$DEA
Easterly Government Properties Inc

2015 Q2 Form 10-Q Financial Statement

#000119312515188249 Filed on May 14, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $19.26M $10.09M $1.116M
YoY Change 1084.26% 804.21%
Cost Of Revenue $5.310M $2.690M $0.00
YoY Change
Gross Profit $13.94M $7.400M $1.120M
YoY Change 560.71%
Gross Profit Margin 72.39% 73.33% 100.36%
Selling, General & Admin $2.240M $1.650M $1.180M
YoY Change 244.62% 39.83%
% of Gross Profit 16.07% 22.3% 105.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.200M $4.900M $0.00
YoY Change
% of Gross Profit 66.0% 66.22% 0.0%
Operating Expenses $16.97M $12.27M $1.175M
YoY Change 2498.77% 944.26%
Operating Profit $2.286M -$2.179M -$59.00K
YoY Change 134.94% 3593.22%
Interest Expense -$1.321M -$700.0K $7.480M
YoY Change -102.41% -109.36%
% of Operating Profit -57.79%
Other Income/Expense, Net
YoY Change
Pretax Income $970.0K -$8.000M $7.420M
YoY Change -97.62% -207.82%
Income Tax
% Of Pretax Income
Net Earnings $588.0K -$2.885M $6.520M
YoY Change -107.47% -144.25%
Net Earnings / Revenue 3.05% -28.59% 584.23%
Basic Earnings Per Share $0.02 -$0.22
Diluted Earnings Per Share $0.02 -$0.22 $291.5K
COMMON SHARES
Basic Shares Outstanding 24.14M 13.14M
Diluted Shares Outstanding 25.44M 13.14M

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.400M $11.90M
YoY Change 209.09%
Cash & Equivalents $3.409M $11.92M
Short-Term Investments
Other Short-Term Assets $1.100M $1.100M
YoY Change
Inventory
Prepaid Expenses
Receivables $2.800M $3.200M
Other Receivables $6.100M $5.400M
Total Short-Term Assets $13.40M $21.60M
YoY Change 1118.18%
LONG-TERM ASSETS
Property, Plant & Equipment $658.0M $627.6M
YoY Change 164.47%
Goodwill
YoY Change
Intangibles $107.3M $105.9M
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.600M $4.900M
YoY Change
Total Long-Term Assets $769.8M $758.5M
YoY Change 208.92%
TOTAL ASSETS
Total Short-Term Assets $13.40M $21.60M
Total Long-Term Assets $769.8M $758.5M
Total Assets $783.2M $780.1M
YoY Change 212.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.000M $6.000M
YoY Change 1150.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.000M $6.000M
YoY Change 1150.0%
LONG-TERM LIABILITIES
Long-Term Debt $102.8M $100.9M
YoY Change
Other Long-Term Liabilities $41.00M $35.80M
YoY Change
Total Long-Term Liabilities $143.8M $136.7M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.000M $6.000M
Total Long-Term Liabilities $143.8M $136.7M
Total Liabilities $148.8M $142.7M
YoY Change -39.4%
SHAREHOLDERS EQUITY
Retained Earnings -$2.297M -$2.885M
YoY Change
Common Stock $392.2M $391.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $387.2M $388.1M
YoY Change
Total Liabilities & Shareholders Equity $783.2M $780.1M
YoY Change 212.92%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $588.0K -$2.885M $6.520M
YoY Change -107.47% -144.25%
Depreciation, Depletion And Amortization $9.200M $4.900M $0.00
YoY Change
Cash From Operating Activities $8.400M -$1.400M -$28.30M
YoY Change 740.0% -95.05%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K $20.30M $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$14.10M -$13.90M $0.00
YoY Change
Cash From Investing Activities -$14.20M -$14.00M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $193.5M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.700M -4.200M 27.10M
YoY Change 35.0% -115.5%
NET CHANGE
Cash From Operating Activities 8.400M -1.400M -28.30M
Cash From Investing Activities -14.20M -14.00M 0.000
Cash From Financing Activities -2.700M -4.200M 27.10M
Net Change In Cash -8.500M -19.60M -1.200M
YoY Change 750.0% 1533.33%
FREE CASH FLOW
Cash From Operating Activities $8.400M -$1.400M -$28.30M
Capital Expenditures -$100.0K $20.30M $0.00
Free Cash Flow $8.500M -$21.70M -$28.30M
YoY Change -23.32%

Facts In Submission

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CY2015Q1 dei Entity Registrant Name
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Easterly Government Properties, Inc.
CY2015Q1 dei Trading Symbol
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dea
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(i) the maximum ratio of consolidated total indebtedness to total asset value (each as defined in the agreement) may not exceed 60.0% on any date, provided that the maximum ratio may be increased to 65.0% for the two consecutive quarters following the date on which a material acquisition (as defined in the agreement) occurs, (ii) the maximum ratio of consolidated secured indebtedness (as defined in the agreement) to total asset value may not exceed 40.0% on any date, (iii) the maximum ratio of consolidated secured recourse indebtedness (as defined in the agreement) to total asset value may not exceed 15% on any date, (iv) the minimum consolidated tangible net worth (as defined in the agreement) may not, on any date, be less than the sum of an amount equal to 75.0% of our consolidated tangible net worth as of the closing date of the facility plus an amount equal to 75.0% of the aggregate net cash proceeds received by us from any offering of our capital stock after the closing date of the facility, (v) the minimum ratio of adjusted consolidated EBITDA to consolidated fixed charges (each as defined in the agreement) may not be less than 1.50 to 1.00 on any date, (vi) the maximum ratio of consolidated unsecured indebtedness to unencumbered asset value (each as defined in the agreement) may not exceed 60% as of any date and (vii) the minimum ratio of adjusted consolidated net operating income from unencumbered assets (as defined in the agreement) to interest payable on unsecured debt (as determined in accordance with the agreement) shall not be less than 1.75 to 1.00 on any date. Additionally, under the proposed revolving credit facility, our distributions may not exceed the greater of (i) 95.0% of our FFO or (ii) the amount required for us to maintain our status as a REIT and avoid the payment of federal or state income or excise tax.
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10091000
CY2015Q1 us-gaap Partners Capital Account Private Placement Of Units
PartnersCapitalAccountPrivatePlacementOfUnits
75638000
CY2015Q1 us-gaap Partners Capital Account Public Sale Of Units
PartnersCapitalAccountPublicSaleOfUnits
191583000
CY2015Q1 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
11000
CY2015Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
18536000
CY2015Q1 us-gaap Cost Of Real Estate Revenue
CostOfRealEstateRevenue
1730000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
12270000
CY2015Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
-1000
CY2015Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
8600000
CY2015Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues
257000
CY2015Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4900000
CY2015Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1440000
CY2015Q1 us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
-5441000
CY2015Q1 us-gaap Employee Service Share Based Compensation Cash Flow Effect Cash Used To Settle Awards
EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards
5000000
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-5116000
CY2015Q1 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
959000
CY2015Q1 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
700000
CY2015Q1 dea Weighted Average Amortization Period
WeightedAverageAmortizationPeriod
P7Y6M4D
CY2015Q1 dea Finite Lived Intangible Liabilities Amortization Expense Year Three
FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearThree
5966000
CY2015Q1 dea Finite Lived Intangible Liabilities Amortization Expense After Year Five
FiniteLivedIntangibleLiabilitiesAmortizationExpenseAfterYearFive
9532000
CY2015Q1 dea Formation Expenses
FormationExpenses
1594000
CY2015Q1 dea Finite Lived Intangible Liabilities Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleLiabilitiesAmortizationExpenseRemainderOfFiscalYear
4723000
CY2015Q1 dea Finite Lived Intangible Liabilities Amortization Expense Year Two
FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearTwo
6163000
CY2015Q1 dea Finite Lived Intangible Liabilities Amortization Expense Year Five
FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFive
3856000
CY2015Q1 dea Finite Lived Intangible Liabilities Amortization Expense Year Four
FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFour
5601000
CY2015Q1 dea Corporate General And Administrative Expense
CorporateGeneralAndAdministrativeExpense
1572000
CY2015Q1 dea Fund General And Administrative Expense
FundGeneralAndAdministrativeExpense
75000
CY2015Q1 dea Percentage Of Minimum Proceeds From Common Stock Issuance
PercentageOfMinimumProceedsFromCommonStockIssuance
0.750 pure
CY2015Q1 dea Line Of Credit Facility Covenant Terms Minimum Ebitda To Fixed Charges Ratio
LineOfCreditFacilityCovenantTermsMinimumEbitdaToFixedChargesRatio
1.50 pure
CY2015Q1 dea Tax Protection Agreement Period
TaxProtectionAgreementPeriod
P8Y

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