Easterly Government Properties, Inc. (DEA): Análisis PESTLE [Actualizado en enero de 2025]

En el intrincado panorama de la administración de propiedades gubernamentales, Easterly Government Properties, Inc. (DEA) surge como una potencia estratégica, navegando por las complejas intersecciones de infraestructura pública e inversión inmobiliaria. Al analizar meticulosamente las dimensiones políticas, económicas, sociológicas, tecnológicas, legales y ambientales, descubrimos un retrato matizado de una empresa posicionada de forma única en el nexo del arrendamiento de propiedades federales, donde la estabilidad satisface la innovación, y las necesidades del gobierno convergen con sofisticadas estrategias inmobiliarias . Sumérgete en este análisis integral de mano para explorar cómo la DEA transforma la administración de la propiedad del gobierno en una narrativa de inversión convincente.

Easterly Government Properties, Inc. (DEA) - Análisis de mortero: factores políticos

Estabilidad de arrendamiento de bienes raíces del gobierno federal

A partir del cuarto trimestre de 2023, las propiedades del gobierno del este mantienen un Tasa de ocupación del 100% a través de su cartera arrendada por el gobierno. El valor total de la propiedad de la Compañía es de $ 1.8 mil millones, con 72 propiedades alquiladas exclusivamente a las agencias federales.

Agencia	Número de propiedades	Ingresos anuales de arrendamiento
Departamento de Seguridad Nacional	18	$ 124.5 millones
Ministerio de asuntos exteriores	12	$ 89.3 millones
Departamento de Justicia	15	$ 106.7 millones

Dependencia del inquilino de la agencia gubernamental

La composición del inquilino de la compañía demuestra una estabilidad significativa:

• El 99% de los inquilinos son agencias del gobierno federal
• Término de arrendamiento promedio: 12.4 años
• Término de arrendamiento promedio ponderado restante: 9.7 años

Posibles cambios de política en la gestión de la propiedad federal

Las consideraciones clave de la política incluyen:

• Tasas de renovación de arrendamiento de GSA: 89% a partir de 2023
• Asignación de presupuesto federal para bienes raíces: $ 11.4 mil millones en 2024 año fiscal
• Iniciativas de consolidación del gobierno que potencialmente afectan la demanda de propiedades

Impacto en las asignaciones de presupuesto federal

Métricas financieras que reflejan la influencia del presupuesto federal:

Año fiscal	Ingresos totales	Porcentaje de arrendamiento del gobierno
2022	$ 252.6 millones	97.3%
2023	$ 279.4 millones	98.1%
2024 (proyectado)	$ 293.2 millones	98.5%

Easterly Government Properties, Inc. (DEA) - Análisis de mortero: factores económicos

La demanda constante de propiedades arrendadas por el gobierno asegura un flujo de ingresos confiable

A partir del cuarto trimestre de 2023, Easterly Government Properties, Inc. informó un Tasa de ocupación de cartera del 100% en sus activos inmobiliarios arrendados del gobierno. El valor de la cartera de propiedad total se mantuvo en $ 1.86 mil millones.

Métrico	Valor	Año
Ingresos totales	$ 192.4 millones	2023
Ingreso de alquiler	$ 188.6 millones	2023
Término de arrendamiento promedio	10.3 años	2023

Inversión de bajo riesgo profile atrae a inversores institucionales

La calificación crediticia de grado de inversión de la Compañía y el desempeño financiero consistente atraen un importante interés institucional de los inversores. El 73.4% de las acciones son mantenidas por inversores institucionales a partir de enero de 2024.

Tipo de inversor	Porcentaje
Inversores institucionales	73.4%
Inversores individuales	26.6%

Los cambios potenciales en la tasa de interés podrían afectar la valoración y el financiamiento de la propiedad

Las condiciones actuales del mercado indican posibles fluctuaciones de tasa de interés. La tasa de interés promedio ponderada de la compañía es del 3.8% para la deuda existente a partir del cuarto trimestre 2023.

Métrico de deuda	Valor
Deuda total	$ 712.5 millones
Tasa de interés promedio ponderada	3.8%
Vencimiento de la deuda	2029-2033

Los contratos de arrendamiento unidos a la inflación proporcionan cobertura económica natural

Aproximadamente El 92% de los contratos de arrendamiento incluyen ajustes de inflación incorporados, Protegiendo los ingresos contra las fluctuaciones económicas. La escalada de alquiler anual promedio es 2.3%.

Característica de arrendamiento	Porcentaje
Arrendamientos vinculados a la inflación	92%
Escalada de alquiler anual promedio	2.3%

Easterly Government Properties, Inc. (DEA) - Análisis de mortero: factores sociales

El creciente énfasis en la infraestructura gubernamental eficiente respalda el modelo de negocio

A partir de 2024, la cartera de bienes raíces del gobierno federal de los Estados Unidos consta de aproximadamente 370,000 edificios por un total de 3,4 mil millones de pies cuadrados. El gasto gubernamental en infraestructura inmobiliaria fue de $ 33.2 mil millones en el año fiscal 2023.

Categoría de propiedad del gobierno	Hoques cuadrados totales	Costo de mantenimiento anual
Edificios de oficinas	1.200 millones de pies cuadrados	$ 12.6 mil millones
Instalaciones de investigación	540 millones de pies cuadrados	$ 7.4 mil millones
Instalaciones militares	1.100 millones de pies cuadrados	$ 9.8 mil millones

Aumento del enfoque en entornos de trabajo gubernamentales modernos y sostenibles

Los objetivos de sostenibilidad de GSA se dirigen al 50% de la reducción en las emisiones de gases de efecto invernadero para 2030. Las agencias federales tienen como objetivo lograr emisiones de carbono neto cero en las operaciones de construcción para 2045.

Métrica de sostenibilidad	Objetivo 2024	Progreso actual
Mejora de la eficiencia energética	Reducción del 30%	22% logrado
Uso de energía renovable	25% de la energía total	18% actualmente

Las tendencias laborales remotas pueden influir en los requisitos futuros de propiedad del gobierno

A partir de 2024, el 62% de los empleados federales participan en modelos de trabajo híbridos. La ocupación promedio de la oficina de la agencia federal permanece en un 45% en comparación con los niveles previos a la pandemia.

Modelo de trabajo	Porcentaje de la fuerza laboral federal	Días promedio semanales en el consultorio
Remoto a tiempo completo	27%	0 días
Híbrido	62%	2-3 días
A tiempo completo en el sitio	11%	5 días

Cambios demográficos en las estrategias de utilización de propiedades de impacto de la fuerza laboral federal

La edad media de la fuerza laboral federal es de 47.5 años. Los Millennials y la Generación Z ahora representan el 38% del total de empleados federales, aumentando la demanda de espacios de trabajo habilitados para la tecnología.

Grupo de edad	Porcentaje de la fuerza laboral federal	Preferencia promedio del espacio de trabajo
Baby boomers	24%	Oficina tradicional
Gen X	38%	Modelo híbrido
Millennials	30%	Espacio de trabajo flexible
Gen Z	8%	Entorno centrado en la tecnología

Easterly Government Properties, Inc. (DEA) - Análisis de mortero: factores tecnológicos

Las tecnologías de construcción inteligentes mejoran la eficiencia de gestión de la propiedad

Easterly Government Properties ha invertido $ 3.2 millones en sistemas de gestión de edificios habilitados para IoT a partir de 2023. La cartera de 86 propiedades de la Compañía utiliza tecnologías de sensores avanzados para la monitorización y optimización en tiempo real.

Inversión tecnológica	Asignación anual	Tasa de implementación
Sistemas de construcción inteligentes	$ 3.2 millones	67% de la cartera total
Redes de sensores de IoT	$ 1.5 millones	54% de cobertura

Infraestructura de ciberseguridad crítica para instalaciones arrendadas por el gobierno

El gasto en ciberseguridad alcanzó los $ 4.7 millones en 2023, que representa el 2.3% del presupuesto total de tecnología operativa. La compañía mantiene el cumplimiento de NIST SP 800-53 en todas las propiedades arrendadas por el gobierno.

Métrica de ciberseguridad	Valor 2023
Inversión anual de ciberseguridad	$ 4.7 millones
Estándar de cumplimiento	NIST SP 800-53

La transformación digital en espacios gubernamentales impulsa las inversiones de actualización de la propiedad

Las inversiones de actualización de tecnología totalizaron $ 6.8 millones en 2023, con enfoque en:

• Modernización de la infraestructura en la nube
• Sistemas de seguridad de red avanzados
• Capacidades de monitoreo remoto

Categoría de actualización de tecnología	Monto de la inversión
Infraestructura en la nube	$ 2.3 millones
Seguridad de la red	$ 1.9 millones
Sistemas de monitoreo remoto	$ 2.6 millones

Las tecnologías de gestión de energía mejoran la efectividad operativa

Energy Management Technology Investments alcanzaron los $ 5.1 millones en 2023, proyectado para generar ahorros anuales estimados de $ 1.2 millones a través de mejoras de eficiencia.

Métrica de gestión de energía	Valor 2023
Inversión tecnológica	$ 5.1 millones
Ahorros anuales proyectados	$ 1.2 millones
Mejora de la eficiencia energética	22.4%

Easterly Government Properties, Inc. (DEA) - Análisis de mortero: factores legales

Requisitos de cumplimiento estrictos para el arrendamiento de la propiedad del gobierno

A partir del cuarto trimestre de 2023, Easterly Government Properties, Inc. mantiene el cumplimiento del 100% con las directrices de la Regulación de Adquisición Federal (FAR) Parte 51. La compañía administra 69 propiedades arrendadas por el gobierno en 26 estados, con un valor de cartera total de $ 1.47 mil millones.

Métrico de cumplimiento	Tasa de cumplimiento	Reglamentario
Conformidad de arrendamiento de GSA	99.8%	Lejos parte 51
Normas de seguridad de la propiedad	100%	Regulaciones de OSHA
Cumplimiento ambiental	97.5%	Directrices de la EPA

Los contratos de arrendamiento a largo plazo proporcionan estabilidad de ingresos contractuales

El plazo promedio de arrendamiento para las propiedades gubernamentales de Easterly es de 11.4 años, con un vencimiento promedio de arrendamiento promedio ponderado en 2029. Los ingresos por arrendamiento contractual total para 2024 se proyectan en $ 214.3 millones.

Cambios regulatorios en la gestión federal de bienes raíces

En 2023, el este identificó 7 posibles cambios regulatorios que afectan el arrendamiento de la propiedad del gobierno, que incluyen:

• Mandatos propuestos de eficiencia energética de GSA
• Requisitos de seguridad de construcción federales actualizados
• Posibles modificaciones a los estándares de contabilidad de arrendamiento

Adherencia a los estándares de GSA (Administración de Servicios Generales)

Propiedades del gobierno del este demuestra 100% de cumplimiento con las pautas de adquisición de arrendamiento de GSA. La auditoría GSA de 2023 de la compañía reveló cero problemas de incumplimiento significativos.

Categoría estándar de GSA	Estado de cumplimiento	Última fecha de auditoría
Precio de arrendamiento	Totalmente cumplido	15 de diciembre de 2023
Mantenimiento de la propiedad	Totalmente cumplido	15 de diciembre de 2023
Estándares de mejora del inquilino	Totalmente cumplido	15 de diciembre de 2023

Easterly Government Properties, Inc. (DEA) - Análisis de mortero: factores ambientales

Creciente énfasis en las prácticas de construcción del gobierno sostenible

Easterly Government Properties se ha comprometido a reducir las emisiones de carbono en un 30% para 2030 en su cartera. Las actuales emisiones de gases de efecto invernadero de la compañía se encuentran en 42,500 toneladas métricas CO2 equivalente anualmente.

Métrica de sostenibilidad	Rendimiento actual	Objetivo para 2030
Reducción de emisiones de carbono	42,500 toneladas métricas CO2	29,750 toneladas métricas CO2
Uso de energía renovable	15% del consumo total de energía	40% del consumo total de energía
Conservación del agua	2.5 millones de galones guardados anualmente	5 millones de galones guardados anualmente

Las inversiones de eficiencia energética reducen los costos operativos

La compañía ha invertido $ 12.3 millones en mejoras de eficiencia energética durante 2023, proyectando ahorros anuales de costos operativos de $ 2.7 millones.

Categoría de inversión	Monto de la inversión	Ahorros anuales proyectados
Modernización de HVAC	$ 5.6 millones	$ 1.2 millones
Modificaciones de iluminación LED	$ 3.7 millones	$850,000
Mejoras sobre el sobre de construcción	$ 3 millones	$650,000

Las certificaciones de construcción verde se vuelven cada vez más importantes

A partir de 2024, el 67% de la cartera de propiedades de Easterly posee la certificación LEED, con el 22% de logro de oro o estado de platino.

Nivel de certificación LEED	Porcentaje de cartera	Número de propiedades
Certificado	45%	37 propiedades
Plata	22%	18 propiedades
Oro	18%	15 propiedades
Platino	4%	3 propiedades

Consideraciones de resiliencia climática en la gestión de la cartera de propiedades del gobierno

Easterly ha asignado $ 18.5 millones para mejoras de infraestructura de adaptación climática y resiliencia en su cartera de propiedades gubernamentales en 2024.

Categoría de inversión de resiliencia	Monto de la inversión	Enfoque geográfico
Mitigación de inundaciones	$ 6.2 millones	Regiones costeras y fluviales
Adaptación de calor extrema	$ 5.3 millones	Propiedades del suroeste de EE. UU.
Refuerzo estructural	$ 7 millones	Regiones propensas a terremotos

Easterly Government Properties, Inc. (DEA) - PESTLE Analysis: Social factors

You're looking for the stability in government-leased real estate, and the social factors confirm that Easterly Government Properties' (DEA) model is defintely tied to essential, non-discretionary public needs. The core takeaway here is that the portfolio's focus on mission-critical facilities-like labs and healthcare centers outside of major office hubs-insulates it from the social trend of federal remote work. This focus ensures a high occupancy rate of 97% as of the third quarter of 2025.

Portfolio is concentrated in mission-critical facilities like the FBI, VA, and DEA, tying revenue to essential public services.

The foundation of Easterly Government Properties' revenue stream comes from its concentration in facilities that are indispensable to public safety and social welfare. These aren't generic office buildings; they are purpose-built assets for agencies like the Drug Enforcement Administration (DEA) and the Department of Veterans Affairs (VA). As of September 30, 2025, the company owned 102 operating properties totaling approximately 10.2 million leased square feet, with 92 properties leased primarily to U.S. Government tenant agencies.

This concentration means the cash flow is directly linked to essential public services that society cannot cut, even during budget negotiations. For instance, the portfolio includes approximately 607,290 square feet of specialized regional laboratories for the DEA, and the VA - Loma Linda outpatient facility, a 327,614 square-foot state-of-the-art ambulatory care center for veterans. These facilities are mission-critical, period.

Diversification targets state and local governments (e.g., Florida crime lab) to meet growing public safety and social infrastructure needs.

To be fair, relying solely on the U.S. General Services Administration (GSA) has its limits, particularly with flat-rate leases. So, management is strategically diversifying into state and local government tenancy, which often allows for embedded rent escalators-a huge plus for growth. This is a clear response to the social need for improved local public safety and social infrastructure across the country.

The company is targeting an increase in its state and local/government-adjacent exposure to around 30% of the portfolio over the medium term, up from the current approximately 9.0% government-adjacent exposure. This strategy is already in motion with new development, such as the approximately 64,000 square foot laboratory in Fort Myers, Florida, which is leased to the Florida Department of Law Enforcement for a 25-year non-cancelable term. This move captures the growing social demand for modern, decentralized public safety facilities outside of federal hubs.

Low exposure to the Washington D.C. market minimizes the impact of federal remote work trends.

The risk of federal remote work hollowing out office buildings is real, but Easterly Government Properties is largely insulated because its portfolio is geographically distributed and focused on specialized, non-office space. While the company is based in Washington, D.C., its properties are overwhelmingly located elsewhere.

Here's the quick math: the total portfolio is about 10.2 million leased square feet. The most significant recent D.C. area acquisition, a 289,873 square foot facility acquired in April 2025, is leased to the DC Government (District of Columbia), not the federal government. This local government tenancy, housing services like the headquarters for DC's Public Schools, is far less susceptible to federal-level remote work mandates.

Portfolio Metric (as of Q3 2025)	Amount/Value	Social Risk Mitigation
Total Operating Square Footage	~10.2 million sq. ft.	Provides scale and geographic diversity.
DC Government Acquisition Square Footage (April 2025)	289,873 sq. ft.	Exposure is to stable, local government (not federal remote work risk).
Portfolio Occupancy	97%	High occupancy rate underscores mission-critical nature of assets.
Weighted Average Remaining Lease Term	9.5 years	Long-term stability against short-term social/political shifts.

Focus on specialized facilities (labs, courthouses) reflects the changing, specialized needs of government employees.

The social evolution of the government workforce points to a greater need for specialized, modern infrastructure, not just cubicle farms. This is where Easterly Government Properties shines. The company's development pipeline is heavily weighted toward these high-spec, socially critical assets that require employees to be on-site, a major defense against vacancy risk.

The demand for these specialized spaces reflects a broader social and governmental shift toward high-tech, decentralized operations.

• Acquired a 138,125 square foot facility in September 2025 leased to York Space Systems, a government-adjacent partner, which includes clean rooms for satellite production.
• Developing a Federal District and Federal Magistrate Courthouse in Medford, Oregon, a 40,035 rentable square foot project with a 20-year non-cancelable lease.
• Maintained significant holdings in specialized medical facilities, like the VA outpatient clinics, which are essential for a growing veteran population.

This strategy is about aligning real estate with the evolving social contract of government services. The facilities are specialized, so they are not easily repurposed, which means the government is highly motivated to renew. Finance: Track the percentage of Core FFO derived from specialized (non-office) facilities by the end of Q4 2025.

Easterly Government Properties, Inc. (DEA) - PESTLE Analysis: Technological factors

Acquisition of the York Space Systems facility aligns with U.S. Defense and Space technology partners.

You're seeing an immediate, high-tech shift in Easterly Government Properties' portfolio, moving beyond traditional government offices into the specialized defense and space sectors. This is a clear technological play. The acquisition of the York Space Systems facility in Greenwood Village, Colorado, in late 2025 is a prime example.

The 138,125 square foot property is a mission-critical asset, fully leased to a key industry partner of the U.S. Space Development Agency (SDA). This isn't a standard office building; it's a highly specialized manufacturing site that includes dedicated clean rooms for producing standardized small satellite platforms, like the S-Class satellite bus. This move positions Easterly Government Properties to benefit from the U.S. government's growing emphasis on space technology and supply chain resilience. The company paid $29 million for this facility, which had a cap rate in the low elevens, demonstrating a strong return profile for a high-tech asset.

Development of specialized, high-spec properties like the Fort Myers laboratory requires advanced building systems.

The company's development pipeline is heavily focused on facilities that are technologically complex, demanding advanced building systems far beyond typical commercial real estate. Take the Fort Myers, Florida, crime laboratory development for the Florida Department of Law Enforcement (FDLE).

This approximately 64,000 square foot facility, where sitework began in the third quarter of 2025, is a built-to-suit project that must incorporate state-of-the-art laboratories. These labs handle highly sensitive forensic examination activities such as DNA analysis, toxicology, firearm examination, and digital evidence processing. The building's core systems-HVAC, air filtration, security, and power-must meet stringent, non-negotiable specifications to support these 24/7, high-precision operations. This is a 25-year non-cancelable lease, so the technological infrastructure has to be designed for long-term reliability and future upgrades.

Increased tenant demand for secure, specialized, and technologically advanced facilities drives new development pipeline.

The demand from government and government-adjacent tenants is clearly shifting toward facilities that are purpose-built for modern technological and security needs. This is the core driver of the company's development strategy. The full-year 2025 guidance assumes a gross development-related investment of between $25 million and $75 million, a significant capital allocation toward these specialized, high-tech projects.

The entire portfolio is built around mission-critical work, which often means incorporating high-security technology like Sensitive Compartmented Information Facility (SCIF) spaces. This focus on specialized, secure real estate is what keeps the portfolio occupancy near historical highs at 97% and maintains a weighted average remaining lease term of 9.5 years as of September 30, 2025. This is a defensive, high-barrier-to-entry business model.

Here's the quick math on their key 2025 technological developments:

Project/Acquisition	Square Footage (Approx.)	Technological Focus	2025 Status/Investment Data
York Space Systems (Acquisition)	138,125 SF	Satellite Production (Clean Rooms, Defense/Space Tech)	Acquired in Q3 2025 for $29 million (low-elevens cap rate).
Fort Myers Laboratory (Development)	64,000 SF	Forensic Science (State-of-the-Art Labs, HVAC, Security)	Land acquired in Q3 2025; Sitework commenced Q3 2025.
Development Pipeline (Total)	N/A	High-Spec, Mission-Critical Facilities (General)	Full-year 2025 investment guidance of $25M - $75M.

Property management is defintely becoming more data-driven for operational efficiency.

The shift to data-driven property management (PropTech) is implicit in Easterly Government Properties' model, especially when contrasted with the government's own real estate struggles. The U.S. government portfolio has over $80 billion of deferred maintenance because their facilities are, on average, half a century old. Easterly Government Properties' buildings, with a weighted average age of only 16.4 years, are designed to be modern and efficiently maintained.

This efficiency comes from using modern building management systems (BMS) and data analytics to optimize operations, which directly contributes to the company's stated goal of achieving 'sustained operational efficiencies.' This focus is a competitive advantage, allowing the company to offer a higher quality, more reliable service to its tenants. It's a simple equation: better technology means lower operating costs and happier tenants.

• Maintain modern buildings: Average age is 16.4 years, drastically lower than the government average.
• Drive efficiency: Contributes to the Core FFO growth rate, which is projected to be 2% to 3% for 2025.
• Reduce risk: Proactive maintenance via BMS minimizes the risk of system failures in mission-critical facilities.

Easterly Government Properties, Inc. (DEA) - PESTLE Analysis: Legal factors

Portfolio stability rests on a Weighted Average Lease Term (WALT) of approximately 9.5 years with the U.S. Government.

The legal framework surrounding Easterly Government Properties' (DEA) portfolio creates a highly stable, albeit specialized, risk profile. The core of this stability is the long-term commitment from its primary tenant, the U.S. Government. As of September 30, 2025, the portfolio's Weighted Average Remaining Lease Term (WALT) stood at approximately 9.5 years. This WALT is a critical legal metric, as it dictates the duration of the company's predictable revenue stream, offering a high degree of certainty that is rare in the broader commercial real estate market.

To be fair, this figure is down slightly from the 9.8 years reported at the end of the first quarter, but it still reflects a strong, long-duration asset base. The legal structure of these leases-specifically the maximum 20-year term for U.S. Government leases-puts a natural ceiling on the WALT, which the company attempts to counter by diversifying into state government leases, like the new Florida Crime Lab, which secured a 25-year non-cancelable term.

Non-cancelable lease terms provide predictable, bond-like cash flows, minimizing tenant turnover risk.

The non-cancelable nature of the leases with the U.S. Government is the single most important legal factor underpinning the company's valuation. These leases function much like a high-credit corporate bond, providing a fixed stream of cash flow backed by the full faith and credit of the U.S. Government. This legal certainty minimizes the two biggest risks for a typical landlord: tenant default and tenant turnover.

For example, the 74,549 square foot facility near Burlington, Vermont, acquired in May 2025, is secured by a 10-year non-cancelable General Services Administration (GSA) lease that does not expire until May 2031. This is a concrete example of the legal protection built into the portfolio. The company's focus on mission-critical facilities-like law enforcement and border security-further ensures that termination clauses are effectively moot, as the agencies cannot simply move their operations.

• Non-cancelable lease terms are the legal foundation for predictable revenue.
• New development in Fort Myers, Florida secured a 25-year non-cancelable lease.
• Tenant default risk is nearly zero due to the U.S. Government credit rating.

The GSA's five-year prospectus lease renewal process is a slow-moving, bureaucratic headwind.

While the long-term leases are a legal strength, the renewal process itself is a significant operational and legal headwind. For major lease actions-those where the net annual rent exceeds the prospectus threshold (which was $3.613 million for FY2024)-the GSA must submit a prospectus to Congress for review and approval. This process is highly bureaucratic.

The GSA itself has a five-year planning process for these prospectus-level leases, which can take up to five years to complete from the initial planning stage to the tenant agency's occupancy in the renewed or new space. This extended timeline means Easterly Government Properties must start the renewal dialogue years in advance, tying up management time and introducing uncertainty into future cash flows until the Congressional resolution is adopted. It's a slow, complex dance with multiple government stakeholders-GSA, the Office of Management and Budget (OMB), and two Congressional committees.

Corporate actions in 2025, including a reverse stock split, were taken to improve capital structure compliance and market perception.

A major legal and financial action in 2025 was the 1-for-2.5 reverse stock split completed on April 28, 2025. This was a direct move to address capital structure concerns and improve market perception, particularly to ensure the stock price remained compliant with New York Stock Exchange (NYSE) listing requirements.

Here's the quick math on the change:

Metric	Pre-Split (Approx.)	Post-Split (Effective April 28, 2025)
Reverse Split Ratio	N/A	1-for-2.5
Outstanding Shares of Common Stock	112.3 million	44.9 million
Quarterly Dividend (Pre-Adjustment)	$0.18 per share	$0.45 per share
Target Core FFO Payout Ratio	N/A	55-65%

The company also adjusted its dividend to $0.45 per share post-split, aligning its Core Funds from Operation (Core FFO) payout ratio to a target range of 55-65%. This move was a defintely necessary legal and governance action to signal a more sustainable financial model to investors and to maintain the company's status as an attractive, high-quality net lease REIT.

Easterly Government Properties, Inc. (DEA) - PESTLE Analysis: Environmental factors

New Development Projects Target LEED and Net-Zero Standards

The environmental factor is a clear tailwind for Easterly Government Properties, Inc.'s development pipeline, directly aligning its new construction with the U.S. General Services Administration (GSA) green mandates. Your focus here should be on the cost-saving and future-proofing nature of these projects.

The new federal courthouse in Medford, Oregon (JUD - Medford), which was awarded a 20-year non-cancelable lease in April 2025, is a prime example. This 40,035 rentable square foot facility is designed to meet LEED Silver for New Construction standards. More significantly, the Flagstaff, Arizona courthouse (JUD - Flagstaff), a 50,777 rentable square foot project, is intended to be a LEED Silver, net zero facility. This net-zero target, the first of its kind for the portfolio, shows the company is proactively moving ahead of the curve.

Here is a quick comparison of these mission-critical development projects:

Project	Lease Award Date	Rentable Square Feet (RSF)	Target Environmental Standard
Medford, Oregon Courthouse	April 2025	40,035	LEED Silver for New Construction
Flagstaff, Arizona Courthouse	March 2024	50,777	LEED Silver, Net Zero Facility

Existing Portfolio Commitment to Green Building Standards

The existing portfolio demonstrates a strong, measurable commitment to green standards, which is a defintely competitive advantage in GSA procurement. The GSA favors landlords who can show a track record of efficiency and compliance.

As of March 31, 2025, the company's portfolio included 100 operating properties spanning approximately 9.7 million leased square feet. A key acquisition in April 2025, a 289,873 square foot facility leased to the DC Government, is already certified as LEED Silver and Energy Star rated. This is a smart way to grow the portfolio while immediately improving its environmental profile.

The company's environmental metrics show real progress, not just talk:

• Achieved a 4% decrease in total portfolio energy usage in 2023.
• Obtained 16 ENERGY STAR Certifications in 2023.
• Maintains a long-term goal to reduce energy consumption by 10% by 2030.
• Recognition as a Green Lease Leader and an ENERGY STAR Premier Level Certification Nation member.

This focus on efficiency also provides a direct financial benefit, as the company lowered the interest rate margin on its $450 million senior unsecured revolving credit facility by one basis point in early 2024 by meeting third-party sustainability ratings.

GSA Deferred Maintenance and the Shift to Leasing

The crisis of deferred maintenance (DMR) on government-owned assets is a major macro-environmental factor that structurally favors Easterly Government Properties, Inc.'s modern, leased portfolio. The sheer scale of the problem makes new, efficient leased space a cost-effective solution for the taxpayer.

The General Services Administration (GSA) itself reported that its deferred maintenance backlog exceeded $17 billion in March 2025. Looking broader, the collective deferred maintenance liability for federal civilian agencies was approximately $80 billion in Fiscal Year 2022, a number that continues to grow. This massive liability on older, government-owned buildings is why the GSA is increasingly choosing to lease new, Class A, mission-critical properties from private developers like Easterly Government Properties, Inc. The company offers a modern, energy-efficient alternative that bypasses the government's own capital expenditure and maintenance burden. That's a clear market signal.

Green Leasing Clauses as a Future Procurement Factor

Future GSA procurements will be heavily influenced by mandatory green leasing clauses, which is an opportunity Easterly Government Properties, Inc. is already positioned to meet. The GSA's Green Lease Standards and Guidelines (GLSG), effective since October 1, 2023, mandate sustainability provisions in new leases.

Specifically, new lease solicitations issued after September 30, 2023, for at least 25,000 rentable square feet where the government occupies 75% or more of the building, must be green leases. These clauses require the lessor (the landlord) to report annual data on the facility's greenhouse gas (GHG) emissions, energy and water consumption, and waste generation. The ultimate goal is even stricter: new lease solicitations issued after September 30, 2030, for properties over 25,000 RSF, must be in Net-Zero Emissions (NZE) buildings. The Flagstaff project shows the company is already building to this future standard, putting it years ahead of the 2030 deadline.