Parents have just days to book free activities and meals for their children
The Government-funded Holiday Activities and Food Programme (HAF) is closing for bookings on Monday, July 28.
The initiative is designed to support eligible families by providing activities such as football and crafts, along with a hot meal, during the summer break.
All eligible parents should have received a HAF programme voucher from their child's school.
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— Swindon Advertiser (@swindonadver) July 4, 2025
This voucher allows you to book 16 free activities for your child throughout the summer holidays.
Caroline, a mother whose daughter attended the programme last year, said: "My husband and I are very grateful for the programme.
"It is hard for me to take them out with my youngest, so it is a huge blessing for our family."
Read more: Manager celebrates 'incredible milestone' at town's oldest business
The HAF programme has been praised by many parents for offering more than just activities and meals, but also providing a safe and fun environment for children to enjoy during the holidays.
The programme is seen as a crucial support for families during the summer break, helping to ease the burden of childcare and providing enriching experiences for children.
Parents are urged not to miss out on this opportunity and to book the remaining activities before the deadline.
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Development On June 11, 2025, the Company acquired the land to develop a 40,035 rentable square foot Federal District and Federal Magistrate Courthouse in Medford, Oregon ('JUD - Medford') with a 20-year non-cancelable lease. JUD - Medford is expected to be a state-of-the-art, two-story courthouse that is designed to meet LEED Silver for New Construction. The facility is expected to be designed according to the Government's specific requirements for a district courthouse. In addition to the District and Federal Magistrate courtrooms, the courthouse is expected to also house the offices for both U.S. Senators, U.S. Marshal Service, a Probation Office, and U.S. Attorneys Office, all under the same 20-year non-cancelable lease. Sitework is slated to commence in the first half of 2026 with an anticipated delivery date in the second half of 2027. Once delivered, a brand-new 20-year firm term lease will commence with the GSA for the benefit of the United States Judiciary. Balance Sheet and Capital Markets Activity As of June 30, 2025, the Company had total indebtedness of approximately $1.7 billion comprised of $277.6 million outstanding on its senior unsecured revolving credit facility, $100.0 million outstanding on its 2016 term loan facility, $174.5 million outstanding on its 2018 term loan facility, $1.0 billion of senior unsecured notes, and $154.0 million of mortgage debt (excluding unamortized premiums and discounts and deferred financing fees). The Company's outstanding debt had a weighted average maturity of 4.4 years and a weighted average interest rate of 4.7%. Further, the Company's Net Debt to total enterprise value was 62.2% and its Adjusted Net Debt to annualized quarterly pro forma EBITDA ratio was 7.2x. Dividend On July 30, 2025, the Board of Directors of Easterly approved a cash dividend for the second quarter of 2025 in the amount of $0.45 per common share. The dividend will be payable August 25, 2025 to shareholders of record on August 13, 2025. Subsequent Events On July 2, 2025, the Company acquired the land to develop an approximately 64,000 square foot laboratory in Fort Myers, Florida. The laboratory will be primarily leased to the Florida Department of Law Enforcement over a 25-year non-cancelable term with two five-year renewal options. Guidance This guidance is forward-looking and reflects management's view of current and future market conditions. The Company's actual results may differ materially from this guidance. Outlook for the 12 Months Ending December 31, 2025 The Company is maintaining its guidance for full-year 2025 Core FFO per share on a fully diluted basis at a range of $2.98 - $3.03. This guidance assumes approximately $140 million of wholly owned acquisitions and $25 - $75 million of gross development-related investment during 2025. Non-GAAP Supplemental Financial Measures This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this press release and, where applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company's financial condition and results of operations and the other purposes for which management uses the measures. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. A reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure are included in this press release following the consolidated financial statements. Additional detail can be found in the Company's most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as other documents filed with or furnished to the Securities and Exchange Commission from time to time. We present certain financial information and metrics 'at Easterly's Share,' which is calculated on an entity-by-entity basis. 'At Easterly's Share' information, which we also refer to as being 'at share,' 'pro rata,' or 'our share' is not, and is not intended to be, a presentation in accordance with GAAP. Cash Available for Distribution (CAD) is a non-GAAP financial measure that is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined under GAAP. CAD is calculated in accordance with the current Nareit definition as FFO minus normalized recurring real estate-related expenditures and other non-cash items, nonrecurring expenditures and the unconsolidated real estate venture's allocated share of these adjustments. CAD is presented solely as a supplemental disclosure because the Company believes it provides useful information regarding the Company's ability to fund its dividends. Because all companies do not calculate CAD the same way, the presentation of CAD may not be comparable to similarly titled measures of other companies. Core Funds from Operations (Core FFO) adjusts FFO to present an alternative measure of the Company's operating performance, which, when applicable, excludes items which it believes are not representative of ongoing operating results, such as liability management related costs (including losses on extinguishment of debt and modification costs), catastrophic event charges, depreciation of non-real estate assets, provision for (recovery of) credit losses, and the unconsolidated real estate venture's allocated share of these adjustments. In future periods, the Company may also exclude other items from Core FFO that it believes may help investors compare its results. The Company believes Core FFO more accurately reflects the ongoing operational and financial performance of the Company's core business. EBITDA is calculated as the sum of net income (loss) before interest expense, taxes, depreciation and amortization, (gain) loss on the sale of operating properties, impairment loss, and the unconsolidated real estate venture's allocated share of these adjustments. EBITDA is not intended to represent cash flow for the period, is not presented as an alternative to operating income as an indicator of operating performance, should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP, is not indicative of operating income or cash provided by operating activities as determined under GAAP and may be presented on a pro forma basis. EBITDA is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company's ability to service or incur debt. Because all companies do not calculate EBITDA the same way, the presentation of EBITDA may not be comparable to similarly titled measures of other companies. Funds From Operations (FFO) is defined, in accordance with the Nareit FFO White Paper - 2018 Restatement, as net income (loss), calculated in accordance with GAAP, excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. FFO includes the Company's share of FFO generated by unconsolidated affiliates. FFO is a widely recognized measure of REIT performance. Although FFO is a non-GAAP financial measure, the Company believes that information regarding FFO is helpful to shareholders and potential investors. Net Debt and Adjusted Net Debt Net Debt represents the Company's consolidated debt and its share of unconsolidated debt adjusted to exclude its share of unamortized premiums and discounts and deferred financing fees, less its share of cash and cash equivalents and property acquisition closing escrow, net of deposit. By excluding these items, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding its financial condition. Adjusted Net Debt is Net Debt reduced by 1) for each project under construction or in design, the lesser of i) outstanding lump-sum reimbursement amounts and ii) the cost to date, 2) 40% times the amount by which the cost to date exceeds total lump-sum reimbursement amounts for each project under construction or in design and 3) outstanding lump-sum reimbursement amounts for projects previously completed. These adjustments are made to 1) remove the estimated portion of each project under construction, in design or previously completed that has been financed with debt which may be repaid with outstanding cost reimbursement payments from the US Government and 2) remove the estimated portion of each project under construction or in design, in excess of total lump-sum reimbursements, that has been financed with debt but has not yet produced earnings. See page 25 of the Company's Q2 2025 Supplemental Information Package for further information. The Company's method of calculating Net Debt and Adjusted Net Debt may be different from methods used by other REITs and may be presented on a pro forma basis. Accordingly, the Company's method may not be comparable to such other REITs. Other Definitions Fully diluted basis assumes the exchange of all outstanding common units representing limited partnership interests in the Company's operating partnership, or common units, the full vesting of all shares of restricted stock, and the exchange of all earned and vested LTIP units in the Company's operating partnership for shares of common stock on a one-for-one basis, which is not the same as the meaning of 'fully diluted' under GAAP. Conference Call Information The Company will host a webcast and conference call at 11:00 am Eastern time on August 5, 2025 to review the second quarter 2025 performance, discuss recent events and conduct a question-and-answer session. A live webcast will be available in the Investor Relations section of the Company's website. Shortly after the webcast, a replay of the webcast will be available on the Investor Relations section of the Company's website for up to twelve months. Please note that the full text of the press release and supplemental information package are also available through the Company's website at About Easterly Government Properties, Inc. Easterly Government Properties, Inc. (NYSE: DEA) is based in Washington, D.C., and focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to the U.S. Government. Easterly's experienced management team brings specialized insight into the strategy and needs of mission-critical U.S. Government agencies for properties leased to such agencies either directly or through the U.S. General Services Administration (GSA). For further information on the company and its properties, please visit Forward Looking Statements We make statements in this press release that are considered 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are usually identified by the use of words such as 'anticipates,' 'believes,' 'estimates,' 'expects,' 'intends,' 'may,' 'plans,' 'projects,' 'seeks,' 'should,' 'will,' and variations of such words or similar expressions and include our guidance with respect to Net income (loss) and Core FFO per share on a fully diluted basis. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement in this press release for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation: 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; risks associated with ownership and development of real estate; the risk of decreased rental rates or increased vacancy rates; the loss of key personnel; general volatility of the capital and credit markets and the market price of our common stock; the risk we may lose one or more major tenants; difficulties in completing and successfully integrating acquisitions; failure of acquisitions or development projects to occur at anticipated levels or yield anticipated results; risks associated with our joint venture activities; risks associated with actual or threatened terrorist attacks; intense competition in the real estate market that may limit our ability to attract or retain tenants or re-lease space; insufficient amounts of insurance or exposure to events that are either uninsured or underinsured; uncertainties and risks related to adverse weather conditions, natural disasters and climate change; exposure to liability relating to environmental and health and safety matters; limited ability to dispose of assets because of the relative illiquidity of real estate investments and the nature of our assets; exposure to litigation or other claims; risks associated with breaches of our data security; risks associated with our indebtedness, including failure to refinance current or future indebtedness on favorable terms, or at all, failure to meet the restrictive covenants and requirements in our existing and new debt agreements, fluctuations in interest rates and increased costs to refinance or issue new debt; risks associated with derivatives or hedging activity; risks associated with mortgage debt or unsecured financing or the unavailability thereof, which could make it difficult to finance or refinance properties and could subject us to foreclosure; adverse impacts from any future pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies and our financial condition and results of operations; and other risks and uncertainties detailed in the 'Risk Factors' section of our Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (SEC) on February 25, 2025, and under the heading 'Risk Factors' in our other public filings. In addition, our anticipated qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, or the Code, and depends on our ability to meet the various requirements imposed by the Code through actual operating results, distribution levels and diversity of stock ownership. We assume no obligation to update publicly any forward looking statements, whether as a result of new information, future events or otherwise. (Unaudited, in thousands, except share amounts) December 31, 2024 Assets Real estate properties, net $ 2,682,915 $ 2,572,095 Cash and cash equivalents 4,697 19,353 Restricted cash 9,354 8,451 Tenant accounts receivable 75,506 71,172 Investment in unconsolidated real estate venture 310,514 316,521 Real estate loan receivable, net 31,942 34,081 Intangible assets, net 188,006 161,425 Interest rate swaps - 717 Prepaid expenses and other assets 56,493 39,256 Total assets $ 3,359,427 $ 3,223,071 Liabilities Revolving credit facility 277,550 274,550 Term loan facilities, net 273,524 274,009 Notes payable, net 1,018,398 894,676 Mortgage notes payable, net 153,420 155,586 Intangible liabilities, net 13,331 14,885 Deferred revenue 118,659 120,977 Interest rate swaps 2,903 - Accounts payable, accrued expenses and other liabilities 115,110 101,271 Total liabilities 1,972,895 1,835,954 Equity Common stock, par value $0.01, 80,000,000 shares authorized, 45,354,115 and 43,188,224 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 453 432 Additional paid-in capital (1) 1,934,279 1,874,193 Retained earnings 139,052 131,854 Cumulative dividends (734,864 ) (686,044 ) Accumulated other comprehensive income (loss) (4,591 ) 683 Total stockholders' equity 1,334,329 1,321,118 Non-controlling interest in Operating Partnership 52,203 65,999 Total equity 1,386,532 1,387,117 Total liabilities and equity $ 3,359,427 $ 3,223,071 Expand (1) As of December 31, 2024 and June 30, 2025, the Company reclassified $0.6 million from Common Stock to Additional Paid-in-Capital due to the reduction in shares outstanding in connection with the Reverse Stock Split effective April 28, 2025. 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Expand FFO and CAD (Unaudited, in thousands, except share and per share amounts) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net income $ 4,254 $ 4,850 $ 7,537 $ 9,734 Depreciation of real estate assets 28,282 23,834 54,828 47,383 Unconsolidated real estate venture allocated share of above adjustments 2,280 2,006 4,559 4,008 FFO $ 34,816 $ 30,690 $ 66,924 $ 61,125 Adjustments to FFO: Loss on extinguishment of debt and modification costs $ - $ 258 $ 900 $ 258 Provision for (recovery of) credit losses (539 ) 218 (777 ) 218 Natural disaster event expense, net of recovery 47 (61 ) 70 (8 ) Depreciation of non-real estate assets 252 252 503 503 Unconsolidated real estate venture allocated share of above adjustments 16 16 33 33 Core FFO $ 34,592 $ 31,373 $ 67,653 $ 62,129 FFO, per share - fully diluted basis $ 0.74 $ 0.71 $ 1.45 $ 1.41 Core FFO, per share - fully diluted basis $ 0.74 $ 0.72 $ 1.46 $ 1.44 Core FFO $ 34,592 $ 31,373 $ 67,653 $ 62,129 Straight-line rent and other non-cash adjustments (300 ) (918 ) (49 ) (1,774 ) Amortization of above-/below-market leases (488 ) (480 ) (1,006 ) (1,074 ) Amortization of deferred revenue (1,863 ) (1,759 ) (3,625 ) (3,363 ) Non-cash interest expense 855 389 1,614 696 Non-cash compensation 1,395 1,160 2,816 2,389 Natural Disaster event expense, net of recovery (47 ) 61 (70 ) 8 Principal amortization (1,137 ) (1,078 ) (2,264 ) (2,195 ) Maintenance capital expenditures (3,720 ) (3,813 ) (4,005 ) (5,537 ) Contractual tenant improvements - (129 ) (612 ) (573 ) Unconsolidated real estate venture allocated share of above adjustments 11 - (9 ) (15 ) Cash Available for Distribution (CAD) $ 29,298 $ 24,806 $ 60,443 $ 50,691 Weighted average common shares outstanding - fully diluted basis 47,043,923 43,312,045 46,236,779 43,199,342 Expand 1 Excludes unamortized premiums / discounts and deferred financing fees. 2 See definition of Adjusted Net Debt on Page 4 of this release. 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- Yahoo
Former fund manager Neil Woodford to be banned and fined almost £46m
The financial watchdog has provisionally banned former star City fund manager Neil Woodford and fined him and his former fund company almost £46 million for putting investors' money at risk. The Financial Conduct Authority (FCA) said it will ban Mr Woodford from holding senior manager roles and managing funds for retail investors. It also announced plans to fine him £5.89 million and Woodford Investment Management (WIM) £40 million. Mr Woodford and WIM have referred the case to the Upper Tribunal for appeal. The former manager's flagship fund, Woodford Equity Income, was wound down in 2019 after investors tried to withdraw cash faster than the fund could pay out, amid concerns over its high exposure to illiquid and unquoted shares. On Tuesday, the FCA said it has concluded that Mr Woodford and the fund 'made unreasonable and inappropriate investment decisions' between July 2018 and June 2019. Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: 'Being a leader in financial services comes with responsibilities as well as profile. Mr Woodford simply doesn't accept he had any role in managing the liquidity of the fund. 'The very minimum investors should expect is those managing their money make sensible decisions and take their senior role seriously. 'Neither Neil Woodford nor Woodford Investment Management did so, putting at risk the money people had entrusted them with.'
