Easterly Government Properties: Q1 Earnings Snapshot
WASHINGTON (AP) _ Easterly Government Properties Inc. (DEA) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The Washington-based real estate investment trust said it had funds from operations of $30.2 million, or 33 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 32 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $7 million, or 8 cents per share.
The property management company posted revenue of $65 million in the period.
Easterly Government Properties expects full-year funds from operations to be $1.28 to $1.30 per share.
The company’s shares have dropped 5.5% since the beginning of the year. The stock has declined 18% in the last 12 months.