Easterly Government Properties, Inc. (NYSE: DEA) is a real estate investment trust (REIT) specializing in the acquisition, development, and management of Class A commercial properties leased primarily to U.S. Government agencies. The company provides real estate solutions tailored to the needs of government tenants, ensuring long-term leases and stable revenue streams. DEA's portfolio includes operating properties, development projects, and leases with government agencies across the United States.
- Rental Income - Generates revenue by leasing commercial properties to tenants, with over 90% of rental income derived from U.S. Government agencies.
- Tenant Reimbursements - Earns income from reimbursements for operating expenses and real estate taxes, adjusted based on the Consumer Price Index.
- Asset Management Income - Provides asset management services for properties under its portfolio.
- Other Income - Includes miscellaneous income streams related to property operations.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Darrell W. Crate ExecutiveBoard | Chief Executive Officer | Founder, Easterly Capital, LLC; Managing Principal, Easterly Asset Management | Darrell W. Crate has been the Chief Executive Officer of Easterly Government Properties, Inc. since January 2024. He also serves as President since September 2024 and has been a director since February 2015, having previously chaired the board from February 2015 through December 2023. | View Report → |
Michael P. Ibe ExecutiveBoard | Executive Vice President—Development and Acquisitions | President of Western Devcon, Inc. | Michael P. Ibe has served as the Executive Vice President—Development and Acquisitions and Vice Chairman of the Board at DEA since February 2015. Previously, he co-founded Western Devcon, Inc. in 1987 and has served as its President since then, and held senior positions at Ibe Investments and Lampco Industries. | |
Allison E. Marino Executive | Executive Vice President and Chief Financial Officer | Allison E. Marino is the Executive Vice President and Chief Financial Officer at DEA since January 2024. Previously, she served as Senior Vice President and Chief Accounting Officer from August 2021 until January 2024. | ||
Franklin V. Logan Executive | Executive Vice President, General Counsel, and Secretary | Franklin V. Logan is the Executive Vice President, General Counsel, and Secretary at DEA since February 2023. He previously served as Senior Vice President, General Counsel, and Secretary from January 2018 until his promotion in February 2023. | ||
Nick Nimerala Executive | Senior Vice President and Chief Asset Officer | Nick Nimerala is the Senior Vice President and Chief Asset Officer at Easterly Government Properties, Inc., holding a key executive role. Detailed background information, including board memberships and start dates, is not provided in the documents. | ||
Stuart Burns Executive | Executive Vice President (EVP) - Government Relations | Stuart Burns is the Executive Vice President of Government Relations at Easterly Government Properties, Inc. since 2023. He previously served as Assistant Commissioner to the Public Buildings Service at GSA and as Director of Real Estate for the IRS. |
- Given your recent dividend reduction and the 2-for-5 reverse split, under what specific market or financial conditions would management consider reverting or further adjusting the dividend policy, and how do you plan to communicate those thresholds?
- You mentioned a $1.5 billion pipeline with targeted allocations between federal and state/local opportunities; can you detail the breakdown criteria and how you intend to prioritize these opportunities amid current market uncertainties?
- With the DC acquisition achieving a premium to your cost of capital and noting recent market spreads widening by 25 to 50 basis points, what measures are in place to mitigate similar margin pressures on upcoming acquisitions?
- Although no DOGE-related lease terminations have occurred to date, how are you preparing for potential future shifts in government real estate strategy that could challenge the stability of your firm-term leases?
- As you target a long-term leverage ratio of 6.5x to 7.5x and increase reliance on debt and joint venture funding, what specific risk management protocols will you implement to ensure that rising leverage does not adversely impact long-term growth and your investment-grade profile?
Research analysts who have asked questions during Easterly Government Properties earnings calls.
Seth Bergey
Citi
5 questions for DEA
Aditi Balachandran
RBC Capital Markets
2 questions for DEA
John Kim
BMO Capital Markets
2 questions for DEA
Michael Griffin
Citigroup Inc.
2 questions for DEA
Peter Abramowitz
Jefferies
2 questions for DEA
Michael Carroll
RBC Capital Markets
1 question for DEA
Michael Lewis
Truist Securities, Inc.
1 question for DEA
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Department of Veterans Affairs (VA) | Long-term real estate leasing | All | 27.8% of annualized lease income ($96.1M) , 23.2% of total leased sq. ft. |
Federal Bureau of Investigation (FBI) | Long-term real estate leasing | All | 15.5% of annualized lease income ($53.8M) , 15.5% of total leased sq. ft. |
Drug Enforcement Administration (DEA) | Long-term real estate leasing | All | 8.1% of annualized lease income ($27.9M) , 6.2% of total leased sq. ft. |
Judiciary of the U.S. (JUD) | Long-term real estate leasing | All | 4.8% of annualized lease income ($16.5M) , 4.1% of total leased sq. ft. |
U.S. Citizenship and Immigration Services | Long-term real estate leasing | All | 4.3% of annualized lease income ($15.0M) , 5.4% of total leased sq. ft. |
Immigration and Customs Enforcement (ICE) | Long-term real estate leasing | All | 3.5% of annualized lease income ($12.2M) , 3.2% of total leased sq. ft. |
Internal Revenue Service (IRS) | Long-term real estate leasing | All | 3.1% of annualized lease income ($10.6M) , 3.4% of total leased sq. ft. |
Environmental Protection Agency (EPA) | Long-term real estate leasing | All | 2.7% of annualized lease income ($9.4M) , 2.3% of total leased sq. ft. |
Food and Drug Administration (FDA) | Long-term real estate leasing | All | 2.7% of annualized lease income ($9.3M) , 1.3% of total leased sq. ft. |
U.S. Joint Staff Command (JSC) | Long-term real estate leasing | All | 2.5% of annualized lease income ($8.5M) , 4.1% of total leased sq. ft. |
Federal Aviation Administration (FAA) | Long-term real estate leasing | All | 2.2% of annualized lease income ($7.8M) , 1.9% of total leased sq. ft. |
Social Security Administration (SSA) | Long-term real estate leasing | All | 2.0% of annualized lease income ($7.0M) , 2.7% of total leased sq. ft. |
Recent press releases and 8-K filings for DEA.
- Easterly Government Properties (DEA) announced that Kroll Bond Rating Agency, LLC (KBRA) affirmed its BBB issuer and securities ratings with a Stable Outlook.
- The affirmation reflects the company's stable cash flows, strong tenant credit quality, and conservative balance sheet management.
- The company's portfolio features 97% occupancy and a weighted average lease term of approximately 10 years, primarily with the U.S. Government.