Darrell Crate

Easterly Government Properties (DEA) is a defensive REIT with stable cash flows backed by the full faith and credit of the US government. Its mission-critical facilities (FBI, DEA, VA, courthouses) are located outside Washington DC in high-growth regions, with occupancy near 100%. DOGE efficiency cuts are actually a tailwind—none of Easterly's leases were cancelled—and the government's shift from owning to leasing will expand Easterly's total addressable market significantly. The portfolio consists of young buildings (average age 16 years) with long lease renewals, and the REIT offers a dividend yield close to 8% that trades at a considerable premium to Treasury bonds. Additionally, Easterly is considered 'AI immune' because its field agencies require on-the-ground presence.