NYSE:DEA

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Easterly Government Properties

Executive Summary

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.


Snowflake Analysis

Proven track record with reasonable growth potential.


Similar Companies

Share Price & News

How has Easterly Government Properties's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: DEA has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.5%

DEA

4.6%

US REITs

2.8%

US Market


1 Year Return

37.0%

DEA

-9.7%

US REITs

9.3%

US Market

Return vs Industry: DEA exceeded the US REITs industry which returned -9.7% over the past year.

Return vs Market: DEA exceeded the US Market which returned 9.3% over the past year.


Shareholder returns

DEAIndustryMarket
7 Day0.5%4.6%2.8%
30 Day-2.4%5.6%8.9%
90 Day-1.2%-14.3%-0.5%
1 Year45.2%37.0%-5.9%-9.7%11.8%9.3%
3 Year45.3%23.4%11.3%-2.5%31.4%22.7%
5 Year110.6%63.9%42.0%12.7%58.7%40.9%

Price Volatility Vs. Market

How volatile is Easterly Government Properties's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Easterly Government Properties undervalued compared to its fair value and its price relative to the market?

28.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: DEA ($25.34) is trading below our estimate of fair value ($35.39)

Significantly Below Fair Value: DEA is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: DEA is poor value based on its PE Ratio (199.4x) compared to the REITs industry average (27.7x).

PE vs Market: DEA is poor value based on its PE Ratio (199.4x) compared to the US market (15.7x).


Price to Earnings Growth Ratio

PEG Ratio: DEA is poor value based on its PEG Ratio (8.2x)


Price to Book Ratio

PB vs Industry: DEA is overvalued based on its PB Ratio (1.8x) compared to the US REITs industry average (1.3x).


Next Steps

Future Growth

How is Easterly Government Properties forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

24.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: DEA's forecast earnings growth (24.5% per year) is above the savings rate (2.2%).

Earnings vs Market: DEA's earnings (24.5% per year) are forecast to grow faster than the US market (22% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: DEA's revenue (10.6% per year) is forecast to grow faster than the US market (8.8% per year).

High Growth Revenue: DEA's revenue (10.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if DEA's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Easterly Government Properties performed over the past 5 years?

36.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: DEA has a large one-off gain of $4.5M impacting its March 31 2020 financial results.

Growing Profit Margin: DEA's current net profit margins (4%) are higher than last year (1.7%).


Past Earnings Growth Analysis

Earnings Trend: DEA has become profitable over the past 5 years, growing earnings by 36.3% per year.

Accelerating Growth: DEA's earnings growth over the past year (211.3%) exceeds its 5-year average (36.3% per year).

Earnings vs Industry: DEA earnings growth over the past year (211.3%) exceeded the REITs industry 5.3%.


Return on Equity

High ROE: DEA's Return on Equity (0.9%) is considered low.


Next Steps

Financial Health

How is Easterly Government Properties's financial position?


Financial Position Analysis

Short Term Liabilities: DEA's short term assets ($93.4M) exceed its short term liabilities ($51.6M).

Long Term Liabilities: DEA's short term assets ($93.4M) do not cover its long term liabilities ($1.1B).


Debt to Equity History and Analysis

Debt Level: DEA's debt to equity ratio (79.5%) is considered high.

Reducing Debt: DEA's debt to equity ratio has increased from 15.8% to 79.5% over the past 5 years.

Debt Coverage: DEA's debt is not well covered by operating cash flow (17.5%).

Interest Coverage: DEA's interest payments on its debt are not well covered by EBIT (1.2x coverage).


Balance Sheet


Next Steps

Dividend

What is Easterly Government Properties's current dividend yield, its reliability and sustainability?

4.10%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: DEA's dividend (4.1%) is higher than the bottom 25% of dividend payers in the US market (1.69%).

High Dividend: DEA's dividend (4.1%) is low compared to the top 25% of dividend payers in the US market (4.55%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, DEA has been paying a dividend for less than 10 years.

Growing Dividend: DEA's dividend payments have increased, but the company has only paid a dividend for 5 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (76.9%), DEA's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: DEA's dividends in 3 years are forecast to be thoroughly covered by earnings (0.8% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.4yrs

Average management tenure


CEO

William Trimble (57yo)

5.33yrs

Tenure

US$3,809,371

Compensation

Mr. William C. Trimble, also known as Bill, III, serves as the Chief Executive Officer, President and Director of Easterly Government Properties, Inc. Mr. Trimble is responsible for leading firm’s real est ...


CEO Compensation Analysis

Compensation vs Market: William's total compensation ($USD3.81M) is about average for companies of similar size in the US market ($USD4.76M).

Compensation vs Earnings: William's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Darrell Crate
Executive Chairman of the Board5.33yrsUS$2.52m0.015% $318.8k
William Trimble
President5.33yrsUS$3.81m0.13% $2.7m
Michael Ibe
Vice Chairman of the Board and Executive VP of Development & Acquisitions5.33yrsUS$2.53m0.028% $607.8k
Meghan Baivier
Executive VP4.25yrsUS$2.27m0.0098% $212.5k
Alison Bernard
Chief Accounting Officer & Executive VP4.25yrsUS$998.57k0.011% $247.9k
Lindsay Winterhalter
Vice President4.42yrsno datano data
Franklin Logan
Senior VP2.25yrsno datano data
Andrew Pulliam
Executive Vice President of Acquisitions & Portfolio Managementno datano datano data
Ronald Kendall
Executive Vice President of Government Relations4.75yrsno data0.015% $334.4k
Mark Bauer
Senior Vice President of Development & Acquisitionsno datano datano data

4.4yrs

Average Tenure

52yo

Average Age

Experienced Management: DEA's management team is considered experienced (4.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Darrell Crate
Executive Chairman of the Board5.33yrsUS$2.52m0.015% $318.8k
William Trimble
President5.33yrsUS$3.81m0.13% $2.7m
Michael Ibe
Vice Chairman of the Board and Executive VP of Development & Acquisitions5.33yrsUS$2.53m0.028% $607.8k
Emil Henry
Independent Director5.33yrsUS$174.99k0.038% $826.2k
Cynthia Fisher
Independent Director5.33yrsUS$174.99k0.13% $2.8m
William Binnie
Lead Independent Director4.08yrsUS$174.99k0.038% $826.2k
Scott Freeman
Independent Director0.083yrno data0.0051% $109.9k
Tara Innes
Independent Director0.33yrno data0.0051% $109.9k

5.3yrs

Average Tenure

58yo

Average Age

Experienced Board: DEA's board of directors are considered experienced (5.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: DEA insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 11.5%.


Top Shareholders

Company Information

Easterly Government Properties, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Easterly Government Properties, Inc.
  • Ticker: DEA
  • Exchange: NYSE
  • Founded:
  • Industry: Office REITs
  • Sector: Real Estate
  • Implied Market Cap: US$2.168b
  • Market Cap: US$1.901b
  • Shares outstanding: 85.57m
  • Website: https://www.easterlyreit.com

Number of Employees


Location

  • Easterly Government Properties, Inc.
  • 2101 L Street NW
  • Suite 650
  • Washington
  • District Of Columbia
  • 20037
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
DEANYSE (New York Stock Exchange)YesCommon StockUSUSDFeb 2015
E05DB (Deutsche Boerse AG)YesCommon StockDEEURFeb 2015

Biography

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 www.easterlyreit.com. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/02 04:56
End of Day Share Price2020/06/01 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.