At a glance
Eerly Govt Ppty Inc is worth $1.07B, about 83 times its fiscal 2025 earnings. Revenue grew 11.3% to $336.1M in fiscal 2025, with 3.9% kept as profit; over 5 years it has grown 6.5% a year. It pays a 8.0% dividend yield, and returned $532.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +11.7% over the past year with dividends reinvested and −9.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 24.5% in the 2020 crash (S&P 500: 33.7%) and 33.3% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Easterly Government Properties is a real estate investment trust (REIT), a company that owns income-producing property and pays out most of its taxable income as dividends. It acquires, develops and manages top-grade (Class A) commercial buildings leased to U.S. Government agencies with essential missions. It leases either directly to the agencies or through the General Services Administration (GSA), the federal government's leasing agency. These agencies supply about 90% of revenue. They made up 88.1% of annualized lease income as of December 31, 2025.
Most of its income is rent from long leases. Federal leases typically start at 10 to 20 years, and renewals run five to 15 years. As of December 31, 2025, the average remaining lease term was about 9.5 years, and the operating properties were 97% leased. Easterly also develops build-to-suit buildings designed for a specific agency. When it manages custom improvements for a tenant agency, it earns a fee of roughly 12% of the construction cost.
As of December 31, 2025, Easterly wholly owned 93 operating properties. It held 10 more through a joint venture it owns 53% of, for about 10.4 million leased square feet in all. Of these, 93 were leased mainly to federal agencies, six to state or local governments and four to private tenants. Three more were under development, and many of its properties are in California. Revenue was $336.1 million in fiscal 2025, up 11.3%.
Price history
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DEA +11.7% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $93.6M, up 8.7% from a year earlier, and net income was $5.5M (+353.4%).
- For fiscal 2025, revenue was $336.1M (+11.3% year over year; +6.5% a year from FY2020 to FY2025) with a 3.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.5% good |
|---|---|
| Return on equity (FY2025) | 1% weak |
| Return on assets (FY2025) | 0.4% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $245.1M | $12.0M | — |
| FY2021 | $274.9M | $30.1M | — |
| FY2022 | $293.6M | $31.5M | — |
| FY2023 | $287.2M | $18.8M | — |
| FY2024 | $302.1M | $19.6M | — |
| FY2025 | $336.1M | $13.0M | — |
Valuation snapshot
| Market value | $1.07B |
|---|---|
| P/E ratio | 83.4 |
| Dividend yield | 8% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DEA price data to Oct 28, 2026 | +12.5% | +11.7% | +3.6% | -9.1% | -1.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.5% |
| 2025 | -18.6% |
| 2024 | -7.7% |
| 2023 | +2.1% |
| 2022 | -34.0% |
| 2021 | +6.3% |
| 2020 | -0.3% |
| 2019 | +59.4% |
| 2018 | -22.4% |
| 2017 | +11.9% |
| 2016 | +22.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 11.2% over that stretch · deepest drop along the way 24.5%, back to its old high 0.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.5% over that stretch · deepest drop along the way 33.3%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (20 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.9% | Jun 30, 2025 |
| Vanguard Portfolio Management | 5.81% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.4% | Jun 30, 2025 |
| Global X Management CO LLC | 0.44% | Jun 30, 2025 |
ETFs with the most weight in DEA
| KBWY Invesco KBW Premium Yield Equity REIT ETF | 3.9% |
| PPTY US Diversified Real Estate ETF | 3.01% |
| XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF | 2.85% |
| DESK VanEck Office and Commercial REIT ETF | 2.84% |
| RDOG ALPS REIT Dividend Dogs ETF | 2.21% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.7% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 0.37% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.36% |
What could go wrong
- Heavy reliance on federal government tenants. U.S. Government agencies supplied 88.1% of annualized lease income as of December 31, 2025. The government and the GSA are asking tenant agencies whether they can use less space, which could mean fewer renewals.
- Expiring leases and buildings built for one agency. As of December 31, 2025, leases making up 14.7% of annualized lease income expire by the end of 2028. A building customized for one agency may need costly renovation or lower rent if that agency leaves.
- Agencies can leave early or change missions. Some federal leases let the tenant agency move out and stop paying rent before the lease ends. A change to an agency's mission could also reduce its need for the space.
- Shutdowns, budget cuts and government-owned space. Long government shutdowns, budget cuts or budget standoffs could hurt results. If the government chooses to own more of its own buildings instead of leasing them, demand for Easterly's properties could weaken.
- Large debt load and interest-rate exposure. Easterly had about $1.7 billion of debt as of December 31, 2025. Refinancing at higher rates, or rising rates on variable-rate debt, could raise interest costs and leave less cash for dividends.
- California concentration and security risks. Many of Easterly's properties are in California, so it is exposed to that state's property market and natural disasters. Government tenants also make its buildings likelier targets of terrorist attacks or civil unrest.
Recent events
- Quarterly results released
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Quarterly results released
- Executive or board change; Shareholder vote results
- Quarterly results released
For income and retirement investors
Easterly pays a large dividend: the yield was 8% as of October 28, 2026. But it has no streak of increases. Dividends per share were flat at $2.65 in fiscal 2023 and 2024, then fell to $2.01 in fiscal 2025. Dividends were about 727% of reported earnings that year. Depreciation is a non-cash charge that shrinks REIT earnings, so that ratio overstates the strain. Still, the 2025 reduction shows the dividend is not guaranteed. Easterly repurchased no stock from fiscal 2021 to 2025. Instead it sold new shares, which spreads ownership more thinly.
In the 2020 COVID crash, the shares fell 24.5% between March 4 and March 16, 2020, but regained their peak by April 2. The 2022 bear market hit harder. The stock dropped 33.3% between January and October 2022 and had not regained its January 2022 high as of October 28, 2026. Single stocks like Easterly carry more risk than diversified funds.
Questions investors ask
How does Easterly Government Properties make money?
Mostly by collecting rent from the U.S. Government. Easterly owns Class A commercial buildings leased to federal agencies, either directly or through the General Services Administration. About 90% of revenue comes from these agencies, and they made up 88.1% of annualized lease income as of December 31, 2025. The leases are long: the average remaining term was about 9.5 years at that date. Easterly also develops build-to-suit buildings and earns fees for managing custom construction for its tenants.
Did Easterly Government Properties cut its dividend?
Yes. Dividends per share were $2.65 in both fiscal 2023 and fiscal 2024, then fell to $2.01 in fiscal 2025. Total dividends paid dropped from $115.9 million to $94.6 million. Even after the cut, the yield was 8% as of October 28, 2026. Dividends were about 727% of reported earnings in fiscal 2025. Depreciation, a non-cash charge REITs record on their buildings, inflates that ratio. Easterly's 10-K warns that future dividends may vary.
Are Easterly Government Properties dividends qualified?
Generally no. Easterly is a REIT, and REIT dividends usually don't qualify for the lower tax rates that individual investors pay on many other companies' dividends. Its 10-K also warns that part of a distribution may count as a return of capital. That part lowers the shareholder's cost basis, which is the purchase price used to work out capital gains. Any amount beyond that basis can be taxed as a gain.
Is Easterly's rent safe because the government is the tenant?
The rent is well backed, but renewals are not guaranteed. Easterly says its federal leases are backed by the full faith and credit of the U.S. Government. Rent on GSA leases comes from the Federal Buildings Fund, not directly from Congress's yearly spending bills. Still, some leases let agencies leave early, and the GSA is asking agencies whether they can use less space. Leases making up 14.7% of annualized lease income expire by the end of 2028. Long shutdowns and budget cuts are also risks.
How has Easterly Government Properties stock performed?
Poorly over the long run, judged by share price alone. As of October 28, 2026, the price was down about 38% over five years and about 9% over ten years. It was up 12.5% for 2026 through that date. It fell 33.3% in the 2022 bear market and had not regained that peak. Its deepest fall from a peak was 61.9%. These are price returns, so they leave out Easterly's large dividends.