Easterly Government Properties Acquiring Two Mission Critical Government Facilities and Increases Full Year 2024 Guidance
~ Easterly increases its 2024 full year Core FFO per share guidance ~
“HSI - Orlando” is a 27,840 square foot facility 100% leased to
“ICE - Orlando” is a 49,420 square foot facility 100% leased to the
In connection with the current and pending acquisition, the Company is increasing its guidance for full-year 2024 Core FFO per share on a fully diluted basis to a range of
This guidance is forward-looking and reflects management’s view of current and future market conditions. The Company’s actual results may differ materially from this guidance.
|
|
Low |
|
High |
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Net income (loss) per share – fully diluted basis |
|
$ |
0.22 |
|
|
|
0.24 |
||
Plus: Company’s share of real estate depreciation and amortization |
|
$ |
0.92 |
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|
|
0.92 |
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FFO per share – fully diluted basis |
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$ |
1.14 |
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|
|
1.16 |
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Plus: Company’s share of depreciation of non-real estate assets |
|
$ |
0.01 |
|
|
|
0.01 |
||
Core FFO per share – fully diluted basis |
|
$ |
1.15 |
|
|
|
1.17 |
This guidance assumes (i) the closing of
“We are pleased to increase guidance in connection with these strategic acquisitions and remain laser-focused on advancing our external growth strategy,” said
Pro forma for acquisitions completed subsequent to quarter end, as well as the expected closing of ICE -
About
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “expect,” “intend,” “project,” “anticipate,” “position,” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to those risks and uncertainties associated with our business described from time to time in our filings with the
Non-GAAP Supplemental Financial Measures
Definitions
Funds From Operations (FFO) is defined, in accordance with the Nareit FFO White Paper - 2018 Restatement, as net income (loss), calculated in accordance with GAAP, excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. FFO includes the Company’s share of FFO generated by unconsolidated affiliates. FFO is a widely recognized measure of REIT performance. Although FFO is a non-GAAP financial measure, the Company believes that information regarding FFO is helpful to shareholders and potential investors.
Core Funds from Operations (Core FFO) adjusts FFO to present an alternative measure of the Company's operating performance, which, when applicable, excludes items which it believes are not representative of ongoing operating results, such as liability management related costs (including losses on extinguishment of debt and modification costs), catastrophic event charges, depreciation of non-real estate assets, and the unconsolidated real estate venture's allocated share of these adjustments. In future periods, the Company may also exclude other items from Core FFO that it believes may help investors compare its results. The Company believes Core FFO more accurately reflects the ongoing operational and financial performance of the Company's core business.
Fully diluted basis assumes the exchange of all outstanding common units representing limited partnership interests in the Company’s operating partnership, or common units, the full vesting of all shares of restricted stock, and the exchange of all earned and vested LTIP units in the Company’s operating partnership for shares of common stock on a one-for-one basis, which is not the same as the meaning of “fully diluted” under GAAP.
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Senior Vice President, Investor Relations & Operations
202-596-3947
ir@easterlyreit.com
Source: