Easterly Government Properties, Inc. (NYSE: DEA) reported fourth‑quarter and full‑year 2025 results on February 23, 2026. Revenue totaled $87.04 million, up 11.3% from $77.70 million in Q4 2024 and 11.3% year‑over‑year, surpassing consensus estimates of $80.4 million but falling short of a higher projection by $0.69 million. Adjusted earnings per share were $0.77, exceeding analyst expectations of $0.06 and reflecting disciplined cost management and a favorable mix of long‑term leases.
The company’s portfolio grew to 103 operating properties covering roughly 10.4 million square feet. Ninety‑three of those properties are leased to U.S. government agencies, six to state or local governments, and four to private tenants. Recent acquisitions include a 289,873‑square‑foot facility in Washington, D.C., 98% leased to the District of Columbia, and a 74,549‑square‑foot facility in Burlington, Vermont, fully leased to the Department of Homeland Security. These additions reinforce the company’s focus on mission‑critical government real estate.
Easterly maintained its 2026 core Funds From Operations (FFO) guidance at $3.05 to $3.12 per share on a fully diluted basis, the same range it set earlier in the year. The company also announced a quarterly dividend of $0.45 per share, payable March 19, 2026 to shareholders of record on March 5. The guidance reflects confidence in continued demand for government‑centric leases and the company’s ability to deploy $50 million in wholly owned acquisitions and $50–$100 million in development investments during 2026.
The development pipeline remains robust. The FDA‑Atlanta laboratory, a 330,000‑square‑foot facility, was substantially completed and began leasing to the U.S. Food and Drug Administration in December 2025. Additional projects include a 64,000‑square‑foot laboratory in Fort Myers, Florida, and a 40,000‑square‑foot federal courthouse in Medford, Oregon, both slated for lease commencement in 2026. These projects underscore Easterly’s strategy to expand its mission‑critical portfolio and capitalize on the Department of Government Efficiency (DOGE) initiative, which encourages federal agencies to shift toward leased facilities.
President and CEO Darrell Crate said, 'This year reflects our continued ability to execute on the strategy we've clearly laid out. By staying disciplined and focused, we are delivering consistent, compounding growth year over year while strengthening our position as a long‑term partner to the U.S. Government.' The comments highlight management’s confidence in the company’s execution and the resilience of its core business model.
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