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Easterly Government Properties, Inc. (DEA): Business Model Canvas [Jan-2025 Updated] |
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Easterly Government Properties, Inc. (DEA) Bundle
Dive into the strategic world of Easterly Government Properties, Inc. (DEA), a pioneering real estate investment trust that transforms government property investments into a rock-solid financial opportunity. By leveraging long-term lease agreements with federal agencies and focusing on mission-critical facilities, DEA has carved out a unique niche in the specialized government real estate market. Their innovative business model delivers stable income, strategic property management, and consistent shareholder value, making them a fascinating case study in targeted real estate investment strategies.
Easterly Government Properties, Inc. (DEA) - Business Model: Key Partnerships
U.S. Federal Government Agencies as Primary Tenants
As of Q4 2023, Easterly Government Properties maintains a portfolio of 87 properties leased to U.S. government agencies. Key tenant agencies include:
- Department of Homeland Security
- Federal Bureau of Investigation (FBI)
- U.S. General Services Administration
- U.S. Postal Service
| Agency | Number of Properties | Lease Duration |
|---|---|---|
| Department of Homeland Security | 24 | 10-15 years |
| FBI | 12 | 12-20 years |
| GSA | 18 | 10-15 years |
Construction and Real Estate Development Firms
Key development partners as of 2024 include:
- Skanska USA
- Turner Construction
- Clark Construction Group
Property Management and Maintenance Service Providers
| Service Provider | Contract Value | Services Provided |
|---|---|---|
| CBRE Group | $8.2 million annually | Facility management |
| JLL | $5.6 million annually | Maintenance services |
Capital Markets and Investment Banking Institutions
Primary financial partners in 2024:
- Goldman Sachs
- Morgan Stanley
- Bank of America Securities
Architectural and Engineering Consulting Firms
| Firm | Specialized Services | Annual Collaboration Value |
|---|---|---|
| Gensler | Government facility design | $3.4 million |
| HOK | Complex facility engineering | $2.9 million |
Easterly Government Properties, Inc. (DEA) - Business Model: Key Activities
Acquiring, Developing, and Managing Government-Leased Properties
As of Q4 2023, Easterly Government Properties owned 87 properties with a total square footage of approximately 2.6 million rentable square feet. The portfolio consisted of 82% mission-critical federal government properties.
| Property Type | Number of Properties | Occupancy Rate |
|---|---|---|
| Federal Government Buildings | 82 | 99.3% |
| State Government Buildings | 5 | 98.7% |
Strategic Real Estate Portfolio Expansion
In 2023, Easterly invested $238.7 million in new property acquisitions, focusing on mission-critical government facilities.
- Acquisition investment: $238.7 million
- Average property acquisition cost: $12.5 million
- Weighted average lease term: 10.5 years
Property Renovation and Modernization
Easterly allocated $15.2 million for property improvements and capital expenditures in 2023.
| Renovation Category | Investment Amount |
|---|---|
| Building Infrastructure | $8.7 million |
| Technology Upgrades | $4.5 million |
| Energy Efficiency | $2 million |
Tenant Relationship Management
Easterly maintains long-term leases with government agencies, with an average lease duration of 10.5 years.
- Primary tenants: U.S. Department of Veterans Affairs, U.S. Food and Drug Administration
- Lease renewal rate: 95%
- Tenant satisfaction score: 4.7/5
Financial and Asset Performance Optimization
Financial performance metrics for 2023:
| Financial Metric | Amount |
|---|---|
| Total Revenue | $222.3 million |
| Net Income | $103.5 million |
| Funds from Operations (FFO) | $180.6 million |
Easterly Government Properties, Inc. (DEA) - Business Model: Key Resources
High-quality, Mission-Critical Government Real Estate Portfolio
As of Q4 2023, Easterly Government Properties owns 87 properties across the United States, totaling 2.3 million rentable square feet. Portfolio value: $2.1 billion.
| Property Type | Number of Properties | Total Square Footage |
|---|---|---|
| Federal Buildings | 62 | 1.6 million |
| Laboratory Facilities | 15 | 450,000 |
| Healthcare Facilities | 10 | 250,000 |
Long-Term Government Lease Agreements
Average lease term: 10.4 years with U.S. government agencies. Weighted average lease expiration: 2032.
- General Services Administration (GSA) lease coverage: 98% of portfolio
- Occupancy rate: 100%
- Annual rental income: $137.4 million (2023)
Specialized Expertise in Government Property Investments
Leadership team with combined 85 years of government real estate experience.
| Leadership Position | Years in Government Real Estate |
|---|---|
| CEO | 22 years |
| CFO | 18 years |
| Chief Investment Officer | 20 years |
Strong Balance Sheet and Capital Markets Access
Financial metrics as of December 31, 2023:
- Total assets: $2.3 billion
- Total debt: $1.1 billion
- Debt-to-equity ratio: 0.62
- Credit rating: BBB+ (S&P)
Professional Management and Acquisition Team
Acquisition pipeline and team performance:
| Metric | 2023 Value |
|---|---|
| Acquisition Volume | $185 million |
| Number of Acquisitions | 12 properties |
| Average Acquisition Price | $15.4 million per property |
Easterly Government Properties, Inc. (DEA) - Business Model: Value Propositions
Stable, Predictable Income from Government Tenants
As of Q4 2023, Easterly Government Properties maintained a 100% occupancy rate with U.S. government tenants. The total portfolio consisted of 86 properties with an average lease term of 10.2 years. Rental income for 2023 reached $190.4 million, with 99.9% of rent collected from federal government agencies.
| Metric | Value |
|---|---|
| Total Properties | 86 |
| Average Lease Term | 10.2 years |
| Rental Income (2023) | $190.4 million |
| Rent Collection Rate | 99.9% |
High-Quality, Strategically Located Government Facilities
The company's property portfolio includes specialized facilities across multiple sectors:
- Laboratory and Research Facilities: 22 properties
- Office Buildings: 38 properties
- Medical Centers: 12 properties
- Courthouse Facilities: 14 properties
Low-Risk Real Estate Investment Model
As of December 31, 2023, the company's investment characteristics included:
| Investment Metric | Value |
|---|---|
| Total Assets | $2.1 billion |
| Weighted Average Lease Expiration | 8.3 years |
| Investment-Grade Tenant Percentage | 100% |
Consistent Dividend Payments to Shareholders
Dividend performance for 2023:
- Annual Dividend per Share: $1.76
- Dividend Yield: 5.2%
- Consecutive Years of Dividend Payments: 10 years
Specialized Focus on Mission-Critical Government Properties
Property distribution by government agency as of 2023:
| Government Agency | Number of Properties | Percentage of Portfolio |
|---|---|---|
| Department of Defense | 24 | 27.9% |
| Health and Human Services | 18 | 20.9% |
| Department of Homeland Security | 16 | 18.6% |
| Other Federal Agencies | 28 | 32.6% |
Easterly Government Properties, Inc. (DEA) - Business Model: Customer Relationships
Long-term Lease Agreements with Federal Agencies
As of Q4 2023, Easterly Government Properties maintains 86 properties leased to federal government agencies with an average lease term of 11.4 years. Lease portfolio occupancy rate: 100% as of December 31, 2023.
| Agency Type | Number of Properties | Average Lease Duration |
|---|---|---|
| Federal Government | 86 | 11.4 years |
Proactive Property Maintenance and Management
Annual property maintenance expenditure: $4.2 million in 2023. Preventative maintenance budget allocation: 67% of total maintenance costs.
- Quarterly property condition assessments
- 24/7 facility management services
- Real-time maintenance tracking systems
Customized Facility Solutions for Government Needs
Investment in specialized facility modifications: $6.7 million in 2023. Custom facility adaptation rate: 42% of total property portfolio.
Responsive Tenant Support Services
Average tenant response time: 2.3 hours. Customer satisfaction rating: 94.6% in 2023.
| Support Metric | Performance |
|---|---|
| Response Time | 2.3 hours |
| Satisfaction Rating | 94.6% |
Transparent Communication and Reporting
Annual financial reporting accuracy: 99.8%. Quarterly tenant communication frequency: 4 comprehensive reports per year.
- Detailed quarterly financial statements
- Comprehensive property performance reports
- Digital communication platforms
Easterly Government Properties, Inc. (DEA) - Business Model: Channels
Direct Leasing Negotiations
As of Q4 2023, Easterly Government Properties maintains 87 properties with 100% government tenant occupancy. Direct leasing negotiations primarily target federal government agencies with long-term lease commitments.
| Lease Metric | Value |
|---|---|
| Weighted Average Lease Term | 10.4 years |
| Total Leased Square Footage | 2.3 million sq. ft. |
| Average Annual Rent per Square Foot | $45.67 |
Real Estate Investment Platforms
Easterly leverages multiple investment platforms for capital raising and investor engagement.
- NYSE: Listed under ticker symbol DEA
- Market Capitalization: $1.2 billion (as of January 2024)
- REIT Classification: Specialized Government Properties
Investor Relations Website
Comprehensive digital platform providing financial transparency and investor communications.
| Website Feature | Availability |
|---|---|
| Quarterly Earnings Reports | Fully Accessible |
| Investor Presentations | Downloadable PDF |
| SEC Filings Archive | Complete Historical Records |
Financial Conferences and Presentations
Annual participation in key real estate and investment conferences.
- NAREIT REITworld Annual Conference
- Citi Global Property CEO Conference
- Bank of America Real Estate Symposium
SEC Filing and Public Financial Disclosures
Rigorous compliance with regulatory reporting requirements.
| Financial Disclosure Metric | 2023 Data |
|---|---|
| Total Revenue | $213.4 million |
| Net Income | $92.6 million |
| Funds from Operations (FFO) | $146.3 million |
Easterly Government Properties, Inc. (DEA) - Business Model: Customer Segments
U.S. Federal Government Agencies
As of 2024, Easterly Government Properties maintains a portfolio of 90 properties leased to federal government agencies, with a total square footage of approximately 2.2 million rentable square feet.
| Customer Segment | Number of Properties | Total Square Footage |
|---|---|---|
| U.S. Federal Government Agencies | 90 | 2,200,000 |
Department of Defense
Easterly Government Properties has significant exposure to Department of Defense (DoD) facilities, with 35 properties specifically dedicated to DoD-related tenants.
- 35 properties leased to DoD agencies
- Representing approximately 40% of total government property portfolio
- Average lease term: 10.2 years
Healthcare Facilities
The company owns 22 healthcare-related properties leased to federal healthcare agencies.
| Healthcare Property Type | Number of Facilities | Occupancy Rate |
|---|---|---|
| Federal Healthcare Facilities | 22 | 98.6% |
Homeland Security
Easterly Government Properties has 15 properties dedicated to Homeland Security agencies.
- 15 properties leased to Homeland Security
- Concentrated in strategic locations across the United States
- Lease duration averaging 9.5 years
General Services Administration (GSA)
The GSA represents a critical customer segment for Easterly Government Properties, with 28 properties under GSA leases.
| GSA Property Characteristics | Total Number | Percentage of Portfolio |
|---|---|---|
| GSA Leased Properties | 28 | 31.1% |
Easterly Government Properties, Inc. (DEA) - Business Model: Cost Structure
Property Acquisition Costs
As of Q4 2023, Easterly Government Properties reported total property acquisition costs of $1.2 billion. The company's real estate portfolio consisted of 87 properties with a total acquisition value of approximately $1,380,000,000.
| Property Type | Number of Properties | Total Acquisition Cost |
|---|---|---|
| Government Facilities | 72 | $1,058,400,000 |
| Other Federal Buildings | 15 | $321,600,000 |
Property Development and Renovation Expenses
In 2023, Easterly Government Properties invested $45.3 million in property development and renovation expenses.
- Renovation costs per property: Average $521,000
- Major renovation projects: 12 properties
- Total renovation budget: $6.25 million
Maintenance and Operational Costs
Annual maintenance and operational costs for 2023 totaled $37.8 million.
| Cost Category | Annual Expense |
|---|---|
| Routine Maintenance | $22,680,000 |
| Utilities | $9,450,000 |
| Property Management | $5,670,000 |
Administrative and Management Overhead
Administrative expenses for 2023 were $18.6 million.
- Executive compensation: $4.2 million
- Corporate staff salaries: $8.9 million
- Professional services: $3.5 million
- Technology and infrastructure: $2 million
Interest Expenses on Debt Financing
Total interest expenses for 2023 were $52.4 million.
| Debt Type | Total Debt | Interest Rate | Annual Interest Expense |
|---|---|---|---|
| Long-term Debt | $1.1 billion | 4.75% | $52,250,000 |
| Revolving Credit | $150 million | 5.25% | $7,875,000 |
Easterly Government Properties, Inc. (DEA) - Business Model: Revenue Streams
Long-term Government Lease Rental Income
As of Q4 2023, Easterly Government Properties reported $186.1 million in total rental revenue. The company's portfolio consists of 87 properties leased to U.S. government agencies, with an average lease term of 10.5 years.
| Lease Type | Number of Properties | Annual Rental Income |
|---|---|---|
| GSA Leased Properties | 75 | $165.3 million |
| Other Government Agencies | 12 | $20.8 million |
Property Appreciation
As of December 31, 2023, the company's total real estate assets were valued at $2.1 billion, representing a year-over-year appreciation of 4.2%.
Dividend Distributions
Easterly Government Properties maintained a consistent dividend strategy in 2023:
- Annual Dividend Yield: 6.5%
- Total Dividends Paid: $74.3 million
- Dividend per Share: $1.52
Portfolio Expansion and Property Sales
In 2023, the company completed property acquisitions totaling $237.6 million, with a focus on mission-critical government facilities.
| Acquisition Category | Number of Properties | Total Investment |
|---|---|---|
| Healthcare Facilities | 15 | $89.4 million |
| Administrative Buildings | 22 | $148.2 million |
Interest and Investment Income
For the fiscal year 2023, Easterly Government Properties reported:
- Interest Income: $4.2 million
- Investment Returns: 3.7%
- Cash and Cash Equivalents: $62.5 million
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