Easterly Government Properties, Inc.

NYSE:DEA Stock Report

Market Cap: US$1.3b

Easterly Government Properties Future Growth

Future criteria checks 1/6

Easterly Government Properties is forecast to grow earnings and revenue by 5.7% and 4% per annum respectively. EPS is expected to grow by 18% per annum. Return on equity is forecast to be 1.3% in 3 years.

Key information

5.7%

Earnings growth rate

18.03%

EPS growth rate

Office REITs earnings growth-6.1%
Revenue growth rate4.0%
Future return on equity1.35%
Analyst coverage

Good

Last updated21 Jun 2026

Recent future growth updates

Recent updates

Seeking Alpha • May 01

Easterly Government Properties: Rate Pressure Grows, But Major Opportunity Remains

Summary Easterly Government Properties remains a buy, supported by resilient government-backed leases and a significant margin of safety implied in the current valuation. DEA’s Q1 results were solid, with FFO in line and revenue slightly beating expectations; core FFO guidance was raised at the low end, reflecting new mezzanine lending activity. The company’s $1.5 billion long-term pipeline and sustainable ~7.77% yield are offset by high borrowing costs and macro risks, particularly from inflation and delayed Fed rate cuts. Intrinsic value is estimated well above current levels, indicating that the market already prices in substantial risk, leaving room for a potential re-rating. Read the full article on Seeking Alpha
Seeking Alpha • Mar 03

Easterly Government Properties: DOGE Is Not A Threat To The Dividend

Summary Easterly Government Properties is now paying out a near-record 9.4% dividend yield, that's 112% covered by funds from operations. The REIT is trading at its lowest ever multiple to free cash flow at 7.2x, following negative DOGE sentiment. A weighted average remaining lease term of 10.1 years and mission-critical properties eliminate the threat of DOGE to the dividend. Read the full article on Seeking Alpha
Seeking Alpha • Dec 15

Easterly Government And The DOGE: The Elon Musk Effect

Summary Easterly Government Properties stock has dropped following news of the DOGE's cost-cutting plans. DOGE's $2 trillion budget cut plan targets redundant regulations and underutilized federal properties, posing minimal risk to DEA's revenue. The VA, a significant tenant for DEA, is unlikely to face cuts due to bipartisan support and public sentiment favoring veterans' services. DEA offers a durable 9% yield, with fears overblown and only 2-4% of revenues at risk, making it a solid investment amid political uncertainty. Read the full article on Seeking Alpha
Seeking Alpha • Dec 07

Easterly Government Properties: Fears Are Overblown, I'm A Buyer Of This 9% Yielder

Summary Easterly Government Properties is a REIT focused on Class A properties leased to U.S. government agencies, offering stable cash flows and rent growth. DEA's Q3'24 results reaffirm my confidence with strong cash flow, disciplined FFO growth, and strategic acquisitions in government-adjacent sectors, despite a 12% share price dip. DEA's resilient lease portfolio, high-credit tenants, and focus on mission-critical assets provide stability, making it a compelling value with an 8.9% dividend yield. Potential risks include changes in government spending and interest rate hikes, but DEA's long-term leases and embedded rent growth mitigate these concerns. Read the full article on Seeking Alpha
Seeking Alpha • Nov 10

Easterly Government Properties: The Trump Factor

Summary Easterly Government Properties is poised to benefit from President-elect Trump's second term due to potential increased government and defense spending. Despite elevated payout ratios and economic uncertainties, DEA has shown solid growth in core FFO, revenue, and acquisitions in 2024. DEA's valuation is attractive at a forward multiple of 11.65x, with potential upside if they deliver on growth expectations and interest rates decline. Risks include economic uncertainty impacting liquidity and dividend safety, but DEA's strong government tenant base and strategic acquisitions provide stability. Read the full article on Seeking Alpha
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New Narrative • Sep 24

Calculated Growth In Government-Centric Real Estate Promises Steady Gains

Specialization in facilities for U.S. government agencies ensures stable revenue due to a reliable tenant base and reduced operational risks.
Seeking Alpha • Sep 08

Easterly Government Properties: Become The Landlord Of The US Government With An 8% Dividend Yield

Summary Easterly Government Properties focuses on high-quality, government-leased Class A properties, ensuring stable cash flows and high occupancy rates. DEA's recent acquisitions and quarterly performance indicate decent FFO growth potential, with a steady 8% dividend yield that appears safe. Despite balance sheet risks, DEA's valuation is compelling trading below REIT peers, and so it offers a significant buying opportunity. The company's revenue and FFO growth, supported by long-term leases and inflation-linked rental structures, justify a 'buy' rating for income-oriented investors. Read the full article on Seeking Alpha
Seeking Alpha • Aug 06

Easterly Government Properties: I'm Buying The Drop On This 8% Yield

Summary Treasury Bonds have seen increased interest due to rising yields backed by the U.S. government's credit. With potential rate cuts looming, bond yields have fallen, posing reinvestment risks for investors with maturing bonds. Easterly Government Properties leases to the U.S. government. It carries a far higher yield than Treasury Bonds and has strong fundamentals. Read the full article on Seeking Alpha
Seeking Alpha • May 22

Easterly Government Properties: Will Lower Interest Rates And A New CEO Help This REIT Get Back To Growth?

Summary Easterly Government Properties expects to achieve 2% FFO growth for 2024 and beyond, despite challenges in the economic environment. DEA is a REIT focused on acquiring and developing properties for the U.S. government, with a portfolio of 93 properties across 26 states. The company has potential for future growth through property acquisitions and has a solid balance sheet with manageable debt maturities. DEA's cash available for distribution grew year-over-year, but was still not enough to cover the current dividend with a payout ratio above 100%. However, management stated they have no plans to cut the dividend. If the company can't execute on its growth strategies, then a dividend cut may be inevitable in the medium to long term. Read the full article on Seeking Alpha
Seeking Alpha • Mar 29

Easterly Government: Dividend May Be Too Aggressive

Summary Easterly Government Properties is a REIT focused on acquiring and developing properties leased to the U.S. government. The company has seen strong asset growth since its IPO in 2015, quadrupling leased square footage. DEA appears attractively valued with a 10.0x Fwd P/FFO and a 9.3% dividend yield. However, in 2023, DEA paid more in dividends than it generated in cash. If this trend persists, DEA's dividend could be at risk. Read the full article on Seeking Alpha
Seeking Alpha • Jan 18

A REIT Vs. A Dividend Aristocrat: One Is A Good Buy, The Other A Goodbye

Summary Easterly Government Properties is a high-yield REIT with a stable revenue stream backed by long-term leases with the U.S. Government. DEA's dividend growth rate is low and there are concerns about its sustainability, making it a sell. Air Products and Chemicals is a global producer of industrial gases with a strong history of dividend growth and positive financial performance. Read the full article on Seeking Alpha
Seeking Alpha • Dec 25

Easterly Government: One Of The Safest ~8% Yields Amongst REITs

Summary Easterly Government's 7.9% dividend yield is one of the most secure high yields in the REIT sector. The company's unique positioning with the U.S. government as its sole tenant provides stability and insulates it from common challenges faced by traditional office REITs. Easterly Government's long-term leases, inflation protection, and resilient performance make it an attractive choice for investors seeking income and potential appreciation. Read the full article on Seeking Alpha
Seeking Alpha • Oct 30

10%-Yielding Easterly Government Is Too Cheap To Ignore

Summary Easterly Government Properties has fallen by 39% over the past year and currently yields over 10%. DEA is the largest owner and lessor of Class A commercial properties leased to the U.S. Government, providing high assurance of rent collection. Despite concerns about higher interest rates and debt levels, DEA's lease structure allows for growth with inflation and the stock is trading significantly below book value. Read the full article on Seeking Alpha

Earnings and Revenue Growth Forecasts

NYSE:DEA - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/202839115N/A1664
12/31/202737812N/A1595
12/31/20263679N/A1616
3/31/202635611262262N/A
12/31/202534312259259N/A
9/30/202533413242242N/A
6/30/202532317144144N/A
3/31/202531417163163N/A
12/31/202430819163163N/A
9/30/202430218156156N/A
6/30/202429918136136N/A
3/31/202429419117117N/A
12/31/202329318114114N/A
9/30/202329330119119N/A
6/30/202329625121121N/A
3/31/202329727123123N/A
12/31/202229731126126N/A
9/30/202229422128128N/A
6/30/202228829126126N/A
3/31/202228330116116N/A
12/31/202127530118118N/A
9/30/202126825131131N/A
6/30/202126021126126N/A
3/31/202125217133133N/A
12/31/202024512145145N/A
9/30/202024111132132N/A
6/30/20202377179179N/A
3/31/20202299167167N/A
12/31/20192227N/A142N/A
9/30/20192096N/A133N/A
6/30/20191917N/A73N/A
3/31/20191753N/A65N/A
12/31/20181615N/A63N/A
9/30/20181496N/A56N/A
6/30/20181435N/A53N/A
3/31/20181374N/A51N/A
12/31/20171314N/A49N/A
9/30/20171235N/A54N/A
6/30/20171165N/A51N/A
3/31/20171114N/A48N/A
12/31/20161054N/A47N/A
9/30/2016982N/A47N/A
6/30/2016912N/A44N/A
3/31/2016852N/A41N/A
12/31/201571-1N/A30N/A
9/30/2015515N/A21N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: DEA's forecast earnings growth (5.7% per year) is above the savings rate (3.5%).

Earnings vs Market: DEA's earnings (5.7% per year) are forecast to grow slower than the US market (18.4% per year).

High Growth Earnings: DEA's earnings are forecast to grow, but not significantly.

Revenue vs Market: DEA's revenue (4% per year) is forecast to grow slower than the US market (12.7% per year).

High Growth Revenue: DEA's revenue (4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: DEA's Return on Equity is forecast to be low in 3 years time (1.3%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/06 11:34
End of Day Share Price 2026/07/06 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Easterly Government Properties, Inc. is covered by 10 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
John KimBMO Capital Markets Equity Research
Juan SanabriaBMO Capital Markets Equity Research
Nicholas JosephCitigroup Inc