The company maintains resilient property-level profitability with a stable NOI margin of approximately 67% despite the specialized nature of its government-leased assets.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Revenue | 344.46M | 336.1M | 302.05M | 287.23M | 293.61M | 274.86M | 245.08M | 221.72M | 160.59M | 130.67M | 104.62M | 71.38M | 6.32M | 4.01M | 1.99M |
| Revenue Growth % | 11.87% | 11.27% | 5.16% | -2.17% | 6.82% | 12.15% | 10.53% | 38.07% | 22.9% | 24.9% | 46.57% | 1028.68% | 57.86% | 101.61% | - |
| Property Operating Expenses | 173.32M | 339.2M | 101.08M | 102.42M | 97.68M | 87.12M | 77.64M | 73.66M | 48.22M | 38.64M | 30.97M | 20.32M | 0 | 0 | 0 |
| Net Operating Income (NOI) | 171.14M | -3.11M | 200.98M | 184.8M | 195.93M | 187.74M | 167.44M | 148.06M | 112.37M | 92.04M | 73.64M | 51.05M | 6.32M | 4.01M | 1.99M |
| NOI Margin % | 49.68% | -0.92% | 66.54% | 64.34% | 66.73% | 68.3% | 68.32% | 66.78% | 69.97% | 70.43% | 70.39% | 71.53% | 100% | 100% | 100% |
| Operating Expenses | 85.22M | -86.88M | 122.31M | 118.41M | 123.04M | 114.79M | 20.63M | 20.18M | 112.37M | 69.27M | 60.73M | 46.33M | 819K | 5.58M | 2.98M |
| G&A Expenses | 27.04M | 26.04M | 24.45M | 27.12M | 24.79M | 23.52M | 20.63M | 20.18M | 14.82M | 12.9M | 12.29M | 8.89M | 9.94M | 5.58M | 3.18M |
| EBITDA | 202.66M | 197.67M | 175M | 157.68M | 171.14M | 164.22M | 234.72M | 214M | 97.54M | 77.64M | 58.8M | 32.74M | 28.55M | -1.57M | -15.61M |
| EBITDA Margin % | 58.83% | 58.81% | 57.94% | 54.9% | 58.29% | 59.75% | 95.77% | 96.52% | 60.74% | 59.42% | 56.2% | 45.87% | 451.53% | -39.29% | -785.35% |
| Depreciation & Amortization | 116.72M | 113.9M | 96.33M | 91.29M | 98.25M | 91.27M | 87.91M | 86.12M | 66.4M | 54.87M | 45.88M | 28.7M | 32.17M | 0 | -12.63M |
| D&A / Revenue % | 33.88% | 33.89% | 31.89% | 31.78% | 33.46% | 33.2% | 35.87% | 38.84% | 41.35% | 41.99% | 43.86% | 40.2% | 508.65% | 0% | -635.43% |
| Operating Income | 85.94M | 83.78M | 78.67M | 66.39M | 72.89M | 72.95M | 146.81M | 127.88M | 31.14M | 22.77M | 12.91M | 4.05M | -3.61M | -1.57M | -2.98M |
| Operating Margin % | 24.95% | 24.93% | 26.04% | 23.11% | 24.82% | 26.54% | 59.9% | 57.67% | 19.39% | 17.43% | 12.34% | 5.67% | -57.12% | -39.29% | -149.92% |
| Interest Expense | 4M | 74.45M | 62.43M | 49.17M | 47.38M | 38.63M | 35.48M | 33.46M | 22.9M | 17.07M | 8.18M | 4.97M | 0 | 0 | 0 |
| Interest Coverage | - | 1.18x | 1.33x | 1.43x | 1.75x | 1.88x | 1.49x | 1.06x | 1.29x | 1.32x | 1.67x | -0.08x | - | - | - |
| Non-Operating Income | -1.76M | -4.24M | -4.34M | -3.84M | -10.05M | 361K | 93.8M | 92.44M | 1.58M | 310K | -760K | 4.45M | -71.4M | 0 | 0 |
| Pretax Income | 15.1M | 13.56M | 20.58M | 21.06M | 35.56M | 33.96M | 13.53M | 8.22M | 6.66M | 5.39M | 5.5M | -6.04M | 67.78M | 26.07M | 9.65M |
| Pretax Margin % | 4.38% | 4.03% | 6.81% | 7.33% | 12.11% | 12.35% | 5.52% | 3.71% | 4.15% | 4.12% | 5.25% | -8.47% | 1071.87% | 650.7% | 485.51% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.5M | 5.49M | 0 | 0 | 12.29M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 172.8% | -90.77% | 0% | 0% | 127.4% |
| Net Income | 14.71M | 13M | 19.55M | 18.8M | 31.47M | 30.06M | 11.96M | 7.21M | 5.7M | 4.45M | 3.96M | -1.28M | 2.4M | -4.31M | -2.64M |
| Net Margin % | 4.27% | 3.87% | 6.47% | 6.55% | 10.72% | 10.94% | 4.88% | 3.25% | 3.55% | 3.4% | 3.79% | -1.8% | 37.89% | -107.69% | -133.01% |
| Net Income Growth % | -18.54% | -33.5% | 3.98% | -40.26% | 4.71% | 151.3% | 65.96% | 26.35% | 28.24% | 12.24% | 408.64% | -153.59% | 155.54% | -63.22% | - |
| Funds From Operations (FFO) | 131.43M | 126.9M | 115.89M | 110.1M | 129.73M | 121.32M | 99.87M | 93.33M | 72.11M | 59.32M | 49.85M | 27.41M | 34.56M | -4.31M | -15.27M |
| FFO Margin % | 38.15% | 37.76% | 38.37% | 38.33% | 44.18% | 44.14% | 40.75% | 42.09% | 44.9% | 45.4% | 47.65% | 38.4% | 546.54% | -107.69% | -768.44% |
| FFO Growth % | 47.62% | 9.5% | 5.26% | -15.13% | 6.93% | 21.48% | 7.01% | 29.43% | 21.55% | 19.01% | 81.85% | -20.69% | - | - | - |
| FFO per Share | 2.83 | 2.82 | 2.79 | 2.91 | 3.57 | 3.58 | 3.17 | 3.37 | 3.28 | 3.57 | 1.54 | 3.20 | 4.87 | -0.45 | -1.71 |
| FFO Payout Ratio % | 48.96% | 74.54% | 100.02% | 102.07% | 84.16% | 82.42% | 91.87% | 87.75% | 91.47% | 82.9% | 80.84% | 98.24% | 41.38% | -185.03% | 0% |
| EPS (Diluted) | 0.32 | 0.29 | 0.46 | 0.48 | 0.85 | 0.87 | 0.37 | 0.10 | 0.25 | 0.25 | 0.30 | -0.20 | 0.34 | -0.47 | -0.30 |
| EPS Growth % | -41.67% | -36.96% | -4.17% | -43.53% | -2.3% | 135.14% | 270% | -60% | 0% | -16.67% | 250% | -158.82% | 172.34% | -56.67% | - |
| EPS (Basic) | - | 0.29 | 0.46 | 0.48 | 0.85 | 0.88 | 0.37 | 0.10 | 0.28 | 0.28 | 0.33 | -0.20 | 0.34 | -0.47 | -0.30 |
| Diluted Shares Outstanding | 46.45M | 45.06M | 41.5M | 37.82M | 36.38M | 33.85M | 31.52M | 27.68M | 21.97M | 16.63M | 32.37M | 8.57M | 7.1M | 9.67M | 8.95M |
Federal footprint consolidation risk
As reported in financial statements, DEA achieved 11.27% year-over-year revenue growth, suggesting that the company is successfully scaling its portfolio through strategic acquisitions rather than relying solely on organic rent escalations within its existing mission-critical government facility footprint.
The consistent revenue growth trajectory appears to be a direct result of capital deployment into specialized GSA-leased assets. Investors should monitor whether this acquisition-led strategy can maintain momentum if federal budgetary constraints limit the availability of new mission-critical procurement opportunities.
Based on the provided quarterly data, DEA maintained a stable NOI margin of approximately 67% throughout most periods, indicating that the company effectively manages its property-level operating expenses despite the specialized maintenance requirements inherent in high-security government infrastructure.
The stability of the NOI margin suggests that the company's cost-pass-through structures are functioning as intended. However, the anomalous negative NOI margin observed in 2025Q4 warrants further investigation to determine if this was a result of non-recurring accounting adjustments or a temporary spike in facility-specific maintenance costs.
According to recent SEC filings, DEA demonstrated a 15.1% FFO growth in 2026Q1, which appears to outpace its top-line revenue expansion, suggesting that management is successfully achieving operating leverage as the portfolio scales and corporate overhead is spread across a larger asset base.
The consistent FFO per share trajectory provides a clearer picture of earnings quality than GAAP net income, which remains heavily distorted by depreciation. Investors should continue to evaluate the sustainability of this FFO growth against the potential for future equity dilution required to fund ongoing acquisition pipelines.
As evidenced by the significant disparity between reported net income of $4.8M and FFO of $34.5M in 2026Q1, GAAP accounting significantly understates the company's true earnings power by treating real estate depreciation as a cash expense rather than a non-cash accounting allocation.
The reliance on FFO is essential for this REIT, as the massive depreciation charges inherent in specialized government facilities do not reflect the actual economic value or maintenance requirements of the assets. Analysts should focus on the gap between FFO and AFFO to better understand the true recurring capital expenditure burden.
Quick answers to the most common questions about buying DEA stock.
For fiscal year 2025, Easterly Government Properties, Inc. (DEA) reported total revenue of $336.1M. This represents a 16814.9% increase compared to $2.0M in 2012.
Easterly Government Properties, Inc. (DEA) is profitable, generating $13.0M in net income for the fiscal year ending 2025 with a net profit margin of 3.9%.
Easterly Government Properties, Inc. (DEA) reported an operating income of $83.8M, resulting in an operating profit margin of 24.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Easterly Government Properties, Inc. (DEA) generated $-3.1M in gross profit for the year, representing a gross profit margin of -0.9%. This demonstrates the company's core pricing power and production efficiency.