Easterly Government Properties, Inc.
For the period ended Sep 30, 2025. Filed Oct 27, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 27, 2025
DEA$22.48-0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0000950170-25-103116
Item 2. : Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-27.
0001193125-25-251664
Item 2. : Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 196 previous paragraphs and 204 current paragraphs.
131 unchanged; 50 reworded; 21 added; 15 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (21)
Current report
U.S. Government Shutdown
Current report
Since October 1, 2025, the U.S. Congress has not passed any of its annual appropriations bills for federal fiscal year 2026, leading to the ongoing U.S. Government shutdown. Despite the shutdown, we have continued to receive scheduled rent payments with respect to our portfolio of government-leased properties, consistent with previous U.S. Government shutdowns. Rent payments under our leases with the GSA are paid for from the Federal Buildings Fund, which is not subject to direct federal appropriations, and our leases with other federal agencies have been executed under delegation from the GSA, and are therefore guaranteed by the Federal Buildings Fund.
Current report
The longest shutdown in the country’s history, ending in January 2019, did not materially affect the GSA's ability to make its rent payments to lessors in a timely manner, despite the lack of appropriations. Although we cannot predict when the U.S. Government shutdown will end nor its outcomes, we do not expect delays in the collection of our rental payments.
Current report
On August 28, 2025, we acquired a 138,125 leased square foot York Space Systems facility in Greenwood Village, Colorado with a 10-year lease through December 2031.
Current report
Dispositions
Current report
On September 29, 2025, we sold ICE - Otay, a 52,881 rentable square foot office building located in San Diego, California, to a third party. Net proceeds from the sale of the operating property were approximately $3.5 million and we did not recognize a gain or loss on the sale. We assessed the recoverability of the carrying amount of ICE - Otay upon a change in circumstances and events to sell the property during the third quarter of 2025. The assessment resulted in the remeasurement of ICE - Otay, which was written down to its estimated fair value. Our estimate of the fair value was based on a pending offer to acquire the property. The remeasurement resulted in an impairment loss of $2.5 million, which is included in Impairment loss in our Consolidated Statements of Operations.
Current report
Private tenants occupy 101,627 leased square feet.
Current report
Private tenants occupy 12,259 leased square feet.
Current report
Total revenues increased $11.4 million to $86.2 million for the three months ended September 30, 2025 compared to $74.8 million for the three months ended September 30, 2024.
Current report
Total expenses increased $9.8 million to $64.9 million for the three months ended September 30, 2025 compared to $55.0 million for the three months ended September 30, 2024.
Current report
Impairment loss
Current report
During the quarter ended September 30, 2025, we recognized an impairment loss totaling approximately $2.5 million for our ICE - Otay property in order to reduce its carrying value to its estimated fair value. ICE - Otay is a 52,881 rentable square foot office building located in San Diego, California.
Current report
Total revenues increased $25.3 million to $249.1 million for the nine months ended September 30, 2025 compared to $223.8 million for the nine months ended September 30, 2024.
Current report
Total expenses increased $18.5 million to $186.6 million for the nine months ended September 30, 2025 compared to $168.1 million for the nine months ended September 30, 2024.
Current report
Impairment loss
Current report
During the nine months ended September 30, 2025, we recognized an impairment loss totaling approximately $2.5 million for our ICE - Otay property in order to reduce its carrying value to its estimated fair value. ICE - Otay is a 52,881 rentable square foot office building located in San Diego, California.
Current report
At September 30, 2025, the USD SOFR with a five day lookback (“SOFR”) was 4.12%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for each of our $400.0 million senior unsecured revolving credit facility (the “2024 revolving credit facility”), our $200.0 million senior unsecured term loan facility (as amended, our “2018 term loan facility”) and our $100.0 million senior unsecured term loan facility (as amended, our “2016 term loan facility”) is based on our consolidated leverage ratio, as set forth in the respective loan agreements.
Current report
2018 Term Loan Facility
Current report
On August 21, 2025, we entered into a fifth amendment to our second amended and restated credit agreement, dated as of July 23, 2021, to extend the maturity date of our 2018 term loan facility from July 23, 2026 to August 21, 2028 and upsize lender commitment from $174.5 million to $200.0 million. Further, the Company may exercise, at its discretion, two one-year extension options, subject to certain conditions. Lastly, the Company secured a new accordion feature of $100.0 million, which provides additional capacity subject to syndication of the increase and the satisfaction of customary terms and conditions. In connection with the extension, we recognized an aggregate $0.1 million loss on debt extinguishment during the nine months ended September 30, 2025, which is included in Interest expense, net on our Consolidated Statements of Operations.
Current report
Effective September 2, 2025, we amended the credit agreement governing our 2024 revolving credit facility to conform certain definitions related to leverage covenants to the provisions of the 2018 term loan facility.
Current report
Effective September 30, 2025, we amended the credit agreement governing our 2016 term loan facility to conform certain definitions related to leverage covenants to the provisions of the 2018 term loan facility.
Removed paragraphs (15)
Previous report
Private tenants occupy 109,234 leased square feet.
Previous report
Private tenants occupy 36,610 leased square feet.
Previous report
Total revenues increased $8.0 million to $84.2 million for the three months ended June 30, 2025 compared to $76.2 million for the three months ended June 30, 2024.
Previous report
Total expenses increased $5.3 million to $62.9 million for the three months ended June 30, 2025 compared to $57.6 million for the three months ended June 30, 2024.
Previous report
Total revenues increased $13.9 million to $162.9 million for the six months ended June 30, 2025 compared to $149.0 million for the six months ended June 30, 2024.
Previous report
Total expenses increased $8.6 million to $121.7 million for the six months ended June 30, 2025 compared to $113.1 million for the six months ended June 30, 2024.
Previous report
Our 2024 revolving credit facility is subject to one interest rate swap with an effective date of March 24, 2025 and a notional value of $100.0 million, of which $25.5 million is associated with our 2024 revolving credit facility, to effectively fix the interest rate at 5.17% annually. The spread over the secured overnight financing rate (“SOFR”) is based on our consolidated leverage ratio, as defined in our 2024 revolving credit facility agreement. Additionally, at June 30, 2025, $252.1 million of amounts outstanding under our 2024 revolving credit facility had a floating rate of 4.29% under USD SOFR with a five day lookback. As of June 30, 2025, excludes $4.2 million of net deferred financing costs that were included in "Prepaid expenses and other assets" in our balance sheet and are amortized through the current maturity.
Previous report
Supplemental U.S. Federal Income Tax Considerations
Previous report
The following discussion supplements and updates the disclosures under the heading “Certain United States Federal Income Tax Considerations” in the prospectus dated February 28, 2024, contained in our Registration Statement on Form S-3 (File No. 333-277434) filed with the SEC on February 28, 2024 (the “Existing Tax Disclosure”). Capitalized terms herein that are not otherwise defined shall have the same meaning as when used in the Existing Tax Disclosure.
Previous report
On July 4, 2025, H.R. 1, informally known as the One Big Beautiful Bill Act (the “OBBB”), was enacted. The OBBB makes major changes to the Code, including some provisions of the Code that affect the taxation of REITs and their investors. In particular,
Previous report
For taxable years beginning on or after January 1, 2026, the OBBB relaxed the REIT asset test requirement with respect to taxable REIT subsidiaries, providing that not more than 25% (relaxed from 20%) of the gross value of a REIT's assets may be represented by securities of one or more taxable REIT subsidiaries.
Previous report
The OBBB permanently extended the pass-through qualified business income deduction, generally allowing individuals to deduct 20% of the aggregate amount of ordinary REIT dividends distributed by a REIT. This deduction was due to expire for tax years beginning after December 31, 2025.
Previous report
While itemized deductions for individuals for state and local income, property and sales taxes remain subject to limitations on deductibility, the OBBB temporarily increased the limitation on such deductions for taxable years beginning prior to 2030, subject to certain phase outs.
Previous report
To the extent the information set forth in the Existing Tax Disclosure is inconsistent with this supplemental information, this supplemental information supersedes the information in the Existing Tax Disclosure. This supplemental information is provided on the same basis and subject to the same qualifications as are set forth in the first five paragraphs of the Existing Tax Disclosure as if those paragraphs were set forth in this Quarterly Report on Form 10-Q.
Previous report
The OBBB contains complex revisions to the U.S. federal income tax laws. Holders of our Common Stock are urged to consult with their tax advisors with respect to the OBBB and its potential effect on the acquisition, ownership and disposition of our Common Stock.
Reworded paragraphs (50)
Previous wording
risks associated with our dependence on the U.S. Government and its agencies for substantially all of our revenues, including credit risk and risk that the U.S. Government reduces its spending on real estate or that it changes its preference away from leased properties;
Current wording
risks associated with our dependence on the U.S. Government and its agencies for substantially all of our revenues, including credit risk and risk that the U.S. Government reduces its spending on real estate or that it changes its preference away from leased properties, including as a result of or in connection with any shutdown of the U.S. Government;
Previous wording
We focus primarily on acquiring, developing and managing U.S. Government-leased properties that are essential to supporting the mission of the tenant agency and strive to be a partner of choice for the U.S. Government, working closely with the tenant agency to meet its needs and objectives. We continue to pursue opportunities to add properties to our portfolio, including acquiring properties leased to state and local governments with strong creditworthiness and other opportunities that directly or indirectly support the mission of select government agencies. As of June 30, 2025, we wholly owned 92 operating properties and ten operating properties through an unconsolidated joint venture (the “JV”) in the United States, encompassing approximately 10.1 million leased square feet (9.5 million pro rata), including 93 operating properties that were leased primarily to U.S. Government tenant agencies, five operating properties leased to tenant agencies of a U.S. state or local government and three operating properties that were entirely leased to private tenants. As of June 30, 2025, our operating properties were 97% leased. For purposes of calculating percentage leased, we exclude from the denominator total square feet that was unleased and to which we attributed no value at the time of acquisition. In addition, we wholly owned three properties under development that we expect will encompass approximately 0.3 million leased square feet upon completion.
Current wording
We focus primarily on acquiring, developing and managing U.S. Government-leased properties that are essential to supporting the mission of the tenant agency and strive to be a partner of choice for the U.S. Government, working closely with the tenant agency to meet its needs and objectives. We continue to pursue opportunities to add properties to our portfolio, including acquiring properties leased to state and local governments with strong creditworthiness and other opportunities that directly or indirectly support the mission of select government agencies. As of September 30, 2025, we wholly owned 92 operating properties and ten operating properties through an unconsolidated joint venture (the “JV”) in the United States, encompassing approximately 10.2 million leased square feet (9.6 million pro rata), including 92 operating properties that were leased primarily to U.S. Government tenant agencies, six operating properties leased to tenant agencies of a U.S. state or local government and four operating properties that were entirely leased to private tenants. As of September 30, 2025, our operating properties were 97% leased. For purposes of calculating percentage leased, we exclude from the denominator total square feet that was unleased and to which we attributed no value at the time of acquisition. In addition, we wholly owned four properties under development that we expect will encompass approximately 0.3 million leased square feet upon completion.
Previous wording
The Operating Partnership holds substantially all of our assets and conducts substantially all of our business. We are the sole general partner of the Operating Partnership and owned approximately 96.2% of the aggregate limited partnership interests in the Operating Partnership, which we refer to herein as common units, as of June 30, 2025. We have elected to be taxed as a REIT and believe that we have operated and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015.
Current wording
The Operating Partnership holds substantially all of our assets and conducts substantially all of our business. We are the sole general partner of the Operating Partnership and owned approximately 96.3% of the aggregate limited partnership interests in the Operating Partnership, which we refer to herein as common units, as of September 30, 2025. We have elected to be taxed as a REIT and believe that we have operated and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015.
Previous wording
On May 19, 2025, we acquired 100% of the membership interests in an entity that has the sole rights to a development project in Fort Myers, Florida for $1.8 million. On July 2, 2025, we acquired land to develop an approximately 64,000 square foot laboratory in Fort Myers, Florida for $5.8 million. The laboratory will be primarily leased to the Florida Department of Law Enforcement over a 25-year non-cancelable term.
Current wording
On May 19, 2025, we acquired 100% of the membership interests in an entity that has the sole rights to a development project in Fort Myers, Florida for $1.8 million. On July 2, 2025, in connection with such development rights, we acquired land to develop an approximately 64,000 square foot laboratory for $5.8 million. The laboratory will be primarily leased to the Florida Department of Law Enforcement over a 25-year non-cancelable term.
Previous wording
As of June 30, 2025, our operating properties were 97% leased with a weighted average annualized lease income per leased square foot of $36.50 ($36.20 pro rata) and a weighted average age of approximately 16.3 years based on the date the property was built or renovated-to-suit, where applicable. We calculate annualized lease income as annualized contractual base rent for the last month in a specified period, plus the annualized straight line rent adjustments for the last month in such period and the annualized net expense reimbursements earned by us for the last month in such period.
Current wording
As of September 30, 2025, our operating properties were 97% leased with a weighted average annualized lease income per leased square foot of $36.74 ($36.45 pro rata) and a weighted average age of approximately 16.4 years based on the date the property was built or renovated-to-suit, where applicable. We calculate annualized lease income as annualized contractual base rent for the last month in a specified period, plus the annualized straight line rent adjustments for the last month in such period and the annualized net expense reimbursements earned by us for the last month in such period.
Previous wording
Certain of our leases are currently in the “soft-term” period of the lease, meaning that the U.S. Government tenant agency has the right to terminate the lease prior to its stated lease end date. We believe that, from the U.S. Government’s perspective, leases with such provisions are helpful for budgetary purposes. While some of our leases are contractually subject to early termination, we do not believe that our tenant agencies are likely to terminate these leases early given the build-to-suit features at the properties subject to the leases, the weighted average age of these properties based on the date the property was built or renovated-to-suit, where applicable (approximately 19.9 years as of June 30, 2025), the mission-critical focus of the properties subject to the leases and the current level of operations at such properties.
Current wording
Certain of our leases are currently in the “soft-term” period of the lease, meaning that the U.S. Government tenant agency has the right to terminate the lease prior to its stated lease end date. We believe that, from the U.S. Government’s perspective, leases with such provisions are helpful for budgetary purposes. While some of our leases are contractually subject to early termination, we do not believe that our tenant agencies are likely to terminate these leases early given the build-to-suit features at the properties subject to the leases, the weighted average age of these properties based on the date the property was built or renovated-to-suit, where applicable (approximately 20.3 years as of September 30, 2025), the mission-critical focus of the properties subject to the leases and the current level of operations at such properties.
Previous wording
The year of lease expiration is pursuant to current contract terms. Some tenants have the right to vacate their space during a specified period, or “soft term,” before the stated terms of their leases expire. As of June 30, 2025, nine tenants occupying approximately 5.3% of our leased square feet and contributing approximately 4.7% of our annualized lease income are currently operating under lease provisions that allow them to exercise their right to terminate their lease before the stated term of their respective lease expires.
Current wording
The year of lease expiration is pursuant to current contract terms. Some tenants have the right to vacate their space during a specified period, or “soft term,” before the stated terms of their leases expire. As of September 30, 2025, five tenants occupying approximately 1.8% of our leased square feet and contributing approximately 1.6% of our annualized lease income are currently operating under lease provisions that allow them to exercise their right to terminate their lease before the stated term of their respective lease expires.
Previous wording
The $8.2 million increase in Rental income is primarily attributable to the eight operating properties acquired since June 30, 2024 and a full period of operations from the three operating properties acquired during the quarter ended June 30, 2024.
Current wording
The $9.7 million increase in Rental income is primarily attributable to the eight operating properties acquired since September 30, 2024 and a full period of operations from the one operating property acquired during the quarter ended September 30, 2024.
Previous wording
The $0.9 million decrease in tenant reimbursements is primarily attributable to a decrease in tenant project reimbursement.
Current wording
The $1.0 million increase in tenant reimbursements is primarily attributable to an increase in tenant project reimbursement.
Previous wording
The $0.1 million increase in Asset management income is primarily attributable to the fee earned by us for asset management of the JV from the one property acquired since June 30, 2024.
Current wording
The less than $0.1 million increase in Asset management income is primarily attributable to the fee earned by us for asset management of the JV from a full period of operations from the one property acquired during the quarter ended September 30, 2024.
Previous wording
The $0.7 million increase in Other income is primarily attributable to an increase in interest income.
Current wording
The $0.6 million increase in Other income is primarily attributable to an increase in interest income.
Previous wording
The $1.1 million increase in Property operating expenses is primarily attributable to the eight operating properties acquired since June 30, 2024 and a full period of operations from the three operating properties acquired during the quarter ended June 30, 2024.
Current wording
The $4.0 million increase in Property operating expenses is primarily attributable to the eight operating properties acquired since September 30, 2024 and a full period of operations from the one operating property acquired during the quarter ended September 30, 2024.
Previous wording
The $0.6 million increase in Real estate taxes is primarily attributable to the eight operating properties acquired since June 30, 2024 and a full period of operations from the three operating properties acquired during the quarter ended June 30, 2024.
Current wording
The $0.8 million increase in Real estate taxes is primarily attributable to the eight operating properties acquired since September 30, 2024 and a full period of operations from the one operating property acquired during the quarter ended September 30, 2024.
Previous wording
The $4.4 million increase in Depreciation and amortization is primarily attributable to the eight operating properties acquired since June 30, 2024 and a full period of operations from the three operating properties acquired during the quarter ended June 30, 2024.
Current wording
The $5.2 million increase in Depreciation and amortization is primarily attributable to the eight operating properties acquired since September 30, 2024 and a full period of operations from the one operating property acquired during the quarter ended September 30, 2024.
Previous wording
The $0.1 million decrease in Corporate general and administrative is primarily due to a decrease in employee costs and non-cash compensation.
Current wording
The $1.1 million increase in Corporate general and administrative is primarily due to an increase in non-cash compensation.
Previous wording
The $0.5 million increase in Income from unconsolidated real estate venture is primarily attributable to the one operating property acquired by the JV since June 30, 2024.
Current wording
The less than $0.1 million decrease in Income from unconsolidated real estate venture is primarily attributable to higher operating expenses partially offset by a full period of operations from the one operating property acquired by the JV during the quarter ended September 30, 2024.
Previous wording
The $3.8 million increase in Interest expense, net is primarily attributable to the fixed rate senior unsecured notes issued since June 30, 2024.
Current wording
The $2.8 million increase in Interest expense, net is primarily attributable to the fixed rate senior unsecured notes issued since September 30, 2024.
Previous wording
Comparison of Results of Operations for the six months ended June 30, 2025 and 2024
Current wording
Comparison of Results of Operations for the nine months ended September 30, 2025 and 2024
Previous wording
The financial information presented below summarizes our results of operations for the six months ended June 30, 2025 and 2024 (amounts in thousands).
Current wording
The financial information presented below summarizes our results of operations for the nine months ended September 30, 2025 and 2024 (amounts in thousands).
Previous wording
The $13.0 million increase in Rental income is primarily attributable to the eight operating properties acquired since June 30, 2024 and a full period of operations from the three operating properties acquired during the six months ended June 30, 2024.
Current wording
The $22.7 million increase in Rental income is primarily attributable to the eight operating properties acquired since September 30, 2024 and a full period of operations from the four operating properties acquired during the nine months ended September 30, 2024.
Previous wording
The $0.9 million decrease in tenant reimbursements is primarily attributable to a decrease in tenant project reimbursement.
Current wording
The $0.1 million increase in Tenant reimbursements is primarily attributable to an increase in tenant project reimbursement.
Previous wording
The $0.1 million increase in Asset management income is primarily attributable to the fee earned by us for asset management of the JV from the one property acquired since June 30, 2024.
Current wording
The $0.2 million increase in Asset management income is primarily attributable to the fee earned by us for asset management of the JV from a full period of operations from the one property acquired during the nine months ended September 30, 2024.
Previous wording
The $1.7 million increase in Other income is primarily attributable to an increase in interest income.
Current wording
The $2.3 million increase in Other income is primarily attributable to an increase in interest income.
Previous wording
The $2.3 million increase in Property operating expenses is primarily attributable to the eight operating properties acquired since June 30, 2024 and a full period of operations from the three operating properties acquired during the six months ended June 30, 2024.
Current wording
The $6.3 million increase in Property operating expenses is primarily attributable to the eight operating properties acquired since September 30, 2024 and a full period of operations from the four operating properties acquired during the nine months ended September 30, 2024.
Previous wording
The $0.4 million increase in Real estate taxes is primarily attributable to the eight operating properties acquired since June 30, 2024 and a full period of operations from the three operating properties acquired during the six months ended June 30, 2024.
Current wording
The $1.2 million increase in Real estate taxes is primarily attributable to the eight operating properties acquired since September 30, 2024 and a full period of operations from the four operating properties acquired during the nine months ended September 30, 2024.
Previous wording
The $7.4 million increase in Depreciation and amortization is primarily attributable to the eight operating properties acquired since June 30, 2024 and a full period of operations from the three operating properties acquired during the six months ended June 30, 2024.
Current wording
The $12.6 million increase in Depreciation and amortization is primarily attributable to the eight operating properties acquired since September 30, 2024 and a full period of operations from the four operating properties acquired during the nine months ended September 30, 2024.
Previous wording
The $0.3 million decrease in Corporate general and administrative is primarily due to a decrease in employee costs and non-cash compensation.
Current wording
The $0.8 million increase in Corporate general and administrative is primarily due to an increase in non-cash compensation.
Previous wording
The $0.8 million decrease in provision for (recovery of) credit losses is primarily due to a downward adjustment to our credit loss allowance for a $15.0 million paydown of Real estate loan receivable and change in market conditions.
Current wording
The $2.0 million decrease in Provision for (recovery of) credit losses is primarily due to a downward adjustment to our credit loss allowance for a $15.0 million paydown of Real estate loan receivable and change in market conditions.
Previous wording
The $0.9 million increase in Income from unconsolidated real estate venture is primarily attributable to the one operating property acquired by the JV since June 30, 2024.
Current wording
The $0.9 million increase in Income from unconsolidated real estate venture is primarily attributable to a full period of operations from the one operating property acquired by the JV during the nine months ended September 30, 2024.
Previous wording
The $8.3 million increase in Interest expense, net is primarily attributable to the fixed rate senior unsecured notes issued since June 30, 2024.
Current wording
The $11.2 million increase in Interest expense, net is primarily attributable to the fixed rate senior unsecured notes issued since September 30, 2024.
Previous wording
We anticipate that our cash flows from the sources listed below will provide adequate capital for the next 12 months for all anticipated uses, including all scheduled principal and interest payments on our outstanding indebtedness, current and anticipated tenant improvements, development activities at FDA – Atlanta, JUD – Flagstaff and JUD – Medford, planned and possible acquisitions of properties, stockholder distributions to maintain our qualification as a REIT, potential repurchases of common stock under our share repurchase program and other capital obligations associated with conducting our business. At June 30, 2025, we had approximately $4.7 million available in cash and cash equivalents, $9.4 million of restricted cash and there was approximately $122.3 million available under our 2024 revolving credit facility.
Current wording
We anticipate that our cash flows from the sources listed below will provide adequate capital for the next 12 months for all anticipated uses, including all scheduled principal and interest payments on our outstanding indebtedness, current and anticipated tenant improvements, development activities at FDA – Atlanta, JUD – Flagstaff, JUD – Medford and FL - Ft. Myers, planned and possible acquisitions of properties, stockholder distributions to maintain our qualification as a REIT, potential repurchases of common stock under our share repurchase program and other capital obligations associated with conducting our business. At September 30, 2025, we had approximately $4.4 million available in cash and cash equivalents, $9.9 million of restricted cash and there was approximately $229.0 million available under our 2024 revolving credit facility.
Previous wording
development and redevelopment activities, including major redevelopment, renovation or expansion programs at FDA - Atlanta, JUD - Flagstaff and JUD - Medford and other individual properties;
Current wording
development and redevelopment activities, including major redevelopment, renovation or expansion programs at FDA - Atlanta, JUD - Flagstaff, JUD - Medford and FL - Ft. Myers and other individual properties;
Previous wording
We entered into separate equity distribution agreements on each of December 20, 2019 (the “2019 ATM Program”) and June 22, 2021 (the “2021 ATM Program” and, together with the 2019 ATM Program, the “ATM Programs”) with various financial institutions pursuant to which we may issue and sell shares of our common stock having an aggregate offering price of up to $300.0 million under each ATM Program from time to time in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act. Under each of the ATM Programs, we may enter into one or more forward transactions (each, a “forward sale transaction”) under separate master forward sale confirmations and related supplemental confirmations with each of the various financial institutions party to the respective ATM Program for the sale of shares of our common stock on a forward basis.
Current wording
We entered into separate equity distribution agreements on each of December 20, 2019 (the “2019 ATM Program”) and June 22, 2021 (the “2021 ATM Program”) with various financial institutions. Pursuant to the 2021 ATM Program, we may issue and sell shares of our common stock having an aggregate offering price of up to $300.0 million from time to time in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act. Under the 2021 ATM Program, we may enter into one or more forward transactions (each, a “forward sale transaction”) under separate master forward sale confirmations and related supplemental confirmations with each of the various financial institutions party to the 2021 ATM Program for the sale of shares of our common stock on a forward basis.
Previous wording
As of June 30, 2025, we had approximately $253.1 million of gross sales of our common stock available under the 2021 ATM Program. The 2019 ATM Program was terminated on April 30, 2025 and there were no issuances under the 2019 ATM Program during the three or six months ended June 30, 2025.
Current wording
The 2019 ATM Program, which also provided for the issuance and sale of shares of our common stock having an aggregate offering price of up to $300.0 million in “at the market” offerings and forward sale transactions, was terminated on April 30, 2025 and there were no issuances under the 2019 ATM Program during the three and nine months ended September 30, 2025.
Previous wording
The following table sets forth certain information with respect to issuances under the 2021 ATM Program during the six months ended June 30, 2025 (amounts in thousands, except share amounts):
Current wording
The following table sets forth certain information with respect to issuances under the 2021 ATM Program during the nine months ended September 30, 2025 (amounts in thousands, except share amounts):
Previous wording
No repurchases of shares of our common stock were made under the share repurchase program during the six months ended June 30, 2025.
Current wording
No repurchases of shares of our common stock were made under the share repurchase program during the nine months ended September 30, 2025.
Previous wording
Effective interest rates are as follows: 2016 term loan facility 5.59%, 2018 term loan facility 5.30%, 2017 series A senior notes 4.15%, 2017 series B senior notes 4.23%, 2017 series C senior notes 4.37%, 2019 series A senior notes 3.82%, 2019 series B senior notes 3.91%, 2019 series C senior notes 4.04%, 2021 series A senior notes 2.74%, 2021 series B senior notes 2.99%, 2024 series A senior notes 6.74%, 2024 series B senior notes 6.73%, 2025 series A senior notes 6.36%, 2025 series B senior notes 6.51%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%.
Current wording
Effective interest rates are as follows: 2016 term loan facility 5.64%, 2018 term loan facility 5.64%, 2017 series A senior notes 4.15%, 2017 series B senior notes 4.23%, 2017 series C senior notes 4.37%, 2019 series A senior notes 3.82%, 2019 series B senior notes 3.91%, 2019 series C senior notes 4.04%, 2021 series A senior notes 2.74%, 2021 series B senior notes 2.99%, 2024 series A senior notes 6.74%, 2024 series B senior notes 6.73%, 2025 series A senior notes 6.36%, 2025 series B senior notes 6.51%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%.
Previous wording
Our $400.0 million senior unsecured revolving credit facility (the “2024 revolving credit facility”) had available capacity of $122.3 million at June 30, 2025, in addition to an accordion feature that provides us with additional capacity of up to $300.0 million, subject to syndication of the increase and the satisfaction of customary terms and conditions.
Current wording
Our $400.0 million senior unsecured revolving credit facility had available capacity of $229.0 million at September 30, 2025, in addition to an accordion feature that provides us with additional capacity of up to $300.0 million, subject to syndication of the increase and the satisfaction of customary terms and conditions.
Previous wording
Our 2016 term loan facility (as amended, our “2016 term loan facility”) is subject to three interest rate swap with an effective date of December 23, 2024 and a notional value of $100.0 million, which effectively fixes the interest rate at 5.31% annually. The spread over SOFR is based on our consolidated leverage ratio, as defined in our 2016 term loan facility agreement.
Current wording
Our 2016 term loan facility is subject to three interest rate swap with an effective date of December 23, 2024 and a notional value of $100.0 million, which effectively fixes the interest rate at 5.36% annually, based on our consolidated leverage ratio as defined in our 2016 term loan facility agreement.
Previous wording
Our 2018 term loan facility (as amended, our “2018 term loan facility”) is subject to three interest rate swaps, of which two of the swaps have an effective date of June 30, 2025 and one has an effective date of March 24, 2025. The three swaps have an aggregate notional value of $200.0 million, of which $174.5 million is associated with our 2018 term loan facility, to effectively fix the interest rate at 5.09% annually. The spread over SOFR is based on our consolidated leverage ratio, as defined in our 2018 term loan facility agreement.
Current wording
Our 2018 term loan facility is subject to three interest rate swaps, of which one has an effective date of March 24, 2025 and two of the swaps have an effective date of June 30, 2025. The three swaps have an aggregate notional value of $200.0 million, which effectively fixes the interest rate at 5.19% annually, based on our consolidated leverage ratio as defined in our 2018 term loan facility agreement.
Showing the first 40 of 50 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
As of September 30, 2025, we had approximately $236.2 million of gross sales of our common stock available under the 2021 ATM Program.
Current report — wording carried from elsewhere
Our 2018 term loan facility has two one-year as-of-right extension options subject to certain conditions and the payment of an extension fee.