NYSE : DEA
Easterly Government Properties, Inc. — Financial statements
Real Estate · REIT - Office · United States
Last price 22.64 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.18B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 351.83M | 321.67M | 289.60M | 273.91M | 284.49M | 267.39M |
| Tenant Reimbursements | 3.37M | 5.86M | 6.54M | 8.91M | 5.92M | 5.19M |
| Property Management Fees | 2.71M | 2.54M | 2.30M | 2.11M | 1.41M | 136.00K |
| Other Revenue | 9.79M | 9.51M | 8.46M | 7.80M | 5.16M | 2.42M |
| Total Revenue | 371.21M | 342.88M | 308.10M | 292.73M | 296.98M | 275.13M |
| Property Expenses | 120.49M | 112.83M | 102.95M | 104.09M | 99.05M | 89.06M |
| Selling, General & Administrative | 31.86M | 26.04M | 24.45M | 27.12M | 24.79M | 23.52M |
| Depreciation & Amortization | 125.96M | 113.90M | 96.33M | 91.29M | 98.25M | 91.27M |
| Total Operating Expenses | 277.47M | 252.32M | 225.26M | 222.50M | 222.09M | 203.85M |
| Operating Income | 93.74M | 90.56M | 82.84M | 70.23M | 74.89M | 71.28M |
| Interest Expense | -78.61M | -74.35M | -62.13M | -49.17M | -47.38M | -38.63M |
| EBT Excluding Unusual Items | 15.13M | 16.20M | 20.71M | 21.06M | 27.51M | 32.65M |
| Gain (Loss) on Sale of Assets | 171.00K | 13.59M | 1.31M | |||
| Asset Writedown | -2.54M | -5.54M | ||||
| Other Unusual Items | -100.00K | -100.00K | -300.00K | |||
| Pretax Income | 15.03M | 13.56M | 20.58M | 21.06M | 35.56M | 33.96M |
| Earnings From Continuing Operations | 15.03M | 13.56M | 20.58M | 21.06M | 35.56M | 33.96M |
| Minority Interest in Earnings | -527.00K | -554.00K | -1.02M | -2.26M | -4.09M | -3.90M |
| Net Income | 14.51M | 13.00M | 19.55M | 18.80M | 31.47M | 30.06M |
| Preferred Dividends & Other Adjustments | 909.00K | 683.00K | 554.00K | 599.00K | 546.00K | 470.00K |
| Net Income to Common | 13.60M | 12.32M | 19.00M | 18.20M | 30.93M | 29.59M |
| Basic Shares Outstanding | 46.52M | 44.92M | 41.38M | 37.71M | 36.25M | 33.62M |
| Diluted Shares Outstanding | 46.75M | 45.06M | 41.50M | 37.82M | 36.38M | 33.85M |
| EPS (Basic) | 0.29 | 0.27 | 0.46 | 0.48 | 0.85 | 0.88 |
| EPS (Diluted) | 0.29 | 0.27 | 0.46 | 0.48 | 0.85 | 0.88 |
| Dividend Per Share | 1.80 | 1.80 | 2.65 | 2.65 | 2.65 | 2.64 |
| Operating Margin | 25.25% | 26.41% | 26.89% | 23.99% | 25.22% | 25.91% |
| Profit Margin | 3.66% | 3.59% | 6.17% | 6.22% | 10.41% | 10.75% |
| EBITDA | 218.00M | 202.62M | 177.24M | 158.79M | 170.04M | 157.96M |
| EBITDA Margin | 58.73% | 59.09% | 57.53% | 54.25% | 57.26% | 57.41% |
| D&A For Ebitda | 124.26M | 112.07M | 94.40M | 88.56M | 95.15M | 86.68M |
| EBIT | 93.74M | 90.56M | 82.84M | 70.23M | 74.89M | 71.28M |
| EBIT Margin | 25.25% | 26.41% | 26.89% | 23.99% | 25.22% | 25.91% |
| Funds From Operations (FFO) | 148.88M | 138.12M | 123.99M | 118.99M | 129.71M | 124.20M |
| FFO Per Share | 3.09 | 2.95 | 2.85 | 2.83 | 3.17 | |
| Adjusted Funds From Operations (AFFO) | 132.03M | 126.49M | 108.26M | 118.99M | 129.71M | 117.96M |
| AFFO Per Share | 2.76 | 2.70 | 2.49 | 2.75 | 3.15 | |
| FFO Payout Ratio | 55.74% | 65.15% | 88.50% | 84.33% | 74.08% | 71.05% |
| Revenue as Reported | 364.61M | 336.10M | 302.05M | 287.23M | 293.61M | 274.86M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 2.76B | 2.72B | 2.57B | 2.32B | 2.29B | 2.40B |
| Cash & Equivalents | 2.94M | 23.37M | 19.35M | 9.38M | 7.58M | 11.13M |
| Accounts Receivable | 72.11M | 51.49M | 71.17M | 66.27M | 58.84M | 58.73M |
| Other Intangible Assets | 175.05M | 183.91M | 161.43M | 148.45M | 157.28M | 186.31M |
| Loans Receivable Current | 10.44M | 34.29M | 34.08M | |||
| Restricted Cash | 8.84M | 10.26M | 8.45M | 12.56M | 9.70M | 9.01M |
| Other Current Assets | 34.41M | |||||
| Trading Asset Securities | 3.55M | 717.00K | 1.99M | 4.02M | ||
| Other Long-Term Assets | 341.25M | 359.50M | 353.48M | 284.54M | 303.67M | 158.24M |
| Total Assets | 3.37B | 3.38B | 3.22B | 2.88B | 2.83B | 2.83B |
| Current Portion of Long-Term Debt | 230.20M | 100.00M | ||||
| Current Portion of Leases | 140.00K | 661.00K | ||||
| Long-Term Debt | 1.44B | 1.57B | 1.60B | 1.29B | 1.25B | 1.22B |
| Long-Term Leases | 4.12M | 2.80M | 3.00M | 3.50M | 1.60M | |
| Accounts Payable | 106.67M | 106.23M | 101.17M | 77.21M | 63.84M | 59.29M |
| Other Current Liabilities | 2.69M | 100.00K | ||||
| Long-Term Unearned Revenue | 226.00M | 219.20M | 120.98M | 82.71M | 83.31M | 87.13M |
| Other Long-Term Liabilities | 12.12M | 9.27M | 14.88M | 12.48M | 16.39M | 19.72M |
| Total Liabilities | 2.02B | 2.01B | 1.84B | 1.47B | 1.42B | 1.38B |
| Common Stock | 473.00K | 463.00K | 432.00K | 1.01M | 908.00K | 901.00K |
| Additional Paid-In Capital | 1.99B | 1.96B | 1.87B | 1.78B | 1.62B | 1.60B |
| Distributions in Excess of Earnings | -684.31M | -631.16M | -554.19M | -464.02M | -382.49M | -317.87M |
| Comprehensive Income & Other | 1.96M | -4.58M | 683.00K | 1.87M | 3.55M | -5.07M |
| Total Common Equity | 1.30B | 1.32B | 1.32B | 1.32B | 1.24B | 1.28B |
| Minority Interest | 44.10M | 46.43M | 66.00M | 87.31M | 166.10M | 158.91M |
| Shareholders' Equity | 1.35B | 1.37B | 1.39B | 1.41B | 1.41B | 1.44B |
| Total Liabilities & Equity | 3.37B | 3.38B | 3.22B | 2.88B | 2.83B | 2.83B |
| Total Debt | 1.68B | 1.67B | 1.60B | 1.30B | 1.25B | 1.22B |
| Net Cash (Debt) | -1.67B | -1.65B | -1.58B | -1.29B | -1.24B | -1.21B |
| Net Cash Per Share | -35.76 | -36.61 | -38.04 | -34.01 | -34.18 | -35.67 |
| Filing Date Shares Outstanding | 47.25M | 46.27M | 43.17M | 40.92M | 36.31M | 36.03M |
| Total Common Shares Outstanding | 47.25M | 46.26M | 43.17M | 40.37M | 36.31M | 36.02M |
| Book Value Per Share | 27.59 | 28.60 | 30.60 | 32.75 | 34.29 | 35.61 |
| Tangible Book Value | 1.13B | 1.14B | 1.16B | 1.17B | 1.09B | 1.10B |
| Tangible Book Value Per Share | 23.89 | 24.63 | 26.86 | 29.07 | 29.95 | 30.43 |
| Land | 321.60M | 314.63M | 267.54M | 222.00M | 213.59M | 222.84M |
| Buildings | 2.84B | 2.80B | 2.49B | 2.35B | 2.27B | 2.33B |
| Construction In Progress | 96.69M | 36.97M | 184.51M | 52.43M | 44.45M | 29.21M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 14.51M | 13.00M | 19.55M | 18.80M | 31.47M | 30.06M |
| Depreciation & Amortization | 124.26M | 112.07M | 94.40M | 88.56M | 95.15M | 86.68M |
| Other Amortization | 5.58M | 5.49M | 4.17M | 3.06M | 2.91M | 2.52M |
| Gain (Loss) on Sale of Assets | -171.00K | -13.59M | -1.31M | |||
| Asset Writedown | 2.54M | 5.54M | ||||
| Stock-Based Compensation | 7.84M | 6.04M | 3.21M | 5.75M | 6.54M | 5.05M |
| Income (Loss) on Equity Investments | 9.38M | 11.80M | 6.06M | 4.73M | 3.06M | -271.00K |
| Change in Accounts Receivable | -895.00K | 21.02M | -1.67M | -3.17M | -126.00K | -8.68M |
| Change in Accounts Payable | -413.00K | 4.31M | 4.88M | 6.14M | -318.00K | 13.56M |
| Change in Other Net Operating Assets | 74.00K | -15.84M | -4.88M | -6.06M | -3.43M | -3.48M |
| Other Operating Activities | -17.05M | -6.62M | -9.53M | -8.99M | -3.24M | -6.35M |
| Operating Cash Flow | 161.23M | 259.19M | 162.63M | 114.48M | 125.94M | 118.34M |
| Acquisition of Real Estate Assets | -159.53M | -290.74M | -339.56M | -109.38M | -128.66M | -238.81M |
| Sale of Real Estate Assets | 3.49M | 2.17M | 202.42M | 7.34M | ||
| Net Sale / Acq. of Real Estate Assets | -159.53M | -287.25M | -337.38M | -109.38M | 73.76M | -231.47M |
| Investment in Marketable & Equity Securities | 3.09M | -38.03M | -17.63M | -142.86M | -131.57M | |
| Investing Cash Flow | -129.39M | -285.29M | -409.64M | -127.01M | -69.10M | -363.04M |
| Long-Term Debt Issued | 493.00M | 817.55M | 248.25M | 230.75M | 716.25M | |
| Long-Term Debt Repaid | -422.60M | -511.80M | -204.75M | -190.65M | -535.23M | |
| Net Debt Issued (Repaid) | 34.57M | 70.40M | 305.75M | 43.50M | 40.10M | 181.02M |
| Issuance of Common Stock | 21.18M | 63.62M | 71.81M | 86.47M | 9.50M | 175.93M |
| Repurchase of Common Stock | -1.95M | |||||
| Common Dividends Paid | -83.00M | -89.98M | -109.72M | -100.34M | -96.09M | -88.24M |
| Other Financing Activities | -7.04M | -10.18M | -14.96M | -12.44M | -13.22M | -18.53M |
| Net Cash Flow | -2.43M | 5.83M | 5.87M | 4.67M | -2.87M | 5.47M |
| Levered Free Cash Flow | 153.06M | 159.05M | 138.31M | 79.20M | 125.55M | 134.68M |
| Unlevered Free Cash Flow | 198.31M | 202.09M | 174.10M | 107.81M | 153.11M | 157.17M |
| Cash Interest Paid | 74.45M | 69.21M | 57.22M | 47.53M | 40.21M | 35.48M |
| Change in Working Capital | 17.84M | 115.45M | 43.48M | 2.56M | -1.90M | 1.96M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.18B | 976.05M | 1.20B | 1.28B | 1.30B | 1.97B |
| Enterprise Value | 2.85B | 2.67B | 2.71B | 2.64B | 2.82B | 3.13B |
| Last Close Price | 22.67 | 20.01 | 24.59 | 26.71 | 26.23 | 39.77 |
| Price/FFO Ratio | 7.52 | 6.78 | 8.63 | 9.46 | 8.26 | |
| Price/AFFO Ratio | 8.40 | 7.42 | 9.89 | 9.72 | 8.33 | |
| PE Ratio | 78.45 | 79.22 | 63.15 | 70.25 | 41.88 | 66.66 |
| PS Ratio | 3.19 | 2.85 | 3.89 | 4.37 | 4.36 | 7.17 |
| PB Ratio | 0.82 | 0.71 | 0.86 | 0.91 | 0.92 | 1.37 |
| P/OCF Ratio | 7.33 | 3.77 | 7.38 | 11.17 | 10.29 | 16.67 |
| EV/Sales Ratio | 7.69 | 7.78 | 8.80 | 9.01 | 9.50 | 11.39 |
| EV/EBITDA Ratio | 13.09 | 13.16 | 15.30 | 16.61 | 16.60 | 19.83 |
| EV/EBIT Ratio | 30.45 | 29.45 | 32.73 | 37.56 | 37.69 | 43.95 |
| Debt / Equity Ratio | 1.25 | 1.22 | 1.15 | 0.92 | 0.89 | 0.84 |
| Debt / EBITDA Ratio | 7.70 | 8.26 | 9.02 | 8.14 | 7.35 | 7.69 |
| Net Debt / Equity Ratio | 1.24 | 1.20 | 1.14 | 0.91 | 0.88 | 0.84 |
| Net Debt / EBITDA Ratio | 7.67 | 8.14 | 8.91 | 8.10 | 7.31 | 7.64 |
| Asset Turnover | 0.11 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 |
| Quick Ratio | 0.23 | 0.36 | 0.90 | 1.01 | 1.10 | 1.18 |
| Current Ratio | 0.29 | 0.57 | 1.32 | 1.61 | 1.25 | 1.33 |
| Return on Equity (ROE) | 1.10% | 0.98% | 1.47% | 1.49% | 2.49% | 2.48% |
| Return on Assets (ROA) | 1.74% | 1.71% | 1.70% | 1.54% | 1.65% | 1.69% |
| Earnings Yield | 1.27% | 1.33% | 1.63% | 1.47% | 2.43% | 1.52% |
| Dividend Yield | 7.94% | 8.53% | 9.54% | 8.37% | 7.43% | 4.82% |
| Payout Ratio | 622.88% | 691.98% | 561.17% | 533.59% | 305.29% | 293.58% |
| Buyback Yield / Dilution | -6.01% | -8.56% | -9.73% | -3.97% | -7.48% | -7.40% |
| Total Shareholder Return | 1.93% | -0.03% | -0.19% | 4.41% | -0.05% | -2.58% |