Easterly Government Properties, Inc. DEA

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

We are an internally managed real estate investment trust, or REIT, focused primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential functions. We generate approximately 90% of our revenue by leasing our properties to such agencies either directly or through the U.S. General Services Administration ("GSA"). Our objective is to generate attractive risk-adjusted returns for our stockholders over the long term through dividends and capital appreciation.

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 December 31, 2025, we wholly owned 93 operating properties and ten operating properties through an unconsolidated joint venture (the "JV") in the United States encompassing approximately 10.4 million leased square feet (9.8 million pro rata), including 93 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 December 31, 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 0.2 million leased square feet upon completion.

Last close 22.67 2026-10-23
Market cap $1.07B 2026-06-30 share count
52-week range 20.56 - 25.96

Valuation FY2025 figures against the last close

P/S3.2x
P/E84.0x
P/FCF4.1x
EV/EBITDA—
Dividend yield8.8%
Diluted EPS0.27

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $336.1M$302.1M$287.2M$293.6M$274.9M$245.1M$221.7M$160.6M$130.7M$104.6M
Cost of revenue $77.5M$70.2M$72.0M$66.8M$56.7M$48.4M$48.3M$30.9M$24.9M$21.1M
Gross profit $258.6M$231.9M$215.3M$226.8M$218.2M$196.6M$173.4M$129.7M$105.8M$83.5M
Total operating expenses $252.3M$225.3M$222.5M$222.1M$203.8M$192.1M$186.3M$131.0M$107.9M$90.9M
Operating income ————————$22.8M$13.7M
Net income $13.0M$19.6M$18.8M$31.5M$30.1M$12.0M$7.2M$5.7M$4.4M$4.0M
EPS, basic 0.270.460.480.340.350.150.100.090.110.13
EPS, diluted 0.270.460.480.340.350.150.100.080.100.12
Shares, diluted (wtd. avg.) 45.1M41.5M37.8M90.9M84.6M78.8M69.2M54.9M41.6M32.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $23.4M$19.4M$9.4M$7.6M$11.1M$8.5M$12.0M$6.9M$12.7M$4.8M
Other intangibles $183.9M$161.4M$148.5M$157.3M$186.3M$163.4M$168.6M$165.7M$143.1M$114.9M
Total assets $3.38B$3.22B$2.88B$2.83B$2.83B$2.46B$2.23B$1.86B$1.43B$1.05B
Long-term debt $1.67B$1.60B$1.29B$1.25B$1.21B$978.3M$901.8M$766.4M$575.9M$293.0M
Total liabilities $2.01B$1.84B$1.47B$1.42B$1.38B$1.16B$1.03B$836.3M$634.2M$348.6M
Retained earnings $144.9M$131.9M$112.3M$93.5M$62.0M$32.0M$20.0M$12.8M$7.1M$2.7M
Total equity $1.32B$1.32B$1.41B$1.41B$1.44B$1.30B$1.20B$1.03B$791.1M$698.3M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $259.2M$162.6M$114.5M$125.9M$118.3M$145.2M$142.3M$62.8M$49.2M$47.4M
Stock-based compensation $6.0M$3.2M$5.7M$6.5M$5.0M$4.1M$4.9M$3.0M$3.0M$2.9M
Investing cash flow -$285.3M-$409.6M-$127.0M-$69.1M-$363.0M-$290.2M-$442.3M-$466.7M-$395.9M-$170.3M
Financing cash flow $31.9M$252.9M$17.2M-$59.7M$250.2M$144.1M$304.5M$398.9M$356.4M$119.5M
Dividends paid $94.6M$115.9M$112.4M$109.2M$100.0M$91.7M$81.9M$66.0M$49.2M$40.3M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-064115.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 100M 200M 300M 400M Revenue, FY2016: 104.6M Gross profit, FY2016: 83.5M Net income, FY2016: 4M Revenue, FY2017: 130.7M Gross profit, FY2017: 105.8M Net income, FY2017: 4.4M Revenue, FY2018: 160.6M Gross profit, FY2018: 129.7M Net income, FY2018: 5.7M Revenue, FY2019: 221.7M Gross profit, FY2019: 173.4M Net income, FY2019: 7.2M Revenue, FY2020: 245.1M Gross profit, FY2020: 196.6M Net income, FY2020: 12M Revenue, FY2021: 274.9M Gross profit, FY2021: 218.2M Net income, FY2021: 30.1M Revenue, FY2022: 293.6M Gross profit, FY2022: 226.8M Net income, FY2022: 31.5M Revenue, FY2023: 287.2M Gross profit, FY2023: 215.3M Net income, FY2023: 18.8M Revenue, FY2024: 302.1M Gross profit, FY2024: 231.9M Net income, FY2024: 19.6M Revenue, FY2025: 336.1M Gross profit, FY2025: 258.6M Net income, FY2025: 13M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $104.6M $130.7M $160.6M $221.7M $245.1M $274.9M $293.6M $287.2M $302.1M $336.1M
Gross profit $83.5M $105.8M $129.7M $173.4M $196.6M $218.2M $226.8M $215.3M $231.9M $258.6M
Net income $4.0M $4.4M $5.7M $7.2M $12.0M $30.1M $31.5M $18.8M $19.6M $13.0M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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