$DEA
Easterly Government Properties, Inc.

2018 Q4 Form 10-Q Financial Statement

#000156459018026813 Filed on November 05, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $48.21M $39.44M $33.86M
YoY Change 32.71% 16.48% 25.52%
Cost Of Revenue $14.89M $12.01M $6.718M
YoY Change 40.87% 78.77% -14.31%
Gross Profit $33.32M $27.43M $27.14M
YoY Change 29.35% 1.07% 41.87%
Gross Profit Margin 69.12% 69.55% 80.16%
Selling, General & Admin $4.130M $3.610M $2.920M
YoY Change 21.83% 23.63% -4.89%
% of Gross Profit 12.39% 13.16% 10.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.10M $16.10M $14.00M
YoY Change 42.57% 15.0% 13.82%
% of Gross Profit 63.33% 58.69% 51.58%
Operating Expenses $25.19M $19.72M $16.87M
YoY Change 43.13% 16.89% 10.26%
Operating Profit $8.130M $7.710M $10.27M
YoY Change -0.37% -24.93% 223.87%
Interest Expense -$6.920M -$4.920M -$5.500M
YoY Change 26.97% -10.55% 169.21%
% of Operating Profit -85.12% -63.81% -53.55%
Other Income/Expense, Net
YoY Change
Pretax Income $640.0K $2.480M $1.120M
YoY Change -69.52% 121.43% -0.88%
Income Tax
% Of Pretax Income
Net Earnings $590.0K $2.155M $942.0K
YoY Change -54.16% 128.77% -10.11%
Net Earnings / Revenue 1.22% 5.46% 2.78%
Basic Earnings Per Share $0.01 $0.03 $0.02
Diluted Earnings Per Share $0.01 $0.03 $0.02
COMMON SHARES
Basic Shares Outstanding 60.82M 60.45M
Diluted Shares Outstanding 61.98M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.900M $6.900M $6.600M
YoY Change -45.67% 4.55% 50.0%
Cash & Equivalents $6.854M $11.31M $10.42M
Short-Term Investments
Other Short-Term Assets $11.20M $10.20M $8.100M
YoY Change 38.27% 25.93% 350.0%
Inventory
Prepaid Expenses
Receivables $11.70M $9.200M $7.500M
Other Receivables $21.10M $17.40M $9.700M
Total Short-Term Assets $50.90M $43.70M $31.90M
YoY Change 18.65% 36.99% 79.21%
LONG-TERM ASSETS
Property, Plant & Equipment $1.627B $1.547B $1.196B
YoY Change 32.22% 29.36% 35.71%
Goodwill
YoY Change
Intangibles $165.7M $167.0M
YoY Change 15.8%
Long-Term Investments
YoY Change
Other Assets $6.700M $7.000M $5.000M
YoY Change 48.89% 40.0% 13.64%
Total Long-Term Assets $1.811B $1.735B $1.336B
YoY Change 30.98% 29.84% 33.24%
TOTAL ASSETS
Total Short-Term Assets $50.90M $43.70M $31.90M
Total Long-Term Assets $1.811B $1.735B $1.336B
Total Assets $1.862B $1.779B $1.368B
YoY Change 30.6% 30.01% 34.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.30M $38.60M $21.90M
YoY Change 88.38% 76.26% 62.22%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.30M $38.60M $21.90M
YoY Change 88.38% 76.26% 62.22%
LONG-TERM LIABILITIES
Long-Term Debt $766.4M $665.6M $536.1M
YoY Change 33.08% 24.16% 86.02%
Other Long-Term Liabilities $32.60M $33.00M $40.90M
YoY Change -15.54% -19.32% -2.39%
Total Long-Term Liabilities $799.0M $698.6M $577.0M
YoY Change 30.02% 21.07% 74.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.30M $38.60M $21.90M
Total Long-Term Liabilities $799.0M $698.6M $577.0M
Total Liabilities $836.3M $867.3M $713.9M
YoY Change 31.86% 21.49% 107.75%
SHAREHOLDERS EQUITY
Retained Earnings $12.83M
YoY Change 80.03%
Common Stock $1.018B
YoY Change 37.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $894.2M $911.3M $654.2M
YoY Change
Total Liabilities & Shareholders Equity $1.862B $1.779B $1.368B
YoY Change 30.6% 30.01% 34.04%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $590.0K $2.155M $942.0K
YoY Change -54.16% 128.77% -10.11%
Depreciation, Depletion And Amortization $21.10M $16.10M $14.00M
YoY Change 42.57% 15.0% 13.82%
Cash From Operating Activities $13.70M $20.50M $18.30M
YoY Change 114.06% 12.02% 20.39%
INVESTING ACTIVITIES
Capital Expenditures -$21.20M -$19.40M -$3.000M
YoY Change 253.33% 546.67% 500.0%
Acquisitions
YoY Change
Other Investing Activities -$74.90M -$307.1M -$93.10M
YoY Change 90.1% 229.86% 786.67%
Cash From Investing Activities -$96.10M -$326.5M -$96.00M
YoY Change 110.75% 240.1% 772.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 82.30M 163.5M 78.50M
YoY Change 82.89% 108.28% -2342.86%
NET CHANGE
Cash From Operating Activities 13.70M 20.50M 18.30M
Cash From Investing Activities -96.10M -326.5M -96.00M
Cash From Financing Activities 82.30M 163.5M 78.50M
Net Change In Cash -100.0K -142.5M 800.0K
YoY Change -101.72% -17912.5% 14.29%
FREE CASH FLOW
Cash From Operating Activities $13.70M $20.50M $18.30M
Capital Expenditures -$21.20M -$19.40M -$3.000M
Free Cash Flow $34.90M $39.90M $21.30M
YoY Change 181.45% 87.32% 35.67%

Facts In Submission

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94512000
CY2018Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
84765000
CY2018Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
167044000
CY2018Q3 dea Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Liabilities Below Market Leases
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleLiabilitiesBelowMarketLeases
64682000
CY2018Q3 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
31644000
CY2018Q3 dea Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleLiabilities
33038000
CY2018Q3 dea Above Market Lease Amortization Income Remainder Of Fiscal Year
AboveMarketLeaseAmortizationIncomeRemainderOfFiscalYear
342000
CY2018Q3 dea Above Market Lease Amortization Income Year Two
AboveMarketLeaseAmortizationIncomeYearTwo
1318000
CY2018Q3 dea Above Market Lease Amortization Income Year Three
AboveMarketLeaseAmortizationIncomeYearThree
1081000
CY2018Q3 dea Above Market Lease Amortization Income Year Four
AboveMarketLeaseAmortizationIncomeYearFour
683000
CY2018Q3 dea Above Market Lease Amortization Income Year Five
AboveMarketLeaseAmortizationIncomeYearFive
618000
CY2018Q3 us-gaap Below Market Lease Amortization Income Remainder Of Fiscal Year
BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear
2213000
CY2018Q3 us-gaap Below Market Lease Amortization Income Year Five
BelowMarketLeaseAmortizationIncomeYearFive
2982000
CY2018Q3 us-gaap Long Term Debt
LongTermDebt
665553000
CY2018Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
600000000
CY2018Q2 dea Line Of Credit Facility Increase Decrease In Borrowing Capacity
LineOfCreditFacilityIncreaseDecreaseInBorrowingCapacity
200000000
CY2018Q3 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
168900000
CY2018Q3 us-gaap Unrealized Gain Loss On Interest Rate Cash Flow Hedges Pretax Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss
600000
us-gaap Unrealized Gain Loss On Interest Rate Cash Flow Hedges Pretax Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss
3300000
CY2017Q3 us-gaap Unrealized Gain Loss On Interest Rate Cash Flow Hedges Pretax Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss
-200000
CY2018Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
200000
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
300000
CY2017Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-100000
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-200000
CY2018Q3 us-gaap Gain Loss On Interest Rate Cash Flow Hedge Ineffectiveness
GainLossOnInterestRateCashFlowHedgeIneffectiveness
0
us-gaap Gain Loss On Interest Rate Cash Flow Hedge Ineffectiveness
GainLossOnInterestRateCashFlowHedgeIneffectiveness
0
dea Dividends On Participating Securities
DividendsOnParticipatingSecurities
842000
dea Dividends On Participating Securities
DividendsOnParticipatingSecurities
81000
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1874000
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
914000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
4272000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3080000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1075191000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
33971000
us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
47541000
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
698300000
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
2215000
us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
35483000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
102941000
CY2018Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
2900000
dea Common Unit Dividend Rate Percentage
CommonUnitDividendRatePercentage
0.10
CY2017Q1 dea Aggregate Offering Price Of Shares Of Common Stock That Company May Issue And Sell
AggregateOfferingPriceOfSharesOfCommonStockThatCompanyMayIssueAndSell
100000000
CY2017Q3 dea Dividends On Participating Securities
DividendsOnParticipatingSecurities
28000
CY2017Q3 us-gaap Gain Loss On Interest Rate Cash Flow Hedge Ineffectiveness
GainLossOnInterestRateCashFlowHedgeIneffectiveness
0
us-gaap Gain Loss On Interest Rate Cash Flow Hedge Ineffectiveness
GainLossOnInterestRateCashFlowHedgeIneffectiveness
0
us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
-1200000
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
2307000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
137136000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
126906000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
102989000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
87492000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
586697000
CY2018Q3 dea Percent Of Consolidated Properties Occupied
PercentOfConsolidatedPropertiesOccupied
1.00
CY2018Q3 dea Number Of Tenants Occupied Leased Property
NumberOfTenantsOccupiedLeasedProperty
37
us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
88900000
us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
4200000

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