Easterly Government Properties, Inc. (DEA) Stock

Easterly Government Properties, Inc. (DEA) is a Real Estate stock trading at $24.60 (as of 2026-08-21), with a market capitalization of $1.16B and a trailing P/E of 113.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Easterly 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).

Understand Easterly Government Properties, Inc.: how it makes money

Easterly Government Properties acquires, develops, and manages Class A commercial properties that are leased to the U.S. Government, and it makes money primarily from rental revenue under those leases.

The profit engine is contracted rental cash flow from U.S. Government leased properties, where results hinge on occupancy, remaining lease term, and the rent outcomes from renewals.

Revenue by segment (latest quarter)
Rental	$0.1B

Business quality (Weak): The company appears primarily driven by rental revenue from its owned portfolio, with key operating indicators provided (occupancy, leased square feet, and remaining lease term). The provided set does not include an operating margin figure, which limits margin-focused cross-checks.

Valuation: At 109× earnings, DEA trades 226% above the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

High occupancy supports rent collection: Portfolio Occupancy is 97%, which suggests most leased square feet are generating rental revenue.
Lease terms provide visibility: Weighted Average Remaining Lease Term (Years) is 9.4, indicating a relatively long runway on the existing lease base.
Renewal economics have been positive: For single-tenant office renewals, Average Rent Renewal Spread (Single-Tenant Office Renewals) is 23%, implying renewals have produced rent increases versus prior terms.

Bear case

Government tenant concentration can cut both ways: The company focuses on properties leased to the U.S. Government, so changes in government leasing needs or timing could affect demand and lease renewal outcomes.
Renewal results may not repeat: Renewal performance is reflected in rent spread metrics, and future renewal rent outcomes may differ from the 23% single-tenant office renewal spread shown.
Pipeline conversion is uncertain: The Acquisition and Development Pipeline is 1.5 USD_B, and it is not shown how much of this pipeline will convert into completed, leased assets over time.

Valuation — source: SEC EDGAR (first-party)
Price	$24.60
Market Cap	$1.16B
P/E Ratio	113.9
Price / Book	0.86
Price / Sales	3.26
DCF Value (model)	$55.68
DCF Upside vs Price	126.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$336.10M
Net Margin	3.9%
Revenue Growth (YoY)	9.7%
EPS Growth (YoY)	-33.3%

Valuation vs Sector & Industry
Stock P/E	113.9
Sector P/E (Real Estate)	27.2
Industry P/E (Trading)	35.3
vs Sector	319.2%
vs Industry	222.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($168.10M)
Institutional Holders Tracked	10

Company
Sector	Real Estate
Industry	Trading
CEO	Darrell William Crate
Employees	50
Country	US
IPO Date	2015-02-06

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.