Here are 1-3 brief analogies for Easterly Government Properties (DEA):

• Boston Properties (BXP) for the U.S. Government.
• Realty Income (O) for U.S. Government properties.

Easterly Government Properties (DEA) provides the following major services:

• Government Property Leasing: Providing Class A commercial properties for lease to U.S. Government agencies.
• Real Estate Acquisition: Acquiring existing Class A commercial properties that are suitable for lease to the U.S. Government.
• Real Estate Development: Developing new Class A commercial properties designed to meet the specific needs of U.S. Government agencies.
• Property Management: Managing and maintaining its portfolio of Class A commercial properties leased to the U.S. Government.

Easterly Government Properties (DEA) focuses on properties leased to the U.S. Government. Its major customer is the U.S. Government, either directly or through the U.S. General Services Administration (GSA).

Darrell W. Crate, Chief Executive Officer, President & Director

Darrell W. Crate co-founded Easterly Government Properties as a private equity fund in 2009 and has served as CEO since January 1, 2024, additionally becoming President on September 16, 2024. He is also the founder of Easterly Asset Management, a multi-affiliate platform of investment managers. Prior to founding Easterly, he served as the Chief Financial Officer of Affiliated Managers Group, Inc. (AMG), a publicly traded asset management holding company that grew through acquisition from 1998 to 2011. Mr. Crate also co-founded Easterly Capital in 2009 for private equity investments and was Chairman of Easterly Acquisition Corp., a publicly traded blank check company.

Allison Marino, Executive Vice President, Chief Financial Officer, Chief Accounting Officer

Allison Marino was appointed Executive Vice President, Chief Financial Officer, and Chief Accounting Officer effective January 1, 2024. She previously served as Senior Vice President and Chief Accounting Officer for the company, a role she assumed in August 2021. Before joining Easterly, Ms. Marino was Vice President and Corporate Controller at Carr Properties, a private real estate investment trust.

Michael P. Ibe, Executive Vice President, Development & Vice Chairman of the Board of Directors

Michael P. Ibe co-founded Western Devcon in 1987 and served as its president, overseeing all phases of acquisition and development, including build-to-suit GSA-leased properties.

Franklin Logan, Executive Vice President, General Counsel & Secretary

Franklin Logan has served as Easterly Government Properties' General Counsel and Corporate Secretary since 2017.

Christopher Wang, Executive Vice President, Acquisitions

Christopher Wang holds the title of Executive Vice President, Acquisitions at Easterly Government Properties.

1. Dependence on U.S. Government Leases: Easterly Government Properties' revenue is heavily concentrated in leases to U.S. Government agencies, accounting for approximately 90% of its annualized lease income. This creates significant exposure to risks such as government spending cuts, policy shifts, the potential for non-renewal of leases upon expiration, and interruptions in revenue due to prolonged government shutdowns or budgetary impasses. Any failure by the U.S. Government to uphold its obligations or renew leases could materially impact the company's financial condition and results of operations.
2. Higher Capital Costs and Elevated Leverage: The company faces risks associated with higher capital costs, particularly in an environment of rising interest rates. Elevated leverage (e.g., 8.2x debt/EBITDA) can reduce the value of long-term contractual revenue, limit long-term growth prospects, and pressure interest coverage. Although efforts are being made to mitigate leverage, sustained high capital costs and interest rates could adversely affect profitability and valuation.
3. Risks Associated with Property Development: Easterly's involvement in property development and redevelopment, including build-to-suit projects for government agencies, introduces operational risks. These include the potential for higher-than-anticipated development costs, construction delays, and the possibility that projects may not be completed as planned. Such issues could lead to increased debt service expenses and development costs, thereby negatively impacting the company's profitability and growth strategy.

The widespread adoption of remote and hybrid work models by U.S. Government agencies, potentially leading to a sustained reduction in demand for physical office space or a shift in the type and quantity of leased properties required.

Easterly Government Properties (NYSE: DEA) is expected to drive future revenue growth over the next 2-3 years primarily through three key strategies:

1. Strategic Acquisitions of U.S. Government-Leased Properties: The company plans to expand its portfolio by acquiring mission-critical assets leased to the U.S. federal government. For instance, Easterly has a target of approximately $50 million in wholly-owned acquisitions for 2026. These acquisitions directly contribute to increased rental income as new properties are added to their portfolio.
2. Development and Delivery of New Properties: Easterly has an active development pipeline with projects, such as courthouses and a state crime lab, scheduled to conclude by the end of 2027. The completion of the FDA Atlanta facility is highlighted as a positive development. The company expects to invest between $50 million and $100 million in gross development-related activities during 2026, which will bring new revenue-generating properties online.
3. Favorable Lease Renewals and High Occupancy Rates: Easterly maintains a high portfolio occupancy rate, consistently near 97%, with weighted average lease terms of roughly a decade, ensuring stable rental income. The company has a strong track record of successful lease renewals, achieving an average rent spread of 14% on renewed leases, thereby increasing revenue from its existing properties. Proactive management of federal lease expirations and continued engagement with agencies are expected to support ongoing revenue stability and growth.

Share Repurchases

No significant share repurchases have been made by Easterly Government Properties in the last 3-5 years.

Share Issuance

• In 2025, Easterly Government Properties issued approximately 2,466,987 shares of common stock through its At-The-Market (ATM) Program, resulting in net proceeds of about $63.0 million.
• The number of outstanding shares has shown a consistent increase, from 34.49 million in 2021 to 45.33 million in March 2026.
• A 1-for-2.5 reverse stock split was implemented in April 2025.

Outbound Investments

• In January 2026, Easterly acquired a 297,713 leased square foot campus with three assets near Richmond, Virginia, primarily leased to the Commonwealth of Virginia.
• During 2025, the company completed the acquisition of three properties for an aggregate contractual purchase price of $169.9 million.
• Easterly's 2026 guidance includes approximately $50 million for wholly-owned acquisitions.

Capital Expenditures

• Easterly Government Properties projects $50 million to $100 million in gross development-related investments for 2026.
• The company's capital expenditures were reported as $14 million in 2023 and $15 million in 2024.
• Capital expenditures are frequently incurred for tenant improvements to maintain and lease its properties as existing leases roll over.