Easterly Government Properties, Inc. (DEA) 10-Year Financial Performance & Capital Metrics

DEA • • REIT / Real Estate

Real EstateOffice REITsGovernment & Mission-Critical Office REITsFederal Government Lessors

AboutEasterly Government Properties, Inc. (NYSE:DEA) is based in Washington, D.C., and 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).Show more

Revenue $302M +5.2%
FFO $116M +5.3%
FFO/Share 2.79 -4.1%
FFO Payout 100.02% -2.0%
FFO per Share 2.79 -4.1%
NOI Margin 66.54% +3.4%
FFO Margin 38.37%
ROE 1.4% +4.9%
ROA 0.64% -2.7%
Debt/Assets 49.61% +10.3%
Net Debt/EBITDA 9.03 +10.7%
Book Value/Share 33.42 -10.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 22.1%
✓FFO growing 8.8% TTM
✓High NOI margin of 66.5%
✓Trading at only 0.7x book value

✗Weaknesses

✗Weak 3Y average ROE of 1.6%
✗Dividend exceeds FFO - may not be sustainable
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y47.2%

5Y6.38%

3Y3.19%

TTM9.93%

Profit (Net Income) CAGR

10Y23.36%

5Y22.09%

3Y-13.35%

TTM-25.2%

EPS CAGR

10Y3.07%

5Y35.69%

3Y-19.14%

TTM-30.16%

ROCE

10Y Avg3.1%

5Y Avg3.58%

3Y Avg2.74%

Latest2.93%

Peer Comparison

Federal Government Lessors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PSTLPostal Realty Trust, Inc.	463.71M	17.35	82.62	19.87%	15.36%	4.02%	6.63%	0.93
DEAEasterly Government Properties, Inc.	1.05B	22.87	49.72	5.16%	4.24%	1%	15.42%	1.15

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	71.38M	104.62M	130.67M	160.59M	221.72M	245.08M	274.86M	293.61M	287.23M	302.05M
Revenue Growth %	10.29%	0.47%	0.25%	0.23%	0.38%	0.11%	0.12%	0.07%	-0.02%	0.05%
Property Operating Expenses	20.32M	30.97M	38.64M	48.22M	73.66M	77.64M	87.12M	97.68M	102.42M	101.08M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	46.33M	60.73M	69.27M	112.37M	20.18M	20.63M	114.79M	123.04M	118.41M	122.31M
G&A Expenses	8.89M	12.29M	12.9M	14.82M	20.18M	20.63M	23.52M	24.79M	27.12M	24.45M
EBITDA+	32.74M	58.8M	77.64M	97.54M	214M	234.72M	164.22M	171.14M	157.68M	175M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	28.7M	45.88M	54.87M	66.4M	86.12M	87.91M	91.27M	98.25M	91.29M	96.33M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	4.05M	12.91M	22.77M	31.14M	127.88M	146.81M	72.95M	72.89M	66.39M	78.67M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	4.97M	8.18M	17.07M	22.9M	33.46M	35.48M	38.63M	47.38M	49.17M	62.43M
Interest Coverage	0.81x	1.58x	1.33x	1.36x	3.82x	4.14x	1.89x	1.54x	1.35x	1.26x
Non-Operating Income	4.45M	-760K	310K	1.58M	92.44M	93.8M	361K	-10.05M	-3.84M	-4.34M
Pretax Income+	-6.04M	5.5M	5.39M	6.66M	8.22M	13.53M	33.96M	35.56M	21.06M	20.58M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	5.49M	9.5M	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-1.28M	3.96M	4.45M	5.7M	7.21M	11.96M	30.06M	31.47M	18.8M	19.55M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-1.54%	4.09%	0.12%	0.28%	0.26%	0.66%	1.51%	0.05%	-0.4%	0.04%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.21%	0.82%	0.19%	0.22%	0.29%	0.07%	0.21%	0.07%	-0.15%	0.05%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	-0.20	0.30	0.25	0.25	0.10	0.37	0.87	0.85	0.48	0.46
EPS Growth %	-1.59%	2.5%	-0.17%	0%	-0.6%	2.7%	1.35%	-0.02%	-0.44%	-0.04%
EPS (Basic)	-0.20	0.33	0.28	0.28	0.10	0.37	0.88	0.85	0.48	0.46
Diluted Shares Outstanding	8.57M	32.37M	16.63M	21.97M	27.68M	31.52M	33.85M	36.38M	37.82M	41.5M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	912.05M	1.05B	1.43B	1.86B	2.23B	2.46B	2.83B	2.83B	2.88B	3.22B
Asset Growth %	2.04%	0.15%	0.36%	0.31%	0.2%	0.1%	0.15%	0%	0.02%	0.12%
Real Estate & Other Assets+	2.77M	907.64M	1.24B	1.63B	2.01B	2.23B	2.43B	2.32B	2.36B	2.61B
PP&E (Net)	772.01M	901.42M	1.23B	1.63B	0	0	0	0	0	0
Investment Securities	0	-1000K	-1000K	-1000K	0	0	1000K	1000K	1000K	1000K
Total Current Assets+	20.69M	24.03M	47.14M	62.24M	60.96M	59.75M	78.88M	76.11M	88.21M	133.06M
Cash & Equivalents	8.18M	4.84M	12.68M	6.85M	12.01M	8.46M	11.13M	7.58M	9.38M	19.35M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	3.25M	1.65M	3.52M	4.25M	3.54M	-19.54M	-20.89M	9.7M	12.56M	8.45M
Intangible Assets	116.58M	113.8M	143.06M	165.67M	168.63M	163.39M	186.31M	157.28M	148.45M	161.43M
Total Liabilities	292.15M	348.6M	634.25M	836.3M	1.03B	1.16B	1.38B	1.42B	1.47B	1.84B
Total Debt+	238.2M	292.97M	575.89M	766.36M	901.84M	978.26M	1.21B	1.25B	1.29B	1.6B
Net Debt	230.03M	288.13M	563.21M	759.5M	889.83M	969.79M	1.2B	1.24B	1.29B	1.58B
Long-Term Debt	235.34M	80.81M	572.79M	766.36M	901.84M	899.01M	1.2B	1.19B	1.22B	1.32B
Short-Term Borrowings	1000K	0	0	0	0	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	44.6M	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	9.35M	225.95M	119.54M	172.06M	102.49M	220.38M	162.52M	216.15M	241.92M	496.8M
Accounts Payable	9.35M	13.78M	19.79M	34.24M	47.83M	48.55M	60.89M	67.34M	80.21M	101.27M
Deferred Revenue	-9.35M	198.38M	79.96M	97.44M	54.66M	92.58M	87.13M	83.31M	82.71M	120.98M
Other Liabilities	-26.98M	186.99M	-315.49M	-316.49M	-24.24M	-54.39M	-61.72M	-66.92M	12.48M	14.88M
Total Equity+	619.89M	696.87M	791.09M	1.03B	1.2B	1.3B	1.44B	1.41B	1.41B	1.39B
Equity Growth %	1.09%	0.12%	0.14%	0.3%	0.17%	0.08%	0.11%	-0.02%	-0%	-0.02%
Shareholders Equity	377.26M	559.3M	667.81M	894.16M	1.06B	1.15B	1.28B	1.24B	1.32B	1.32B
Minority Interest	242.63M	137.56M	123.28M	131.09M	137.22M	145.4M	158.91M	166.1M	87.31M	66M
Common Stock	241K	369K	448K	608K	748K	821K	901K	908K	1.01M	1.08M
Additional Paid-in Capital	391.77M	597.16M	740.55M	1.02B	1.26B	1.42B	1.6B	1.62B	1.78B	1.87B
Retained Earnings	-1.69M	1.72M	7.13M	12.83M	20M	31.96M	62.02M	93.5M	112.3M	131.85M
Preferred Stock	14.74M	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	-0%	0%	0%	0%	0%	0.01%	0.01%	0.01%	0.01%	0.01%
Return on Equity (ROE)	-0%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.01%	0.01%
Debt / Assets	0.26%	0.28%	0.4%	0.41%	0.4%	0.4%	0.43%	0.44%	0.45%	0.5%
Debt / Equity	0.38x	0.42x	0.73x	0.75x	0.75x	0.75x	0.84x	0.89x	0.92x	1.15x
Net Debt / EBITDA	7.02x	4.90x	7.25x	7.79x	4.16x	4.13x	7.31x	7.27x	8.15x	9.03x
Book Value per Share	72.32	21.53	47.58	46.66	43.34	41.25	42.59	38.79	37.27	33.42

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	29.95M	47.38M	49.23M	62.78M	142.31M	145.2M	118.34M	125.94M	114.48M	162.63M
Operating CF Growth %	2.34%	0.58%	0.04%	0.28%	1.27%	0.02%	-0.18%	0.06%	-0.09%	0.42%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	-6.04M	4.74M	5.39M	6.66M	8.22M	13.53M	33.96M	35.56M	21.06M	20.58M
Depreciation & Amortization	28.7M	39.49M	46.36M	57.81M	86.12M	87.91M	86.68M	95.15M	91.29M	95.66M
Stock-Based Compensation	1.87M	2.9M	2.96M	3.04M	4.91M	4.09M	5.05M	6.54M	5.75M	3.21M
Other Non-Cash Items	7.19M	601K	-1.79M	-4.63M	-8.67M	-4.55M	-8.35M	-10.01M	-6.18M	-288K
Working Capital Changes	113K	-356K	-4M	-92K	51.73M	40.22M	2.32M	-1.3M	2.56M	43.48M
Cash from Investing+	-164.55M	-170.19M	-397.75M	-466.74M	-442.34M	-290.18M	-363.04M	-69.1M	-127.01M	-409.64M
Acquisitions (Net)	6.19M	0	0	0	0	0	-131.57M	-143.85M	-17.74M	0
Purchase of Investments	-257K	-170.19M	-406.41M	-466.74M	0	-293.69M	-370.38M	0	0	-413.86M
Sale of Investments	0	0	1000K	0	0	1000K	1000K	0	0	1000K
Other Investing	-164.29M	-170.19M	-397.75M	-466.74M	-442.34M	0	-231.47M	74.74M	-109.27M	2.04M
Cash from Financing+	111.34M	119.48M	356.35M	398.87M	304.47M	144.1M	250.17M	-59.71M	17.19M	252.88M
Dividends Paid	-13.06M	-29.74M	-49.18M	-55.38M	-81.89M	-80.89M	-88.24M	-109.18M	-100.34M	-115.91M
Common Dividends	-26.93M	-40.29M	-49.18M	-65.96M	-81.89M	-91.75M	-99.99M	-109.18M	-112.38M	-115.91M
Debt Issuance (Net)	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Share Repurchases	-1K	0	0	0	0	0	0	0	0	0
Other Financing	-1.96M	-10.55M	-7.9M	-25.37M	-9.05M	-12.72M	-17.06M	-136K	-12.04M	-8.78M
Net Change in Cash+	-23.26M	-3.33M	7.84M	-5.1M	4.44M	-880K	5.47M	-2.87M	4.67M	5.87M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	31.44M	8.18M	4.84M	16.2M	11.11M	15.55M	14.67M	20.14M	17.27M	21.94M
Cash at End	8.18M	4.84M	12.68M	11.11M	15.55M	14.67M	20.14M	17.27M	21.94M	27.8M
Free Cash Flow+	29.95M	47.38M	49.23M	62.78M	142.31M	145.2M	481.39M	125.94M	114.48M	162.63M
FCF Growth %	2.34%	0.58%	0.04%	0.28%	1.27%	0.02%	2.32%	-0.74%	-0.09%	0.42%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	3.2	1.54	3.57	3.28	3.37	3.17	3.58	3.57	2.91	2.79
FFO Payout Ratio	98.24%	80.84%	82.9%	91.47%	87.75%	91.87%	82.42%	84.16%	102.07%	100.02%
NOI Margin	71.53%	70.39%	70.43%	69.97%	66.78%	68.32%	68.3%	66.73%	64.34%	66.54%
Net Debt / EBITDA	7.02x	4.90x	7.25x	7.79x	4.16x	4.13x	7.31x	7.27x	8.15x	9.03x
Debt / Assets	26.12%	28.02%	40.4%	41.17%	40.36%	39.81%	42.85%	44.23%	44.96%	49.61%
Interest Coverage	0.81x	1.58x	1.33x	1.36x	3.82x	4.14x	1.89x	1.54x	1.35x	1.26x
Book Value / Share	72.32	21.53	47.58	46.66	43.34	41.25	42.59	38.79	37.27	33.42
Revenue Growth	1028.68%	46.57%	24.9%	22.9%	38.07%	10.53%	12.15%	6.82%	-2.17%	5.16%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Tenant Reimbursements	-	-	16.98M	10.21M	4.5M	5.19M	5.92M	8.91M	6.54M
Tenant Reimbursements Growth	-	-	-	-39.86%	-55.95%	15.34%	14.13%	50.47%	-26.54%
Real Estate, Other	-	-	-	-	-	-	1.79M	2.3M	3.6M
Real Estate, Other Growth	-	-	-	-	-	-	-	28.73%	56.53%
Real Estate Other	-	-	1.23M	2.97M	2.45M	2.15M	-	-	-
Real Estate Other Growth	-	-	-	140.91%	-17.45%	-12.33%	-	-	-
Projects And Other Services	4.3M	600K	-	-	-	-	-	-	-
Projects And Other Services Growth	-	-86.05%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Easterly Government Properties, Inc. (DEA) has a price-to-earnings (P/E) ratio of 49.7x. This suggests investors expect higher future growth.

Growth & Financials

Easterly Government Properties, Inc. (DEA) reported $327.3M in revenue for fiscal year 2024. This represents a 16373% increase from $2.0M in 2012.

Easterly Government Properties, Inc. (DEA) grew revenue by 5.2% over the past year. This is steady growth.

Yes, Easterly Government Properties, Inc. (DEA) is profitable, generating $13.9M in net income for fiscal year 2024 (6.5% net margin).

Dividend & Returns

Yes, Easterly Government Properties, Inc. (DEA) pays a dividend with a yield of 12.21%. This makes it attractive for income-focused investors.

Easterly Government Properties, Inc. (DEA) has a return on equity (ROE) of 1.4%. This is below average, suggesting room for improvement.

Industry Metrics

Easterly Government Properties, Inc. (DEA) generated Funds From Operations (FFO) of $122.8M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Easterly Government Properties, Inc. (DEA) offers a 12.21% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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