WASHINGTON - Easterly Government Properties , Inc. (NYSE:DEA), a real estate investment trust that specializes in properties leased to U.S. Government agencies, has declared a quarterly cash dividend of $0.265 per common share. The dividend is scheduled to be paid on March 18, 2024, to shareholders who are on record as of March 6, 2024.
The company's dividend announcement comes with an indication of a strong income stream, as over 97% of its annualized lease income is backed by the full faith and credit of the U.S. Government. This backing is seen as a sign of dividend resiliency and presents an opportunity for investors to earn an anticipated annual dividend yield of roughly 9% based on the closing stock price on the NYSE as of February 20, 2024.
Easterly Government Properties is headquartered in Washington, D.C., and focuses on acquiring, developing, and managing Class A commercial properties. The company's management team has specialized knowledge in meeting the strategic and operational needs of mission-critical U.S. Government agencies, including direct leases and those facilitated through the U.S. General Services Administration (GSA).
The information in this article is based on a press release.
InvestingPro Insights
Easterly Government Properties, Inc. (NYSE:DEA) has recently announced a substantial quarterly cash dividend, reflecting a robust income stream and a strong commitment to rewarding its shareholders. The dividend declaration is particularly noteworthy in light of the company's financial metrics and InvestingPro Tips.
InvestingPro Data shows that the company has a market capitalization of $1.25 billion USD and is trading at a price-to-earnings (P/E) ratio of 35.64, which is a significant value that investors often use to determine the company's market value relative to its earnings. Notably, the adjusted P/E ratio over the last twelve months as of Q3 2023 stands at 60.65, suggesting a high earnings multiple. This aligns with one of the InvestingPro Tips, indicating that DEA is trading at a high earnings multiple.
Another key metric for income-focused investors is the dividend yield, which for Easterly Government Properties is particularly attractive at 9.09%. This is in line with the InvestingPro Tip that the company pays a significant dividend to shareholders, providing an enticing income opportunity for investors looking for steady cash flow.
In addition, the company has been profitable over the last twelve months, which is an encouraging sign for potential investors, as highlighted by another InvestingPro Tip. This profitability, combined with the strong backing of the U.S. Government for a majority of the company's lease income, suggests a level of security for those dividends moving forward.
For investors seeking more in-depth analysis and additional InvestingPro Tips, they can visit the dedicated page for Easterly Government Properties at https://www.investing.com/pro/DEA. There are currently 6 additional InvestingPro Tips available, which can provide further insights into the company's financial health and future prospects. To access these tips and more, investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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