Easterly Government Properties, DEA

Competitive advantage analysis · real-estate

REIT Specialized
Overall moat score
78/100
Strong

Ranked against 30 peers in REIT - Office

About Easterly Government Properties,

Easterly Government Properties, Inc. focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to the U.S. Government. Easterly's experienced management team brings specialized insight into the strategy and needs of mission-critical U.S. Government agencies for properties leased to such agencies either directly or through the U.S. General Services Administration (GSA). Easterly Government Properties, … Full DEA analysis →

Key strengths

  • Strong AFFO Generation AFFO generation is strong (score 0.96), supporting dividend sustainability.
  • Dividend Well-Covered by AFFO Dividend coverage is healthy (score 0.96).

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Rent Pricing Power

Strong
82
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Signals, strengths and risks for Rent Pricing Power

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Signals, strengths and risks for AFFO Strength

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Signals, strengths and risks for Balance Sheet & Cost of Capital

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Signals, strengths and risks for Capital Recycling & Growth

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Portfolio Quality & Diversification

Where DEA ranks in REIT - Office

Easterly Government Properties, ranks #1 of 27 scored companies in REIT - Office by moat score — the top 4%. That makes it the widest moat in the group.

# Company Moat score Rating
1 Easterly Government Properties, DEA 78/100 Strong
2 Vornado Realty Trust VNO 74/100 Moderate
3 Cousins Properties Incorporated CUZ 72/100 Moderate
4 Kilroy Realty Corporation KRC 71/100 Moderate
5 Highwoods Properties, Inc. HIW 68/100 Moderate
6 BXP, Inc. BXP 66/100 Moderate
7 COPT Defense Properties CDP 64/100 Moderate
8 Empire State Realty OP, L.P. Se FISK 59/100 Moderate
9 Empire State Realty OP, L.P. Se OGCP 59/100 Moderate

See every Real Estate Investment Trusts company ranked by moat score →

How DEA scores on the REIT Specialized defenses

Rent Pricing Power

Score 82 · 20% of the moat score

For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.

AFFO Strength

Score 96 · 18% of the moat score

AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.

Balance Sheet & Cost of Capital

Score 55 · 20% of the moat score

Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.

Capital Recycling & Growth

Score 71 · 16% of the moat score

REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.

Operational Efficiency

Score 88 · 14% of the moat score

Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.

Portfolio Quality & Diversification

Score 79 · 12% of the moat score

Portfolio quality is really a question about what happens when a tenant fails.

How each REIT Specialized defense is measured, in full →

Understanding DEA's moat

What is Easterly Government Properties,'s moat score?

Easterly Government Properties, (DEA) scores 78 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as strong. It ranks #1 of 27 scored companies in REIT - Office, the top 4%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 30 companies in REIT - Office. Its strongest defense is AFFO Strength (96/100) and its weakest is Balance Sheet & Cost of Capital (55/100).

How does Easterly Government Properties, compare with other REIT - Office companies?

Easterly Government Properties, ranks #1 of 27 scored companies in REIT - Office by moat score. That is the widest moat in REIT - Office. The companies ranked closest are Vornado Realty Trust (VNO) at 74 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 30 companies in REIT - Office. The defenses are then weighted to produce the overall score out of 100.

Why is Easterly Government Properties, scored with the REIT Specialized template?

A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.

Which competitive defenses are measured for Easterly Government Properties,?

The REIT Specialized template measures 6 defenses, and DEA scores: Rent Pricing Power (82), AFFO Strength (96), Balance Sheet & Cost of Capital (55), Capital Recycling & Growth (71), Operational Efficiency (88), Portfolio Quality & Diversification (79). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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