Short answer
Easterly Government Properties, Inc. (DEA) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $336M (+11.3% year over year) and net income of $13M.
- Top risk flagged: Cybersecurity risk management oversight by audit committee with external Chief Technology Officer having 17 years IT experience
FY2025 key financial metrics · XBRL
- Revenue
- $336M
- +11.3% YoY
- Net income
- $13M
- −33.5% YoY
- EPS (diluted)
- $0.27
- +50.0% YoY
- ROE
- 1.0%
- −0.5 pp YoY
- Operating cash flow
- $259M
- +59.4% YoY
Source: XBRL data from the Easterly Government Properties, Inc. (DEA) FY2025 10-K on SEC EDGAR. USD.
Easterly Government Properties, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Internally managed REIT acquiring, developing, managing Class A commercial properties leased primarily to U.S. Government agencies (~90% revenue)
- Emphasized growth in properties leased to state/local governments and private tenants, expanding tenant base beyond federal agencies
- Strategic focus on build-to-suit development and renewals aimed at positive lease spreads, reinforcing mission-critical government partnerships
- Portfolio of 103 properties totaling ~10.4 million leased square feet (9.8 million pro rata), 97% leased with weighted average lease term 9.5 years
- Raised $63.0M via ATM equity offering in 2025; maintains $236.2M capacity; total indebtedness approx. $1.7B including $199.1M revolver borrowings
Management Discussion & Analysis
- Revenue $336.1M in 2025 vs $302.1M in 2024, up $34.0M YoY mainly from rental income increase of $32.1M due to acquisitions
- Net income $13.6M in 2025 vs $20.6M in 2024, operating expenses grew 12% (252.3M vs 225.3M); no explicit segment margin disclosure
- Best segment: Rental income $321.7M up $32.1M YoY driven by 3 properties acquired in 2025; worst: tenant reimbursements down $0.7M
- Cash $23.4M, restricted cash $10.3M, revolving credit facility availability $200.8M; equity raise $63.0M net proceeds via ATM in 2025; no share repurchases; capex includes $9.5M land acquisitions for development
- Management expects sufficient liquidity for acquisitions, developments, and distributions; no material liquidity risks identified; forward-looking risk from potential unexpected cash needs
Risk Factors
- Cybersecurity risk management oversight by audit committee with external Chief Technology Officer having 17 years IT experience
- Dependence on third-party information security provider critical for maintaining cybersecurity infrastructure
- Management responsibility for integrating cybersecurity into overall risk strategy and approving related budgets
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