform well relative to the broader REIT market.

Easterly remains focused on delivering consistent annual growth in core FFO per share. In 2026, we're on track to exceed our long-term 2% to 3% growth objective, with the midpoint of guidance implying approximately 4% growth. As we look ahead to 2027, we remain committed to generating sustainable earnings growth while continuing to delever the balance sheet, a combination we believe will drive long-term shareholder value.

You may have noticed that we've refreshed our brand and introduced a new logo. Over the past several years, Easterly has expanded its capabilities, broadened its investment opportunities and strengthened its platform. Today, we're a diversified owner, developer and operator of mission-critical properties serving federal, state and local government, as well as the government-adjacent tenants. Our new identity reflects the company we have become and the opportunities we see ahead.

Turning to the quarter. Our portfolio continues to perform well, ending the period 98% leased with a weighted average lease term of 9.2 years. These metrics underscore the durability of our portfolio and the essential missions supported across our buildings.

Our asset management team did an excellent job closing out our 2026 lease rollovers with the renewal of USCIS Lincoln. With our 2026 renewals behind us, the team has already turned its attention to our 2027 expirations and is actively engaged in those discussions. That includes continuing to reduce the share of our portfolio with soft term, and Allison will update you on that in a moment.

In addition, we're able to extend the lease at our FAA Chicago facility for an additional 9 months, including 6 months of firm term. As we've discussed previously, the government occasionally requires additional time to transition out of a facility, and this extension is expected to provide incremental earnings in both 2026 and 2027. We still expect the tenant to vacate the property, and the asset remains under contract for sale upon move-out.

Lastly, our acquisitions team remains active as we evaluate opportunities across our approximately $1.5 billion pipeline. With the recent sharp move in the 10-year treasury, we are recalibrating our cost of capital and we remain disciplined and selective, focused on opportunities where we can create value and generate attractive risk-adjusted returns for shareholders. I want to take a moment and thank Mike Ibe, Chris Wang and the entire acquisitions team for continuing to keep that pipeline actionable. As we see our cost of capital improve over time, that work positions us to meaningfully accelerate our growth.

On the joint venture front, we continue to talk with partners. We believe we have a definable edge in this government real estate space. As one of the largest landlords in the sector, we bring many benefits as a partner to those looking for this kind of exposure.

I'll leave it to Allison to discuss our 2026 and 2027 guidance, but we're pleased with this year's performance to date and the momentum we've built across the business. As we look ahead to 2027, we're focused on continuing to execute against our strategy and delivering growth within our long-term target ranges. While the geopolitical and macroeconomic backdrop remains uncertain, we believe the durability of our portfolio and the mission-critical nature of our assets we own position us well to navigate a wide range of operating environments.

I also want to thank Allison, who's been working with our team and the rating agencies to socialize our differentiated credit profile. That work matters as we pursue our investment-grade goal. We want to thank our team for the great execution so far this year. We would also like to thank our tenants and our shareholders as we partner with them to hit our goals for 2026 and 2027 as well.

Now with that, I'll turn the call over to Allison.

Allison Marino

Thanks, Darrell, and good morning, everyone. I'm pleased to begin with reporting the financial results for the third quarter of 2026. The underlying growth of the business continues to come through clearly in the numbers. Total revenue for the quarter was $93.6 million, up from $86.2 million in the third quarter of 2025. That's an increase of 8.7% year-over-year, and it was driven by several factors: the acquisitions and development we've completed over the last 12 months, lease renewals and TI and BSAC income coming online. EBITDA grew alongside revenue, coming in at $59 million for the quarter versus $54.2 million in the third quarter of 2025, approximately 8.9% growth.

And importantly, that growth continues to reach the bottom line on a per share basis. For the quarter, net income was $0.12 per share on a fully diluted basis. FFO per share was $0.79, up from $0.74 in the prior year, and that is approximately 6.8% year-over-year growth. FFO exceeds core FFO this quarter because of the downward adjustment to our credit loss allowance from the Bedford loan repayment. And core FFO per share as well came in at $0.78, up from $0.76 in the prior year. That is approximately 2.6% growth year-over-year. And finally, cash available for distribution for the quarter was approximately $32.8 million.

As Darrell noted, our asset management team did an excellent job closing out our 2026 lease rollovers with the renewal of USCIS Lincoln, a 15-year lease with 10 years of firm term. On soft term, we've continued to reduce the percentage of our portfolio with early termination rights, which stood at 2.3% of ALI at quarter end, down from 5.2% of ALI at year-end 2024.

Turning to development. We are pleased to announce that all significant construction activities were completed at our FDLE laboratory facility in Fort Myers, Florida this month. Having broken ground on the project in August of 2025, we're extremely proud of the execution by both our internal team and development partners in delivering the facility in 15 months.

Looking ahead, our development pipeline continues to progress as expected. Construction of the U.S. courthouse in Flagstaff, Arizona remains on track for completion in the first quarter of 2027, while our U.S. courthouse project in Medford, Oregon is now expected to be completed during the first half of 2028. The timing reflects the government's design process with various agencies, which is taking a bit longer than planned.

On leverage, as of quarter end, our net debt to annualized quarterly EBITDA stood at 7.1x. This metric improved from second quarter and reflects our continued progress towards our target cash leverage range. We believe this progress positions the company well as we look forward to 2027 and our goal of achieving an additional investment-grade credit rating. We are growing FFO per share and delevering at the same time. That is a hard combination to deliver, and I am proud of what our team has accomplished so far.

Turning to guidance. We are raising the low end of our 2026 core FFO per share guidance. Our new range is $3.08 to $3.13 per share compared with $3.07 and $3.13 previously. The increase is primarily driven by the execution of a 9-month lease extension at FAA Chicago, which includes 6 months of firm term and provides additional earnings contribution in both 2026 and '27.

This benefit is partially offset by the early repayment in September of our $35.6 million Bedford construction loan ahead of its August '27 maturity date. That loan contributed approximately $0.02 per share to our 2027 expectations, and we used the proceeds from the repayment to reduce outstanding borrowings on our revolving credit facility.

For 2027, we are introducing initial full year core FFO per share guidance of $3.09 to $3.17 per share. At the midpoint, that implies roughly 1% growth over our 2026 midpoint. And the high end implies roughly 2%, the low end of our long-term target.

Two headwinds that are incorporated into our 2027 outlook: the FAA Chicago move-out and the refinancing-related pressure largely driven by the maturity of our Loma Linda loan. Our guidance assumes that FAA Chicago remains occupied through the current firm term, which extends through April 20, 2027. At the midpoint, our guidance contemplates between $25 million and $50 million of gross development-related investment during the year. And in addition, our guidance assumes approximately $50 million of wholly owned acquisitions during 2027.

As the year progresses, we would imagine there to be additional upside from acquisitions, and we will continue to pursue opportunities where we can deploy capital accretively while maintaining our disciplined underwriting standards. Through consistent execution over the course of the year, we believe we can build on this guidance.

We remain focused on executing against our long-term growth strategy, achieving our targeted leverage levels, maintaining strong tenant relationships and allocating capital in a disciplined manner. Continued execution in these areas supports the resilience of our cash flows and enhances our ability to create long-term value for shareholders. Thank you for your time this morning. We appreciate your partnership and look forward to updating you on our progress.

With that, I will now turn the call back to Shannon.

Operator

[Operator Instructions] Our first question comes from John Kim of BMO Capital Markets.

分析師問答

John Kim

I just wanted to follow up on guidance for next year. I know you walked through some of the headwinds, which include the Bedford loan repayment, the Loma Linda refinancing and FAA Chicago move-out. But on the first couple of items, the loan repayment, how quickly do you think you can reinvest some of those proceeds back into mezz? I think before, you talked about having a pretty steady mezz program. And on the Loma Linda loan maturity, how do you plan to refinance that debt?

Allison Marino

Sure. So maybe we'll start with Loma Linda because that's, I think, a very simple answer. At this moment, we intend, should we be successful in the investment-grade ratings process, to use an investment-grade inaugural issuance to address that maturity. If not, we will put it on the revolver and term it out using 4(a)(2) money like we have in the past. But our primary goal, as we've shared most recently, is investment-grade.

Darrell Crate

But our guidance is to put it on the revolver today. So the degree to which we get an investment-grade rating and we're able to do those issuances, we -- that would be worth some earnings accretion. And that is our goal. That is not in our guidance.

Allison Marino

And then for Bedford, I think we continue to see opportunity within the mezz financing space. We -- as we've shared before, the VA outpatient clinic pipeline that's coming off the conveyor belt from the Veterans Administration is quite large at this time. And we're seeing opportunities across the country for projects like that where we can continue to deploy mezzanine capital.

John Kim

I was wondering also if you could discuss your expectations for renewal leasing spreads? I think last call, you mentioned mid- to high teens net effective rental growth, and I wanted to see if that's what you believe you can accomplish?

Allison Marino

Yes. I think that is still and continues to be our expectation with respect to upcoming 2027 and 2028 renewals. I think we're pushing for as much firm term as we can get. 10 to 15 tends to be about what a renewal is achievable under these days. [indiscernible] there. And then mid- to high teens, to your point, net effective rent spreads, typically, which is -- significantly outpaces market from peers, we are only at $35 of TI capital deployed across renewals on average.

John Kim

It was breaking up a little bit, but did you mention the '26 USCIS Lincoln renewal as well?

Allison Marino

We will share the class of renewals for 2026 as a group in the year-end earnings call as we historically have, but that is 10 years of firm term, 15 years total.

Operator

Our next question comes from Alex Murphy with Truist Securities.

Alexei Zamanski Murphy

What are the terms of the new interest rate swaps you entered into last week?

Allison Marino

Yes. So we placed four. They're at 4.2% on a SOFR base, and they are intended to get us through most of next year.

Operator

[Operator Instructions] Our next question comes from the line of Seth Bergey with Citi.

Seth Bergey

I just wanted to follow up on kind of -- you mentioned in the opening comments, the uncertain macro environment and interest rates. And I wondered if that is changing the way conversations are evolving around future capital deployment, just in terms of unlocking kind of more opportunities for you? And just kind of any comments you can have there would be helpful.

Darrell Crate

Yes. I'll say a couple of things, and maybe Allison will add on. One, broadly, what you're seeing in real estate and among sellers is there's been this imagination that the treasuries are going to go back to 2% to 3%. And we've seen a lot of people hold on, wait, wait for that to happen. And over the last quarter and particularly last 2, you're beginning to see folks come to some sensibility that we might be in a 4% to 5% 10-year treasury environment for a while.

Accordingly, people do have maturities that are coming up. It encourages them to also just reassess their price expectations. And we are very hopeful that we will be able to find transactions that would be more accretive. And hopefully, as we get rewarded on cost of capital, that can just lead to accelerated growth. And so we're very mindful of cash. We're very mindful of accretion in transaction.

I mean, stepping back, if you look at the company and you think about -- Allison and I have been in these roles for just about 3 years. And in 2023, in the third quarter, we had cash available for distribution. It was just under $24 million, I think $23.9 million. And we had a payout ratio of 117%, principally driven by a set of dispositions that had taken hold.

As you look at '24, '25, '26, we've been steadily growing that cash available for distribution. And today, as Allison mentioned, that's at $32.8 million with a payout ratio that's below 70%, I think, right around 67%. So almost half of the payout ratio that we were at before. And we've grown that cash available for distribution from this portfolio by 37% over those 3 years.

So that's what we're looking at. That only happens if you are investing accretively, managing the portfolio for cash return, which is what we're up to. So as we move into this next -- this environment, I don't think anybody would say it's been easy for these last 3 years. We've had DOGE, we've had headlines sort of come the wrong way. We've had interest rate uncertainty. And then you've got just global uncertainty and times of uncertainty.

And so -- but we functioned in a time that I think has been very accretive for shareholders, focusing on cash, being able to maintain the weighted average maturity of leases, keep our liabilities in a nice place, get these lease renewals in a more organized and partnerly way. And we've been closer with the GSA, helping them achieve many of their objectives. I think we put that constellation of things together.

And as I -- and I gave a shout out to our acquisitions team. And we've had a pipeline of about $1.5 billion. And obviously -- and it's a great question, but during this time, that $1.5 billion has remained pretty steady. But I would say it's probably churned 30%, 35% as you've seen new folks bubble up as their sellers' expectations get more in line with what's good for our shareholders and other opportunities that have presented themselves.

So they remain very poised that we are -- and what we've been doing for these last 3 years is very focused on gaining the trust of our investors, laying out this long-term objective with a growth rate that we've been achieving, exceeding. That would -- if we continue, would compare very favorably to [ the office group ]. So accordingly, if we do gain that trust and gain better cost of capital, we actually have an actionable pipeline where we could materially grow and get that flywheel going, as folks say in the industry.

So I would take your question and say this sort of uncertainty, the volatility, the folks -- it pushes people for action. And I think we're very well positioned and have demonstrated that during challenging periods, we can be in a place that really adds value to the company. So thanks for listening to all of that.

Seth Bergey

And maybe just a follow-up. I know the FAA Chicago was anticipated to kind of move out at the end of this year. They've obviously signed kind of the extension into April of next year. Is there kind of a possibility that they extend further beyond that? Or is that kind of -- they end up when they move out?

Darrell Crate

Well, there's always a possibility. But I think we're -- we have been imagining that they're going to leave for the last 2 years, so to rule it out would be impossible. But our guidance only includes them staying through their firm term and just as we think about positioning earnings growth and how we are keeping investor expectations in line. And we're not going to have any expectation that they are there beyond April.

Seth Bergey

And maybe just a quick one on kind of the terms of the extension, the same economics of what's in place, just given the short-term nature of it?

Allison Marino

Yes, that's correct. It will just hold the current terms.

Operator

Thank you. I would now like to turn the conference back to Darrell Crate, President and CEO of Easterly Government Properties, for closing remarks.

Darrell Crate

I'd like to just thank everybody for joining our third quarter conference call. We're really excited to just continue to execute our strategy. And we look forward to our next conference call, where we'll be announcing our full year results and the progress that we continue to make to achieve growth in 2027.

Operator

This concludes today's conference call. Thank you for participating. You may now disconnect.