Easterly Government Properties, Inc. (DEA)
NYSEReal EstateReit - OfficeSnapshot 2026-09-04
$24.310.00%
Close 2026-09-04 · 1-day change
NYSEReal EstateReit - OfficeSnapshot 2026-09-04
Warn: Management is running behind on a stated commitment.
Easterly focuses on Class A offices leased to the US government. It raised 2026 Core FFO guidance to $3.06 per share. The company keeps paying a $0.45 quarterly dividend. It added a $200 million loan to support growth.
Cash from operations fell from $38 million to $27 million recently. The share price is high with a P/E of 102. Earnings estimates have dropped in the last 90 days.
The price is about 22% above our fair value near $20. Analysts expect 5.5% revenue growth, which matches our view.
Breaks if: Loan facility reduced below $150 million or liquidity weakens
Enhance liquidity and capital base by closing a $200 million five-year senior unsecured term loan facility.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a mixed scenario with a focus on real estate. The current thesis state is intact but faces challenges due to recent earnings misses and sector pressures.
The market appears to have priced in a level of fragility, with a low tier of risk indicated. DEA is considered expensive compared to peers, with an expectations gap suggesting that investors may have lower expectations for future performance.
Fundamentals are likely to remain neutral in the near term, given the mixed performance in management priorities and a high probability of an earnings miss. However, the company's recent financial performance has improved, indicating some resilience.
The thesis hinges on several factors, including the potential for the Federal Reserve to cut rates, which could benefit real estate stocks. Additionally, the performance of sector leaders like BXP, ARE, and VNO will be crucial for DEA's momentum.
The most important moves since the prior daily snapshot.
Our read on the company is unchanged since the prior snapshot.
as of 2026-09-04
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Newly stated in 2026-Q2. Management closed a $200 million five-year senior unsecured term loan facility with an accordion feature up to $250 million to repay revolving credit borrowings and support growth. This transaction enhances liquidity and capital structure, consistent with stated priorities but only recently executed.
Breaks if: Core FFO per share falls below $3.00 in 2026
Raise and maintain full-year 2026 Core FFO per share guidance reflecting confidence in earnings outlook.
Stated as a priority in 4 of last 4 quarters. Management raised 2026 Core FFO per share guidance from $3.05-$3.12 in 2025-Q3 to $3.07-$3.13 in 2026-Q2. This upward revision aligns with reported Core FFO of $74.5 million for first half 2026, indicating delivery consistent with guidance increases.
“The Company is raising its guidance for full-year 2026 Core FFO per share on a fully diluted basis at a range of $3.07 - $3.13.”
“The Company is raising the lower end of its guidance for full-year 2026 Core FFO per share on a fully diluted basis at a range of $3.06 - $3.12.”
“The Company is maintaining its guidance for full-year 2026 Core FFO per share on a fully diluted basis at a range of $3.05 - $3.12.”
“The Company is issuing its guidance for full-year 2026 Core FFO per share on a fully diluted basis at a range of $3.05 - $3.12.”
Breaks if: Dividend per share falls below $0.45 per quarter
Breaks if: Operating cash flow falls below $25 million per quarter
Focus on improving cash flow from operations to support growth and dividend payments.
Breaks if: Acquisitions and developments fall below $50 million each in 2026
Grow the portfolio by acquiring properties and developing new projects leased to government tenants.
Stated as a priority in 3 of last 4 quarters. Management completed acquisitions including a 297,713 sq ft campus in 2026-Q1 and three properties for $169.9 million in 2025-Q4. Development projects in Fort Myers, Flagstaff, and Medford are underway. Portfolio size increased from approximately 10.4 million sq ft in 2025-Q4 to 10.7 million sq ft in 2026-Q2, indicating delivery consistent with stated growth plans.
“Closed acquisition of 297,713 sq ft campus leased primarily to Commonwealth of Virginia.”
“Acquired 297,713 sq ft campus near Richmond, Virginia leased to Commonwealth of Virginia.”
“Completed acquisition of three properties for $169.9 million and development projects in Medford, Fort Myers, and Atlanta.”
Overall, DEA's outlook is shaped by a combination of sector challenges and management execution. Not investment advice.