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Easterly Government Properties
(NYSE:DEA)
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Rating:59Neutral
Price Target:
$24.00
â–¼(-2.56% Downside)
Action:Reiterated
Date:10/27/26
DEA scores in the upper-50s primarily because financial performance is stable but pressured by thin net profitability, sizable debt, and weakening cash-flow coverage. The earnings call was a relative positive (raised 2026 guidance and strong occupancy), but 2027 headwinds and refinancing risk temper expectations. Technicals are neutral and valuation is mixed, with a high dividend yield offset by a very high P/E, while the expanded equity offering program adds flexibility but also potential dilution risk.
Positive Factors
High occupancy and long leases
98% leased occupancy and a 9.2-year weighted average lease term provide visible contractual revenue and reduce near-term rollover exposure. That duration supports recurring cash generation and gives the portfolio resilience while management continues acquisitions and development.
Negative Factors
Meaningful leverage and refinancing exposure
Although debt-to-equity improved, total debt remains sizable and the Loma Linda maturity creates a defined refinancing requirement. Higher borrowing costs or less favorable capital access could raise financing expense, constrain investment capacity, and pressure future FFO growth.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy and long leases
98% leased occupancy and a 9.2-year weighted average lease term provide visible contractual revenue and reduce near-term rollover exposure. That duration supports recurring cash generation and gives the portfolio resilience while management continues acquisitions and development.
Read all positive factors
Easterly Government Properties (DEA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.06B
Dividend Yield8.06%
Average Volume (3M)526.82K
Price to Earnings (P/E)73.4
Beta (1Y)0.37
Revenue Growth11.40%
EPS Growth-2.83%
CountryUS
Employees55
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)0.30
Shares Outstanding47,321,617
10 Day Avg. Volume457,359
30 Day Avg. Volume526,818
Financial Highlights & Ratios
PEG Ratio-1.98
Price to Book (P/B)0.72
Price to Sales (P/S)2.83
P/FCF Ratio3.67
Enterprise Value/Market Cap2.67
Enterprise Value/Revenue7.75
Enterprise Value/Gross Profit14.42
Enterprise Value/Ebitda13.12
Forecast
1Y Price Target
$25.25Price Target Upside2.52% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)0.29
Revenue Forecast (FY)$364.53M
Easterly Government Properties Business Overview & Revenue Model
Company Description
Easterly Government Properties, Inc. (NYSE:DEA), headquartered in Washington, D.C., focuses its operations on acquiring, developing, and overseeing high-quality commercial real estate that is exclusively rented by the U.S. Government. The company'...
How the Company Makes Money
Easterly Government Properties makes money primarily by owning income-producing real estate and collecting contractual rental revenue from tenants, with an emphasis on U.S. federal government agencies. Key elements of its revenue model include: (1...
Easterly Government Properties Earnings Call Summary
Earnings Call Date:Oct 26, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Mar 02, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. Management reported solid revenue, EBITDA, FFO, portfolio occupancy, lease renewal, cash distribution, and leverage results; raised the low end of 2026 guidance; completed a major development project; and highlighted an actionable acquisition pipeline and progress toward investment-grade credit. These positives were tempered by moderate 2027 growth guidance, the expected FAA Chicago move-out, Loma Linda refinancing pressure, the Bedford loan repayment impact, the Medford project delay, and continued macroeconomic uncertainty.Positive Updates
Core FFO Growth in Line With Long-Term Target
Third-quarter core FFO per share increased 2.6% year over year, in line with the company's stated long-term growth target of 2% to 3%. The company expects 2026 performance to exceed that objective, with the midpoint of guidance implying approximately 4% growth.
Negative Updates
2027 Growth Guidance Moderates
The company introduced 2027 core FFO per share guidance of $3.09 to $3.17. The midpoint implies roughly 1% growth over the 2026 midpoint, while the high end implies roughly 2%, which is the low end of the company's long-term target.
Read all updates
Q3-2026 Updates
Positive
Negative
Core FFO Growth in Line With Long-Term Target
Third-quarter core FFO per share increased 2.6% year over year, in line with the company's stated long-term growth target of 2% to 3%. The company expects 2026 performance to exceed that objective, with the midpoint of guidance implying approximately 4% growth.
Read all positive updates
Company Guidance
For 2026, the company raised core FFO per share guidance to $3.08 to $3.13 per share from $3.07 to $3.13 previously, with the midpoint of guidance implying approximately 4% growth versus its stated long term 2% to 3% growth objective. For 2027, initial full year core FFO per share guidance is $3.09 to $3.17 per share, with the midpoint implying roughly 1% growth over the 2026 midpoint and the high end implying roughly 2%, the low end of the long term target; guidance assumes FAA Chicago remains occupied through April 20, 2027, includes between $25 million and $50 million of growth development related investment and approximately $50 million of wholly owned acquisitions, and incorporates the FAA Chicago move out and refinancing related pressure largely driven by the maturity of the Loma Linda loan. The company continues to expect mid- to high teens net effective rent spread on upcoming 2027 and 2028 renewals, with 10 to 15 of firm term achievable under these days.Easterly Government Properties Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
58
Neutral
Cash Flow
53
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 364.61M | 336.10M | 302.05M | 287.23M | 293.61M | 274.86M |
| Gross Profit | 195.98M | -3.11M | 200.98M | 184.80M | 195.93M | 187.74M |
| EBITDA | 215.31M | 200.08M | 179.34M | 161.52M | 181.19M | 163.85M |
| Net Income | 14.51M | 13.00M | 19.55M | 18.80M | 31.47M | 30.06M |
Balance Sheet | ||||||
| Total Assets | 3.37B | 3.38B | 3.22B | 2.88B | 2.83B | 2.83B |
| Cash, Cash Equivalents and Short-Term Investments | 2.94M | 23.37M | 19.35M | 9.38M | 7.58M | 11.13M |
| Total Debt | 1.69B | 1.67B | 1.60B | 1.29B | 1.25B | 1.21B |
| Total Liabilities | 2.02B | 2.01B | 1.84B | 1.47B | 1.42B | 1.38B |
| Stockholders Equity | 1.30B | 1.32B | 1.32B | 1.32B | 1.24B | 1.28B |
Cash Flow | ||||||
| Free Cash Flow | 161.23M | 259.19M | 162.63M | 114.48M | 125.94M | 118.34M |
| Operating Cash Flow | 161.23M | 259.19M | 162.63M | 114.48M | 125.94M | 118.34M |
| Investing Cash Flow | -132.48M | -285.29M | -409.64M | -127.01M | -69.10M | -363.04M |
| Financing Cash Flow | -34.28M | 31.92M | 252.88M | 17.19M | -59.71M | 250.17M |
Easterly Government Properties Technical Analysis
Negative
24.63
Price Trends
23.33
Negative
23.82
Negative
23.02
Negative
Market Momentum
-0.21
Negative
43.81
Neutral
48.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DEA, the sentiment is Negative. The current price of 24.63 is above the 20-day moving average (MA) of 22.56, above the 50-day MA of 23.33, and above the 200-day MA of 23.02, indicating a bearish trend. The MACD of -0.21 indicates Negative momentum. The RSI at 43.81 is Neutral, neither overbought nor oversold. The STOCH value of 48.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DEA.
Easterly Government Properties Risk Analysis
Easterly Government Properties disclosed 71 risk factors in its most recent earnings report. Easterly Government Properties reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Easterly Government Properties Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $1.19B | -13.52 | -5.98% | 7.07% | 2.85% | -25.01% | |
59 Neutral | $1.06B | 73.36 | 1.10% | 8.06% | 11.40% | -2.83% | |
56 Neutral | $508.27M | -3.73 | -19.42% | 10.74% | 3.52% | 25.03% | |
47 Neutral | $886.47M | -4.55 | -13.35% | 5.89% | -1.08% | -37.72% |
* Real Estate Sector Average
DEA
Easterly Government Properties
22.33
2.34
11.73%
PDM
Piedmont Office
9.60
1.54
19.11%
BDN
Brandywine Realty
2.98
-0.09
-2.80%
JBGS
JBG Smith Properties
11.88
-6.72
-36.13%
OGCP
Empire State Realty OP Series 60
4.82
-2.68
-35.73%
Easterly Government Properties Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Easterly Government Properties Updates Equity Offering Program
Positive
Aug 5, 2026
On August 4, 2026, Easterly Government Properties filed a new prospectus supplement with the SEC for its existing at-the-market equity offering program, allowing continued sales of common stock and the addition of both contingent and non-contingen...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.