Easterly Government Properties, Inc. (DEA) FY2025 10-K Annual Report
Easterly Government Properties, Inc. (DEA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 23, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Easterly Government Properties, Inc. FY2025 10-K Analysis
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
Easterly Government Properties, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$336M
▲ +11.3% YoY
Net Income
$13M
▼ -33.5% YoY
Net Margin
3.9%
▼ -260bp YoY
ROE
1.0%
▼ -50bp YoY
Total Assets
$3.4B
▲ +4.9% YoY
EPS (Diluted)
$0.27
▲ +50.0% YoY
Operating Cash Flow
$259M
▲ +59.4% YoY
Source: XBRL data from Easterly Government Properties, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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