Easterly Government Properties
Easterly Government Properties' revenue rose 11.3% to $336 million in fiscal 2025. Its net margin was 3.9%, down from 6.5% a year earlier. It paid out $95 million in dividends and buybacks. The diluted share count rose 8.6%.
Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What Easterly Government Properties does
Easterly Government Properties is a real estate investment trust, or REIT, that owns and manages office and other commercial buildings leased to US government agencies. It focuses on buildings that agencies use for essential work. It earns rent from them, either directly or through the US General Services Administration (GSA), the federal agency that leases space for the government. It says it gets about 90% of its revenue this way.
At the end of 2025 it wholly owned 93 operating properties and held ten more through an unconsolidated joint venture. Its leases with federal agencies typically run for initial terms of ten to 20 years. It also builds and renovates properties to suit the needs of tenant agencies, and it earns a construction management fee for this work.
It aims to add properties by buying and developing them, and it is looking at buildings leased to state and local governments as well. It runs its business through an operating partnership, in which it is the sole general partner.
Its biggest risks, as it describes them
- Depending on the US government and its agencies for almost all of its revenue.
- Being unable to renew leases or re-lease space on good terms as leases expire.
- Leases that let a tenant agency leave before the lease ends and stop paying rent.
- Government shutdowns and budget cuts or impasses.
- Risks in developing and redeveloping properties for tenant agencies.
Income statement
From fiscal 2016 to 2025, earnings per share grew 9.4% a year and net income 14.0% a year, as new shares raised the share count by 39% and diluted each share's earnings.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 11 | 8 | 9 | 19 | 23 |
| Debt incl. finance leases | 1,216 | 1,251 | 1,295 | 1,599 | 1,666 |
| Net debt (negative means net cash) | 1,205 | 1,244 | 1,285 | 1,579 | 1,643 |
| Net debt to EBITDA | — | — | — | — | — |
| Debt to equity | 0.9x | 1.0x | 1.0x | 1.2x | 1.3x |
| Interest coverage | — | — | — | — | — |
| Current ratio | — | — | — | — | — |
| Quick ratio | — | — | — | — | — |
Cash flow
Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Easterly Government Properties' filings doesn't give both for any year, so free cash flow is left out.
Projections
Project Easterly Government Properties' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
What Easterly Government Properties says to expect
- Full year 2026: core FFO per share
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 $3.08 - $3.13.
- Full year 2027: core FFO per share
The Company is issuing its guidance for full-year 2027 Core FFO per share on a fully diluted basis at a range of $3.09 - $3.17.
Insider trades
No officer, director or 10% owner of Easterly Government Properties reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY23 | FY24 | FY25 |
|---|---|---|---|
| Piotroski F-score | — | — | — |
| Rule of 40 | — | — | — |
| Altman Z'' | — | — | — |
| Accruals ratio | −3.4% | −4.7% | −7.5% |
The nine F-score tests
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Fail | Pass | Fail |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | Fail | Fail | Pass |
| Current ratio rose | — | — | — |
| Share count didn't rise | Pass | Fail | Fail |
| Gross margin rose | Fail | Pass | Pass |
| Revenue rose relative to assets | Fail | Pass | Fail |
| F-score | — | — | — |
Compare
Put Easterly Government Properties side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Easterly Government Properties | FY25 | 11.3% | — | — | — | — | — | |
| JBG Smith | FY25 | −8.9% | — | — | — | — | — | Compare |
| COPT Defense Properties | FY25 | 1.4% | — | 37.8% | 6.1% | 6.1x | — | Compare |
| Highwoods Properties | FY25 | −2.4% | 67.6% | — | — | — | — | Compare |
| Cousins Properties | FY25 | 16.0% | 67.8% | 13.6% | 6.7% | 3.1x | — | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 105 | 131 | 161 | 222 | 245 | 275 | 294 | 287 | 302 | 336 |
| Revenue growth | — | 24.9% | 22.9% | 38.1% | 10.5% | 12.2% | 6.8% | −2.2% | 5.2% | 11.3% |
| Gross profit | 84 | 106 | 130 | 173 | 197 | 218 | 227 | 215 | 232 | 259 |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | 14 | 23 | — | — | — | — | — | — | — | — |
| Net income | 4 | 4 | 6 | 7 | 12 | 30 | 32 | 19 | 20 | 13 |
| Diluted EPS (US$) | 0.12 | 0.10 | 0.08 | 0.10 | 0.15 | 0.35 | 0.34 | 0.48 | 0.46 | 0.27 |
| Diluted shares (millions) | 32 | 42 | 55 | 69 | 79 | 85 | 91 | 38 | 42 | 45 |
| Cash flow | ||||||||||
| Cash from operations | 47 | 49 | 63 | 142 | 145 | 118 | 126 | 114 | 163 | 259 |
| Capital expenditure | — | — | — | — | — | — | — | — | — | — |
| Free cash flow | — | — | — | — | — | — | — | — | — | — |
| Dividends paid | 40 | 49 | 66 | 82 | 92 | 100 | 109 | 112 | 116 | 95 |
| Share buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based compensation | 3 | 3 | 3 | 5 | 4 | 5 | 6 | 6 | 3 | 6 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 5 | 13 | 7 | 12 | 8 | 11 | 8 | 9 | 19 | 23 |
| Debt incl. finance leases | 293 | 576 | 766 | 902 | 978 | 1,216 | 1,251 | 1,295 | 1,599 | 1,666 |
| Total assets | 1,047 | 1,425 | 1,862 | 2,235 | 2,458 | 2,826 | 2,829 | 2,880 | 3,223 | 3,380 |
| Total liabilities | 349 | 634 | 836 | 1,035 | 1,158 | 1,384 | 1,418 | 1,470 | 1,836 | 2,010 |
| Shareholders' equity | 560 | 668 | 894 | 1,063 | 1,155 | 1,283 | 1,245 | 1,322 | 1,321 | 1,323 |
| Margins and ratios | ||||||||||
| Gross margin | 79.8% | 80.9% | 80.8% | 78.2% | 80.2% | 79.4% | 77.2% | 75.0% | 76.8% | 76.9% |
| Operating margin | 13.1% | 17.4% | — | — | — | — | — | — | — | — |
| Net margin | 3.8% | 3.4% | 3.5% | 3.2% | 4.9% | 10.9% | 10.7% | 6.5% | 6.5% | 3.9% |
| Free cash flow margin | — | — | — | — | — | — | — | — | — | — |
| Rule of 40 (growth + FCF margin) | — | — | — | — | — | — | — | — | — | — |
| Return on capital | 1.2% | 1.5% | — | — | — | — | — | — | — | — |
| Return on equity | 0.8% | 0.7% | 0.7% | 0.7% | 1.1% | 2.5% | 2.5% | 1.5% | 1.5% | 1.0% |
| Return on assets | 0.4% | 0.4% | 0.3% | 0.3% | 0.5% | 1.1% | 1.1% | 0.7% | 0.6% | 0.4% |
| Net debt to EBITDA | 4.8x | 7.2x | — | — | — | — | — | — | — | — |