Easterly Government Properties: Hold Rating Amid Growth Challenges and Rising CostsDEA's 3Q25 results were relatively lackluster, in our view, beating the 0.5¢ reduction in 2025 guidance at midpoint (+2.4% y/y). DEA introduced 2026 Core FFOps guidance below consensus (+2.8% y/y), below its goal of 4% growth. We believe higher OpEx and development capex may have impacted the outlook. Positively, there has not been any impact from DOGE, although the current government shutdown poses another potential risk.