Easterly Government Properties reports Q1 FFO $0.33/share, maintains 2022 guidance, authorizes share repurchase

Easterly Government Properties, Inc.

2022-Q1 EPS reported $0.08 revenue$72,302,000

Net income $8.3M ($0.08 diluted EPS); FFO $33.1M ($0.33); FFO as adjusted $32.0M ($0.31).
Portfolio: 89 operating properties, 8.6M sq ft, 9.8 yrs weighted avg remaining lease term.
Total debt ~$1.2B; Net Debt/EV 35.9%; Adj. Net Debt/EBITDA 6.7x; avg interest rate 3.5%.
Board authorized repurchase of up to 4,538,994 shares (~5% outstanding) on April 28, 2022.
Maintains 2022 FFO guidance $1.34-$1.36; Q1 dividend $0.265/share payable May 25.

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