Easterly Government Properties

DEA · NYSE

$22.17+$0.70 (+3.26%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $21.47

DEA analyst rating

HoldConsensus of 4 analysts over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold3
Underperform1
Sell0

12-month price target · 8 analysts

Average $26.16 (+18.0% upside)

Low: $24.24
Now: $22.17
High: $28.35

Upgrades and downgrades

The latest rating actions, newest first

DEA analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Truist Securities	Aug 27, 2026	Maintains	Hold	$24.00 → $26.00	45%
RBC Capital	Aug 24, 2026	Maintains	Underperform	$22.00 → $24.00	58%
Citigroup	Aug 7, 2026	Maintains	Neutral	$23.00 → $25.00	44%
BMO Capital	Aug 4, 2026	Maintains	Market Perform	$25.00 → $27.00	47%
Truist Securities	Mar 11, 2026	Maintains	Hold	$25.00 → $24.00	45%
RBC Capital	Mar 2, 2026	Maintains	Underperform	$21.00 → $22.00	58%
Truist Securities	Nov 24, 2025	Maintains	Hold	$25.00 → $24.00	45%

The case for and against

Updated Oct 17, 2026

Bull case

Easterly Government Props is supported by a highly stable tenant base of U.S. government agencies, with expected retention of 93.0–95.0%, which underpins durable long-term cash flows and limits lease-risk volatility. Its growth outlook is reinforced by accretive capital deployment: management is targeting a roughly 100 bps investment spread across a $1.5 billion pipeline, while 3 developments totaling $107 million are expected to add $0.10/share of AFFO and $0.19/share of FFO over the next 2 years. Fundamentals also look attractive relative to valuation, with 2027 FFO estimated at $3.12 per share and the stock trading at a 34% discount to NAV and 8.0x 2026E FFO versus an 11.0x historical average.

Bear case

Easterly Government Props is constrained by modest organic growth, with 2026 normalized FFO per share expected at $3.11 and only 0.1% average annual growth from 2026-2031, as refinancing low-rate maturing debt and a higher cost of capital pressure earnings. Its niche focus on leasing Class A properties to U.S. government agencies creates bond-like exposure to government spending cuts, lease terminations, and tenant move-outs, while limiting the universe of accretive external acquisitions and development opportunities. Although tenant credit and retention are strong, the combination of thin growth, potential rent-spread weakness, and interest-rate sensitivity leaves little margin for upside and supports a negative fundamental outlook.

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