8-K - DEA - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

April 29, 2025

Easterly Government Properties, Inc.

(Exact name of Registrant as Specified in Its Charter)

Maryland	001-36834	47-2047728
(State or Other Jurisdiction<br><br>of Incorporation)	(Commission<br><br>File Number)	(IRS Employer<br><br>Identification No.)
2001 K Street NW, Suite 775 North, Washington, D.C.		20006
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (202)

595-9500

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
---	---	---
Title of each class	Trading<br><br>Symbol(s)	Name of each exchange on which registered
Common Stock	DEA	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 29, 2025, we issued a press release announcing our results of operations for the first quarter ended March 31, 2025. A copy of this press release as well as a copy of our supplemental information package are available on our website and are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference. The information in this Item 2.02 as well as the attached Exhibits 99.1 and 99.2 are being furnished and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

We will host a webcast and conference call at 11:00 a.m. Eastern Time on April 29, 2025, to review our first quarter ended 2025 performance, discuss recent events and conduct a question-and-answer session. A live webcast will be available in the Investor Relations section of our website. Please note that the full text of the press release and supplemental information package are available through our website at ir.easterlyreit.com. The information contained on our website is not incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

Exhibit Number	Description
99.1	Press Release dated April 29, 2025.
99.2	Easterly Government Properties, Inc. Supplemental Information Package for the quarter ended March 31, 2025.
104	Cover Page Interactive Data File (embedded within the inline XBRL document.)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EASTERLY GOVERNMENT<br><br>PROPERTIES, INC.
By:	/s/ Allison E. Marino
Name:	Allison E. Marino
Title:	Executive Vice President, Chief Financial Officer

Date: April 29, 2025

EX-99.1

Exhibit 99.1

EASTERLY GOVERNMENT PROPERTIES

REPORTS FIRST QUARTER 2025 RESULTS

Awarded New Federal Courthouse Development Project with 20-Year Non-Cancelable Lease Term

Announces Accretive DC Government Acquisition with Nearly 12-year WALT Raises Lower End of 2025 Guidance

WASHINGTON, D.C. – April 29, 2025 – Easterly Government Properties, Inc. (NYSE: DEA) (the “Company” or “Easterly”), a fully integrated real estate investment trust (“REIT”) focused primarily on the acquisition, development and management of Class A commercial properties leased to the U.S. Government and its adjacent partners, today announced its results of operations for the quarter ended March 31, 2025.

Highlights for the Quarter Ended March 31, 2025:

Net income of $3.3 million, or $0.07 per share on a fully diluted basis
Core FFO of $33.1 million, or $0.73 per share on a fully diluted basis
Entered into a master note purchase agreement to issue an aggregate $125.0 million of senior unsecured notes in two tranches: (i) $25.0 million of 6.13% Series A Notes with a maturity date of March 20, 2030; and (ii) $100.0 million of 6.33% Series B Notes with a maturity date of March 20, 2032
Issued an aggregate of 1,514,266 shares of the Company's common stock in settlement of previously entered into forward sales transactions through the Company's $300.0 million ATM Program launched in June 2021 (the “2021 ATM Program”). These shares were then physically settled in the same quarter at a weighted average price per share of $27.40, raising net proceeds to the Company of approximately $40.9 million

NOTE: Unless noted otherwise, all share and per share data have been adjusted for all periods presented to reflect a 1 for 2.5 reverse stock split effective April 28, 2025 (the "Reverse Stock Split").

“We took strong steps to position the Company for future growth opportunity during the quarter,” said Darrell Crate, President & CEO of Easterly Government Properties. “With the DOGE initiative we have observed the U.S. Government to be more receptive to cost saving efforts than in the past. We believe this provides an opportunity for us to add more value as a public private partner as the U.S. Government has stated their intent for greater reliance on leased versus owned real estate.”

Portfolio Operations

As of March 31, 2025, the Company or its JV owned 100 operating properties in the United States encompassing approximately 9.7 million leased square feet, including 92 operating properties that were leased primarily to U.S. Government tenant agencies, four operating properties leased primarily to tenant agencies of a U.S. state or local government and three operating properties that were entirely leased to private tenants. In addition, the Company wholly owned two properties in development that the Company expects will encompass approximately 0.2 million rentable square feet upon completion. The first re-development project, located in Atlanta, Georgia, is currently under construction and, once complete, a 20-year lease with the U.S. General Services Administration (GSA) is expected to commence for the beneficial use of the U.S. Food and Drug Administration (FDA). The second project, located in Flagstaff, Arizona, is currently under construction and, once complete, a 20-year lease with the GSA is expected to commence for the beneficial use of the United States Judiciary. As of

March 31, 2025, the portfolio had a weighted average age of 15.9 years, based upon the date properties were built or renovated-to-suit, and had a weighted average remaining lease term of 9.8 years.

On March 12, 2025, the Company was awarded a 20-year non-cancelable lease for a 40,035 square foot Federal District and Federal Magistrate Courthouse in Medford, Oregon (“JUD - Medford”). Closing of the acquisition of the underlying property to be redeveloped is subject to customary closing conditions.

Balance Sheet and Capital Markets Activity

As of March 31, 2025, the Company had total indebtedness of approximately $1.6 billion comprised of $155.1 million outstanding on its senior unsecured revolving credit facility, $100.0 million outstanding on its 2016 term loan facility (the “2016 Term Loan”), $174.5 million outstanding on its 2018 term loan facility, $1.0 billion of senior unsecured notes, and $155.2 million of mortgage debt (excluding unamortized premiums and discounts and deferred financing fees). The Company's outstanding debt had a weighted average maturity of 4.8 years and a weighted average interest rate of 4.6%. Further, the Company's Net Debt to total enterprise value was 56.2% and its Adjusted Net Debt to annualized quarterly pro forma EBITDA ratio was 7.1x.

On January 8, 2025, the Company amended the 2016 Term Loan. Easterly extended the maturity date of the 2016 Term Loan from January 30, 2025 to January 28, 2028. Further, the Company may exercise at its discretion two one-year extension options, subject to certain conditions, thus extending the maturity date as late as January 28, 2030. Easterly further secured increased borrowing capacity on the accordion feature from $150.0 million to $250.0 million. In connection with the 2016 Term Loan, the Company also entered into an interest rate swap to effectively fix SOFR at 3.8569% annually. By executing this swap, the Company provides greater certainty over its interest rate exposure. Borrowings under the 2016 Term Loan will continue to bear interest at a rate of SOFR, a credit spread adjustment of 0.10%, plus a spread of 1.20% to 1.70%, depending on the Company's leverage ratio. Given the Company's leverage ratio as of March 31, 2025, the 2016 Term Loan's spread to SOFR is set at 1.35%.

On March 25, 2025, the Company announced it had entered into a master note purchase agreement to issue an aggregate $125.0 million of senior unsecured notes consisting of: $25.0 million of 6.13% Series A Notes with a maturity date of March 20, 2030; and $100.0 million of 6.33% Series B Notes with a maturity date of March 20, 2032. The Company, together with various subsidiaries of the Partnership, have guaranteed the Series A and B Senior Notes. In connection with issuing the Series B Notes, the Company also entered into treasury lock agreements.

Dividend

On April 9, 2025, the Board of Directors of Easterly approved a cash dividend for the first quarter of 2025 in the amount of $0.45 per common share. The dividend will be payable May 17, 2025 to shareholders of record on May 5, 2025.

Subsequent Events

On April 9, 2025, with the intent to right size the Company's payout ratio, the Company's Board of Directors approved a reduction of $0.085, or approximately 32.0% from the Company’s prior quarter dividend of $0.265 per share (not adjusted for the Reverse Stock Split). The new quarterly dividend amount is now $0.18 per share (not adjusted for the Reverse Stock Split). On April 9, 2025, the Board of Directors also approved a 1-for-2.5 Reverse Stock Split of the Company’s issued and outstanding shares of common stock, which was effective on April 28, 2025. The Reverse Stock Split, whereby every 2.5 issued and outstanding shares of common stock were exchanged for one share of common stock, reducing the number of shares outstanding from approximately 112.3 million to 44.9 million. The par value of the common stock remained unchanged at

$0.01 per share. As a result of the Reverse Stock Split, the announced dividend of $0.18 per share was also adjusted to $0.45 per share ($1.80 per share per year).

On April 3, 2025, the Company acquired a 289,873 square foot facility leased primarily to the District of Columbia Government with a lease through February 2038.

On April 24, 2025, the Company settled 202,721 shares of the Company's common stock under our 2021 ATM Program and received $5.3 million of net proceeds.

Guidance

This guidance is forward-looking and reflects management’s view of current and future market conditions. The Company’s actual results may differ materially from this guidance.

Outlook for the 12 Months Ending December 31, 2025

The Company is raising the lower end of its guidance for full-year 2025 Core FFO per share on a fully diluted basis at a range of $2.98 - $3.03.

	Low
Net income (loss) per share – fully diluted basis	$	0.48	0.53
Plus: Company’s share of real estate depreciation and amortization	$	2.47	2.47
FFO per share – fully diluted basis	$	2.95	3.00
Plus: Company’s share of depreciation of non-real estate assets	$	0.03	0.03
Core FFO per share – fully diluted basis	$	2.98	3.03

This guidance assumes approximately $140 million of wholly owned acquisitions and $25 - $75 million of gross development-related investment during 2025.

Non-GAAP Supplemental Financial Measures

This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this press release and, where applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations and the other purposes for which management uses the measures. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. A reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure are included in this press release following the consolidated financial statements. Additional detail can be found in the Company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as other documents filed with or furnished to the Securities and Exchange Commission from time to time. We present certain financial information and metrics “at Easterly’s Share,” which is calculated on an entity-by-entity basis. “At Easterly’s Share” information, which we also refer to as being “at share,” “pro rata,” or “our share” is not, and is not intended to be, a presentation in accordance with GAAP.

Cash Available for Distribution (CAD) is a non-GAAP financial measure that is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined under GAAP. CAD is calculated in accordance with the current Nareit definition as FFO minus normalized recurring real estate-related expenditures and other non-cash items, nonrecurring expenditures and the unconsolidated real estate venture’s allocated share of these adjustments. CAD is presented solely as a supplemental disclosure because the Company believes it provides useful information regarding the Company’s ability to fund its dividends.

Because all companies do not calculate CAD the same way, the presentation of CAD may not be comparable to similarly titled measures of other companies.

Core Funds from Operations (Core FFO) adjusts FFO to present an alternative measure of the Company's operating performance, which, when applicable, excludes items which it believes are not representative of ongoing operating results, such as liability management related costs (including losses on extinguishment of debt and modification costs), catastrophic event charges, depreciation of non-real estate assets, recovery of credit losses, and the unconsolidated real estate venture's allocated share of these adjustments. In future periods, the Company may also exclude other items from Core FFO that it believes may help investors compare its results. The Company believes Core FFO more accurately reflects the ongoing operational and financial performance of the Company's core business.

EBITDA is calculated as the sum of net income (loss) before interest expense, taxes, depreciation and amortization, (gain) loss on the sale of operating properties, impairment loss, and the unconsolidated real estate venture’s allocated share of these adjustments. EBITDA is not intended to represent cash flow for the period, is not presented as an alternative to operating income as an indicator of operating performance, should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP, is not indicative of operating income or cash provided by operating activities as determined under GAAP and may be presented on a pro forma basis. EBITDA is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company's ability to service or incur debt. Because all companies do not calculate EBITDA the same way, the presentation of EBITDA may not be comparable to similarly titled measures of other companies.

Funds From Operations (FFO) is defined, in accordance with the Nareit FFO White Paper - 2018 Restatement, as net income (loss), calculated in accordance with GAAP, excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. FFO includes the Company’s share of FFO generated by unconsolidated affiliates. FFO is a widely recognized measure of REIT performance. Although FFO is a non-GAAP financial measure, the Company believes that information regarding FFO is helpful to shareholders and potential investors.

Net Debt and Adjusted Net Debt Net Debt represents the Company's consolidated debt and its share of unconsolidated debt adjusted to exclude its share of unamortized premiums and discounts and deferred financing fees, less its share of cash and cash equivalents and property acquisition closing escrow, net of deposit. By excluding these items, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding its financial condition. Adjusted Net Debt is Net Debt reduced by 1) for each project under construction or in design, the lesser of i) outstanding lump-sum reimbursement amounts and ii) the cost to date, 2) 40% times the amount by which the cost to date exceeds total lump-sum reimbursement amounts for each project under construction or in design and 3) outstanding lump-sum reimbursement amounts for projects previously completed. These adjustments are made to 1) remove the estimated portion of each project under construction, in design or previously completed that has been financed with debt which may be repaid with outstanding cost reimbursement payments from the US Government and 2) remove the estimated portion of each project under construction or in design, in excess of total lump-sum reimbursements, that has been financed with debt but has not yet produced earnings. See page 25 of the Company’s Q1 2025 Supplemental Information Package for further information. The Company’s method of calculating Net Debt and Adjusted Net Debt may be different from methods used by other REITs and may be presented on a pro forma basis. Accordingly, the Company's method may not be comparable to such other REITs.

Other Definitions

Fully diluted basis assumes the exchange of all outstanding common units representing limited partnership interests in the Company’s operating partnership, or common units, the full vesting of all shares of restricted stock, and the exchange of all earned and vested LTIP units in the Company’s operating partnership for shares of common stock on a one-for-one basis, which is not the same as the meaning of “fully diluted” under GAAP.

Conference Call Information

The Company will host a webcast and conference call at 11:00 am Eastern time on April 29, 2025 to review the first quarter 2025 performance, discuss recent events and conduct a question-and-answer session. A live webcast will be available in the Investor Relations section of the Company’s website. Shortly after the webcast, a replay of the webcast will be available on the Investor Relations section of the Company's website for up to twelve months. Please note that the full text of the press release and supplemental information package are also available through the Company’s website at ir.easterlyreit.com.

About Easterly Government Properties, Inc.

Easterly Government Properties, Inc. (NYSE: DEA) is based in Washington, D.C., and focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to the U.S. Government. Easterly’s experienced management team brings specialized insight into the strategy and needs of mission-critical U.S. Government agencies for properties leased to such agencies either directly or through the U.S. General Services Administration (GSA). For further information on the company and its properties, please visit www.easterlyreit.com.

Contact:

Easterly Government Properties, Inc.

Lindsay S. Winterhalter

Senior Vice President, Investor Relations & Operations

202-596-3947

ir@easterlyreit.com

Forward Looking Statements

We make statements in this press release that are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions and include our guidance with respect to Net income (loss) and Core FFO per share on a fully diluted basis. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement in this press release for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual

results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation: risks associated with our dependence on the U.S. Government and its agencies for substantially all of our revenues, including credit risk and risk that the U.S. Government reduces its spending on real estate or that it changes its preference away from leased properties; risks associated with ownership and development of real estate; the risk of decreased rental rates or increased vacancy rates; the loss of key personnel; general volatility of the capital and credit markets and the market price of our common stock; the risk we may lose one or more major tenants; difficulties in completing and successfully integrating acquisitions; failure of acquisitions or development projects to occur at anticipated levels or yield anticipated results; risks associated with our joint venture activities; risks associated with actual or threatened terrorist attacks; intense competition in the real estate market that may limit our ability to attract or retain tenants or re-lease space; insufficient amounts of insurance or exposure to events that are either uninsured or underinsured; uncertainties and risks related to adverse weather conditions, natural disasters and climate change; exposure to liability relating to environmental and health and safety matters; limited ability to dispose of assets because of the relative illiquidity of real estate investments and the nature of our assets; exposure to litigation or other claims; risks associated with breaches of our data security; risks associated with our indebtedness, including failure to refinance current or future indebtedness on favorable terms, or at all, failure to meet the restrictive covenants and requirements in our existing and new debt agreements, fluctuations in interest rates and increased costs to refinance or issue new debt; risks associated with derivatives or hedging activity; risks associated with mortgage debt or unsecured financing or the unavailability thereof, which could make it difficult to finance or refinance properties and could subject us to foreclosure; adverse impacts from any future pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies and our financial condition and results of operations; and other risks and uncertainties detailed in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (SEC) on February 25, 2025, and under the heading “Risk Factors” in our other public filings. In addition, our anticipated qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, or the Code, and depends on our ability to meet the various requirements imposed by the Code through actual operating results, distribution levels and diversity of stock ownership. We assume no obligation to update publicly any forward looking statements, whether as a result of new information, future events or otherwise.

Balance Sheet

(Unaudited, in thousands, except share amounts)

			December 31, 2024
Assets
Real estate properties, net	2,573,509		$	2,572,095
Cash and cash equivalents	8,459			19,353
Restricted cash	9,030			8,451
Tenant accounts receivable	70,531			71,172
Investment in unconsolidated real estate venture	314,546			316,521
Real estate loan receivable, net	43,760			34,081
Intangible assets, net	155,663			161,425
Interest rate swaps	145			717
Prepaid expenses and other assets	48,964			39,256
Total assets	3,224,607		$	3,223,071
Liabilities
Revolving credit facility	155,050			274,550
Term loan facilities, net	273,387			274,009
Notes payable, net	1,018,187			894,676
Mortgage notes payable, net	154,508			155,586
Intangible liabilities, net	14,093			14,885
Deferred revenue	118,340			120,977
Interest rate swaps	1,323			-
Accounts payable, accrued expenses and other liabilities	91,161			101,271
Total liabilities	1,826,049			1,835,954
Equity
Common stock, par value 0.01, 200,000,000 shares authorized, 44,702,490 and 43,188,224 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	447			432
Additional paid-in capital(1)	1,915,891			1,874,193
Retained earnings	134,981			131,854
Cumulative dividends	(714,657	)		(686,044	)
Accumulated other comprehensive income	(2,971	)		683
Total stockholders' equity	1,333,691			1,321,118
Non-controlling interest in Operating Partnership	64,867			65,999
Total equity	1,398,558			1,387,117
Total liabilities and equity	3,224,607		$	3,223,071

All values are in US Dollars.

(1) As of December 31, 2024 and March 31, 2025, the Company reclassified $0.6 million from Common Stock to Additional Paid-in-Capital due to the reduction in shares outstanding in connection with the Reverse Stock Split effective April 28, 2025.

Income Statement

(Unaudited, in thousands, except share and per share amounts)

	Three Months Ended
	March 31, 2025			March 31, 2024
Revenues
Rental income	$	75,546		$	70,746
Tenant reimbursements		1,026			1,017
Asset management income		622			550
Other income		1,481			487
Total revenues		78,675			72,800
Expenses
Property operating		17,799			16,592
Real estate taxes		7,957			8,229
Depreciation and amortization		26,797			23,800
Acquisition costs		307			419
Corporate general and administrative		6,215			6,455
Recovery of credit losses		(238	)		-
Total expenses		58,837			55,495
Other income (expense)
Income from unconsolidated real estate venture		1,822			1,415
Interest expense, net		(18,377	)		(13,836	)
Net income		3,283			4,884
Non-controlling interest in Operating Partnership		(156	)		(258	)
Net income available to Easterly Government
Properties, Inc.	$	3,127		$	4,626
Net income available to Easterly Government
Properties, Inc. per share:
Basic	$	0.07		$	0.11
Diluted	$	0.07		$	0.11
Weighted-average common shares outstanding:
Basic		43,224,145			40,797,257
Diluted		43,372,207			40,894,004
Net income, per share - fully diluted basis	$	0.07		$	0.11
Weighted average common shares outstanding -
fully diluted basis		45,420,667			43,086,640

EBITDA

(Unaudited, in thousands)

	Three Months Ended
	March 31, 2025		March 31, 2024
Net income	$	3,283	$	4,884
Depreciation and amortization		26,797		23,800
Interest expense		18,377		13,836
Tax expense		163		266
Unconsolidated real estate venture allocated share of above adjustments		2,341		2,074
EBITDA	$	50,961	$	44,860

FFO and CAD

(Unaudited, in thousands, except share and per share amounts)

	Three Months Ended
	March 31, 2025			March 31, 2024
Net income	$	3,283		$	4,884
Depreciation of real estate assets		26,546			23,549
Unconsolidated real estate venture allocated share of above adjustments		2,279			2,002
FFO	$	32,108		$	30,435
Adjustments to FFO:
Loss on extinguishment of debt and modification costs	$	900		$	-
Recovery of credit losses		(238	)		-
Natural disaster event expense, net of recovery		23			53
Depreciation of non-real estate assets		251			251
Unconsolidated real estate venture allocated share of above adjustments		17			17
Core FFO	$	33,061		$	30,756
FFO, per share - fully diluted basis	$	0.71		$	0.71
Core FFO, per share - fully diluted basis	$	0.73		$	0.71
Core FFO	$	33,061		$	30,756
Straight-line rent and other non-cash adjustments		251			(856	)
Amortization of above-/below-market leases		(518	)		(594	)
Amortization of deferred revenue		(1,762	)		(1,604	)
Non-cash interest expense		759			307
Non-cash compensation		1,421			1,229
Natural Disaster event expense, net of recovery		(23	)		(53	)
Principal amortization		(1,127	)		(1,117	)
Maintenance capital expenditures		(285	)		(1,724	)
Contractual tenant improvements		(612	)		(444	)
Unconsolidated real estate venture allocated share of above adjustments		(20	)		(15	)
Cash Available for Distribution (CAD)	$	31,145		$	25,885
Weighted average common shares outstanding - fully diluted basis		45,420,667			43,086,640

Net Debt and Adjusted Net Debt

(Unaudited, in thousands)

	March 31, 2025
Total Debt(1)	$	1,609,722
Less: Cash and cash equivalents		(9,689	)
Less: property acquisition closing escrow, net of deposit		(7,200	)
Net Debt	$	1,592,833
Less: Adjustment for development projects(2)		(138,909	)
Adjusted Net Debt	$	1,453,924

1 Excludes unamortized premiums / discounts and deferred financing fees.

2 See definition of Adjusted Net Debt on Page 4 of this release.

EX-99.2

Exhibit 99.2

Disclaimers

Forward-looking Statement

We make statements in this Supplemental Information Package that are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement in this Supplemental Information Package for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation: risks associated with our dependence on the U.S. Government and its agencies for substantially all of our revenues, including credit risk and risk that the U.S. Government reduces its spending on real estate or that it changes its preference away from leased properties; risks associated with ownership and development of real estate; the risk of decreased rental rates or increased vacancy rates; the loss of key personnel; general volatility of the capital and credit markets and the market price of our common stock; the risk we may lose one or more major tenants; difficulties in completing and successfully integrating acquisitions; failure of acquisitions or development projects to occur at anticipated levels or yield anticipated results; risks associated with our joint venture activities; risks associated with actual or threatened terrorist attacks; intense competition in the real estate market that may limit our ability to attract or retain tenants or re-lease space; insufficient amounts of insurance or exposure to events that are either uninsured or underinsured; uncertainties and risks related to adverse weather conditions, natural disasters and climate change; exposure to liability relating to environmental and health and safety matters; limited ability to dispose of assets because of the relative illiquidity of real estate investments and the nature of our assets; exposure to litigation or other claims; risks associated with breaches of our data security; risks associated with our indebtedness, including failure to refinance current or future indebtedness on favorable terms, or at all, failure to meet the restrictive covenants and requirements in our existing and new debt agreements, fluctuations in interest rates and increased costs to refinance or issue new debt; risks associated with derivatives or hedging activity; risks associated with mortgage debt or unsecured financing or the unavailability thereof, which could make it difficult to finance or refinance properties and could subject us to foreclosure; adverse impacts from any future pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies and the financial condition and results of operations of the Company; and other risks and uncertainties detailed in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission, or the SEC, on February 25, 2025 and included under the heading “Risk Factors” in our other public filings. In addition, our qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, or the Code, and depends on our ability to meet the various requirements imposed by the Code through actual operating results, distribution levels and diversity of stock ownership. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Disclaimers

Ratings

Ratings are not recommendations to buy, sell or hold the Company’s securities.

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended March 31, 2025 that will be released in our Form 10-Q to be filed with the SEC on or about April 29, 2025. Share, share price and per share data have been adjusted for all periods presented to reflect a 1-for-2.5 reverse stock split effective April 28, 2025.

Supplemental Definitions

This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Supplemental Information Package and, where applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations and the other purposes for which management uses the measures. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. Additional detail can be found in the Company’s most recent quarterly report on Form 10-Q and the Company’s most recent annual report on Form 10-K, as well as other documents filed with or furnished to the SEC from time to time. We present certain financial information and metrics “at Easterly’s Share,” which is calculated on an entity-by-entity basis. “At Easterly’s Share” information, which we also refer to as being “at share,” “pro rata,” “our pro rata share” or “our share” is not, and is not intended to be, a presentation in accordance with GAAP.

Annualized lease income is defined as the annualized contractual base rent for the last month in a specified period, plus the annualized straight-line rent adjustments for the last month in such period and the annualized net expense reimbursements earned by us for the last month in such period.

Cash fixed charge coverage ratio is calculated as EBITDA divided by the sum of principal amortization and interest expense, excluding amortization of premiums / discounts and deferred financing fees, for the most recent quarter.

Cash interest coverage ratio is calculated as EBITDA divided by interest expense, excluding amortization of premiums / discounts and deferred financing fees, for the most recent quarter.

Supplemental Definitions

Net Debt and Adjusted Net Debt Net Debt represents the Company's consolidated debt and its share of unconsolidated debt adjusted to exclude its share of unamortized premiums and discounts and deferred financing fees, less its share of cash and cash equivalents and property acquisition closing escrow, net of deposit. By excluding these items, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding its financial condition. Adjusted Net Debt is Net Debt reduced by 1) for each project under construction or in design, the lesser of i) outstanding lump-sum reimbursement amounts and ii) the cost to date, 2) 40% times the amount by which the cost to date exceeds total lump-sum reimbursement amounts for each project under construction or in design and 3) outstanding lump-sum reimbursement amounts for projects previously completed. These adjustments are made to 1) remove the estimated portion of each project under construction, in design or previously completed that has been financed with debt which may be repaid with outstanding cost reimbursement payments from the US Government and 2) remove the estimated portion of each project under construction or in design, in excess of total lump-sum reimbursements, that has been financed with debt but has not yet produced earnings. See page 25 for further information. The Company’s method of calculating Net Debt and Adjusted Net Debt may be different from methods used by other REITs and may be presented on a pro forma basis. Accordingly, the Company's method may not be comparable to such other REITs.

Net Operating Income (NOI) and Cash NOI NOI is calculated as net income adjusted to exclude depreciation and amortization, acquisition costs, corporate general and administrative costs, recovery of credit losses, interest expense, gains or losses from sales of property, impairment loss, and the unconsolidated real estate venture’s allocated share of these adjustments. Cash NOI excludes from NOI straight-line rent, amortization of above-/below-market leases, amortization of deferred revenue (which results from landlord assets funded by tenants), and the unconsolidated real estate venture’s allocated share of these adjustments. NOI and Cash NOI presented by the Company may not be comparable to NOI and Cash NOI reported by other REITs that define NOI and Cash NOI differently. The Company believes that NOI and Cash NOI provide investors with useful measures of the operating performance of its properties. NOI and Cash NOI should not be considered an alternative to net income as an indication of the Company's performance or to cash flows as a measure of the Company's liquidity or its ability to make distributions.

Table of Contents
Overview
---	---
Corporate Information and Analyst Coverage	7
Executive Summary	8
Corporate Financials
Balance Sheets	9
Income Statements	10
Net Operating Income	11
EBITDA	12
FFO and CAD	13
Unconsolidated Real Estate Venture	14
Debt
Debt Schedules	16
Debt Maturities	18
Properties
Leased Operating Property Overview	19
Tenants	23
Lease Expirations	25
Summary of Re/Development Projects	27
Corporate Information and Analyst Coverage
---
Corporate Information
---	---	---	---
Corporate Headquarters	Stock Exchange Listing	Information Requests	Investor Relations
2001 K Street NW	New York Stock Exchange	Please contact ir@easterlyreit.com	Lindsay Winterhalter
Suite 775 North		or 202-596-3947 to request an	Senior VP, Investor Relations & Operations
Washington, DC 20006	Ticker	Investor Relations package
202-595-9500	DEA
Executive Team		Board of Directors
---	---	---	---
Darrell Crate, President & CEO	Mark Bauer, EVP Development	William Binnie, Chairman	Emil Henry Jr.
Michael Ibe, Vice-Chairman & EVP	Franklin Logan, GC	Darrell Crate	Michael Ibe
Allison Marino, CFO	Andrew Pulliam, EVP Acquisitions	Cynthia Fisher	Tara Innes
Stuart Burns, EVP Government Relations	Brian Colantuoni, CAO	Scott Freeman
Nick Nimerala, SVP Chief Asset Officer
Equity Research Coverage
---	---	---
Citigroup	Raymond James & Associates	RBC Capital Markets
Seth Bergey & Nick Joseph	Jonathan Hughes	Michael Carroll
212-816-2066 & 212-816-1909	727-567-2438	440-715-2649
Jefferies	Truist Securities	Compass Point Research & Trading, LLC
Peter Abramowitz	Michael R. Lewis	Merrill Ross
212-336-7241	212-319-5659	202-534-1392
BMO Capital Markets
John P. Kim
212-885-4115

Any opinions, estimates, forecasts or predictions regarding Easterly Government Properties, Inc.’s performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Easterly Government Properties, Inc. or its management. Easterly Government Properties, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such opinions, estimates, forecasts or predictions.

Executive Summary<br><br>(In thousands, except share and per share amounts)
Outstanding Classes of Stock and Partnership Units - Fully Diluted Basis	At March 31, 2025			Earnings		Three months ended March 31, 2024
---	---	---	---	---	---	---	---
Common shares		44,673,278		Net income available to Easterly Government Properties, Inc.	3,127	$	4,626
Unvested restricted shares		29,212		Net income available to Easterly Government Properties, Inc.
Common partnership and vested LTIP units		2,174,211		per share:
Total - fully diluted basis		46,876,701		Basic	0.07	$	0.11
				Diluted	0.07	$	0.11
Market Capitalization	At March 31, 2025			Net income	3,283	$	4,884
Price of Common Shares	$	26.50		Net income, per share - fully diluted basis	0.07	$	0.11
Total equity market capitalization - fully diluted basis	$	1,242,233		Funds From Operations (FFO)	32,108	$	30,435
Net Debt	$	1,592,833		FFO, per share - fully diluted basis	0.71	$	0.71
Total enterprise value	$	2,835,066
				Core FFO	33,061	$	30,756
				Core FFO, per share - fully diluted basis	0.73	$	0.71
Ratios	At March 31, 2025
Net debt to total enterprise value		56.2	%	Cash Available for Distribution (CAD)	31,145	$	25,885
Net debt to annualized quarterly EBITDA		7.8	x
Adjusted Net Debt to annualized quarterly EBITDA		7.1	x	Liquidity
Cash interest coverage ratio		2.9	x	Cash and cash equivalents		$	9,689
Cash fixed charge coverage ratio		2.7	x	Available under 400 million senior unsecured 2024 revolving credit facility(1)		$	244,825

All values are in US Dollars.

(1) 2024 revolving credit facility has an accordion feature that provides additional capacity, subject to syndication of the increase and the satisfaction of customary terms and conditions, of up to $300 million, for a total revolving credit facility size of not more than $700 million.

Balance Sheets<br><br>(Unaudited, in thousands, except share amounts)
			December 31, 2024
---	---	---	---	---	---
Assets
Real estate properties, net	2,573,509		$	2,572,095
Cash and cash equivalents	8,459			19,353
Restricted cash	9,030			8,451
Tenant accounts receivable	70,531			71,172
Investment in unconsolidated real estate venture	314,546			316,521
Real estate loan receivable, net	43,760			34,081
Intangible assets, net	155,663			161,425
Interest rate swaps	145			717
Prepaid expenses and other assets	48,964			39,256
Total assets	3,224,607		$	3,223,071
Liabilities
Revolving credit facility	155,050			274,550
Term loan facilities, net	273,387			274,009
Notes payable, net	1,018,187			894,676
Mortgage notes payable, net	154,508			155,586
Intangible liabilities, net	14,093			14,885
Deferred revenue	118,340			120,977
Interest rate swaps	1,323			-
Accounts payable, accrued expenses and other liabilities	91,161			101,271
Total liabilities	1,826,049			1,835,954
Equity
Common stock, par value 0.01, 200,000,000 shares authorized, 44,702,490 and 43,188,224 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	447			432
Additional paid-in capital(1)	1,915,891			1,874,193
Retained earnings	134,981			131,854
Cumulative dividends	(714,657	)		(686,044	)
Accumulated other comprehensive income	(2,971	)		683
Total stockholders' equity	1,333,691			1,321,118
Non-controlling interest in Operating Partnership	64,867			65,999
Total equity	1,398,558			1,387,117
Total liabilities and equity	3,224,607		$	3,223,071

All values are in US Dollars.

Income Statements<br><br>(Unaudited, in thousands, except share and per share amounts)
	Three Months Ended
---	---	---	---	---	---	---
	March 31, 2025			March 31, 2024
Revenues
Rental income	$	75,546		$	70,746
Tenant reimbursements		1,026			1,017
Asset management income		622			550
Other income		1,481			487
Total revenues		78,675			72,800
Expenses
Property operating		17,799			16,592
Real estate taxes		7,957			8,229
Depreciation and amortization		26,797			23,800
Acquisition costs		307			419
Corporate general and administrative		6,215			6,455
Recovery of credit losses		(238	)		-
Total expenses		58,837			55,495
Other income (expense)
Income from unconsolidated real estate venture		1,822			1,415
Interest expense, net		(18,377	)		(13,836	)
Net income		3,283			4,884
Non-controlling interest in Operating Partnership		(156	)		(258	)
Net income available to Easterly Government
Properties, Inc.	$	3,127		$	4,626
Net income available to Easterly Government
Properties, Inc. per share:
Basic	$	0.07		$	0.11
Diluted	$	0.07		$	0.11
Weighted-average common shares outstanding:
Basic		43,224,145			40,797,257
Diluted		43,372,207			40,894,004
Net income, per share - fully diluted basis	$	0.07		$	0.11
Weighted average common shares outstanding -
fully diluted basis		45,420,667			43,086,640
Net Operating Income<br><br>(Unaudited, in thousands)
---
	Three Months Ended
---	---	---	---	---	---	---
	March 31, 2025			March 31, 2024
Net income	$	3,283		$	4,884
Depreciation and amortization		26,797			23,800
Acquisition costs		307			419
Corporate general and administrative		6,215			6,455
Recovery of credit losses		(238	)		-
Interest expense		18,377			13,836
Unconsolidated real estate venture allocated share of above adjustments		2,380			2,086
Net Operating Income		57,121			51,480
Adjustments to Net Operating Income:
Straight-line rent and other non-cash adjustments		268			(844	)
Amortization of above-/below-market leases		(518	)		(594	)
Amortization of deferred revenue		(1,762	)		(1,604	)
Unconsolidated real estate venture allocated share of above adjustments		25			24
Cash Net Operating Income	$	55,134		$	48,462
EBITDA<br><br>(Unaudited, in thousands)
---
	Three Months Ended
---	---	---	---	---
	March 31, 2025		March 31, 2024
Net income	$	3,283	$	4,884
Depreciation and amortization		26,797		23,800
Interest expense		18,377		13,836
Tax expense		163		266
Unconsolidated real estate venture allocated share of above adjustments		2,341		2,074
EBITDA	$	50,961	$	44,860
FFO and CAD<br><br>(Unaudited, in thousands, except share and per share amounts)
---
	Three Months Ended
---	---	---	---	---	---	---
	March 31, 2025			March 31, 2024
Net income	$	3,283		$	4,884
Depreciation of real estate assets		26,546			23,549
Unconsolidated real estate venture allocated share of above adjustments		2,279			2,002
FFO	$	32,108		$	30,435
Adjustments to FFO:
Loss on extinguishment of debt and modification costs	$	900		$	-
Recovery of credit losses		(238	)		-
Natural disaster event expense, net of recovery		23			53
Depreciation of non-real estate assets		251			251
Unconsolidated real estate venture allocated share of above adjustments		17			17
Core FFO	$	33,061		$	30,756
FFO, per share - fully diluted basis	$	0.71		$	0.71
Core FFO, per share - fully diluted basis	$	0.73		$	0.71
Core FFO	$	33,061		$	30,756
Straight-line rent and other non-cash adjustments		251			(856	)
Amortization of above-/below-market leases		(518	)		(594	)
Amortization of deferred revenue		(1,762	)		(1,604	)
Non-cash interest expense		759			307
Non-cash compensation		1,421			1,229
Natural Disaster event expense, net of recovery		(23	)		(53	)
Principal amortization		(1,127	)		(1,117	)
Maintenance capital expenditures		(285	)		(1,724	)
Contractual tenant improvements		(612	)		(444	)
Unconsolidated real estate venture allocated share of above adjustments		(20	)		(15	)
Cash Available for Distribution (CAD)	$	31,145		$	25,885
Weighted average common shares outstanding - fully diluted basis		45,420,667			43,086,640

Unconsolidated Real Estate Venture

(Unaudited, in thousands)

Balance Sheet Information	Balance Sheet		Easterly's Share(2)
	March 31, 2025		March 31, 2025
Real estate properties - net	$	498,945	$	264,441
Total assets		602,769		319,468
Total liabilities		9,869		5,231
Total preferred stockholders' equity		125		66
Total common stockholders' equity		592,775		314,171
Basis difference(1)		-		375
Total equity	$	592,900	$	314,546

(1) This amount represents the aggregate difference between the Company’s historical cost basis and basis reflected at the joint venture level.

(2) The Company owns 53.0% of the properties through the unconsolidated joint venture.

Unconsolidated Real Estate Venture (Cont.)<br><br>(Unaudited, in thousands)
Income Statement Information	Three Months Ended			Easterly's Share(1)
---	---	---	---	---	---	---
	March 31, 2025			March 31, 2025
Revenues
Rental income	$	12,585		$	6,670
Other income		37			20
Total Revenues		12,622			6,690
Operating expenses
Property operating		2,538			1,345
Real estate taxes		1,534			813
Depreciation and amortization		4,331			2,296
Acquisition costs		5			3
Asset management fees		622			330
Corporate general and administrative		111			59
Total expenses		9,141			4,846
Other expenses
Interest expense		(41	)		(22	)
Net income	$	3,440		$	1,822
Depreciation and amortization		4,331			2,296
Interest expense		41			22
Tax expense		44			23
EBITDA	$	7,856		$	4,163
Net income	$	3,440		$	1,822
Depreciation of real estate assets		4,300			2,279
FFO	$	7,740		$	4,101
Adjustments to FFO:
Depreciation of non-real estate assets		31			17
Core FFO	$	7,771		$	4,118
Adjustments to Core FFO:
Straight-line rent and other non-cash adjustments		46			25
Non-cash interest expense		41			22
Maintenance capital expenditures		(73	)		(39	)
Contractual tenant improvements		(52	)		(28	)
Cash Available for Distribution (CAD)	$	7,733		$	4,098

(1) The Company owns 53.0% of the properties through the unconsolidated joint venture.

Debt Schedules<br><br>(Unaudited, in thousands)
Debt Instrument	Maturity Date	March 31, 2025<br>Interest Rate	March 31, 2025<br>Balance(1)		March 31, 2025<br>Percent of <br>Total Indebtedness
---	---	---	---	---	---
Unsecured debt
2024 Revolving Credit facility	3-Jun-28(2)	S + 145 bps(3)		155,050	9.6%
2016 Term Loan facility	28-Jan-28	5.31%(4)		100,000	6.2%
2018 Term Loan facility	23-Jul-26	5.11%(5)		174,500	10.8%
2017 Series A Senior Notes	25-May-27	4.05%		95,000	5.9%
2017 Series B Senior Notes	25-May-29	4.15%		50,000	3.1%
2017 Series C Senior Notes	25-May-32	4.30%		30,000	1.9%
2019 Series A Senior Notes	12-Sep-29	3.73%		85,000	5.3%
2019 Series B Senior Notes	12-Sep-31	3.83%		100,000	6.2%
2019 Series C Senior Notes	12-Sep-34	3.98%		90,000	5.6%
2021 Series A Senior Notes	14-Oct-28	2.62%		50,000	3.1%
2021 Series B Senior Notes	14-Oct-30	2.89%		200,000	12.4%
2024 Series A Senior Notes	28-May-33	6.56%		150,000	9.3%
2024 Series B Senior Notes	13-Aug-33	6.56%		50,000	3.1%
2025 Series A Senior Notes	20-Mar-30	6.13%		25,000	1.6%
2025 Series B Senior Notes	20-Mar-32	6.33% (6)		100,000	6.2%
Total unsecured debt	5.0 years	4.74%	$	1,454,550	90.3%
	(wtd-avg maturity)	(wtd-avg rate)
Secured mortgage debt
USFS II - Albuquerque	14-Jul-26	4.46%		9,105	0.6%
ICE - Charleston	15-Jan-27	4.21%		10,105	0.6%
VA - Loma Linda	6-Jul-27	3.59%		127,500	7.9%
CBP - Savannah	10-Jul-33	3.40%		8,462	0.6%
Total secured mortgage debt	2.5 years	3.67%	$	155,172	9.7%
	(wtd-avg maturity)	(wtd-avg rate)

(1) Excludes unamortized premiums / discounts and deferred financing fees.

(2) 2024 revolving credit facility has two six-month as-of-right extension options, subject to certain conditions and the payment of an extension fee.

(3) The 2024 revolving credit facility is subject to one interest rate swap with an effective date of June 23, 2023 and a notional value of $100.0 million, of which $25.5 million is associated with our 2024 revolving credit facility, to effectively fix the interest rate on the $25.5 million at 5.17% annually. The spread over the secured overnight financing rate ("SOFR") is based on our consolidated leverage ratio, as defined in our 2024 revolving credit facility agreement. Additionally, at March 31, 2025, $129.6 million of amounts outstanding under our 2024 revolving credit facility had a floating rate of 4.31% under USD SOFR with a five day lookback.

(4) Calculated based on three interest rate swaps with a total notional value of $100.0 million, which effectively fixes the interest rate at 5.31% annually based on the Company’s current consolidated leverage ratio. The interest rate swap matures on December 23, 2027, which is not coterminous with the maturity date of the 2016 term loan facility.

(5) Calculated based on two interest rate swaps with an aggregate notional value of $200.0 million, of which $174.5 million is associated with our 2018 term loan facility, to effectively fix the interest rate on the $174.5 million at 5.11% annually based on the Company’s current consolidated leverage ratio. The two interest rate swaps mature on June 29, 2025 and April 1, 2028, neither of which is coterminous with the maturity date of the 2018 term loan facility.

(6) We entered into two $50.0 million treasury lock agreements to fix the Treasury rate of our 2025 series B senior notes.

Debt Schedules (Cont.)<br><br>(Unaudited, in thousands)
Debt Statistics	March 31, 2025				March 31, 2025
---	---	---	---	---	---	---	---
Variable rate debt - unhedged	$	129,550		% Variable rate debt - unhedged		8.0	%
Fixed rate debt		1,480,172		% Fixed rate debt(3)		92.0	%
Total Debt(1)	$	1,609,722
Less: cash and cash equivalents		(9,689	)	Weighted average maturity	4.8 years
Less: property acquisition closing escrow, net of deposit		(7,200	)	Weighted average interest rate		4.6	%
Net Debt	$	1,592,833
Less: Adjustment for development(2)		(138,909	)
Adjusted Net Debt	$	1,453,924

(1) Excludes unamortized premiums / discounts and deferred financing fees.

(2) See definition of Adjusted Net Debt on Page 4.

(3) Includes the Company's secured mortgage debt, 2016 and 2018 term loan facilities and $25.5 million associated with our 2024 revolving credit facility which are effectively swapped to fixed interest rates. Note the associated swaps are not coterminous with maturity dates of the respective term loan facilities. See Page 15 for further detail.

Debt Maturities<br><br>(Unaudited, in thousands)
	Secured Debt				Unsecured Debt
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Year	Scheduled<br>Amortization		Scheduled<br>Maturities		Scheduled<br>Maturities		Total		Percentage of <br>Debt Maturing			Weighted Average<br>Interest Rate of<br>Scheduled Maturities
2025		3,472		-		-		3,472		0.2	%		5.31	%
2026		3,686		6,368		174,500		184,554		11.5	%		5.08	%
2027		1,093		134,640		95,000		230,733		14.3	%		3.80	%
2028		983		-		305,050		306,033		19.0	%		4.92	%
2029		1,016		-		135,000		136,016		8.4	%		3.89	%
2030		1,049		-		225,000		226,049		14.0	%		3.25	%
2031		1,081		-		100,000		101,081		6.3	%		3.83	%
2032		1,116		-		130,000		131,116		8.1	%		5.86	%
2033		668		-		200,000		200,668		12.5	%		6.43	%
2034		-		-		90,000		90,000		5.7	%		3.98	%
Total	$	14,164	$	141,008	$	1,454,550	$	1,609,722		100.0	%

Leased Operating Property Overview<br><br>(As of March 31, 2025, unaudited)
Property Name	Location	Property Type	Tenant<br>Lease<br>Expiration<br>Year	Year Built /<br>Renovated	Leased<br>Square<br>Feet		Annualized<br>Lease<br>Income		Percentage <br>of Total<br>Annualized<br>Lease<br>Income			Annualized<br>Lease<br>Income per<br>Leased<br>Square Foot
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Wholly Owned U.S. Government Leased Properties
VA - Loma Linda	Loma Linda, CA	Outpatient Clinic	2036	2016		327,614	$	16,791,389		4.9	%	$	51.25
USCIS - Kansas City	Lee's Summit, MO	Office	2025 - 2042(1)	1969 / 1999		403,178		9,978,146		3.0	%		24.75
JSC - Suffolk	Suffolk, VA	Specialized Facility	2028(2)	1993 / 2004		403,737		8,503,831		2.6	%		21.06
Various GSA - Chicago	Des Plaines, IL	Office	2026	1971 / 1999		188,768		7,802,418		2.3	%		41.33
IRS - Fresno	Fresno, CA	Office	2033	2003		180,481		6,966,712		2.0	%		38.60
FBI - Salt Lake	Salt Lake City, UT	Specialized Facility	2032	2012		169,542		6,837,182		2.0	%		40.33
Various GSA - Portland	Portland, OR	Office	2025 - 2039(3)	2002		199,565		6,702,979		1.9	%		33.59
Various GSA - Buffalo	Buffalo, NY	Office	2025 - 2039	2004		273,678		6,479,707		1.9	%		23.68
VA - San Jose	San Jose, CA	Outpatient Clinic	2038	2018		90,085		5,815,725		1.7	%		64.56
EPA - Lenexa	Lenexa, KS	Office	2027(2)	2007 / 2012		169,585		5,796,626		1.7	%		34.18
FBI - Tampa	Tampa, FL	Specialized Facility	2040	2005		138,000		5,314,468		1.5	%		38.51
FBI - San Antonio	San Antonio, TX	Specialized Facility	2025	2007		148,584		5,232,733		1.5	%		35.22
FDA - Alameda	Alameda, CA	Laboratory	2039	2019		69,624		4,956,917		1.4	%		71.20
PTO - Arlington	Arlington, VA	Specialized Facility	2035	2009		190,546		4,737,273		1.4	%		24.86
FBI / DEA - El Paso	El Paso, TX	Specialized Facility	2028	1998 - 2005		203,683		4,727,462		1.4	%		23.21
FEMA - Tracy	Tracy, CA	Warehouse	2038	2018		210,373		4,652,866		1.3	%		22.12
TREAS - Parkersburg	Parkersburg, WV	Office	2041	2004 / 2006		182,500		4,410,370		1.3	%		24.17
FDA - Lenexa	Lenexa, KS	Laboratory	2040	2020		59,690		4,333,388		1.3	%		72.60
FBI - Mobile	Mobile, AL	Specialized Facility	2029(2)	2001		76,112		4,286,018		1.2	%		56.31
ICE - Dallas	Irvine, TX	Specialized Facility	2032 / 2040(4)	2000 / 2020		135,200		4,213,496		1.2	%		31.16
FBI - Pittsburgh	Pittsburgh, PA	Specialized Facility	2027	2001		100,054		4,125,968		1.2	%		41.24
VA - South Bend	Mishakawa, IN	Outpatient Clinic	2032	2017		86,363		4,052,892		1.2	%		46.93
FBI - New Orleans	New Orleans, LA	Specialized Facility	2029(5)	1999 / 2006		137,679		3,960,089		1.1	%		28.76
FBI - Omaha	Omaha, NE	Specialized Facility	2044	2009		112,196		3,959,893		1.1	%		35.29
USCIS - Lincoln	Lincoln, NE	Office	2025	2005		137,671		3,904,639		1.1	%		28.36
VA - Mobile	Mobile, AL	Outpatient Clinic	2033	2018		79,212		3,745,362		1.1	%		47.28
FBI - Birmingham	Birmingham, AL	Specialized Facility	2042	2005		96,278		3,685,768		1.1	%		38.28
FBI - Knoxville	Knoxville, TN	Specialized Facility	2025	2010		99,130		3,629,035		1.0	%		36.61
FBI - Albany	Albany, NY	Specialized Facility	2036	1998		69,476		3,613,970		1.0	%		52.02
USFS II - Albuquerque	Albuquerque, NM	Office	2026(2)	2011		98,720		3,553,436		1.0	%		36.00
EPA - Kansas City	Kansas City, KS	Laboratory	2043	2003		55,833		3,523,427		1.0	%		63.11
ICE - Charleston	North Charleston, SC	Specialized Facility	2027	1994 / 2012		65,124		3,392,940		1.0	%		52.10
FBI - Richmond	Richmond, VA	Specialized Facility	2041	2001		96,607		3,360,154		1.0	%		34.78
VA - Chico	Chico, CA	Outpatient Clinic	2034	2019		51,647		3,339,200		1.0	%		64.65
JUD - Del Rio	Del Rio, TX	Federal Courthouse	2041	1992 / 2004		89,880		3,316,384		1.0	%		36.90
FBI - Little Rock	Little Rock, AR	Specialized Facility	2041	2001		102,377		3,237,405		0.9	%		31.62
DEA - Sterling	Sterling, VA	Laboratory	2038	2001		57,692		3,237,068		0.9	%		56.11
Leased Operating Property Overview (Cont.)<br><br>(As of March 31, 2025, unaudited)
---
Property Name	Location	Property Type	Tenant<br>Lease<br>Expiration<br>Year	Year Built /<br>Renovated	Leased<br>Square<br>Feet		Annualized<br>Lease<br>Income		Percentage <br>of Total<br>Annualized<br>Lease<br>Income			Annualized<br>Lease<br>Income per<br>Leased<br>Square Foot
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Wholly Owned U.S. Government Leased Properties (Cont.)
DOT - Lakewood	Lakewood, CO	Office	2039	2004		116,046		3,170,215		0.9	%		27.32
DEA - Vista	Vista, CA	Laboratory	2035	2002		52,293		3,147,779		0.9	%		60.20
USCIS - Tustin	Tustin, CA	Office	2034	1979 / 2019		66,818		3,142,255		0.9	%		47.03
VA - Orange	Orange, CT	Outpatient Clinic	2034	2019		56,330		2,982,988		0.9	%		52.96
VA - Indianapolis	Brownsburg, IN	Outpatient Clinic	2041	2021		80,000		2,981,475		0.9	%		37.27
ICE - Albuquerque	Albuquerque, NM	Specialized Facility	2027	2011		71,100		2,857,704		0.8	%		40.19
SSA - Charleston	Charleston, WV	Office	2029	1959 / 2000		110,000		2,823,784		0.8	%		25.67
JUD - El Centro	El Centro, CA	Federal Courthouse	2034	2004		43,345		2,815,302		0.8	%		64.95
DEA - Dallas Lab	Dallas, TX	Laboratory	2038	2001		49,723		2,805,697		0.8	%		56.43
DEA - Pleasanton	Pleasanton, CA	Laboratory	2035	2015		42,480		2,787,337		0.8	%		65.62
DEA - Upper Marlboro	Upper Marlboro, MD	Laboratory	2037	2002		50,978		2,762,789		0.8	%		54.20
NARA - Broomfield	Broomfield, CO	Warehouse	2032	2012		161,730		2,689,902		0.8	%		16.63
TREAS - Birmingham	Birmingham, AL	Office	2029	2014		83,676		2,602,748		0.8	%		31.11
DHS - Atlanta	Atlanta, GA	Specialized Facility	2031 - 2038(6)	2008 / 2023		91,185		2,584,742		0.7	%		28.35
USAO - Louisville	Louisville, KY	Specialized Facility	2031	2011		60,000		2,549,993		0.7	%		42.50
JUD - Charleston	Charleston, SC	Federal Courthouse	2040	1999		52,339		2,536,155		0.7	%		48.46
JUD - Jackson	Jackson, TN	Federal Courthouse	2043	1998		75,043		2,403,192		0.7	%		32.02
IRS - Ogden	Ogden, UT	Warehouse	2029(7)	1996		100,000		2,373,651		0.7	%		23.74
DEA - Dallas	Dallas, TX	Specialized Facility	2041	2001		71,827		2,291,636		0.7	%		31.90
CBP - Savannah	Savannah, GA	Laboratory	2033	2013		35,000		2,289,518		0.7	%		65.41
Various GSA - Cleveland	Brooklyn Heights, OH	Office	2028 - 2040(7)	1981 / 2021		61,384		2,245,512		0.6	%		36.58
NWS - Kansas City	Kansas City, MO	Specialized Facility	2033(2)	1998 / 2020		94,378		2,163,306		0.6	%		22.92
DEA - Santa Ana	Santa Ana, CA	Specialized Facility	2029	2004		39,905		2,019,910		0.6	%		50.62
GSA - Clarksburg	Clarksburg, WV	Office	2039(2)	1999		70,495		1,894,391		0.5	%		26.87
DEA - North Highlands	Sacramento, CA	Specialized Facility	2033	2002		37,975		1,885,075		0.5	%		49.64
NPS - Omaha	Omaha, NE	Specialized Facility	2029	2004		62,772		1,862,848		0.5	%		29.68
VA - Golden	Golden, CO	Warehouse	2026	1996 / 2011		56,753		1,783,515		0.5	%		31.43
JUD - Newport News	Newport News, VA	Federal Courthouse	2033	2008		35,005		1,684,773		0.5	%		48.13
ICE - Orlando	Orlando, FL	Specialized Facility	2040	1996 / 2010		49,420		1,668,211		0.5	%		33.76
USCG - Martinsburg	Martinsburg, WV	Specialized Facility	2027	2007		59,547		1,629,291		0.5	%		27.36
JUD - Aberdeen	Aberdeen, MS	Federal Courthouse	2025	2005		46,979		1,577,104		0.5	%		33.57
VA - Charleston	North Charleston, SC	Warehouse	2040	2020		97,718		1,511,163		0.4	%		15.46
USAO - Springfield	Springfield, IL	Specialized Facility	2038	2002		43,600		1,391,454		0.4	%		31.91
JUD - Council Bluffs	Council Bluffs, IA	Federal Courthouse	2041(7)	2021		28,900		1,368,503		0.4	%		47.35
DEA - Riverside	Riverside, CA	Specialized Facility	2032	1997		34,354		1,329,318		0.4	%		38.69
DEA - Birmingham	Birmingham, AL	Specialized Facility	2038	2005		35,616		1,259,203		0.4	%		35.35
DEA - Albany	Albany, NY	Specialized Facility	2042	2004		31,976		1,170,441		0.3	%		36.60
Leased Operating Property Overview (Cont.)<br><br>(As of March 31, 2025, unaudited)
---
Property Name	Location	Property Type	Tenant<br>Lease<br>Expiration<br>Year	Year Built /<br>Renovated	Leased<br>Square<br>Feet		Annualized<br>Lease<br>Income		Percentage <br>of Total<br>Annualized<br>Lease<br>Income			Annualized<br>Lease<br>Income per<br>Leased<br>Square Foot
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Wholly Owned U.S. Government Leased Properties (Cont.)
HSI - Orlando	Orlando, FL	Specialized Facility	2036	2006		27,840		1,075,437		0.3	%		38.63
SSA - Dallas	Dallas, TX	Specialized Facility	2035	2005		27,200		1,066,876		0.3	%		39.22
JUD - South Bend	South Bend, IN	Federal Courthouse	2027	1996 / 2011		30,119		815,249		0.2	%		27.07
ICE - Louisville	Louisville, KY	Specialized Facility	2036	2011		17,420		657,841		0.2	%		37.76
DEA - San Diego	San Diego, CA	Warehouse	2032	1999		16,100		561,172		0.2	%		34.86
DEA - Bakersfield	Bakersfield, CA	Specialized Facility	2038	2000		9,800		493,373		0.1	%		50.34
SSA - San Diego	San Diego, CA	Specialized Facility	2032	2003		10,059		451,684		0.1	%		44.90
ICE - Otay	San Diego, CA	Office	2027	2001		7,434		261,222		0.1	%		35.14
Subtotal						7,859,146	$	278,603,070		80.6	%	$	35.45
Wholly Owned State and Local Government Leased Property
Wake County III - Cary	Cary, NC	Office	2027 / 2034(8)	1997		113,722		3,495,017		1.0	%		30.73
CA - Anaheim	Anaheim, CA	Office	2033 / 2034	1991 / 2020		95,273		3,364,379		1.0	%		35.31
Wake County II - Cary	Cary, NC	Office	2034(9)	1994		98,340		2,840,676		0.8	%		28.89
Wake County I - Cary	Cary, NC	Office	2034(9)	1991		75,401		2,222,073		0.6	%		29.47
Subtotal						382,736	$	11,922,145		3.4	%	$	31.15
Wholly Owned Privately Leased Property
Northrop Grumman - Dayton	Beavercreek, OH	Specialized Facility	2029(7)	2012		99,246		2,578,837		0.7	%		25.98
Northrop Grumman - Aurora	Aurora, CO	Specialized Facility	2032(7)	2002		104,136		2,368,386		0.7	%		22.74
501 East Hunter Street - Lummus Corporation	Lubbock, TX	Warehouse	2028(7)	2013		70,078		412,025		0.1	%		5.88
Subtotal						273,460	$	5,359,248		1.5	%	$	19.60
Wholly Owned Properties Total / Weighted Average						8,515,342	$	295,884,463		85.5	%	$	34.75
Leased Operating Property Overview (Cont.)<br><br>(As of March 31, 2025, unaudited)
---
Property Name	Location	Property Type	Tenant<br>Lease<br>Expiration<br>Year	Year Built /<br>Renovated	Leased<br>Square<br>Feet		Annualized<br>Lease<br>Income		Percentage <br>of Total<br>Annualized<br>Lease<br>Income			Annualized<br>Lease<br>Income per<br>Leased<br>Square Foot
---	---	---	---	---	---	---	---	---	---	---	---	---	---
U.S Government Leased to Unconsolidated Real Estate Venture
VA - Phoenix(10)	Phoenix, AZ	Outpatient Clinic	2042	2022		257,294		10,798,608		3.1	%		41.97
VA - San Antonio(10)	San Antonio, TX	Outpatient Clinic	2041	2021		226,148		9,303,942		2.7	%		41.14
VA - Jacksonville(10)	Jacksonville, FL	Outpatient Clinic	2043	2023		193,100		7,342,700		2.1	%		38.03
VA - Chattanooga(10)	Chattanooga, TN	Outpatient Clinic	2035	2020		94,566		4,384,496		1.3	%		46.36
VA - Lubbock(10)(11)	Lubbock, TX	Outpatient Clinic	2040	2020		120,916		4,259,993		1.2	%		35.23
VA - Marietta(10)	Marietta, GA	Outpatient Clinic	2041	2021		76,882		3,880,314		1.1	%		50.47
VA - Birmingham(10)	Irondale, AL	Outpatient Clinic	2041	2021		77,128		3,192,361		0.9	%		41.39
VA - Corpus Christi(10)	Corpus Christi, TX	Outpatient Clinic	2042	2022		69,276		2,947,358		0.9	%		42.55
VA - Columbus(10)	Columbus, GA	Outpatient Clinic	2042	2022		67,793		2,925,752		0.8	%		43.16
VA - Lenexa(10)	Lenexa, KS	Outpatient Clinic	2041	2021		31,062		1,349,757		0.4	%		43.45
Subtotal						1,214,165	$	50,385,281		14.5	%	$	41.50
Total / Weighted Average						9,729,507	$	346,269,744		100.0	%	$	35.59
Total / Weighted Average at Easterly's Share						9,158,848	$	322,588,661				$	35.22

(1) 316,318 square feet leased to U.S. Citizenship and Immigration Services ("USCIS") will expire on February 19, 2042 and contains two five-year renewal options. 47,034 square feet leased to two private tenants will expire between 2028-2030 and each contains renewal options.

(2) Lease contains one five-year renewal option.

(3) 33,407 square feet leased to the U.S. Army Corps of Engineers ("ACOE") will expire on February 19, 2030 and contains one five-year renewal options. 21,646 square feet leased to the Federal Bureau of Investigation ("FBI") will expire on December 31, 2029 and contains one five-year renewal options. 11,061 square feet leased to five private tenants will expire between 2026-2030 and each contains renewal options. 4,846 square feet leased to the Department of Energy ("DOE") will expire on April 14, 2033 and contains one ten-year renewal option.

(4) 80,523 square feet leased to the U.S. Immigration and Customs Enforcement ("ICE") will expire on September 14, 2040. 29,074 square feet leased to a private tenant will expire on September 30, 2032 and contains one five-year renewal option. 25,603 square feet leased to a private tenant will expire on January 31, 2032 and contains one five-year renewal option.

(5) Lease contains one ten-year renewal option.

(6) 29,737 square feet leased to the U.S. Customs and Border Protection ("CBP") will expire on April 30, 2038. 17,373 square feet leased to a private tenant will expire on December 31, 2031 and contains two five-year renewal options. 49,125 square feet leased to the Transportation Security Administration ("TSA") will expire on December 14, 2038 and contains one five-year renewal option.

(7) Lease contains two five-year renewal options.

(8) 75,864 square feet leased to Wake County Public School System will expire on June 30, 2034 and contains two eight-year renewal options. 37,858 square feet leased to a private tenant will expire on December 31, 2027 and contains one five-year renewal option.

(9) Lease contains two eight-year renewal options.

(10) The Company owns 53.0% of the property through an unconsolidated joint venture.

(11) Asset is subject to a ground lease where the unconsolidated joint venture is the lessee.

Tenants<br><br>(As of March 31, 2025, unaudited)
Tenant		Leased<br>Square Feet		Percentage<br>of Leased<br>Square Feet			Annualized<br>Lease Income		Percentage<br>of Total<br>Annualized<br>Lease<br>Income
---	---	---	---	---	---	---	---	---	---	---	---
U.S. Government
Department of Veteran Affairs ("VA")	13.9		2,251,131		23.2	%	$	95,859,983		27.7	%
Federal Bureau of Investigation ("FBI")	8.7		1,498,607		15.5	%		54,934,488		15.9	%
Drug Enforcement Administration ("DEA")	10.5		607,290		6.2	%		27,766,645		8.0	%
Judiciary of the U.S. ("JUD")	12.1		401,610		4.1	%		16,516,662		4.8	%
U.S. Citizenship and Immigration Services ("USCIS")	11.6		520,807		5.4	%		15,100,919		4.4	%
Immigration and Customs Enforcement ("ICE")	8.6		313,837		3.2	%		12,216,546		3.5	%
Internal Revenue Service ("IRS")	7.0		333,334		3.4	%		10,441,878		3.0	%
Environmental Protection Agency ("EPA")	6.4		225,418		2.3	%		9,320,053		2.7	%
Food and Drug Administration ("FDA")	14.9		129,314		1.3	%		9,290,305		2.7	%
U.S. Joint Staff Command ("JSC")	3.2		403,737		4.1	%		8,503,831		2.5	%
Federal Aviation Administration ("FAA")	1.6		188,768		1.9	%		7,802,418		2.3	%
Bureau of the Fiscal Service ("BFS")	12.4		266,176		2.7	%		7,013,118		2.0	%
Social Security Administration ("SSA")	7.8		192,185		2.0	%		5,549,591		1.6	%
Patent and Trademark Office ("PTO")	9.8		190,546		2.0	%		4,737,273		1.4	%
Federal Emergency Management Agency ("FEMA")	13.5		210,373		2.2	%		4,652,866		1.3	%
U.S. Attorney Office ("USAO")	9.7		110,776		1.1	%		4,134,289		1.2	%
U.S. Forest Service ("USFS")	1.2		98,720		1.0	%		3,553,436		1.0	%
Department of Transportation ("DOT")	13.5		123,480		1.3	%		3,431,437		1.0	%
Customs and Border Protection ("CBP")	10.4		64,737		0.7	%		3,226,943		0.9	%
National Archives and Records Administration ("NARA")	7.1		161,730		1.7	%		2,689,902		0.8	%
National Weather Service ("NWS")	8.7		94,378		1.0	%		2,163,306		0.6	%
U.S. Department of Agriculture ("A")	2.8		60,257		0.6	%		1,887,982		0.5	%
National Park Service ("NPS")	4.2		62,772		0.6	%		1,862,848		0.5	%
General Services Administration - Other	0.5		55,807		0.6	%		1,691,019		0.5	%
U.S. Coast Guard ("USCG")	2.7		59,547		0.6	%		1,629,291		0.5	%
National Oceanic and Atmospheric Administration ("NOAA")	6.4		33,403		0.3	%		1,417,563		0.4	%
Transportation Security Administration ("TSA")	8.7		44,075		0.5	%		1,166,169		0.3	%
Homeland Security Investigations ("HSI")	11.0		27,840		0.3	%		1,075,437		0.3	%
Small Business Administration ("SBA")	14.3		44,969		0.5	%		971,274		0.3	%

All values are in US Dollars.

Tenants (Cont.)<br><br>(As of March 31, 2025, unaudited)
Tenant	Weighted<br>Average<br>Remaining<br>Lease Term(1)		Leased<br>Square Feet		Percentage<br>of Leased<br>Square Feet			Annualized<br>Lease Income		Percentage<br>of Total<br>Annualized<br>Lease<br>Income
---	---	---	---	---	---	---	---	---	---	---	---	---
U.S. Government (Cont.)
Homeland Security Investigations ("HSI")		4.9		33,407		0.3	%		966,335		0.3	%
Bureau of Alcohol, Tobacco, Firearms and Explosives ("ATF")		7.9		23,775		0.2	%		730,164		0.2	%
Federal Energy Regulatory Commission ("FERC")		14.4		6,214		0.1	%		248,307		0.1	%
Department of Energy ("DOE")		8.0		4,846		0.0	%		187,782		0.1	%
U.S. Probation Office ("USPO")		13.8		6,621		0.1	%		177,937		0.1	%
U.S. Marshals Service ("USMS")		1.8		1,054		0.0	%		50,898		0.0	%
Department of Labor ("DOL")		13.8		574		0.0	%		15,432		0.0	%
Subtotal		10.1		8,852,115		91.0	%	$	322,984,327		93.4	%
State and Local Government
Wake County Public Schools		9.3		249,605		2.6	%		7,424,486		2.1	%
State of California Employee Development Department		8.9		65,133		0.7	%		2,296,631		0.7	%
State of California Department of Industrial Relations		8.6		30,140		0.3	%		1,067,748		0.3	%
New York State Court of Claims		1.5		14,274		0.1	%		391,875		0.1	%
Subtotal		8.8		359,152		3.7	%	$	11,180,740		3.2	%
Private Tenants
Northrup Grumman Systems Corporation		5.7		203,382		2.1	%		4,947,223		1.4	%
Other Private Tenants		3.9		58,869		0.6	%		1,676,450		0.5	%
Jacobs Engineering Group, Inc.		2.8		37,858		0.4	%		1,133,280		0.3	%
Saint Luke's Health System, Inc.		1.8		32,043		0.3	%		931,599		0.3	%
HUB International Midwest Limited		7.5		29,074		0.3	%		840,419		0.2	%
Pate Rehabilitation Endeavors, LLC		6.8		25,603		0.3	%		766,821		0.2	%
Providence Health & Services - Oregon		0.4		21,643		0.2	%		747,258		0.2	%
Caremark, L.L.C.		4.2		39,690		0.4	%		649,602		0.2	%
Lummus Corporation		3.3		70,078		0.7	%		412,025		0.1	%
Subtotal		4.5		518,240		5.3	%	$	12,104,677		3.4	%
Total / Weighted Average		9.8		9,729,507		100.0	%	$	346,269,744		100.0	%

(1) Weighted based on leased square feet.

Lease Expirations<br><br>(As of March 31, 2025, unaudited)
Year of Lease Expiration (1)	Number of <br>Leases <br>Expiring	Leased Square<br>Footage<br>Expiring		Percentage of<br>Total Leased Square<br>Footage<br>Expiring			Annualized <br>Lease Income<br>Expiring		Percentage of<br>Total Annualized<br>Lease Income<br>Expiring			Annualized<br>Lease Income<br>per Leased<br>Square Foot Expiring
---	---	---	---	---	---	---	---	---	---	---	---	---	---
2025	9		521,327		5.4	%		17,042,939		4.9	%		32.69
2026	6		394,832		4.1	%		14,622,123		4.2	%		37.03
2027	10		544,368		5.6	%		20,143,128		5.8	%		37.00
2028	11		802,397		8.2	%		17,621,498		5.1	%		21.96
2029	9		731,036		7.5	%		23,196,819		6.7	%		31.73
2030	4		67,202		0.7	%		1,580,205		0.5	%		23.51
2031	3		117,875		1.2	%		4,559,806		1.3	%		38.68
2032	10		689,814		7.1	%		20,999,291		6.1	%		30.44
2033	10		566,197		5.8	%		22,039,285		6.4	%		38.93
2034	10		507,793		5.2	%		21,118,022		6.1	%		41.59
Thereafter	53		4,786,666		49.2	%		183,346,628		52.9	%		38.30
Total / Weighted Average	135		9,729,507		100.0	%	$	346,269,744		100.0	%	$	35.59

(1) The year of lease expiration is pursuant to current contract terms. Some tenants have the right to vacate their space during a specified period, or "soft term," before the stated terms of their leases expire. As of March 31, 2025, seven tenants occupying approximately 5.4% of our leased square feet and contributing approximately 4.9% of our annualized lease income are currently operating under lease provisions that allow them to exercise their right to terminate their lease before the stated term of their respective lease expires.

Lease Expirations<br><br>(As of March 31, 2025, unaudited)

Summary of Re/Development Projects<br><br>(As of March 31, 2025, unaudited, in thousands, except square feet)
Projects Under Construction(1)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Property Name	Location		Property Type		Total Leased Square Feet		Lease Term		Anticipated Total Cost		Cost to Date		Anticipated Lump-Sum Reimbursement(2)		Anticipated Completion Date	Anticipated Lease Commencement
FDA - Atlanta	Atlanta, GA		Laboratory			162,000	20-Year		$	239,187	$	201,699	$	150,680	4Q 2025	4Q 2025
JUD - Flagstaff	Flagstaff, AZ		Courthouse			50,777	20-Year		$	61,003	$	9,482	$	24,700	3Q 2026	3Q 2026
Total						212,777			$	300,190	$	211,181	$	175,380
Projects in Design(3)
Property Name	Location		Property Type		Total Estimated Leased Square Feet		Lease Term		Anticipated Completion Date		Anticipated Lease Commencement
JUD - Medford	Medford, OR		Courthouse			40,035	20-Year		2H 2027		2H 2027
Projects Previously Completed with Outstanding Lump-Sum Reimbursements(2)
Property Name	Location		Property Type		Total Leased Square Feet		Lease Term		Outstanding Lump-Sum Reimbursement(2)		Completion Date		Lease Commencement
N/A		-		-		-		-	$	-		-		-

(1) Includes properties under construction for which design is complete.

(2) Includes reimbursement of lump-sum tenant improvement costs and development fees.

(3) Includes projects in the design phase for which project scope is not fully determined.