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Easterly Government Properties, Inc.

DEA

Easterly Government Properties, Inc. • NYSE
$21.80 ▼ -0.37% (-0.08)
Market Cap $999.36 M
52w High $30.80
52w Low $19.33
Dividend Yield 2.01%
P/E 72.67
Volume 163.64K
Outstanding Shares 45.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $86.151M ▲ $35.056M ▲ $1.213M ▼ 1.408% ▼ $0.02 ▼ $49.23M ▼
Q2-2025 $84.234M ▲ $34.802M ▲ $4.071M ▲ 4.833% ▲ $0.09 ▲ $51.748M ▲
Q1-2025 $78.675M ▲ $32.774M ▲ $3.127M ▼ 3.975% ▼ $0.068 ▼ $48.457M ▲
Q4-2024 $78.25M ▲ $31.119M ▲ $5.453M ▲ 6.969% ▲ $0.13 ▲ $47.604M ▲
Q3-2024 $74.781M $29.722M $4.863M 6.503% $0.11 $45.119M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.355M ▼ $3.381B ▲ $1.997B ▲ $1.334B ▼
Q2-2025 $4.697M ▼ $3.359B ▲ $1.973B ▲ $1.334B ▲
Q1-2025 $8.459M ▼ $3.225B ▲ $1.826B ▼ $1.334B ▲
Q4-2024 $19.353M ▼ $3.223B ▲ $1.836B ▲ $1.321B ▲
Q3-2024 $31.202M $3.103B $1.721B $1.315B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.247M ▼ $154.965M ▲ $-65.632M ▲ $-89.175M ▼ $158K ▲ $154.965M ▲
Q2-2025 $4.254M ▲ $38.111M ▲ $-146.688M ▼ $105.139M ▲ $-3.438M ▲ $38.111M ▲
Q1-2025 $3.283M ▼ $24.187M ▼ $-45.239M ▲ $10.737M ▼ $-10.315M ▲ $24.187M ▼
Q4-2024 $5.729M ▲ $24.553M ▼ $-158.398M ▼ $122.442M ▲ $-11.403M ▼ $24.553M ▼
Q3-2024 $4.715M $57.174M $-124.963M $79.757M $11.968M $57.174M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Real Estate Other
Real Estate Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Tenant Reimbursements
Tenant Reimbursements
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown slowly but steadily over the past several years, which is typical for a specialized property owner focused on long leases. Operating profits have been fairly consistent, suggesting the core portfolio is reasonably stable. However, bottom-line earnings remain modest relative to the size of the business, and recent earnings per share are lower than a couple of years ago. That likely reflects a mix of higher interest costs, incremental expenses, and possibly share issuance, all of which dilute the benefit of revenue growth. Overall, the income statement shows a stable but not fast-growing, thinly profitable REIT business that relies more on dependable rent than on rapid expansion or high margins.

Balance Sheet

Balance Sheet The balance sheet shows a growing asset base as the company acquires and develops more properties. Equity has also risen over time, indicating that the business has generally retained value and/or raised capital to support its growth. Debt levels have climbed meaningfully, which is common for REITs but still worth watching because higher leverage makes the company more sensitive to interest rates and refinancing conditions. Cash on hand is low, again typical for REITs that distribute much of their earnings and rely on credit facilities and capital markets. In short, this is a fairly leveraged but asset-rich balance sheet, consistent with an income-focused property owner.

Cash Flow

Cash Flow Cash generated from operations has been steady and comfortably positive, which is important for a landlord with long-term leases. Free cash flow has generally been positive as well, though it can swing when the company undertakes larger development or acquisition projects. Capital spending has been lumpy, with heavier investment in certain years and very light spending in others, reflecting the timing of major projects rather than a structural shift. Overall, cash flow quality looks reasonable: recurring rent covers the ongoing needs of the business, but large growth projects still require external financing, as is normal for REITs.

Competitive Edge

Competitive Edge The company operates in a narrow but powerful niche: leasing properties primarily to the U.S. government and related entities. This gives it highly reliable tenants, long lease terms, and relatively predictable rent streams, which are strong advantages compared to typical office landlords. Its focus on mission-critical facilities and its specialized expertise in dealing with federal leasing rules create meaningful barriers for new entrants. On the other hand, customer concentration is very high, and the business is tied to government space needs and budget decisions. It is also still exposed to broader office and interest-rate pressures that affect real estate values and financing costs. Net, the competitive position is specialized and defensible, but dependent on a single dominant customer and macro conditions.

Innovation and R&D

Innovation and R&D Although not a technology company, Easterly’s innovation shows up in how it designs, manages, and positions its properties. It has leaned into sustainable, energy-efficient buildings with multiple green certifications and uses systems to monitor energy use and environmental performance. The planned net-zero courthouse development is a showcase project that highlights its capabilities in modern, sustainable federal facilities. Strategically, the move into “government-adjacent” tenants—such as defense contractors—broadens its reach while still using its core skills in secure, specialized properties. Future innovation seems focused on expanding this adjacent tenant base, deepening ESG-led building design, and capturing opportunities as the government updates or outsources older buildings.

Summary

Easterly Government Properties is a specialized REIT built around one main idea: owning and operating secure, modern facilities for the U.S. government and related tenants. Financially, it shows slow and steady revenue growth, consistent operating performance, modest but positive earnings, and solid, recurring cash flows. The business is capital-intensive and uses a fair amount of debt, which is typical for REITs but makes it sensitive to interest rates and credit markets. Its competitive strengths come from long-term, government-backed leases, mission-critical properties, and deep know-how in federal leasing, balanced by the risks of high customer concentration and the broader headwinds facing office real estate. Innovation is expressed through energy-efficient, ESG-focused buildings and a strategic push into government-adjacent tenants, which may support measured growth and diversification over time.

NEWS

November 19, 2025 · 7:45 AM UTC

Red Light Holland's FDA-Compliant, DEA-Registered Partner Irvine Labs Receives Second, Larger 5kg Psilocybin Shipment via USA Controlled Substances Import Permit

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November 19, 2025 · 6:00 AM UTC

Easterly Government Properties to Participate in Jefferies Real Estate Conference 2025

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October 27, 2025 · 6:30 AM UTC

Easterly Government Properties Reports Third Quarter 2025 Results

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October 23, 2025 · 4:30 PM UTC

Easterly Government Properties Announces Quarterly Dividend

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October 14, 2025 · 8:34 AM UTC

Red Light Holland Secures Second United States Controlled Substances Import Permit for the Company's Psilocybin Through FDA-Compliant, DEA-Registered Partner Irvine Labs

Read more