HIGHBuilt-in & outside partyCustomer
88.1%
U.S. Government tenant agencies
“10-K Item 1: 'our U.S. Government tenant agencies accounted for 88.1% of our annualized lease income.'”
DEA · Concentration risk · 10-K extracted
Easterly Government Properties, (DEA) concentration risks
Updated
The most significant concentration Easterly Government Properties, discloses is U.S. Government tenant agencies at 88.1%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Easterly Government Properties,’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM1
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-in & outside partyCustomer
47.3%
VA, FBI, and DEA (top three tenant agencies)
“10-K Item 1A: 'three of our U.S. Government tenant agencies, the Department of Veteran Affairs ("VA"), Federal Bureau of Investigation ("FBI"), and Drug Enforcement Administration ("DEA"), accounted for an aggregate of approximately 42.0% of our total leased square feet and an aggregate of approximately 47.3% of our total annualized lease income.'”
LOWBuilt-inGeographic
17.1%
California
“10-K Item 1A: 'Seventeen of our properties are located in California, accounting for approximately 13.3% of our total leased square feet and approximately 17.1% of our total annualized lease income'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Easterly Government Properties' concentration profile is dominated by a single counterparty type: U.S. Government tenant agencies accounted for 88.1% of annualized lease income, a high-share, mixed-character exposure that is both structural — the company's entire model is built around government tenancy — and dependency-based, since it relies on the continued presence of federal agencies as tenants. Within that government base, three agencies alone — the VA, FBI, and DEA — contributed approximately 47.3% of annualized lease income, a medium-share exposure that concentrates the risk further into a handful of specific tenants rather than the government as a whole. Geographic exposure is comparatively modest: California properties contributed 17.1% of annualized lease income, a low-share, structural exposure. Netting these out, the government-tenant concentration is both the largest and the one most likely to move the verdict, since nearly nine in ten dollars of lease income trace to one counterparty type, with the three-agency subset representing a further layer of concentration within that; the California footprint is a secondary consideration by comparison.
For the engine’s reasoning on DEA’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Office
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CDP | COPT Defense Properties | 2 | 2 | 1 | 5 |
| ARE | Alexandria Real Estate Equities | 2 | 0 | 0 | 2 |
| BXP | BXP, Inc. | 2 | 0 | 0 | 2 |
| CUZ | Cousins Properties Incorporated | 1 | 3 | 1 | 5 |
| DEA● | Easterly Government Properties, | 1 | 1 | 1 | 3 |
| BDN | Brandywine Realty Trust | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.