What Easterly Government Properties does

Easterly Government Properties (NYSE: DEA) is a publicly traded real estate investment trust headquartered in Washington, DC that acquires, develops, and manages Class A commercial properties leased to the U.S. Government. Founded in 2009 as a private equity fund by Darrell W. Crate and taken public in 2015, the company has built a portfolio of more than 100 properties across agencies including the VA, FBI, DEA, U.S. Courts, USCIS, ICE, FDA, and Treasury, as well as state tenants such as the Commonwealth of Virginia. Its product set is built around specialized, mission-specific real estate, including forensic laboratories, SCIF-equipped field offices, federal courthouses, outpatient clinics, and warehouse facilities, frequently delivered through build-to-suit development. The company maintains a proprietary database tracking approximately 8,500 government leases covering 200 million rentable square feet, which it uses to source acquisitions and development opportunities.

Easterly generates revenue primarily through long-term lease income from government tenants, with contractual rent escalators, acquisition-driven growth, and a development pipeline valued at approximately $1.5 billion as of Q1 2026. The company reported Q1 2026 total revenue of $91.5 million, a 16% year-over-year increase, with 97% portfolio occupancy and a 9.4-year weighted average lease term. In 2026, the company broadened its revenue model by launching a mezzanine lending strategy targeting 12% yields on VA clinic developments, anchored by a $7 million investment in a Kennewick, Washington facility. Capital is sourced through a $400 million revolving credit facility (expandable to $650 million), a $200 million senior unsecured term loan led by Citibank, and $125 million of senior unsecured notes carrying a BBB rating from KBRA. Customers are acquired and managed through direct B2G relationships with federal agencies and the GSA, with no consumer or SMB channels.

Name

Easterly Government Properties

Legal name

Easterly Government Properties, Inc.

Website

https://easterlyreit.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

Easterly Government Properties is a publicly traded REIT that acquires, develops, and manages Class A commercial properties leased to U.S. Government agencies, including the VA, FBI, DEA, and federal courts, with more than 100 properties and a $1.5 billion development pipeline.

Ownership category

akta.pro rank

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Commercial Property Leasing: Easterly Government Properties generates revenue primarily through long-term leases of Class A commercial properties to U.S. Government agencies, including direct leases and leases through the General Services Administration (GSA). Revenue growth is driven by acquisitions, contractual rent growth, and stable lease agreements. The company reported Q1 2026 total revenue of $91.5 million, representing 16% year-over-year increase driven by acquisitions and stable leases.
2. Mezzanine Lending / Development: The company launched a new mezzanine lending strategy targeting 12% yields on VA clinic developments. In Q1 2026, Easterly completed its first mezzanine investment of $7 million in a VA outpatient clinic development in Kennewick, Washington, generating a 12% yield backed by a 20-year federal lease. This represents a new revenue stream through structured finance investments in government-adjacent real estate.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Easterly Government Properties is a fully integrated REIT that acquires, develops, and manages Class A commercial properties leased to U.S. Government agencies, either directly or through the General Services Administration (GSA). The portfolio spans VA outpatient clinics, FBI field offices, DEA laboratories, federal courthouses, USCIS facilities, FDA labs, ICE facilities, Treasury properties, and FEMA distribution centers. Revenue is generated primarily through long-term (typically 15–20 year) full-faith-and-credit government leases, with a recently added mezzanine lending strategy targeting 12% yields on VA clinic developments.

Product overview

Easterly Government Properties is a fully integrated REIT (Real Estate Investment Trust) that operates as a single unified platform for acquiring, developing, and managing Class A commercial properties leased to the U.S. Government. The company's portfolio consists of government-leased properties organized by tenant agency, including VA Outpatient Clinics (19 properties), FBI Field Offices (13 properties), DEA Laboratories (14 properties), Federal Courthouses (8 properties), USCIS facilities, ICE facilities, FDA laboratories, Treasury/BFS properties, Northrop Grumman facilities, and multi-tenant GSA buildings. The company maintains a proprietary database tracking approximately 8,500 government leases representing 200 million rentable square feet. Properties range from specialized laboratory facilities to mission-critical federal courthouses and field offices, all constructed or renovated to meet specific government security and operational standards.

Differentiator

Problem solved

Functional benefit

Products and services

• VA Outpatient Clinics State-of-the-art build-to-suit outpatient facilities serving veterans, providing primary care, mental health, dental, prosthetics, and specialty services such as imaging, CT, MRI, occupational therapy, and neurology. Portfolio of 19 properties totaling 2,251,131 sq. ft. leased to the U.S. Department of Veterans Affairs.
• FBI Field Offices Regional field offices for the Federal Bureau of Investigation supporting terrorist attack investigation, cyber crime prevention, and foreign intelligence and espionage defense. 13 properties totaling 1,498,607 sq. ft. constructed to FBI security standards including SCIF space, perimeter barricades, anti-ballistic glass, and facility setbacks.
• DEA Laboratories Specialized regional laboratories providing scientific and forensic support to DEA special agents and law enforcement personnel, including drug reverse engineering, drug bust support, and forensic analysis of fentanyl, heroin, cocaine, and methamphetamine. 14 properties totaling 607,290 sq. ft. with specialized DI water deionization and air filtration systems.
• Federal Courthouses Federal courthouses built to U.S. Courts Design Guide standards serving the federal judiciary across multiple judicial districts, including district courts, bankruptcy courthouses, and U.S. Marshals Service facilities. 8 properties totaling 401,610 sq. ft.
• USCIS National Benefits Center Kansas City facility that processes applications from every U.S. state and territory for immigration benefits including work authorization, travel documents, permanent residency, and naturalization, and serves as one of two USCIS card production facilities nationwide.
• U.S. Joint Staff Command Facilities Two modern Class A buildings 100% leased to the GSA and occupied by the Department of Defense's U.S. Joint Staff Command, responsible for the unified strategic direction of U.S. combatant forces. Located in Suffolk, Virginia with Level IV Security features.
• FDA Laboratories Modern Class A laboratory facilities for the Food and Drug Administration, including FDA Alameda (wet and dry laboratories for chemistry and microbiology) and FDA Lenexa (Total Diet and Pesticides Research Center), as part of FDA's network of 13 high throughput field laboratories.
• ICE Facilities Facilities leased to U.S. Immigration and Customs Enforcement for enforcing immigration laws and conducting criminal investigations, including properties with 20-year leases and specialized security features such as ICE Orlando, ICE Otay, ICE Albuquerque, ICE Dallas, and other locations.
• Treasury/BFS Properties Properties leased to the Bureau of the Fiscal Service including TREAS Birmingham and TREAS Parkersburg, a 182,500-square foot build-to-suit property supporting the Bureau's Parkersburg operations dating back to 1957.
• Multi-Tenant GSA Federal Buildings Class A multi-tenanted office buildings leased to various federal agencies through the General Services Administration, including properties such as Various GSA Buffalo, Various GSA Chicago (FAA Regional Office), Various GSA Clarksburg, and Various GSA Portland.
• Northrop Grumman Facilities Specialized facilities leased to Northrop Grumman Systems Corporation, including NG Aurora (adjacent to Buckley Space Force Base) and NG Dayton (adjacent to Wright-Patterson Air Force Base), with robust security enhancements and SCIF-certified space for aerospace and defense operations.
• Mezzanine Lending for Government-Leased Developments Structured mezzanine financing targeting 12% yields on VA clinic and similar government-leased development projects, backed by long-term federal leases. First investment closed April 2026 on a $7 million VA outpatient clinic development in Kennewick, Washington.

Quantifiable outcome

• 16% year-over-year revenue growth in Q1 2026
• +4 more outcomes

Named customers14 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators20 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• VICI Properties: Publicly traded net-lease REIT with extensive experience underwriting long-duration, single-tenant leases with high-quality counterparties; comparable acquisition and sale-leaseback playbook, although their tenant base is concentrated in experiential and leisure rather than government.
• Essential Properties Realty Trust: Mid-size net-lease REIT focused on freestanding, single-tenant properties; comparable as a smaller, growth-oriented net-lease REIT with similar triple-net lease structures and acquisition-driven growth model.
• Welltower Inc. Healthcare-infrastructure REIT with a public housing authority/government-assisted living portfolio; comparable exposure to government-backed, mission-critical tenants and triple-net lease structures, although focused on senior housing and post-acute care rather than office.
• Alexandria Real Estate Equities: Office/laboratory REIT whose FDA, USDA, and broader federal agency laboratory tenant base overlap with Easterly's specialized federal laboratory and R&D facility leasing (e.g., FDA Alameda, FDA Lenexa); both REITs underwrite specialized tenants with mission-critical facility requirements.

Broad incumbents

• Realty Income Corporation: Bellwether net-lease REIT; comparable in lease structure (long-term, creditworthy tenants, contractual rent growth) and investment-grade balance sheet. While Realty Income focuses on commercial tenants across industries, its underwriting on credit quality is directly comparable to Easterly's government-credit underwriting.
• JBG SMITH Properties: DC-metro mixed-use REIT with significant exposure to government tenants and federal-adjacent assets in the Washington region, providing geographic and tenant overlap with Easterly's portfolio despite a different asset mix.
• W. P. Carey Inc. Large diversified net-lease REIT that has historically invested in government and government-adjacent tenants; comparable business model of long-duration, single-tenant net leases with built-in rent escalators, but at materially greater scale and with broader tenant diversification.

Direct peers

• Orion Office REIT: Publicly traded office REIT referenced in Easterly's own scale comparisons; competes in the institutional single-tenant office space, with similar acquisition-driven growth and net-lease-like economics, though without government specialization.
• Government Properties Income Trust: Direct peer in government-leased commercial real estate; both REITs focus on Class A properties leased to U.S. federal tenants including GSA-lease and direct-lease structures, with comparable lease term profiles and mission-critical tenant mix.

Regional players

• DiamondRock Hospitality / Host Hotels comparable: SL Green Realty Corp. Office REIT concentrated in the New York metro region with material government and municipal tenancy, comparable as a single-tenant-focused office landlord with similar cycle exposure, though operating in a different geographic market.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/EasterlyGov
• LinkedInlinkedin.com/company/easterly-government-properties

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Easterly Government Properties