Easterly Government Properties, Inc.DEA

Easterly Government Properties, Inc. is a Maryland REIT that calls itself the partner of choice for the U.S. Government, and it backs the claim with a portfolio of federal-leased properties. The company’s most recent SEC filing for the quarter ended 31 March 2026 shows $91.5 million in revenue, $1.4 million in net income, and $2.0 million in cash and equivalents-roughly one-thousandth of its $3.42 billion in total assets. Shareholders’ equity stands at $1.31 billion against $2.06 billion in liabilities, while diluted earnings per share clock in at $0.02 on 46.5 million diluted shares.

The REIT’s stated mission is to acquire, develop and manage Class A commercial properties leased primarily to government agencies via the General Services Administration. The company’s property gallery includes the USCIS National Benefits Center in Kansas City, a 20-year GSA lease for the FDA’s Alameda facility completed in 2020, and other long-dated federal tenancies. In the first quarter of 2026 the company also marked one lease arrangement as a sales-type lease under ASC 842, converting a future rent stream into upfront cash.

The balance sheet reveals a business model built for steady occupancy rather than headline rent growth: over 85% of revenue comes from direct federal leases, and net operating cash for the quarter was $27.3 million. The cash balance of $2.0 million is small relative to liabilities and the scale of the asset base, underscoring a model that relies on long-term lease economics rather than liquid asset turnover. Diluted share count remains elevated at 46.5 million, and earnings per share were $0.02 for the quarter-hardly the stuff of aggressive growth narratives but consistent with a low-beta income machine.

There is no chart rail in the source set, so we cannot cite a trading level or volume profile. The issuer is listed on the NYSE under the symbol DEA and files U.S. SEC documents; the company’s own materials and filings are the primary source rails for operating and financial detail. The SEC EDGAR company facts and submissions JSON endpoints corroborate the filing data but do not add new figures beyond what is already quoted.

What we do not have: segment-level breakdowns, FFO/AFFO metrics, dividend announcements, share-buyback programmes, or forward guidance. The published 10-Q and ownership XML do not disclose insider trades, director pay, or capex beyond the figures already cited. The evidence set does not include analyst estimates, valuation commentary, or market commentary that would normally accompany a listed equity; the file therefore relies exclusively on the issuer’s own disclosures and the SEC’s public filings.

If the company were to publish a segment split or an updated FFO figure, or if it were to disclose a new lease acquisition or disposition, those disclosures would materially deepen the file. Until then, the story remains what the REIT says it is-steady federal landlord-paired with what the balance sheet actually carries-modest cash, stable income, and a large asset base funded largely by liabilities.

For context, Easterly’s political and regulatory exposure is primarily through its tenant base; the REIT’s fortunes rise and fall with federal budgets and lease renewals rather than with consumer demand or commodity cycles. The absence of material capex or development risk in the filings suggests a strategy of acquiring stabilised assets and locking in long leases, which reduces headline risk but also limits upside to rent growth or asset rotation. The next material catalyst would be a new lease acquisition, a rent reset at a major tenant, or a disclosure of shareholder returns beyond the modest cash dividend implied by the $1.4 million net income on 46.5 million shares.