Easterly Government Properties (NYSE: DEA) is a real estate investment trust that acquires, develops, and manages commercial properties leased primarily to U.S. federal government agencies. Revenue comes from long-term net leases with the federal government, where agencies pay rent under agreements typically administered through the General Services Administration. The portfolio concentrates on mission-critical facilities such as FBI field offices, VA outpatient clinics, DEA laboratories, and federal courthouses, where tenant switching costs are high due to specialized build-outs and operational dependencies. As of the fiscal year ended December 31, 2025 (10-K filed February 23, 2026), Easterly operates as an externally or internally managed REIT structured around stable, government-backed cash flows. The company competes with other government-focused REITs and diversified commercial property owners for federal tenancy. Easterly pays dividends consistent with REIT distribution requirements and carries a debt load typical of leveraged real estate ownership. The business is headquartered in Washington, D.C., reflecting its focus on federal government tenants across the United States.

Revenue model

Long-term net leases with U.S. federal government agencies, primarily through the General Services Administration, generating contractual rental income.

Products and services

Acquisition, development, and management of commercial real estate leased to federal government agencies, including FBI field offices, VA outpatient clinics, DEA laboratories, and federal courthouses.

Customers and end markets

U.S. federal government agencies as primary tenants, with leases typically administered through the General Services Administration. End market is federal government real estate occupancy.

Value-chain role

Property owner and landlord to U.S. federal government tenants. Acquires and develops specialized facilities, then holds them under long-term lease agreements.

Geographic exposure

United States, with concentration in markets where federal agency operations require dedicated facilities.

Source: SEC 10-K, filed 2026-02-23

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