Easterly Government Properties, Inc.

Easterly Government Properties is an internally managed REIT that acquires, develops and manages Class A commercial properties leased primarily to U.S. Government agencies. The company’s portfolio is built around mission-critical federal tenants, with most revenue coming from long-term leases either directly to agencies or through the GSA.

76,9 %

3,9 %

+11,3 %

— Easterly Government Properties, Inc.
%
Government-leased office properties90% Owned Class A commercial buildings leased to U.S. Government agencies, usually on long-term contracts.
Tenant reimbursements10% Recoveries for operating expenses, real estate taxes and other reimbursable property costs.
Development and build-to-suit projects0% New or renovated properties tailored to specific government tenant requirements.

The company’s core customers are U.S. Government agencies that need secure, mission-critical office space for essential...

  • U.S. Government agenciesprimary

    Primary tenants leasing office and mission-critical facilities for essential federal functions.

  • General Services Administration (GSA)-leased tenantsprimary

    Federal occupiers whose space is leased or administered through the GSA structure.

  • Mission-critical federal functionsprimary

    Agencies with specialized space needs that favor secure, high-quality, long-duration buildings.

Easterly’s business is concentrated in the United States, where its properties are leased to federal tenants and where...

  • •Operations and revenue are concentrated in the United States
  • •Federal tenant demand ties performance to U.S. government budgets
  • •Local market conditions matter less than tenant credit and renewal risk
  • •Portfolio locations are chosen for strategic proximity to agency missions
  • •Property-level exposure is tied to specific U.S. metropolitan markets

The company’s strategy is to own and grow a portfolio of high-quality, government-leased assets with long remaining...

01
Expand government-leased portfoliomedium-term

Adds long-duration cash flows backed by strong federal credit.

02
Develop and renovate build-to-suit assetsmedium-term

Tailored assets can improve tenant retention and underwriting quality.

03
Manage leverage and liquidityshort-term

Debt markets and refinancing conditions affect REIT flexibility and dividend capacity.

The company is highly exposed to tenant concentration, since roughly 90% of revenue comes from U.S...

high

U.S. Government tenant concentration

About 90% of revenue comes from federal agencies, so non-renewal or delayed payments would quickly affect cash flow.

Scope
Lease revenue and occupancy
Materiality
high
high

Federal space rationalization

Government efforts to reduce office footprint could lower space usage and renewal demand.

Scope
Renewals and vacancy risk
Materiality
high
high

Interest-rate and refinancing risk

The company uses debt financing and higher rates increase interest expense and reduce flexibility.

Scope
Debt maturities and new borrowings
Materiality
high
medium

Property competition

Other REITs and investors compete for similar assets, which can raise acquisition prices and reduce returns.

Scope
Acquisitions and dispositions
Materiality
medium
Real estate property valuation and impairment
Can reduce earnings and asset values
Tenant reimbursements and rental revenue
Affects rental revenue growth and comparability
Debt and derivative accounting
Affects interest expense and non-cash mark-to-market items
Non-GAAP FFO/Core FFO adjustments
Important for REIT valuation and dividend analysis

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: 28/04/2026