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Easterly Government Properties, Inc.
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🏹 Trader: 🎯 Near 52W High View all →
$998M
Market Cap
108.9
P/E
100.21
PEG
2.7%
ROCE
0.8%
ROE
1.26
D/E
25.0%
OPM
-10.3%
% from 52W High
49
α RS
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🌏 Global Investor Returns
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📈 Price History
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About

Easterly Government Properties, Inc. 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). Easterly Government Properties, Inc. was incorporated in 2011 in Maryland. Easterly Government Properties, Inc. is based in Washington, D.C.

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📈 Growth Pattern
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⭐ Superinvestors Holding DEA
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 73.5K $1.6M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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📊 MIXED Easterly Government Properties: 97% occupancy, 9.4-year leases, revenue up 16% in Q1 2026.
Revenue & Profitability
Total revenue increased 16% year-over-year to $91.5 million. EBITDA grew 12% to $57.3 million. Net income per share was $0.03. FFO per share was $0.76, up 7% from $0.71; Core FFO per share was $0.77, up 5.5% from $0.73. Cash available for distribution was approximately $32.2 million. Adjusted net debt to annualized quarterly pro forma EBITDA was 7.3x. Full-year 2026 FFO guidance was raised to $3.06-$3.12 per share.
Outlook
Management operates in a volatile market but believes investors favor businesses with durable cash flows and strong tenant credit. The administration's increased focus on defense spending is viewed as a tailwind for external growth. The company expects to continue delivering consistent earnings growth of 2-3% long-term. Achieving an investment grade rating in 2027 is a key goal, which could lower cost of capital and expand growth opportunities.
Growth Drivers
Growth drivers include contractual rent growth, a $1.5 billion acquisition and development pipeline, and the completion of development projects: Fort Myers lab (Q4 2026), Flagstaff Courthouse (Q1 2027), and Medford Courthouse (H2 2027). Mezzanine investments (target $30 million over 18 months) generating ~12% yields provide another lever. Leasing up vacant space in existing properties (e.g., FDA lab in Atlanta) is also a source of incremental earnings.
Balance Sheet & CapEx
Full-year 2026 guidance assumes $50-$100 million of gross development-related investment and $50 million in wholly owned acquisitions. In Q1 2026, the company completed a $7 million mezzanine loan for a VA outpatient clinic in Kennewick, Washington, with a 12% yield. Equity issuance related to the Commonwealth of Virginia acquisition was deferred due to share price volatility; the company expects to complete it by year-end. Development projects are expected to be natural delevering points as NOI comes online.
Margins
Not discussed in this earnings call.
Key Risks
Risks flagged include ongoing interest rate volatility and broader capital market disruption, which affect cost of capital and share price. Timing risks for development completions (e.g., Fort Myers lab) could impact guidance. Leverage ticked up to 7.3x in Q1 due to deferred equity issuance. Management acknowledged the need to equitize acquisitions to meet medium-term leverage goals. The mezzanine investment program is new and small ($7 million initially), with execution risk.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-03
Core FFO per share grew 5.4% year-over-year, exceeding long-term targets, with revenue up 10% and EBITDA up 8%. Portfolio occupancy remains high at 98%, and guidance was raised on strong operational and capital markets performance. The $1.5B pipeline is poised for accretive growth as share price improves.
Q1 2026 Q1 2026 2026-04-27
Revenue and EBITDA grew double digits year-over-year, driven by acquisitions and lease stability. Portfolio occupancy remains strong at 97%, and guidance was raised as new mezzanine investments and development projects advance.
Q4 2025 Q4 2025 2026-02-23
Core FFO per share grew nearly 3% year-over-year in 2025, with 2026 guidance targeting another 3% growth, supported by high occupancy, disciplined acquisitions, and a robust development pipeline. Cash leverage stands at 7.5x, with further improvement expected.
Q3 2025 Q3 2025 2025-10-27
Reported 3% core FFO growth, high occupancy, and strong development progress, with 2025 and 2026 guidance reflecting continued 2%-3% annual growth. Focus remains on lowering leverage, disciplined capital allocation, and expanding into state, local, and government-adjacent assets.
Q2 2025 Q2 2025 2025-08-05
Q2 2025 results showed solid growth, with core FFO per share up 3% year-over-year and strong progress on federal lease renewals. Guidance for 2025 remains unchanged, with disciplined capital allocation and a focus on high-quality, mission-critical assets.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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