$DEA
Easterly Government Properties Inc

2021 Q1 Form 10-Q Financial Statement

#000156459021023313 Filed on May 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $65.00M $65.20M $58.22M
YoY Change 11.65% 7.28% 15.04%
Cost Of Revenue $12.09M $21.09M $11.26M
YoY Change 7.43% 3.43% 13.0%
Gross Profit $52.91M $44.12M $46.96M
YoY Change 12.66% 9.23% 15.54%
Gross Profit Margin 81.39% 67.67% 80.66%
Selling, General & Admin $5.810M $5.070M $5.480M
YoY Change 6.02% -14.07% 26.85%
% of Gross Profit 10.98% 11.49% 11.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.30M $23.10M $23.60M
YoY Change -5.51% -2.53% 4.89%
% of Gross Profit 42.15% 52.36% 50.26%
Operating Expenses $28.13M $28.14M $29.04M
YoY Change -3.13% -5.0% 8.48%
Operating Profit $24.78M $15.98M $17.92M
YoY Change 38.26% 48.38% 29.16%
Interest Expense -$9.121M -$8.950M -$8.903M
YoY Change 2.45% 1.02% 9.48%
% of Operating Profit -36.81% -56.01% -49.68%
Other Income/Expense, Net
YoY Change
Pretax Income $7.880M $2.630M $1.920M
YoY Change 310.42% 63.35% -500.0%
Income Tax
% Of Pretax Income
Net Earnings $6.991M $2.330M $1.697M
YoY Change 311.96% 62.71% -507.93%
Net Earnings / Revenue 10.76% 3.57% 2.91%
Basic Earnings Per Share $0.08 $0.02
Diluted Earnings Per Share $0.08 $28.44K $0.02
COMMON SHARES
Basic Shares Outstanding 82.12M 74.89M
Diluted Shares Outstanding 82.60M 75.62M

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.300M $8.500M $14.50M
YoY Change -56.55% -29.17% 66.67%
Cash & Equivalents $6.323M $8.465M $18.61M
Short-Term Investments
Other Short-Term Assets $31.10M $400.0K $31.00M
YoY Change 0.32% -97.14% 98.72%
Inventory
Prepaid Expenses
Receivables $45.70M $15.00M $14.80M
Other Receivables $0.00 $30.20M $27.20M
Total Short-Term Assets $83.10M $76.90M $87.50M
YoY Change -5.03% 10.49% 42.28%
LONG-TERM ASSETS
Property, Plant & Equipment $2.255B $2.209B $2.041B
YoY Change 10.52% 11.06% 15.17%
Goodwill
YoY Change
Intangibles $162.4M $163.4M
YoY Change -3.11%
Long-Term Investments
YoY Change
Other Assets $6.800M $7.200M $5.700M
YoY Change 19.3% 35.85% -17.39%
Total Long-Term Assets $2.425B $2.381B $2.220B
YoY Change 9.22% 9.96% 13.53%
TOTAL ASSETS
Total Short-Term Assets $83.10M $76.90M $87.50M
Total Long-Term Assets $2.425B $2.381B $2.220B
Total Assets $2.508B $2.458B $2.307B
YoY Change 8.68% 9.98% 14.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.80M $48.50M $52.00M
YoY Change -10.0% 1.46% 36.13%
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 $46.80M $48.50M $52.00M
YoY Change -10.0% 1.46% 36.13%
LONG-TERM LIABILITIES
Long-Term Debt $1.007B $978.3M $937.2M
YoY Change 7.48% 8.48% 14.94%
Other Long-Term Liabilities $126.8M $130.8M $121.0M
YoY Change 4.79% 53.7% 263.36%
Total Long-Term Liabilities $1.134B $1.109B $1.058B
YoY Change 7.17% 12.38% 24.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.80M $48.50M $52.00M
Total Long-Term Liabilities $1.134B $1.109B $1.058B
Total Liabilities $1.181B $1.158B $1.258B
YoY Change -6.11% 11.87% 41.79%
SHAREHOLDERS EQUITY
Retained Earnings $38.96M $31.97M
YoY Change 59.79%
Common Stock $1.465B $1.426B
YoY Change 13.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.181B $1.155B $1.050B
YoY Change
Total Liabilities & Shareholders Equity $2.508B $2.458B $2.307B
YoY Change 8.68% 9.98% 14.41%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income $6.991M $2.330M $1.697M
YoY Change 311.96% 62.71% -507.93%
Depreciation, Depletion And Amortization $22.30M $23.10M $23.60M
YoY Change -5.51% -2.53% 4.89%
Cash From Operating Activities $26.01M $36.60M $38.55M
YoY Change -32.52% 59.83% 175.79%
INVESTING ACTIVITIES
Capital Expenditures -$9.100M -$9.800M -$23.00M
YoY Change -60.43% -46.45% 16.75%
Acquisitions
YoY Change
Other Investing Activities -$63.00M -$99.10M -$30.30M
YoY Change 107.92% 46.81% -79.57%
Cash From Investing Activities -$72.10M -$108.9M -$53.29M
YoY Change 35.28% 26.92% -68.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $40.40M $4.883M
YoY Change 727.42% -96.28%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 44.55M 73.10M 17.81M
YoY Change 150.23% 721.35% -88.6%
NET CHANGE
Cash From Operating Activities 26.01M 36.60M 38.55M
Cash From Investing Activities -72.10M -108.9M -53.29M
Cash From Financing Activities 44.55M 73.10M 17.81M
Net Change In Cash -1.530M 800.0K 3.058M
YoY Change -150.03% -101.48% 37.75%
FREE CASH FLOW
Cash From Operating Activities $26.01M $36.60M $38.55M
Capital Expenditures -$9.100M -$9.800M -$23.00M
Free Cash Flow $35.11M $46.40M $61.55M
YoY Change -42.95% 12.62% 82.76%

Facts In Submission

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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Reclassifications </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Certain prior year amounts have been reclassified to conform to the current year presentation. </span></p>
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CY2021Q1 dea Mortgage Notes Payable
MortgageNotesPayable
201963000
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
1007254000
CY2021Q1 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
483200000
CY2021Q1 us-gaap Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
10943000
CY2021Q1 us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
5200000
CY2020Q1 us-gaap Unrealized Gain Loss On Interest Rate Cash Flow Hedges Pretax Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss
-10241000
CY2021Q1 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-1291000
CY2020Q1 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-395000
CY2021Q1 us-gaap Derivative Net Liability Position Aggregate Fair Value
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11300000
CY2021Q1 dea Breach Of Agreement Termination Value
BreachOfAgreementTerminationValue
11300000
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1299970000
CY2021Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
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1334000
CY2021Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.26
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24186000
CY2021Q1 us-gaap Stock Issued During Period Value New Issues
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39958000
CY2021Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
1838000
CY2021Q1 us-gaap Profit Loss
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7880000
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1326794000
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1199841000
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
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1000000
CY2020Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.26
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
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22086000
CY2020Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
4825000
CY2020Q1 dea Contribution Of Property For Common Units
ContributionOfPropertyForCommonUnits
21550000
CY2020Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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CY2020Q1 us-gaap Profit Loss
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1918000
CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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1197202000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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10100000
CY2020Q1 us-gaap Profit Loss
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1918000
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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889000
CY2020Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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221000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
6991000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
1697000
CY2021Q1 dea Dividends On Participating Securities
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114000
CY2020Q1 dea Dividends On Participating Securities
DividendsOnParticipatingSecurities
57000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6877000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1640000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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82120353
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82596597
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75616233
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
74892711
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2021Q1 dea Leased Property Average Age
LeasedPropertyAverageAge
P15Y6M
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
1786411000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
157933000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
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190149000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
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178205000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
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161123000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
149843000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
949158000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1700000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1900000
CY2020Q4 dea Number Of Lease Agreement
NumberOfLeaseAgreement
2
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
400000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
400000

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