Investment Thesis
Easterly Government Properties (DEA) delivered another in-line quarter in Q2 2019. We like Easterly as most of its portfolio of properties is rented out to the U.S. government agencies with steadily increasing rental revenue. Besides its acquisition strategy, the company also has several active development projects that should contribute to its rental revenue growth in the next few years. Its growth projects are well-supported by its solid balance sheet. The company currently offers a 4.8%-yielding dividend. However, its shares are not cheap right now. We think a pullback will provide a