Easterly Govt Pptys Stock Price, News & Analysis
Company Description
Easterly Government Properties, Inc. (NYSE: DEA) is a real estate investment trust (REIT) based in Washington, D.C. The company focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to the U.S. Government and, in certain cases, to state and local government agencies and private tenants. According to its public disclosures and news releases, Easterly’s portfolio and development pipeline are centered on facilities that support mission-critical government functions, often through long-term leases.
Core business focus
Easterly describes itself as a fully integrated REIT with a strategy built around properties leased to the U.S. Government and its adjacent partners. Its management team highlights specialized insight into the strategy and needs of U.S. Government agencies, including those that operate through the U.S. General Services Administration (GSA). The company states that it focuses on Class A commercial properties, including build‑to‑suit and renovated‑to‑suit facilities, that are leased either directly to federal agencies or through the GSA, and, in certain instances, to highly rated state and local government entities.
Public filings and earnings releases indicate that Easterly generates revenue by leasing its properties to tenant agencies. As of mid to late 2025, the company or its joint venture owned more than one hundred operating properties in the United States, encompassing over ten million leased square feet, with the majority of these properties leased primarily to U.S. Government tenant agencies. A smaller portion of the portfolio is leased primarily to state or local government agencies and a limited number of properties are leased entirely to private tenants.
Government‑oriented real estate portfolio
Easterly’s portfolio is concentrated in properties that serve specific federal, state, and local government missions. Company disclosures describe facilities such as:
- Law enforcement and homeland security locations leased through the GSA for the beneficial use of agencies such as the U.S. Department of Homeland Security (DHS) and related components.
- Courthouse and judiciary‑related buildings developed under long‑term, non‑cancelable leases for the benefit of the United States Judiciary.
- Laboratory and forensic facilities leased to state law enforcement agencies, such as the Florida Department of Law Enforcement, under long‑duration leases.
- Office and administrative facilities leased primarily to U.S. Government tenant agencies or to highly rated state and local government entities.
These properties are typically subject to multi‑year leases, including firm terms of 10 years or more in certain disclosed arrangements. Company materials also reference a portfolio with a weighted average remaining lease term measured in years and a weighted average property age in the mid‑teens, based on build or renovated‑to‑suit dates.
Development and acquisition activity
Easterly’s earnings releases and transaction announcements describe an ongoing program of acquisitions and development projects. The company has reported acquiring large office and specialized facilities leased primarily to government tenants, as well as securing land and leases for new build‑to‑suit developments. Examples disclosed include:
- Acquisition of facilities leased primarily to a U.S. state or local government, with long‑term lease extensions in place.
- Acquisition of law enforcement facilities near key regional hubs, leased under non‑cancelable GSA leases for the beneficial use of federal agencies.
- Acquisition of land and long‑term leases to develop a federal courthouse designed to meet specific government requirements, including sustainability targets such as LEED Silver for New Construction.
- Acquisition of land and a long‑term lease to develop a crime laboratory in Fort Myers, Florida, to be leased to the Florida Department of Law Enforcement under a 25‑year term with extension options.
In addition, Easterly has disclosed the acquisition of a facility leased to a private tenant engaged in satellite manufacturing, under a triple‑net lease structure with annual escalations and tenant extension options. This reflects the company’s reference to a small portion of its portfolio being leased entirely to private tenants, while remaining anchored by government tenancy.
Tenant profile and lease characteristics
Company communications emphasize the credit quality and durability of its tenant base. Easterly highlights long‑term leases with mission‑critical federal agencies and, in some cases, state and local government entities. In a credit rating affirmation announcement, the company noted portfolio characteristics such as high occupancy and a weighted average lease term of approximately a decade, and referenced its focus on the credit of the U.S. Government. In other releases, Easterly has described leases that are non‑cancelable for terms of 10, 20, or 25 years, sometimes with renewal options at market terms.
Specific examples disclosed include:
- A build‑to‑suit, Level IV secure facility near Burlington, Vermont, leased under a 10‑year non‑cancelable GSA lease for the benefit of DHS and supported by multiple DHS components.
- A federal courthouse project in Medford, Oregon, to be leased for 20 years to the GSA for the benefit of the United States Judiciary, with space for multiple federal offices under the same lease.
- A crime laboratory in Fort Myers, Florida, to be leased for 25 years to the Florida Department of Law Enforcement, with options to extend the term.
- A large facility leased primarily to the District of Columbia Government, with a lease extension that secures tenancy into the next decade and an additional renewal option.
These examples illustrate Easterly’s focus on properties that support law enforcement, judiciary, administrative, and specialized operational needs of government agencies, often under long‑duration, structured leases.
Capital structure and credit profile
Easterly’s SEC filings and press releases describe a capital structure that includes senior unsecured term loans, senior unsecured notes, mortgage debt, and, historically, a revolving credit facility. The company has disclosed amendments to its credit agreements, including an extension and upsizing of a senior unsecured term loan and the addition of an accordion feature that allows for incremental borrowing capacity, subject to customary conditions.
In a separate announcement, Kroll Bond Rating Agency (KBRA) affirmed Easterly’s BBB issuer and securities ratings with a Stable Outlook. The rating agency’s report, as summarized by the company, cited factors such as stable cash flows, strong tenant credit quality, long‑term leases with mission‑critical federal agencies, and a conservative approach to balance sheet management. Easterly has also reported non‑GAAP metrics commonly used by REITs, such as Funds From Operations (FFO), Core Funds From Operations (Core FFO), Cash Available for Distribution (CAD), EBITDA, Net Debt, and Adjusted Net Debt, and has provided definitions and reconciliations in its public filings.
Dividends and REIT status
As a REIT, Easterly’s public communications emphasize its focus on property‑level cash flows and distributions to shareholders. The company has announced recurring quarterly cash dividends on its common stock, with specific record and payment dates disclosed in its press releases. Management has also indicated that CAD is used as a supplemental measure to assess the company’s ability to fund dividends, while Core FFO is presented as an alternative measure of operating performance that excludes certain non‑recurring or non‑core items.
Management and incentives
Easterly’s filings describe an experienced management team that, according to company statements, brings specialized insight into the strategy and needs of mission‑critical U.S. Government agencies. The company has adopted equity‑based long‑term incentive plans, including performance‑based long‑term incentive units (LTIP Units) in its operating partnership. These awards are designed to align the interests of senior management and directors with those of long‑term shareholders, with vesting and performance conditions tied to the appreciation of the company’s common stock price over multi‑year periods and to continued service.
Stock information and trading
Easterly Government Properties, Inc. trades on the New York Stock Exchange under the ticker symbol DEA. The company has disclosed actions affecting its capital structure and share count, including a reverse stock split and the use of an at‑the‑market (ATM) equity program to issue common shares in connection with forward sales transactions. These transactions have been used to raise equity capital to support acquisitions and development activity, as described in the company’s earnings releases.
Position within the finance and insurance sector
Within the broader finance and insurance sector, Easterly is classified among other financial vehicles due to its REIT structure and focus on income‑producing real estate. Its distinguishing characteristic, based on its own disclosures, is its concentration on Class A commercial properties leased to the U.S. Government and related public sector tenants, with an emphasis on facilities that support mission‑critical functions such as law enforcement, judiciary operations, and specialized laboratory and administrative services.