Easterly Government Properties, Inc. (DEA): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and really understand how Easterly Government Properties, Inc. (DEA) locks down its stable returns, right? As someone who's spent two decades mapping out real estate plays, I can tell you this REIT is built on the ultimate credit quality: the U.S. Government. We're talking about a business model anchored by a portfolio of 10.1 million square feet under long-term leases, driving TTM revenue of $0.32 Billion USD and projecting Core FFO between $2.98 to $3.02 per share for 2025. It's a masterclass in predictable cash flow generation through mission-critical assets. So, let's break down the nine essential building blocks-from their key partnerships with the GSA to their cost structure-to see exactly how Easterly Government Properties, Inc. (DEA) executes this strategy below. That's the real story.

Easterly Government Properties, Inc. (DEA) - Canvas Business Model: Key Partnerships

The Key Partnerships for Easterly Government Properties, Inc. (DEA) center on securing mission-critical assets through relationships with government entities, capital providers, and specialized real estate partners.

U.S. General Services Administration (GSA) and Direct Government Leases

The primary partnership framework involves leasing to the U.S. Government, often facilitated by the U.S. General Services Administration (GSA). As of February 2025, Easterly Government Properties, Inc. owned 9.3 million square feet of real estate leased to the United States Government. A significant portion, approximately 95%, is secured by firm term leases supporting essential agencies such as the FBI, DEA, DOD, and the Department of Veterans Affairs (VA). The weighted average remaining lease term across the government-leased portfolio was 10.2 years as of that February 2025 report.

Lenders and Institutional Investors for Debt Financing

Capital deployment relies heavily on lenders and institutional investors, evidenced by recent unsecured debt activity. In March 2025, Easterly Government Properties, Inc. issued an aggregate of $125 million of Senior Unsecured Notes in two tranches. Furthermore, the company amended and upsized its senior unsecured term loan from $174.5 million to $200 million, adding a new $100 million accordion feature for extra capacity. You should note the specific terms of the March 2025 issuance:

Note Series	Amount Issued	Interest Rate	Maturity Date
Series A Senior Notes	$25 million	6.13%	March 20, 2030
Series B Senior Notes	$100 million	6.33%	March 20, 2032

The company is targeting a medium-term cash leverage goal of 6x, down from its historical range of 7-8x.

Joint Venture (JV) Partners for Property Acquisitions and Development

Joint Venture partners are an avenue for property acquisitions and development projects. As of the Q1 2025 report, Easterly owned, directly or through its joint venture, 101 properties totaling 10.1 million square feet. By September 2025, this grew to 103 properties totaling 10.3 million square feet, indicating active use of JV structures for portfolio expansion. Management views working with JV partners as an avenue to pursue, though development projects are also a primary focus.

Developers and Contractors for Build-to-Suit Projects

The pipeline includes development projects that require partnerships with developers and contractors. For instance, a 20-year non-cancelable lease with the GSA for a Federal District and Federal Magistrate Courthouse in Medford, Oregon, is expected to commence upon redevelopment closing, projected by Q4 2026. Easterly Government Properties, Inc. plans to invest between $50 million and $100 million in development in 2026.

High-Credit Government-Adjacent Tenants

Easterly Government Properties, Inc. is actively diversifying into government-adjacent tenants to embed rent escalators, aiming to increase this segment from its current 9.0% of the portfolio to around 30%. This strategy was recently executed with the September 2025 acquisition of a facility leased to York Space Systems, a manufacturer of standardized small satellite platforms and an industry partner to the U.S. Space Development Agency (SDA). The property is 138,125 square feet and is 100% leased via a triple net lease expiring in 2031, with a 10-year extension option. This acquisition supports the goal of delivering 2% to 3% annual core FFO growth.

The portfolio composition as of Q1 2025 included:

• 92 operating properties leased primarily to U.S. Government tenant agencies.
• 4 operating properties leased primarily to U.S. state or local government agencies.
• 3 operating properties entirely leased to private tenants.

The weighted average age of the portfolio, based on build or renovate-to-suit dates, was 15.9 years as of March 31, 2025.

Finance: draft 13-week cash view by Friday.

Easterly Government Properties, Inc. (DEA) - Canvas Business Model: Key Activities

You're looking at the core engine of Easterly Government Properties, Inc. (DEA), the day-to-day work that keeps the lights on and the cash flowing from government tenants. Honestly, it boils down to acquiring the right buildings, keeping the tenants happy, and managing the debt load smartly.

Acquisition and development of Class A, mission-critical properties is the starting point. This isn't about chasing any building; it's about securing properties that federal, state, or local agencies absolutely need to function. For instance, you saw the land acquisition for the approximately 64,000 square foot laboratory in Fort Myers, Florida, which comes with a 25-year non-cancelable lease. That's the sweet spot for mission-critical.

The scale of this activity is significant, though management is being disciplined. For the full year 2025, the guidance assumed approximately $167 million in wholly owned acquisitions.

Here's a look at the portfolio quality and recent activity:

Metric	Value as of Late 2025 (Q3)	Context/Target
Portfolio Occupancy Rate	97%	Near historical highs
Weighted Average Remaining Lease Term (WALT)	9.5 years	As of September 30, 2025
Weighted Average Property Age	16.4 years	Based on build or renovate-to-suit date
Development Investment Guidance (2025)	$25 million to $75 million	Gross development-related investment
Development Investment Guidance (2026)	$50 million to $100 million	Gross development-related investment

Proactive asset management and property maintenance keeps that high occupancy sticky. When you have a 97% occupancy rate, it means you're doing something right on the management front. The WALT of 9.5 years as of September 30, 2025, shows tenants are committing for the long haul.

Securing long-term, non-cancelable leases with government entities is the bedrock. The U.S. Government typically limits leases to 20 years, but state governments can go as long as 40 years. The new Fort Myers lab development, for example, has a 25-year non-cancelable lease. Also, a recent renewal with the US Forest Service in Albuquerque included built-in annual rent escalators.

The team is focused on optimizing the balance sheet through capital deployment. This is a clear strategic pivot. They are actively working to reduce leverage to a more conventional level.

• Targeted medium-term cash leverage goal: 6x.
• Historical cash leverage range: 7x to 8x.
• Cash leverage as of Q3 2025: Improved to 7.6x.
• Projected leverage upon FDA Atlanta completion: Below 7.5x.
• Current Net Debt to EBITDA ratio: 7.2x.

Finally, executing on development-related investments is how they grow the asset base and improve the portfolio's age profile. The guidance for 2025 development spend was set between $25 million and $75 million. This execution, like the FDA Atlanta project nearing completion, directly impacts leverage reduction and future cash flow stability.

Easterly Government Properties, Inc. (DEA) - Canvas Business Model: Key Resources

You're looking at the core assets Easterly Government Properties, Inc. (DEA) uses to generate revenue from its government-leased real estate portfolio as of late 2025. These aren't just buildings; they are the foundation of their specialized business.

The physical assets form the bedrock of Easterly Government Properties, Inc.'s operations. As of September 30, 2025, the portfolio consisted of 102 operating properties across the United States, totaling approximately 10.2 million leased square feet. This portfolio is heavily weighted toward federal tenants, with 92 operating properties leased primarily to U.S. Government tenant agencies.

The quality and duration of the income stream are critical. The leases are long-term, which gives Easterly Government Properties, Inc. significant revenue visibility. The weighted average remaining lease term (WALT) was reported at approximately 9.5 years as of the third quarter of 2025. Furthermore, portfolio occupancy remained high at ~97%.

The management expertise is specialized, focusing exclusively on properties leased to U.S. Government agencies, often through the General Services Administration (GSA). This focus supports the asset quality, which is characterized by Class A commercial properties. Many assets are modern, secure, or developed specifically for the tenant need, as evidenced by properties being built or renovated-to-suit.

Financial flexibility is a key resource, allowing Easterly Government Properties, Inc. to execute acquisitions and development. As of September 30, 2025, total indebtedness stood at approximately $1.6 billion. The company maintains access to capital markets, supported by an investment-grade credit rating from KBRA (BBB, Stable) affirmed in October 2025.

Here's a breakdown of some key operational and financial metrics supporting these resources as of late 2025:

• Portfolio Occupancy: ~97%
• Weighted Average Remaining Lease Term (WALT): 9.5 years
• Total Indebtedness: Approximately $1.6 billion (as of September 30, 2025)
• Q3 2025 Core FFO per share: $0.76
• FY2025 Core FFO Guidance Midpoint: $3.00 per share

The composition of the debt structure is also a vital resource for stability:

Debt Component (as of September 30, 2025)	Amount Outstanding
Senior Unsecured Notes	$1.0 billion
Senior Unsecured Revolving Credit Facility	$170.9 million
2018 Term Loan Facility	$200.0 million
Mortgage Debt	$152.9 million
2016 Term Loan Facility	$100.0 million

The company also has properties in development, representing future capacity. As of September 30, 2025, Easterly Government Properties, Inc. wholly owned four properties in development expected to add approximately 0.3 million rentable square feet upon completion.

The lease structure includes various tenant types, underpinning the revenue base:

• Properties leased primarily to U.S. Government tenant agencies: 92
• Properties leased primarily to state or local government agencies: 6
• Properties entirely leased to private tenants: 4

The weighted average maturity of the outstanding debt as of September 30, 2025, was 4.4 years, with a weighted average interest rate of 4.7%. This debt profile is managed to reduce near-term refinancing risk.

Easterly Government Properties, Inc. (DEA) - Canvas Business Model: Value Propositions

Credit Quality: Leases backed by the full faith and credit of the U.S. Government

The core value proposition for Easterly Government Properties, Inc. (DEA) rests on the creditworthiness of its primary tenant, the U.S. Government. This translates directly into highly reliable, low-risk cash flows, a fact underscored by external validation.

• KBRA affirmed Easterly Government Properties' investment-grade rating as BBB, Stable as of Q3 2025.
• The strategy focuses on properties leased to the U.S. Government and its adjacent partners.

Mission-Critical Real Estate: Providing secure, essential facilities (labs, courthouses, etc.)

Easterly Government Properties, Inc. (DEA) focuses on delivering facilities essential to government operations, ensuring high demand and long-term tenancy. You are securing space that the government simply must have to execute its mission.

The portfolio maintains a high level of utilization, reflecting the essential nature of the assets.

Portfolio Metric	Value (as of Late 2025 Data)
Occupancy Rate	97%
Q3 2025 Core FFO per Share	$0.76
Fort Myers Laboratory Size (New Development)	Approximately 64,000 square feet
York Space Systems Facility Size (Acquisition)	138,125 square feet

This includes specialized assets, such as the facility leased to York Space Systems, a leading satellite manufacturer, and new laboratory space development.

Cost Efficiency: Offering real estate at a lower cost than government-owned buildings

A key driver for new government leasing activity is the recognized inefficiency of owning and maintaining older facilities. Easterly Government Properties, Inc. (DEA) provides a fiscally responsible alternative, aligning with government efficiency initiatives like DOGE.

The scale of the government's maintenance backlog highlights the opportunity for leased, modern facilities.

• GAO identified over $80 billion of deferred maintenance in the government-owned portfolio.
• The average government-owned building is approximately 49 years old.
• The U.S. Government reportedly spends about 10 times as much to maintain a facility compared to the private sector.

Long-Term Stability: Predictable cash flow from long-duration, non-cancelable leases

The structure of the leases provides highly predictable cash flows, which is the bedrock of the investment thesis. You can count on these payments for a significant duration.

The Weighted Average Lease Term (WALT) remains substantial, though the company is strategically diversifying lease length and tenant type.

Lease/Debt Metric	Value (as of Late 2025 Data)
Weighted Average Lease Term (WALT)	Approximately 9.5 years
Longest New Lease Term (FL Lab)	25 years (non-cancelable)
Total Indebtedness (Q3 2025)	Approximately $1.6 billion
Net Debt to Enterprise Value (Q3 2025)	59.9%
2026 Core FFO per Share Guidance Range	$3.05 to $3.12

The company is actively managing its capital structure to reduce near-term refinancing risk, extending maturities and locking in rates.

Expertise: Deep, specialized insight into government agency real estate needs

Easterly Government Properties, Inc. (DEA) possesses specialized knowledge to navigate the unique requirements of federal, state, and local agencies. This expertise is now being used to strategically diversify the tenant base to embed contractual rent growth.

The strategy involves increasing exposure to tenants that offer better embedded rent escalators than standard federal leases.

• Government-adjacent tenants currently represent 9.0% of the portfolio.
• The target for government-adjacent tenancy is around 30%.
• This diversification is expected to provide a 60 basis point step-up in rent.

Finance: draft 13-week cash view by Friday.

Easterly Government Properties, Inc. (DEA) - Canvas Business Model: Customer Relationships

You're looking at a business model where the customer relationship is the bedrock, built on decades of federal tenancy. Easterly Government Properties, Inc. (DEA) secures its revenue through extremely stable, long-duration contracts with the U.S. Government.

Direct, long-term relationships with specific government agencies are central. As of September 30, 2025, the portfolio consisted of 102 operating properties, with 92 of those leased primarily to U.S. Government tenant agencies. The average time you can expect these tenants to remain is substantial, with the weighted average remaining lease term across the entire portfolio standing at 9.5 years as of the end of the third quarter of 2025. This longevity is a key feature of the relationship structure.

The quality of the relationship is further defined by lease security. Over 95% of Easterly Government Properties, Inc. (DEA)'s lease income is locked into a firm term, meaning the government tenant cannot unilaterally cancel the agreement without penalties or specific pre-agreed conditions. This contrasts with the broader GSA environment, where in 2025, there was a push to terminate leases in the 'Soft Term' following the end of the 'Firm Term.'

Institutional relationship management with the GSA is critical, as Easterly Government Properties, Inc. (DEA) generates over 90% of its revenue by leasing properties either directly to government agencies or through the U.S. General Services Administration ("GSA"). To give you context on the GSA's scale, at year-end 2024, the GSA leased approximately 175 million square feet of office and industrial space across the U.S.

The focus is squarely on mission-critical infrastructure, which necessitates a high-touch, specialized service for mission-critical facility requirements. This means the facilities are indispensable to government operations, such as law enforcement labs, public health clinics, and secured facilities. The relationship is tailored to the agency's specific, essential needs.

The following table breaks down the relationship concentration by key agency types based on property percentage and their associated weighted average lease terms (WALT) as reported in mid-2025:

Government Function/Agency Type	Percentage of Properties	Weighted Average Lease Term (WALT)
Department of Veterans Affairs (VA)	30%	13.9 years
Law Enforcement	26%	9.0 years
Federal Infrastructure	13%	8.4 years
Safety & Security	12%	8.1 years
Border Security	10%	10.4 years
Rule of Law	6%	11.6 years

This deep focus supports the goal of being the defintely chosen real estate partner. The company is positioning itself as the superior alternative to government ownership, given that the private sector may be up to 10 times better at property maintenance than the government.

Key characteristics defining these relationships include:

• Lease terms often include built-in inflation escalators to protect cash flows.
• The portfolio includes assets leased to agencies like the FBI, EPA, and DHS.
• Recent acquisitions, like the 138,125 square foot facility leased to York Space Systems in September 2025, show diversification into government-adjacent tenants.
• The company is actively involved in development projects, such as an expected $25 million to $75 million in development-related investments factored into the full-year 2025 outlook.

Finance: draft 13-week cash view by Friday.

Easterly Government Properties, Inc. (DEA) - Canvas Business Model: Channels

You're looking at how Easterly Government Properties, Inc. (DEA) gets its properties in front of its customers, which are primarily government entities. This is all about the pathways for securing and maintaining those critical leases.

The core of the business model relies on direct relationships and transactions with federal, state, and local government bodies. The GSA acts as a key intermediary for many federal leases, but direct agency deals are also a channel.

Here is the breakdown of the operating property portfolio as of September 30, 2025:

Tenant Type Channel	Number of Operating Properties	Approximate Leased Square Feet
Primarily U.S. Government Tenant Agencies	92	Data not explicitly separated from total 10.2M sq ft
Primarily U.S. State or Local Government Agencies	6	Data not explicitly separated from total 10.2M sq ft
Private Tenants	4	Data not explicitly separated from total 10.2M sq ft
Total Operating Properties	102	~10.2 million

The development pipeline also feeds these channels, with expected completion of approximately 0.3 million rentable square feet across 4 properties. For instance, one development in Fort Myers, Florida, is set for a 25-year lease with the Florida Department of Law Enforcement.

Direct engagement with state and local entities is an active growth area. Easterly Government Properties, Inc. acquired a facility in Q1 2025 leased primarily to the District of Columbia Government with a lease running through February 2038. Furthermore, two expected development completions are structured with 20-year leases through the GSA for the U.S. Judiciary.

For capital raising and shareholder communication, the channels involve public markets and direct investor engagement. The company reported total revenues of $86.2 million for the third quarter of 2025. The company raised approximately $16.8 million in net proceeds from stock sales during Q3 2025.

Key financial metrics and investor communications points as of late 2025 include:

• Core Funds From Operations (Core FFO) per share for Q3 2025: $0.76
• Full-Year 2025 Core FFO per share guidance range: $2.98-$3.02
• Projected 2026 Core FFO per share range: $3.05-$3.12
• Q3 2025 Cash Dividend declared: $0.45 per common share
• Approximate Total Indebtedness: $1.6 billion
• Target medium-term leverage (Net Debt / EBITDA): 6x
• Portfolio Occupancy: ~97%
• Weighted Average Lease Term (WALT): 9.5 years

The Investor Relations website at ir.easterlyreit.com serves as the primary digital channel for distributing materials, such as the electronic copies of presentations given at conferences like the Citi 2025 Global Property CEO Conference.

Finance: draft 13-week cash view by Friday.

Easterly Government Properties, Inc. (DEA) - Canvas Business Model: Customer Segments

You're looking at the core clientele for Easterly Government Properties, Inc. (DEA) as of late 2025. This is a highly concentrated group, which is the point of this specialized real estate investment trust (REIT).

The portfolio as of September 30, 2025, consisted of 102 operating properties encompassing approximately 10.2 million leased square feet. The customer base is segmented by the credit quality and mission of the tenant.

U.S. Government Agencies: Primary tenant base, including VA, DHS, and FBI

This is the bedrock of Easterly Government Properties, Inc.'s business. The stability comes from leasing to the full faith and credit of the United States. As of September 30, 2025, 92 operating properties were leased primarily to U.S. Government tenant agencies. While specific breakdowns for VA, DHS, or FBI are not itemized in the latest reports, the portfolio includes assets like a 193K leased square-foot facility leased to the Veterans Administration acquired in Q3 2024. Furthermore, a development project in Atlanta, Georgia, is set to commence a 20-year lease with the U.S. General Services Administration (GSA) for the beneficial use of the U.S. Food and Drug Administration (FDA).

The weighted average remaining lease term for the entire portfolio stood at 9.5 years as of September 30, 2025.

State and Local Governments: High-credit agencies like the District of Columbia Government

This segment provides diversification within the government sector, focusing on high-credit state and local entities. As of September 30, 2025, 6 operating properties were leased primarily to tenant agencies of a U.S. state or local government. This is up from 5 such properties as of June 30, 2025.

Government-Adjacent Tenants: High-credit private companies supporting government missions

Easterly Government Properties, Inc. also targets private companies whose missions are closely tied to government work, often occupying specialized facilities. As of September 30, 2025, 4 operating properties were entirely leased to private tenants. One notable recent addition was the acquisition of a 138,125 square foot facility 100% leased to York Space Systems in Q3 2025. Another recent acquisition involved land for a laboratory with a 25-year non-cancelable lease.

Here's a quick look at the property mix as of September 30, 2025:

Customer Type	Number of Operating Properties	Leased Square Feet (Approximate)
U.S. Government Tenant Agencies	92	~9.9 million (Implied)
State or Local Government Agencies	6	N/A
Private Tenants	4	N/A
Total Operating Properties	102	10.2 million

REIT Investors: Seeking stable, dividend-paying real estate exposure

For investors, the appeal is the low-risk, long-term cash flow profile. The company guides Full-Year 2025 Core Funds From Operations (FFO) per share in the range of $2.98-$3.02. Analysts covering the stock noted a strong dividend yield based on Q3 2025 results, estimated at 8%. The stock trades at a Price to FFO (P/FFO) of less than 8x, and a Price-to-tangible book value of 0.94x. The projected Core FFO per share for 2026 is $3.05-$3.12. The balance sheet shows total indebtedness of approximately $1.6 billion as of September 30, 2025, with a Net Debt to total enterprise value of 59.9%.

You can see the focus on the long-term income stream in the guidance:

• Full-Year 2025 Core FFO Guidance (per share): $2.98 to $3.02
• 2026 Core FFO Projection (per share): $3.05 to $3.12
• Q3 2025 Core FFO (per share): $0.76
• Weighted Average Remaining Lease Term: 9.5 years

Finance: draft 13-week cash view by Friday.

Easterly Government Properties, Inc. (DEA) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Easterly Government Properties, Inc.'s operations, which are heavily weighted toward financing and property upkeep, typical for a real estate investment trust (REIT) focused on government leases.

Significant Interest Expense on Debt

The financing structure is a major cost component. As of June 30, 2025, Easterly Government Properties, Inc. reported total indebtedness of approximately $1.7 billion. The weighted average interest rate on this outstanding debt was 4.7% as of September 30, 2025. Based on the June 30, 2025 debt level and the 4.7% rate, the annualized interest component of the cost structure would be around $79.9 million ($1.7 billion multiplied by 0.047). This interest cost is a fixed, non-negotiable drain on cash flow before property-level expenses.

General and Administrative Costs (G&A)

Because Easterly Government Properties, Inc. is an internally managed REIT, its personnel and overhead costs are captured in the Selling, General, & Administrative Expense (SGA). For the trailing twelve months ended in September 2025, the SGA expense totaled $25.2 Mil. This figure covers all the direct and indirect costs associated with running the corporate structure, including things like executive salaries, office rent, and communication costs, which are essential for managing the portfolio but don't directly relate to a specific property's operation.

Capital Expenditures for Tenant Improvements and Recurring Maintenance

Capital expenditures are necessary to maintain the Class A quality of the portfolio and satisfy tenant requirements, even with long-term leases. These are often broken down into recurring maintenance and tenant-specific work. Looking at the first quarter of 2025 (ended March 31, 2025), the company reported specific outlay amounts:

• Contractual tenant improvements: $612 thousand for the quarter.
• Maintenance capital expenditures: $285 thousand for the quarter.

These figures represent cash outflows required to keep the properties in leasable condition and fulfill lease obligations, separate from acquisition or major development spending. For instance, management guided toward $25 million to $75 million in gross development-related investment for the full year 2025.

Here's a quick look at the most recent reported cost data points:

Cost Category	Amount/Rate	Period/Basis
Total Indebtedness	$1.7 billion	As of June 30, 2025
Weighted Average Interest Rate	4.7%	As of September 30, 2025
Selling, General, & Admin. Expense (SGA)	$25.2 Mil	Trailing Twelve Months ended September 2025
Contractual Tenant Improvements (CapEx)	$612 thousand	Quarter ended March 31, 2025
Maintenance Capital Expenditures (CapEx)	$285 thousand	Quarter ended March 31, 2025

Property operating expenses, which include utilities and property taxes, are a significant ongoing cost, but the specific dollar amount for the latest period isn't explicitly separated from other operating costs in the readily available summaries. Still, you know these costs are being managed against the triple-net lease structure where possible.

Finance: draft 13-week cash view by Friday.

Easterly Government Properties, Inc. (DEA) - Canvas Business Model: Revenue Streams

You're looking at the core engine that drives Easterly Government Properties, Inc. (DEA) revenue, which, as a Real Estate Investment Trust (REIT), is fundamentally about long-term, high-credit tenancy. The model is built on stability, which you see clearly in the primary income source.

The main revenue driver is rental income from long-term, non-cancelable leases. Honestly, this is the bedrock of any government-focused REIT. For late 2025, the Trailing Twelve Months (TTM) revenue figure stands at $0.32 Billion USD, per the expected structure you outlined. Still, looking at the Q3 2025 results, the TTM revenue was reported slightly higher at $334.21 million, showing a solid year-over-year growth of 10.62%.

Next up, you have the built-in growth mechanism: annual rent escalations embedded in many leases, especially government-adjacent ones. These contractual bumps are crucial because they provide organic revenue growth without needing to acquire new assets or raise rents on existing ones, which is a real advantage when dealing with federal tenants.

Easterly Government Properties, Inc. also pulls in revenue from fees from development and construction management services. While the bulk of income is rent, these service fees represent an ancillary stream tied to their development pipeline, which is backed by long-term noncancelable leases, keeping the risk profile low.

To give you a clearer picture of where the money is coming from and the operational health supporting it, here's a quick look at some key metrics as of late 2025:

Metric	Value	Context/Period
TTM Revenue (As per outline)	$0.32 Billion USD	Late 2025 Estimate
Q3 2025 Reported Revenue	$86.15 million	Quarter Ended September 2025
FY2025 Core FFO per Share Guidance	$2.98 to $3.02 per share	Full Year 2025 Estimate
Portfolio Occupancy	~97%	As of Q3 2025
Weighted Average Lease Term (WALT)	~9.5 years	As of Q3 2025

Finally, the forward-looking metric that matters most for REIT valuation is the Core Funds From Operations (Core FFO) expected to be $2.98 to $3.02 per share for 2025. This guidance, reaffirmed after Q3 2025, reflects a 2% to 3% growth trajectory for the full year. Management is clearly focused on delivering this predictable cash flow, which is what supports the dividend and future capital deployment.

You should keep an eye on a few things that directly impact these streams, so here's what I'd watch:

• Lease expiration management, especially soft-term exposure, which declined to 4.7% at year-end.
• The successful commencement of key development projects, like the FDA Atlanta facility.
• The impact of the recent dividend reset on rebuilding the shareholder base.

Finance: draft 13-week cash view by Friday.