Dividend CoverageDividend coverage has been a key concern with a high payout ratio, but there is a path back to coverage by 2026.
LeverageLeverage increased 20bps to 7.8x, although the quality of cash flows are higher than peers.
UncertaintyThere is uncertainty surrounding the impacts of potential cuts suggested by Elon Musk and Vivek Ramaswamy, which could affect DEA's largest tenant, the Department of Veteran Affairs, and other federal agencies.