Easterly Government Properties
Acquires, develops, and manages mission-critical properties leased to U.S. government agencies.
Something off on this page? Send us feedback.
Profile
Owns and develops office properties leased mainly to U.S. government agencies, with rental income and tenant reimbursements as the core revenue lines. The portfolio is concentrated in the United States and shaped by agency mission needs, lease renewals, federal spending, acquisition execution, and credit markets.
Acquires, develops, and manages Class A commercial properties leased primarily to U.S. government agencies, either directly or through the General Services Administration. The portfolio is concentrated in the United States, with VA, FBI, and DEA facilities forming a major tenant-agency concentration.
Revenue centers on rental income and tenant reimbursements, with asset-management income as a smaller line. Execution depends on understanding agency missions, security requirements, lease needs, and specialized improvements such as controlled access, perimeter protection, and agency-specific buildouts.
The business is shaped by government spending, lease renewals, acquisition and development execution, credit markets, refinancing, interest rates, and debt levels.
Company facts
Categories
Key statistics
Year to date +15.5% · Average volume (30d) 341.1K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | Truist Financial | Target | $13 | $26 | ||
| Aug 24, 2026 | RBC Capital | Reiterate | Underperform | $11 | $24 | |
| Aug 13, 2026 | Raymond James | Reiterate | Outperform | $27 | ||
| Aug 3, 2026 | BMO Capital | Reiterate | Market Perform | $27 | ||
| Oct 15, 2025 | Compass Point | Upgrade | Neutral | Buy | $26.45 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | $0.06 | $0.06 | +9.1% | $90.9M | $89.7M | −1.4% | +3.82% |
| Apr 27, 2026Q1 FY26 | $0.09 | $0.02 | −77.8% | $85.9M | $88.6M | +3.2% | +1.67% |
| Feb 23, 2026Q4 FY25 | $0.11 | $0.77 | +633.3% | $85.6M | $83.5M | −2.4% | −0.38% |
| Oct 27, 2025Q3 FY25 | $0.76 | $0.76 | 0.0% | $88.0M | $86.2M | −2.1% | +0.93% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $78.7M | $84.2M | $86.2M | $87.0M | $91.5M | $92.4M | |
| Gross profit | $52.9M | $56.5M | $56.6M | −$631.0K | $62.5M | $72.4M | |
| Operating income | $20.1M | $21.7M | $21.6M | $21.3M | $20.6M | $22.0M | |
| Net income | $3.1M | $4.1M | $1.2M | $4.6M | $1.4M | $3.1M | |
| Diluted EPS | $0.07 | $0.09 | $0.02 | $0.10 | $0.02 | $0.06 | |
| Gross margin | 67.3% | 67.1% | 65.7% | -0.7% | 68.2% | 78.4% | |
| Operating margin | 25.6% | 25.8% | 25.0% | 24.5% | 22.5% | 23.8% |
Fiscal years (4-quarter sums)FY21 $275.1M · FY22 $296.3M · FY23 $292.7M · FY24 $302.1M · FY25 $336.1M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $3.3M · Total debt $1.72B · Total assets $3.42B · Shareholders' equity $1.32B
Dividends
Last cut to $0.45 from $0.6625 split-adjusted in May 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 10, 2026 | Aug 10 | Aug 20 | $0.45 | |
| May 7, 2026 | May 7 | May 21 | $0.45 | |
| Mar 5, 2026 | Mar 5 | Mar 19 | $0.45 | |
| Nov 7, 2025 | Nov 7 | Nov 20 | $0.45 | |
| Aug 13, 2025 | Aug 13 | Aug 25 | $0.45 | |
| May 5, 2025 | May 5 | May 17 | $0.45 | cut from $0.6625 split-adjusted |
| Mar 5, 2025 | Mar 5 | Mar 17 | $0.265 | |
| Nov 15, 2024 | Nov 15 | Nov 27 | $0.265 | raised from $0.265 split-adjusted |
Ownership
Shares outstanding 46.45M · Float 43.49M · 93.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 8.01M | 17.25% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 2.79M | 6.01% | 13F | Aug 13, 2026 |
| State Street Corp | 2.48M | 5.33% | 13F | Aug 7, 2026 |
| Global X Management CO LLC | 2.34M | 5.23% | 13G | May 15, 2025 |
| Vanguard Capital Management LLC | 1.95M | 4.20% | 13F | Aug 13, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Office Properties Income Trust
Federally exposed office REIT with overlapping GSA tenant risk
- COPT Defense Properties
Mission-critical defense landlord and developer
- JBG SMITH
Washington-area owner with large GSA tenant exposure
- Postal Realty Trust
USPS-focused government-tenant REIT
- Piedmont Realty Trust
Office REIT with federal-agency tenants
- BXP
Large office developer competing for capital and tenants
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Easterly Government Properties | $24.63 | +0.08% | $1.14B | 118.6 | 84.9 | 3.2 | +6.4% |
| Office Properties Income Trust | $17.75 | −0.39% | $1.31B | — | — | 3.0 | +2.0% |
| COPT Defense Properties | $36.59 | −0.03% | $4.15B | 25.2 | 51.6 | 5.3 | −0.6% |
| JBG SMITH | $12.08 | −0.08% | $703.7M | — | — | 1.4 | +2.3% |
| Postal Realty Trust | $23.85 | +0.29% | $896.3M | 43.2 | 33.1 | 8.5 | +20.0% |
| Piedmont Realty Trust | $9.54 | −0.05% | $1.19B | — | — | 2.1 | +2.7% |
| BXP | $68.89 | −0.61% | $11.05B | 37.3 | 33.8 | 3.1 | +3.1% |
| Median | 37.3 | 33.8 | 3.1 | +2.5% |