Easterly Government Properties, Inc. Financial Ratios — DEA

Profitability (USD)

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	83.74	54.29	42.16	44.68	62.81	40.01	18.11	15.92	9.37
Return on Assets (%)	- -	-3.06	1	-0.21	0.4	0.36	0.35	0.35	0.51	1.14	1.11	0.66	0.64	0.39
Return on Capital (%)	- -	-24.77	-26.59	- -	2.32	3.61	3.42	4.02	4.14	5	5.08	4.37	4.92	4.76
Return on Invested Capital (%)	- -	-1.12	-1.52	- -	1.67	2.06	1.97	1.91	2.52	2.96	2.74	2.47	2.76	2.83
Gross Margin (%)	- -	100	100	71.53	70.39	70.43	69.97	67.56	69.17	68.3	66.73	64.34	66.54	66.85
EBITDA Margin (%)	- -	-39.29	-57.12	49.92	51.81	54.04	55.39	55.61	58.35	58.08	57.23	53.95	57.3	58.69
Operating Margin (%)	- -	-39.29	-57.12	10.66	14.79	18.57	19.39	16.77	22.48	26.54	24.82	23.11	26.04	25.35
Incremental Operating Margin (%)	- -	- -	- -	17.25	23.65	33.74	22.99	9.87	76.7	59.97	-0.34	101.8	82.8	19.17
Pretax Margin (%)	- -	650.7	1,071.87	-7.52	5.25	4.12	4.15	3.71	5.52	12.35	12.11	7.33	6.81	4.03
Profit Margin (%)	- -	-107.69	37.89	-1.8	3.79	3.4	3.55	3.25	4.88	10.94	10.72	6.55	6.47	3.87
Net Income to Common Margin (%)	- -	-107.69	37.89	-1.8	3.79	3.4	3.55	3.25	4.88	10.94	10.72	6.55	6.47	3.87
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	0.07	14.14	10.74	-284.72	573.09	776.94	866.25	886.2	607.8	264.14	275.35	481.98	536.54	670.33
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	-566.88	-415.98	-331.44	-226.9	-103.1	-70.16	-69.16	-69.51	-53.43

Credit (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	- -	238	293	576	766	902	978	1,211	1,251	1,295	1,599	1,666
ST Debt	- -	- -	- -	154	212	100	135	- -	79	14	66	79	275	199
LT Debt	- -	- -	- -	84	81	476	632	902	899	1,197	1,186	1,216	1,324	1,467
Total Debt/EBITDA	- -	- -	- -	6.69	5.41	8.15	8.62	7.31	6.84	7.59	7.45	8.36	9.24	8.45
Net Debt/EBITDA	0.24	2.14	8.7	6.46	5.32	7.98	8.54	7.22	6.78	7.52	7.4	8.3	9.13	8.33
Total Debt/EBIT	- -	- -	- -	31.3	18.94	23.74	24.61	24.26	17.76	16.6	17.17	19.5	20.32	19.56
Net Debt/EBIT	0.24	2.14	8.7	30.23	18.62	23.21	24.39	23.93	17.6	16.45	17.06	19.36	20.08	19.28
EBITDA to Interest Expense	- -	- -	- -	7.17	6.63	4.14	3.88	3.68	4.03	4.13	3.55	3.15	2.77	2.65
EBITDA-CapEx/Interest Expense	- -	- -	- -	7.17	6.63	4.14	3.88	3.68	4.03	4.13	3.55	3.15	2.77	2.65
EBIT to Interest Expense	- -	- -	- -	1.53	1.89	1.42	1.36	1.11	1.55	1.89	1.54	1.35	1.26	1.14
Interest Expense	- -	- -	- -	5	8	17	23	33	35	39	47	49	62	74
Common Equity/Total Assets	-1.93	-1.04	4.44	-0.16	0.29	0.53	0.72	0.93	1.33	2.23	3.34	3.93	4.1	4.3
Long-Term Debt/Equity (%)	- -	- -	- -	13.52	11.57	60.19	61.6	75.16	69.16	83.01	84.05	86.26	95.47	107.13
Long-Term Debt/Capital (%)	- -	- -	- -	17.48	18.62	67.37	69.34	85.09	77.74	83.51	78.44	81.3	73.69	78.97
Long-Term Debt/Total Assets (%)	- -	- -	- -	9.19	7.72	33.41	33.93	40.36	36.58	42.34	41.91	42.22	41.09	43.41
Total Debt/Equity (%)	- -	- -	- -	38.43	41.96	72.8	74.75	75.16	75.25	84.01	88.69	91.86	115.26	121.67
Total Debt/Capital (%)	- -	- -	- -	49.69	67.53	81.48	84.13	85.09	84.59	84.52	82.77	86.58	88.97	89.68
Total Debt/Total Assets (%)	- -	- -	- -	26.12	27.98	40.4	41.17	40.36	39.81	42.85	44.23	44.96	49.61	49.3
Net Debt to Equity	-0.7	-1.9	-10.58	37.11	41.26	71.19	74.08	74.16	74.6	83.24	88.15	91.2	113.87	119.96
Net Debt/Capital (%)	-0.7	-1.94	-11.83	48.82	67.16	81.15	84.01	84.92	84.48	84.4	82.68	86.5	88.85	89.55
EBITDA	-3	-2	-4	36	54	71	89	123	143	160	168	155	173	197
EBITDA-CapEx	-3	-2	-4	36	54	71	89	123	143	160	168	155	173	197
Operating Income (Loss)	-3	-2	-4	8	15	24	31	37	55	73	73	66	79	85

Liquidity (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	1.63	2.76	9.47	0.05	0.02	0.11	0.04	0.12	0.04	0.07	0.04	0.04	0.04	0.04
Current Ratio	1.63	3.31	9.47	0.12	0.1	0.33	0.3	0.59	0.27	0.49	0.35	0.36	0.27	0.23
Quick Ratio	1.63	2.76	9.47	0.11	0.09	0.29	0.23	0.54	0.24	0.43	0.31	0.31	0.25	0.21
CFO/Avg Current Liab	- -	-53.64	-9.87	0.36	0.24	0.28	0.43	1.04	0.9	0.62	0.67	0.5	0.44	0.51
Common Equity/Total Assets	-1.93	-1.04	4.44	-0.16	0.29	0.53	0.72	0.93	1.33	2.23	3.34	3.93	4.1	4.3
Long-Term Debt/Equity (%)	- -	- -	- -	13.52	11.57	60.19	61.6	75.16	69.16	83.01	84.05	86.26	95.47	107.13
Long-Term Debt/Capital (%)	- -	- -	- -	17.48	18.62	67.37	69.34	85.09	77.74	83.51	78.44	81.3	73.69	78.97
Long-Term Debt/Total Assets (%)	- -	- -	- -	9.19	7.72	33.41	33.93	40.36	36.58	42.34	41.91	42.22	41.09	43.41
Total Debt/Equity (%)	- -	- -	- -	38.43	41.96	72.8	74.75	75.16	75.25	84.01	88.69	91.86	115.26	121.67
Total Debt/Capital (%)	- -	- -	- -	49.69	67.53	81.48	84.13	85.09	84.59	84.52	82.77	86.58	88.97	89.68
Total Debt/Total Assets (%)	- -	- -	- -	26.12	27.98	40.4	41.17	40.36	39.81	42.85	44.23	44.96	49.61	49.3
CFO/Total Liabilities	-7,379.23	-3,657.31	-674.38	10.25	13.59	7.76	7.51	13.75	12.54	8.55	8.88	7.79	8.86	12.89
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	-0.09	0.01	0.09	0.66	0.97	0.9	0.68	1.1	1.04	1.02	0.73	0.69	0.49	0.39

Working Capital (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	- -	15.4	8.85	7.17	5.85	5.8	5.53	5.3	4.99	4.59	4.4	5.48
Days Sales Outstanding	- -	- -	- -	23.69	41.23	50.93	62.42	62.92	66.04	68.93	73.08	79.49	83.04	66.61
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	3.21	2.68	2.3	1.79	1.75	1.57	1.59	1.52	1.39	1.11	1.06
Accounts Payable Turnover Days	- -	- -	- -	113.75	136.28	158.57	204.48	208.27	232.81	229.25	239.57	262.89	327.68	345.56
Cash Conversion Cycle	- -	- -	- -	-90.06	-95.05	-107.64	-142.05	-145.35	-166.77	-160.32	-166.49	-183.4	-244.63	-278.96
Inventory to Cash Days	- -	- -	- -	23.69	41.23	50.93	62.42	62.92	66.04	68.93	73.08	79.49	83.04	66.61
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	368	614	845	839	1,632	1,772	1,926	1,293	1,267	1,175	952
- Cash & Cash Equivalents	1	3	31	8	5	13	7	12	8	11	8	9	19	23
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	105	179	284	243	138	123	131	137	145	159	166	87	66	46
+ Total Debt	- -	- -	- -	238	293	576	766	902	978	1,211	1,251	1,295	1,599	1,666
Enterprise Value	105	175	252	841	1,039	1,532	1,730	2,659	2,887	3,285	2,703	2,640	2,821	2,641
Total Capital	103	177	297	479	434	707	911	1,060	1,156	1,433	1,512	1,495	1,797	1,858
Total Debt/Capital (%)	- -	- -	- -	49.69	67.53	81.48	84.13	85.09	84.59	84.52	82.77	86.58	88.97	89.68
Total Debt / EV	- -	- -	- -	0.28	0.28	0.38	0.44	0.34	0.34	0.37	0.46	0.49	0.57	0.63
EV/Sales	- -	43.73	39.91	11.78	9.94	11.72	10.77	11.99	11.78	11.95	9.21	9.19	9.34	7.86
EV/EBITDA	- -	- -	- -	23.6	19.18	21.69	19.44	21.57	20.19	20.58	16.08	17.04	16.3	13.39
EV/EBIT	- -	- -	- -	110.49	67.19	63.13	55.54	71.53	52.41	45.03	37.08	39.76	35.85	31
EV/Cash Flow to Firm	- -	- -	- -	24.08	18.71	23.1	20.19	15.13	15.98	20.93	15.59	16.13	12.53	7.92
EV/Free Cash Flow to Firm	- -	- -	- -	24.08	18.71	23.1	20.19	15.13	15.98	20.93	15.59	16.13	12.53	7.92
Diluted Market Cap	- -	- -	- -	368	648	887	861	1,642	1,785	1,939	1,298	1,271	1,179	955
Diluted Enterprise Value	105	175	252	841	1,074	1,573	1,752	2,670	2,900	3,298	2,708	2,644	2,824	2,644
EV per Share	11.7	19.58	26.11	98.09	84.8	96.68	80.81	96.67	92.27	97.72	74.57	70.01	68.17	58.8
TTM Sales	- -	4	6	71	105	131	161	222	245	275	294	287	302	336
TTM EBITDA	-3	-2	-4	36	54	71	89	123	143	160	168	155	173	197
TTM Operating Income	-3	-2	-4	8	15	24	31	37	55	73	73	66	79	85
TTM Cash Flow to Firm	-33	-45	-22	35	56	66	86	176	181	157	173	164	225	334
TTM Free Cash Flow to Firm	-33	-45	-22	35	56	66	86	176	181	157	173	164	225	334

Multiples (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	12.29	13.68	18.02	13.72	11.54	12.29	16.39	10.3	11.1	7.25	3.68
EV/EBIT	- -	- -	- -	110.49	67.19	63.13	55.54	71.53	52.41	45.03	37.08	39.76	35.85	31
Enterprise Value	105	175	252	841	1,039	1,532	1,730	2,659	2,887	3,285	2,703	2,640	2,821	2,641
Low Price	- -	- -	- -	37.95	41.03	47.7	37.9	38.25	47.5	49.1	33.73	25.67	26.9	19.33
EV/Sales	- -	43.73	39.91	11.78	9.94	11.72	10.77	11.99	11.78	11.95	9.21	9.19	9.34	7.86
EV/EBITDA	- -	- -	- -	23.6	19.18	21.69	19.44	21.57	20.19	20.58	16.08	17.04	16.3	13.39
Price/Earnings	- -	- -	- -	- -	154.81	190.02	147.1	226.45	148.13	64.08	41.08	67.37	60.1	73.21
Price/Earnings Average	- -	- -	- -	-271.53	144.79	181.13	182.37	186.86	155.17	60.37	53.8	68.38	66.26	80.79
Price/Earnings High	- -	- -	- -	-314.11	161	198.75	201.59	226.72	194.22	66.13	68.09	84.16	76.86	102.78
Price/Earnings Low	- -	- -	- -	-253.35	126.91	169.9	142.22	145.99	124.25	54.91	38.84	51.47	56.93	66.78
Price/Book Value	- -	- -	- -	-253.38	201.29	111.58	62.43	78.64	54.04	30.61	13.7	11.18	8.88	6.55
Price/Book Value Average	- -	- -	- -	-239.95	188.26	106.36	77.4	64.9	56.61	28.84	17.94	11.35	9.79	7.23
Price/Book Value High	- -	- -	- -	-277.57	209.33	116.71	85.56	78.74	70.86	31.59	22.7	13.97	11.36	9.2
Price/Book Value Low	- -	- -	- -	-223.89	165.01	99.76	60.36	50.7	45.33	26.23	12.95	8.54	8.41	5.98
Price/Tangible Book Value	- -	- -	- -	0.73	1.05	1.3	0.98	1.58	1.56	1.53	1.03	1	0.96	0.8
Price/Tangible Book Value Average	- -	- -	- -	0.69	0.98	1.24	1.21	1.31	1.63	1.45	1.35	1.02	1.06	0.89
Price/Tangible Book Value High	- -	- -	- -	0.8	1.09	1.36	1.34	1.58	2.04	1.58	1.71	1.25	1.23	1.13
Price/Tangible Book Value Low	- -	- -	- -	0.65	0.86	1.17	0.94	1.02	1.31	1.31	0.98	0.77	0.91	0.73
Price/Sales	- -	- -	- -	5.16	5.86	6.47	5.22	7.36	7.23	7.01	4.4	4.41	3.89	2.83
Price/Sales Average	- -	- -	- -	4.88	5.48	6.17	6.48	6.07	7.57	6.6	5.77	4.48	4.29	3.13
Price/Sales High	- -	- -	- -	5.65	6.1	6.77	7.16	7.37	9.48	7.23	7.3	5.51	4.98	3.98
Price/Sales Low	- -	- -	- -	4.56	4.81	5.78	5.05	4.75	6.06	6.01	4.16	3.37	3.68	2.58
Price/Cash Flow	- -	- -	- -	12.29	12.95	17.17	13.36	11.47	12.2	16.28	10.27	11.07	7.23	3.67
Price/Cash Flow Average	- -	- -	- -	11.64	12.11	16.37	16.57	9.46	12.78	15.33	13.45	11.23	7.97	4.05
Price/Cash Flow High	- -	- -	- -	13.47	13.47	17.96	18.31	11.48	16	16.8	17.02	13.82	9.24	5.16
Price/Cash Flow Low	- -	- -	- -	10.86	10.62	15.35	12.92	7.39	10.24	13.95	9.71	8.45	6.84	3.35
Price/Free Cash Flow Average	- -	- -	- -	11.64	12.79	17.17	17.01	9.52	12.88	15.44	13.5	11.27	7.99	4.07
Price/Free Cash Flow High	- -	- -	- -	13.47	14.23	18.84	18.8	11.55	16.12	16.91	17.08	13.87	9.27	5.17
Price/Free Cash Flow Low	- -	- -	- -	10.86	11.21	16.11	13.26	7.44	10.31	14.04	9.74	8.48	6.86	3.36
EV/Sales Average	- -	43.73	39.91	11.51	9.56	11.42	12.02	10.71	12.12	11.55	10.57	9.26	9.74	8.15
EV/Sales High	- -	43.73	39.91	12.27	10.17	12.02	12.71	12	14.03	12.18	12.1	10.29	10.42	9
EV/Sales Low	- -	43.73	39.91	11.18	8.88	11.04	10.6	9.38	10.61	10.95	8.97	8.15	9.13	7.61
EV/EBITDA Average	-35.15	-111.29	-69.88	23.05	18.45	21.13	21.71	19.25	20.78	19.88	18.47	17.16	16.99	13.89
EV/EBITDA High	-35.15	-111.29	-69.88	24.58	19.63	22.24	22.94	21.58	24.04	20.97	21.14	19.07	18.19	15.34
EV/EBITDA Low	-35.15	-111.29	-69.88	22.4	17.14	20.42	19.13	16.86	18.19	18.85	15.67	15.11	15.94	12.97
EV/EBIT Average	-35.15	-111.29	-69.88	107.92	64.62	61.5	62	63.85	53.93	43.5	42.58	40.04	37.39	32.16
EV/EBIT High	-35.15	-111.29	-69.88	115.11	68.77	64.73	65.52	71.58	62.41	45.88	48.75	44.51	40.02	35.52
EV/EBIT Low	-35.15	-111.29	-69.88	104.86	60.04	59.44	54.65	55.93	47.22	41.25	36.12	35.26	35.07	30.02
Last Price	- -	- -	- -	42.95	50.05	53.35	39.2	59.33	56.63	57.3	35.67	33.6	28.4	21.19
High Price	- -	- -	- -	47.05	52.05	55.8	53.72	59.4	74.25	59.13	59.13	41.97	36.32	29.75
Enterprise Value Average	105	175	252	821	1,000	1,492	1,931	2,374	2,971	3,173	3,103	2,659	2,941	2,740
Enterprise Value High	105	175	252	876	1,064	1,571	2,040	2,661	3,438	3,347	3,553	2,955	3,148	3,026
Enterprise Value Low	105	175	252	798	929	1,442	1,702	2,079	2,601	3,009	2,632	2,341	2,759	2,558

Shares Outstanding	10	10	10	10	15	18	24	30	33	36	36	40	43	46
Diluted Weighted Avg Shares	9	9	10	9	13	17	22	28	32	34	36	38	42	45
Basic Weighted Avg Shares	9	9	10	9	12	16	21	28	31	34	36	38	41	45
Revenue per Share	- -	0.45	0.65	8.33	8.53	8.25	7.5	8.06	7.83	8.18	8.1	7.62	7.3	7.48
EBITDA per Share	-0.33	-0.18	-0.37	4.16	4.42	4.46	4.16	4.48	4.57	4.75	4.64	4.11	4.18	4.39
Operating Income per Share	-0.33	-0.18	-0.37	0.89	1.26	1.53	1.45	1.35	1.76	2.17	2.01	1.76	1.9	1.9
Basic EPS, GAAP	-0.3	-0.48	0.25	-0.15	0.32	0.28	0.27	0.26	0.38	0.89	0.87	0.5	0.47	0.29
Basic EPS from Cont Ops	1.08	2.91	7.01	-0.63	0.45	0.34	0.31	0.3	0.43	1.01	0.98	0.56	0.5	0.3
Diluted EPS, GAAP	-0.3	-0.48	0.25	-0.15	0.31	0.27	0.26	0.26	0.38	0.89	0.87	0.5	0.47	0.29
Diluted EPS from Cont Ops	1.08	2.91	7.01	-0.63	0.42	0.32	0.3	0.3	0.43	1	0.98	0.56	0.5	0.3
Dividend per Share	- -	0.89	1.48	3.14	3.29	3.1	3.08	2.98	2.93	2.97	3.01	2.98	2.8	2.11
Cash Flow per Share	-3.65	-4.98	-2.32	3.49	3.86	3.11	2.93	5.17	4.64	3.52	3.47	3.04	3.93	5.77
Free Cash Flow per Basic Share	-3.65	-4.98	-2.32	3.49	3.86	3.11	2.93	5.17	4.64	3.52	3.47	3.04	3.93	5.77
Cash & Equivalents per Share	0.08	0.38	3.25	0.95	0.4	0.8	0.32	0.44	0.27	0.33	0.21	0.25	0.47	0.52
Book Value per Share	-0.22	-0.21	1.38	-0.17	0.25	0.48	0.63	0.75	1.05	1.87	2.6	3.01	3.2	3.23
Tangible Book Value per Share	11.56	19.75	30.74	58.72	47.6	40.9	40.16	37.49	36.33	37.34	34.59	33.44	29.62	26.39

Easterly Government Properties, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)