Easterly Government Properties (DEA)
Market Price (10/7/2026): $23.27 | Market Cap: $1.1 BilSector: Real Estate | Industry: Office REITs
Easterly Government Properties (DEA)
Market Price (10/7/2026): $23.27Market Cap: $1.1 BilSector: Real EstateIndustry: Office REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.0%, Dividend Yield is 8.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.7%, FCF Yield is 25% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 75%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 75% Low stock price volatilityVol 12M is 21% Megatrend and thematic driversMegatrends include Government & Public Sector Infrastructure. Themes include Public Sector Real Estate Solutions, Mission-Critical Government Facilities, and Government Building Modernization & Sustainability. | Weak multi-year price returns2Y Excs Rtn is -55%, 3Y Excs Rtn is -78% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 158% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 106x Key risksDEA key risks include [1] its near-total dependence on the U.S. Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.0%, Dividend Yield is 8.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.7%, FCF Yield is 25% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 75%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 75% |
| Low stock price volatilityVol 12M is 21% |
| Megatrend and thematic driversMegatrends include Government & Public Sector Infrastructure. Themes include Public Sector Real Estate Solutions, Mission-Critical Government Facilities, and Government Building Modernization & Sustainability. |
| Weak multi-year price returns2Y Excs Rtn is -55%, 3Y Excs Rtn is -78% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 158% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 106x |
| Key risksDEA key risks include [1] its near-total dependence on the U.S. Show more. |
Qualitative Assessment
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Updated on 10/1/2026
Easterly Government Properties (DEA) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Macroeconomic headwinds from rising interest rates pressured the REIT sector. The Federal Reserve raised the federal funds rate by 0.25% in September 2026, setting the target range between 3.75% and 4.00%. This move, the first rate hike since July 2023, was a response to persistent inflation, which was reported at 3.4% annually through July 2026. Rising interest rates typically increase financing costs for real estate investment trusts (REITs) and can lead to downward pressure on property valuations, affecting their stock prices.
2. The broader equity REIT sector experienced a significant downturn during the period. Easterly Government Properties' stock decline occurred in a challenging environment for real estate investments. In fiscal Q3 2026, the FTSE Nareit All Equity REIT index, which tracks 128 stocks, reported a total return decrease of 6.06%, marking a sharp reversal from the previous fiscal quarter. This widespread decline within the REIT sector was largely attributed to the aforementioned rising interest rates and their impact on real estate valuations and financing.
Show more
Easterly Government Properties (DEA) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Macroeconomic headwinds from rising interest rates pressured the REIT sector. The Federal Reserve raised the federal funds rate by 0.25% in September 2026, setting the target range between 3.75% and 4.00%. This move, the first rate hike since July 2023, was a response to persistent inflation, which was reported at 3.4% annually through July 2026. Rising interest rates typically increase financing costs for real estate investment trusts (REITs) and can lead to downward pressure on property valuations, affecting their stock prices.
2. The broader equity REIT sector experienced a significant downturn during the period. Easterly Government Properties' stock decline occurred in a challenging environment for real estate investments. In fiscal Q3 2026, the FTSE Nareit All Equity REIT index, which tracks 128 stocks, reported a total return decrease of 6.06%, marking a sharp reversal from the previous fiscal quarter. This widespread decline within the REIT sector was largely attributed to the aforementioned rising interest rates and their impact on real estate valuations and financing.
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Updated on 10/1/2026
Easterly Government Properties (DEA) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Macroeconomic headwinds from rising interest rates pressured the REIT sector. The Federal Reserve raised the federal funds rate by 0.25% in September 2026, setting the target range between 3.75% and 4.00%. This move, the first rate hike since July 2023, was a response to persistent inflation, which was reported at 3.4% annually through July 2026. Rising interest rates typically increase financing costs for real estate investment trusts (REITs) and can lead to downward pressure on property valuations, affecting their stock prices.
2. The broader equity REIT sector experienced a significant downturn during the period. Easterly Government Properties' stock decline occurred in a challenging environment for real estate investments. In fiscal Q3 2026, the FTSE Nareit All Equity REIT index, which tracks 128 stocks, reported a total return decrease of 6.06%, marking a sharp reversal from the previous fiscal quarter. This widespread decline within the REIT sector was largely attributed to the aforementioned rising interest rates and their impact on real estate valuations and financing.
3. Despite strong Core FFO, concerns arose regarding net income and dividend sustainability relative to valuation. For the fiscal second quarter of 2026, Easterly Government Properties reported net income of $3.2 million, or $0.07 per share, which was lower than the previous year, despite an increase in Core FFO per share to $0.78. While the company maintained its quarterly cash dividend of $0.45 per share, the lower net income, coupled with a high payout ratio and a high price-to-earnings (P/E) ratio of 123x compared to an industry average of approximately 19x, raised investor questions about the long-term sustainability of the dividend and the company's valuation.
4. The company's issuance of equity in fiscal Q2 2026 introduced potential dilution concerns. Easterly Government Properties issued 796,943 shares of common stock through its At-The-Market (ATM) Program in fiscal Q2 2026. These shares were settled at a weighted average price of $23.86, generating approximately $18.8 million in net proceeds. While these funds can be used for various corporate purposes, including debt reduction, the increase in outstanding shares can lead to dilution, potentially impacting earnings per share and stock price performance if not adequately offset by growth.
Show less
Easterly Government Properties (DEA) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Macroeconomic headwinds from rising interest rates pressured the REIT sector. The Federal Reserve raised the federal funds rate by 0.25% in September 2026, setting the target range between 3.75% and 4.00%. This move, the first rate hike since July 2023, was a response to persistent inflation, which was reported at 3.4% annually through July 2026. Rising interest rates typically increase financing costs for real estate investment trusts (REITs) and can lead to downward pressure on property valuations, affecting their stock prices.
2. The broader equity REIT sector experienced a significant downturn during the period. Easterly Government Properties' stock decline occurred in a challenging environment for real estate investments. In fiscal Q3 2026, the FTSE Nareit All Equity REIT index, which tracks 128 stocks, reported a total return decrease of 6.06%, marking a sharp reversal from the previous fiscal quarter. This widespread decline within the REIT sector was largely attributed to the aforementioned rising interest rates and their impact on real estate valuations and financing.
3. Despite strong Core FFO, concerns arose regarding net income and dividend sustainability relative to valuation. For the fiscal second quarter of 2026, Easterly Government Properties reported net income of $3.2 million, or $0.07 per share, which was lower than the previous year, despite an increase in Core FFO per share to $0.78. While the company maintained its quarterly cash dividend of $0.45 per share, the lower net income, coupled with a high payout ratio and a high price-to-earnings (P/E) ratio of 123x compared to an industry average of approximately 19x, raised investor questions about the long-term sustainability of the dividend and the company's valuation.
4. The company's issuance of equity in fiscal Q2 2026 introduced potential dilution concerns. Easterly Government Properties issued 796,943 shares of common stock through its At-The-Market (ATM) Program in fiscal Q2 2026. These shares were settled at a weighted average price of $23.86, generating approximately $18.8 million in net proceeds. While these funds can be used for various corporate purposes, including debt reduction, the increase in outstanding shares can lead to dilution, potentially impacting earnings per share and stock price performance if not adequately offset by growth.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -4.9% change in DEA stock from 6/30/2026 to 10/6/2026 was primarily driven by a -11.2% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.48 | 23.27 | -4.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 349 | 357 | 2.3% |
| Net Income Margin (%) | 3.2% | 2.9% | -11.2% |
| P/E Multiple | 100.7 | 105.8 | 5.0% |
| Shares Outstanding (Mil) | 46 | 46 | -0.4% |
| Cumulative Contribution | -4.9% |
Market Drivers
6/30/2026 to 10/6/2026| Return | Correlation | |
|---|---|---|
| DEA | -4.9% | |
| Market (SPY) | 4.3% | 10.4% |
| Sector (XLRE) | -6.7% | 57.4% |
Fundamental Drivers
The 12.8% change in DEA stock from 3/31/2026 to 10/6/2026 was primarily driven by a 44.6% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.64 | 23.27 | 12.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 336 | 357 | 6.3% |
| Net Income Margin (%) | 3.9% | 2.9% | -26.0% |
| P/E Multiple | 73.2 | 105.8 | 44.6% |
| Shares Outstanding (Mil) | 46 | 46 | -0.8% |
| Cumulative Contribution | 12.8% |
Market Drivers
3/31/2026 to 10/6/2026| Return | Correlation | |
|---|---|---|
| DEA | 12.8% | |
| Market (SPY) | 20.1% | 10.7% |
| Sector (XLRE) | 1.5% | 57.9% |
Fundamental Drivers
The 9.8% change in DEA stock from 9/30/2025 to 10/6/2026 was primarily driven by a 94.2% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.20 | 23.27 | 9.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 316 | 357 | 13.0% |
| Net Income Margin (%) | 5.5% | 2.9% | -48.4% |
| P/E Multiple | 54.5 | 105.8 | 94.2% |
| Shares Outstanding (Mil) | 45 | 46 | -3.1% |
| Cumulative Contribution | 9.8% |
Market Drivers
9/30/2025 to 10/6/2026| Return | Correlation | |
|---|---|---|
| DEA | 9.8% | |
| Market (SPY) | 17.9% | 13.4% |
| Sector (XLRE) | 0.2% | 52.2% |
Fundamental Drivers
The 4.8% change in DEA stock from 9/30/2023 to 10/6/2026 was primarily driven by a 230.9% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.20 | 23.27 | 4.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 291 | 357 | 22.7% |
| Net Income Margin (%) | 8.9% | 2.9% | -67.9% |
| P/E Multiple | 32.0 | 105.8 | 230.9% |
| Shares Outstanding (Mil) | 37 | 46 | -19.6% |
| Cumulative Contribution | 4.8% |
Market Drivers
9/30/2023 to 10/6/2026| Return | Correlation | |
|---|---|---|
| DEA | 4.8% | |
| Market (SPY) | 88.5% | 36.9% |
| Sector (XLRE) | 32.6% | 63.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DEA Return | 6% | -33% | 2% | -8% | -19% | 15% | -38% |
| Peers Return | 26% | -41% | 1% | -9% | -16% | -2% | -43% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 107% |
Monthly Win Rates [3] | |||||||
| DEA Win Rate | 58% | 33% | 58% | 42% | 42% | 50% | |
| Peers Win Rate | 57% | 35% | 50% | 45% | 45% | 38% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| DEA Max Drawdown | -14% | -36% | -35% | -23% | -30% | -11% | |
| Peers Max Drawdown | -19% | -49% | -45% | -33% | -41% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HIW, HPP, PSTL, FSP, BXP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/6/2026 (YTD)
How Low Can It Go
| Event | DEA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.0% | -18.8% |
| % Gain to Breakeven | 28.2% | 23.1% |
| Time to Breakeven | 290 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.0% | -9.5% |
| % Gain to Breakeven | 38.8% | 10.5% |
| Time to Breakeven | 50 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.1% | -6.7% |
| % Gain to Breakeven | 28.3% | 7.1% |
| Time to Breakeven | 573 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -21.9% | -33.7% |
| % Gain to Breakeven | 28.1% | 50.9% |
| Time to Breakeven | 16 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -17.1% | -19.2% |
| % Gain to Breakeven | 20.6% | 23.8% |
| Time to Breakeven | 92 days | 105 days |
In The Past
Easterly Government Properties's stock fell -22.0% during the 2025 US Tariff Shock. Such a loss loss requires a 28.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | DEA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.0% | -18.8% |
| % Gain to Breakeven | 28.2% | 23.1% |
| Time to Breakeven | 290 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.0% | -9.5% |
| % Gain to Breakeven | 38.8% | 10.5% |
| Time to Breakeven | 50 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.1% | -6.7% |
| % Gain to Breakeven | 28.3% | 7.1% |
| Time to Breakeven | 573 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -21.9% | -33.7% |
| % Gain to Breakeven | 28.1% | 50.9% |
| Time to Breakeven | 16 days | 140 days |
In The Past
Easterly Government Properties's stock fell -22.0% during the 2025 US Tariff Shock. Such a loss loss requires a 28.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Easterly Government Properties (DEA)
Easterly Government Properties, Inc. (DEA) is a real estate company headquartered in Washington, D.C., that specializes in owning and managing high-quality commercial properties. Its core business involves the acquisition, development, and ongoing management of these Class A facilities, positioning itself as a dedicated provider of mission-critical real estate.
The company's unique focus is on leasing these properties almost exclusively to the U.S. Government. They serve various U.S. Government agencies, particularly those with mission-critical operations, often facilitating these leases through the U.S. General Services Administration (GSA). Easterly's expertise lies in understanding the specific real estate strategies and needs of these government tenants, providing a specialized service in this niche market.
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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.
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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.
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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).
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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.
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- 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.
- 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.
- 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.
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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.
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The addressable market for Easterly Government Properties (symbol: DEA), focusing on Class A commercial properties leased to the U.S. Government, is primarily within the United States.
As of March 2024, the federal government leased 176 million square feet of real estate space across the United States, consisting mostly of office and industrial properties. Another estimate from December 2024 states that the General Services Administration (GSA) leased 173 million square feet across the country. By the end of 2024, the GSA leased nearly 175 million square feet of office and industrial space across the U.S., encompassing approximately 7,500 in-place leases.
More specifically for office space, the U.S. federal government leases 149.49 million square feet nationwide, with an annual rent expenditure of $5.25 billion.
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Easterly Government Properties (NYSE: DEA) is expected to drive future revenue growth over the next 2-3 years primarily through three key strategies:
- 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.
- 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.
- 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.
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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.
Peer Outperformance in Office REITs
DEA has trailed 53% of its 17 Office REITs peers over 5Y. Among the peers that beat it are CDP and CUZ. Office REITs ranks 11th of 12 industries in Real Estate by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Office REITs constituents that DEA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
84%
of 19 industry peers · 13.2% return
3Y
44%
of 18 industry peers · 6.9% return
5Y
47%
of 17 industry peers · -35.0% return
Office REITs peers with revenue growth within 4pp of DEA's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| DEA | Easterly Government Properties | 7.2% | 105.8x | 13.2% | 6.9% | -35.0% | — |
| CDP | COPT Defense Properties | 4.1% | 23.1x | 22.1% | 64.7% | 49.5% | +84pp |
| CUZ | Cousins Properties | 9.2% | 708.4x | 2.1% | 70.8% | -8.9% | +26pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Real Estate sector, ranked by 5Y. Office REITs is DEA's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 14.1% | 55.5% | 65.5% | WELL 207% · DHC 140% · CTRE 130% |
| Retail REITs | 22 | 8.1% | 38.2% | 25.4% | IVT 1462% · SKT 159% · SPG 96% |
| Other Specialized REITs | 11 | 5.0% | 23.7% | 19.4% | IRM 220% · LAMR 58% · OUT 51% |
| Real Estate Development | 6 | -13.9% | 18.2% | 14.0% | JOE 58% · AXR 36% · FOR 35% |
| Hotel & Resort REITs | 16 | 41.0% | 36.0% | 2.2% | HST 75% · RHP 67% · DRH 52% |
| Industrial REITs | 11 | 6.5% | 23.6% | 0.3% | EGP 28% · FR 26% · PLD 15% |
| Diversified REITs | 13 | 10.2% | 38.6% | -9.7% | CTO 70% · WPC 16% · LXP 14% |
| Single-Family Residential REITs | 4 | -2.3% | 0.3% | -17.2% | AMH -9% · ELS -16% · INVH -19% |
| Multi-Family Residential REITs | 13 | -4.4% | 4.6% | -23.1% | ESS -1% · BRT -7% · VMRK -12% |
| Real Estate Services | 25 | -23.4% | -11.3% | -33.1% | REAX 820% · CHCI 316% · MLP 52% |
| Office REITs ← | 18 | -14.2% | 31.2% | -34.9% | PSTL 66% · CDP 49% · HIW -6% |
| Telecom Tower REITs | 3 | -7.8% | -5.9% | -45.4% | AMT -27% · SBAC -45% · CCI -49% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 23.01 |
| Mkt Cap | 0.9 |
| Rev LTM | 585 |
| Op Inc LTM | 63 |
| FCF LTM | 191 |
| FCF 3Y Avg | 150 |
| CFO LTM | 199 |
| CFO 3Y Avg | 159 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.5% |
| Rev Chg 3Y Avg | 1.5% |
| Rev Chg Q | 5.5% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | 17.5% |
| Op Inc Chg 3Y Avg | -2.1% |
| Op Mgn LTM | 25.0% |
| Op Mgn 3Y Avg | 25.3% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 40.7% |
| CFO/Rev 3Y Avg | 40.7% |
| FCF/Rev LTM | 39.3% |
| FCF/Rev 3Y Avg | 39.7% |
Price Behavior
Price Behavior
| Market Price | $23.27 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 02/06/2015 | |
| Distance from 52W High | -7.5% | |
| 50 Days | 200 Days | |
| DMA Price | $24.06 | $22.84 |
| DMA Trend | up | down |
| Distance from DMA | -3.3% | 1.9% |
| 3M | 1YR | |
| Volatility | 18.1% | 20.8% |
| Downside Capture | 55.01 | 10.08 |
| Upside Capture | 17.17 | 22.49 |
| Correlation (SPY) | 13.2% | 13.5% |
DEA Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.36 | 0.57 | 0.18 | 0.18 | 0.22 | 0.61 |
| Up Beta | -0.61 | 0.65 | 0.12 | 0.13 | 0.07 | 0.45 |
| Down Beta | 2.15 | 0.16 | 0.14 | 0.27 | 0.54 | 0.79 |
| Up Capture | -0% | 44% | 6% | 23% | 14% | 25% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 7 | 17 | 26 | 68 | 130 | 373 |
| Down Capture | 93% | 87% | 43% | 3% | 14% | 88% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 24 | 37 | 56 | 118 | 361 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DEA | |
|---|---|---|---|---|
| DEA | 11.7% | 20.8% | 0.43 | - |
| Sector ETF (XLRE) | 0.3% | 14.1% | -0.22 | 52.2% |
| Equity (SPY) | 17.5% | 13.0% | 0.96 | 13.6% |
| Gold (GLD) | 6.9% | 29.6% | 0.23 | 1.9% |
| Commodities (DBC) | 46.1% | 20.8% | 1.71 | -17.2% |
| Real Estate (VNQ) | 2.1% | 13.7% | -0.10 | 55.9% |
| Bitcoin (BTCUSD) | -29.8% | 44.3% | -0.67 | 1.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DEA | |
|---|---|---|---|---|
| DEA | -7.9% | 24.9% | -0.36 | - |
| Sector ETF (XLRE) | 1.5% | 19.1% | -0.03 | 62.0% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 37.4% |
| Gold (GLD) | 18.7% | 18.9% | 0.80 | 6.3% |
| Commodities (DBC) | 10.3% | 19.5% | 0.40 | 6.2% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.04 | 65.3% |
| Bitcoin (BTCUSD) | 16.0% | 52.2% | 0.47 | 17.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DEA | |
|---|---|---|---|---|
| DEA | -1.1% | 24.3% | -0.04 | - |
| Sector ETF (XLRE) | 5.6% | 20.4% | 0.23 | 64.6% |
| Equity (SPY) | 15.6% | 17.9% | 0.74 | 44.0% |
| Gold (GLD) | 11.6% | 16.4% | 0.58 | 7.7% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 10.4% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 66.3% |
| Bitcoin (BTCUSD) | 64.1% | 66.2% | 1.04 | 11.5% |
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Returns Analyses
Earnings Returns History
Updated 9/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 3.8% | 2.5% | 2.5% |
| 4/27/2026 | -0.7% | 0.2% | 4.4% |
| 2/23/2026 | -2.7% | -3.5% | -7.0% |
| 10/27/2025 | -4.0% | -3.9% | -1.3% |
| 8/5/2025 | -0.6% | -1.6% | 4.4% |
| 4/29/2025 | -4.3% | -0.8% | 6.5% |
| 2/25/2025 | 6.0% | 4.7% | -0.9% |
| 11/5/2024 | -0.7% | -0.1% | -9.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 11 |
| # Negative | 11 | 11 | 13 |
| Median Positive | 2.3% | 2.5% | 4.4% |
| Median Negative | -1.6% | -2.8% | -5.5% |
| Max Positive | 6.0% | 12.4% | 13.9% |
| Max Negative | -5.3% | -6.6% | -10.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 3.8% | 2.5% | 2.5% |
| 4/27/2026 | -0.7% | 0.2% | 4.4% |
| 2/23/2026 | -2.7% | -3.5% | -7.0% |
| 10/27/2025 | -4.0% | -3.9% | -1.3% |
| 8/5/2025 | -0.6% | -1.6% | 4.4% |
| 4/29/2025 | -4.3% | -0.8% | 6.5% |
| 2/25/2025 | 6.0% | 4.7% | -0.9% |
| 11/5/2024 | -0.7% | -0.1% | -9.9% |
| 7/31/2024 | -1.2% | -2.8% | -3.0% |
| 4/30/2024 | 0.1% | 3.9% | -0.4% |
| 2/27/2024 | 3.4% | 5.2% | 0.7% |
| 10/31/2023 | 2.6% | 12.4% | 13.9% |
| 8/8/2023 | 1.6% | -0.5% | -8.9% |
| 5/2/2023 | -1.6% | 2.7% | 1.3% |
| 2/28/2023 | 0.5% | 1.9% | -10.7% |
| 11/1/2022 | -5.3% | -6.6% | -5.8% |
| 8/2/2022 | -3.6% | -6.3% | -8.0% |
| 5/3/2022 | 2.8% | 0.9% | 6.0% |
| 2/28/2022 | 1.1% | 5.7% | 3.4% |
| 11/2/2021 | 0.3% | 1.8% | -0.4% |
| 8/3/2021 | 0.4% | 0.4% | -3.9% |
| 5/4/2021 | -0.0% | -1.5% | 0.3% |
| 2/24/2021 | 2.3% | -3.3% | -5.5% |
| 11/2/2020 | 2.8% | 2.5% | 5.3% |
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 11 |
| # Negative | 11 | 11 | 13 |
| Median Positive | 2.3% | 2.5% | 4.4% |
| Median Negative | -1.6% | -2.8% | -5.5% |
| Max Positive | 6.0% | 12.4% | 13.9% |
| Max Negative | -5.3% | -6.6% | -10.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 04/27/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 10/27/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 04/27/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 10/27/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Core FFO per share | Reported | 3.07 | 3.1 | 3.13 | 0.3% | Raised | Guidance: 3.09 for 2026 | |
| 2026 FFO per share | Reported | 3.05 | 3.08 | 3.11 | 0.3% | Raised | Guidance: 3.07 for 2026 | |
| 2026 Wholly owned acquisitions | Reported | 50.00 Mil | 0 | Affirmed | Guidance: 50.00 Mil for 2026 | |||
| 2026 Gross development-related investment | Reported | 50.00 Mil | 75.00 Mil | 100.00 Mil | 0 | Affirmed | Guidance: 75.00 Mil for 2026 | |
| 2026 Net income (loss) per share | Reported | 0.23 | 0.26 | 0.29 | -33.3% | Lowered | Guidance: 0.39 for 2026 | |
Prior: Q1 2026 Earnings Reported 4/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO per share – fully diluted basis | Reported | 3.04 | 3.07 | 3.1 | 0.2% | Raised | Guidance: 3.07 for 2026 | |
| 2026 Core FFO per share – fully diluted basis | Reported | 3.06 | 3.09 | 3.12 | 0.2% | Raised | Guidance: 3.09 for 2026 | |
| 2026 Wholly owned acquisitions | Reported | 50.00 Mil | 0 | Affirmed | Guidance: 50.00 Mil for 2026 | |||
| 2026 Gross development-related investment | Reported | 50.00 Mil | 75.00 Mil | 100.00 Mil | 0 | Affirmed | Guidance: 75.00 Mil for 2026 | |
| 2026 Net income (loss) per share – fully diluted basis | Reported | 0.36 | 0.39 | 0.42 | 1.3% | Raised | Guidance: 0.39 for 2026 | |
Q4 2025 Earnings Reported 2/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO per share – fully diluted basis | Reported | 3.03 | 3.07 | 3.1 | ||||
| 2026 Core FFO per share – fully diluted basis | Reported | 3.05 | 3.09 | 3.12 | 0.0% | Affirmed | Guidance: 3.09 for 2026 | |
| 2026 Wholly owned acquisitions | Reported | 50.00 Mil | ||||||
| 2026 Gross development-related investment | Reported | 50.00 Mil | 75.00 Mil | 100.00 Mil | ||||
| 2026 Net income (loss) per share – fully diluted basis | Reported | 0.35 | 0.39 | 0.42 | ||||
Q3 2025 Earnings Reported 10/27/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Core FFO per share | Reported | 2.98 | 3 | 3.02 | -0.2% | Lowered | Guidance: 3.01 for 2025 | |
| 2026 Core FFO per share | Reported | 3.05 | 3.09 | 3.12 | ||||
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Office REITs Resources |
| Commercial Property Executive |
| BOMA International |
| Propmodo |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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