Easterly Government Properties: Balanced Outlook with Diversification and Debt Concerns Justifying Hold RatingDEA had a solid 2Q25, with a Core FFOps beat, although it maintained FY25 guidance (+2.6% y/y), above consensus. Guidance assumes $140M of acquisitions and $25-75M of development capex, also unchanged. During 2Q25, DEA made three investments, including a development, to GSA tenants - although it has recently expanded its investment strategy to include high-credit state and local (8.0% of revenue), and government-adjacent assets. There was no apparent impact from DOGE in DEA's results.