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):

February 27, 2024

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 February 27, 2024, we issued a press release announcing our results of operations for the fourth quarter and year ended December 31, 2023. 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 February 27, 2024, to review our fourth quarter and year ended 2023 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 February 27, 2024.
99.2	Easterly Government Properties, Inc. Supplemental Information Package for the quarter ended December 31, 2023.
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 and Chief Accounting Officer

Date: February 27, 2024

EX-99.1

Exhibit 99.1

EASTERLY GOVERNMENT PROPERTIES

REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS

WASHINGTON, D.C. – February 27, 2024 – 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, today announced its results of operations for the quarter and full year ended December 31, 2023.

Highlights for the Quarter Ended December 31, 2023:

• Net income of $4.8 million, or $0.04 per share on a fully diluted basis

• Core FFO of $30.1 million, or $0.28 per share on a fully diluted basis

• Acquired three properties totaling 221,463 leased square feet with a weighted average remaining lease term of 9.7 years. Key tenancies in these facilities include the U.S. Department of Homeland Security (DHS), the State of California, and the U.S. Judiciary

• Released the Company's second annual Environmental Social Governance (ESG) Report, featuring environmental data including energy and water usage and Scopes 1 and 2 Greenhouse Gas (GHG) emissions

• Announced the appointment of Darrell W. Crate, Easterly's Executive Chairman and co-founder of Easterly, in connection with the planned retirement of Easterly's Chief Executive Officer (CEO), William C. Trimble, III. Mr. Crate was appointed to the role of CEO effective January 1, 2024, and William H. Binnie, the Company's Lead Independent Director, assumed the role of Easterly's Chairman of the Board of Directors

• Entered into forward sales transactions through the Company's $300.0 million ATM Program launched in December 2019 (“the December 2019 ATM Program”) for the sale of 500,000 shares of the Company's common stock at a net weighted average initial forward sales price of $13.52 per share that have not yet been settled

Highlights for the Year Ended December 31, 2023:

• Net income of $21.1 million, or $0.20 per share on a fully diluted basis

• Core FFO of $120.1 million, or $1.14 per share on a fully diluted basis

• Completed the acquisition of, either directly or through the Company's joint venture partnership (the “JV”), four properties for an aggregate pro rata contractual purchase price of approximately $80.4 million, comprised of $62.2 million of wholly owned acquisitions, and $18.2 million of pro rata JV acquisitions

• Successfully renewed 390,330 leased square feet of the Company's portfolio for a weighted average lease term of 16.4 years

• Maintained a quarterly cash dividend of $0.265 per share

• Exercised the $50.0 million delayed draw option on the Company's 2018 term loan facility, increasing the Company's term loan commitments from $250.0 million to $300.0 million

• Recognized as a 2022 ENERGY STAR® Certification Nation Premier Member

• Named one of Washington Business Journal’s 2023 “Best Places to Work”

• Issued an aggregate of 1,950,000 shares of the Company's common stock in settlement of previously entered into forward sales transactions through the December 2019 ATM Program at a weighted average price per share of $20.14, raising net proceeds to the Company of approximately $39.3 million

“Mission-critical buildings are essential to the work U.S. Government agencies do every single day,” said Darrell Crate, Easterly’s Chief Executive Officer. “Easterly has a definable edge in servicing our core tenants, and we remain focused on increasing our position in the public markets in 2024 and beyond.”

Portfolio Operations

As of December 31, 2023, the Company or the JV owned 90 operating properties in the United States encompassing approximately 8.8 million leased square feet, including 88 operating properties that were leased primarily to U.S. Government tenant agencies, one operating property leased primarily to tenant agencies of a high-credit state government, and one operating property that is entirely leased to a private tenant. In addition, the Company wholly owned one property under re-development that the Company expects will encompass approximately 0.2 million rentable square feet upon completion. The 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). As of December 31, 2023, the portfolio had a weighted average age of 14.6 years, based upon the date properties were built or renovated-to-suit, and had a weighted average remaining lease term of 10.5 years.

Acquisitions

On September 22, 2023, the Company acquired, through the JV, a U.S. Department of Veterans Affairs (VA) outpatient clinic located in Corpus Christi, Texas (“VA - Corpus Christi”). VA - Corpus Christi, a 69,276 leased square outpatient facility, was the ninth property to be acquired in the previously announced portfolio of 10 properties 100% leased to the VA that the Company is acquiring through the JV. VA - Corpus Christi provides enhanced services for the approximately 25,000 veterans in the surrounding region, including but not limited to an audiology clinic, a mental health clinic, pathology, radiology, and homeless care. VA - Corpus Christi is leased directly to the VA pursuant to a 20-year lease that does not expire until November 2042.

On October 3, 2023, the Company acquired a 95,273 leased square foot Class A workers’ compensation adjudication and training facility located in Anaheim, California. The facility is 100% leased by tenant agencies of the State of California (“CA - Anaheim”), including the Department of Industrial Relations and the Employment Development Department. This public facing facility contains court hearing rooms used for adjudicating workers' compensation claims, as well as training rooms for furthering employment opportunities. With a weighted average expiration date of January 2034, CA - Anaheim has been occupied by the State of California (S&P AA-) since 2009 and recently underwent a renewal exercise process post-pandemic whereby the tenants demonstrated their continued need for the facility by executing several leases with a weighted average lease term of 10.7 years.

On October 3, 2023, the Company acquired a 97,969 square foot facility primarily occupied by two branches of the DHS and located in Atlanta, Georgia (“DHS - Atlanta”). DHS - Atlanta is a 93% leased facility that recently underwent an extensive renovation in 2023 for the beneficial use of the Transportation Security Administration (TSA) and the U.S. Customs and Border Protection (CBP). The two tenants recently executed leases that provide for occupancy of up to 15 years through 2038.

On October 19, 2023, the Company acquired a 35,005 leased square foot United States District Courthouse in Newport News, Virginia (“JUD - Newport News”). The United States District Court, Eastern District of Virginia,

Newport News Division Courthouse is a highly specialized facility that features 2008 build-to-suit LEED Certified construction, and a new 10-year firm term lease extension that does not expire until 2033. JUD - Newport News houses four District Judges, three Senior District Judges, and three Magistrate Judges, and is responsible for the cities of Newport News, Hampton, and Williamsburg, and the counties of York, James City, Gloucester, and Matthews.

Balance Sheet and Capital Markets Activity

As of December 31, 2023, the Company had total indebtedness of approximately $1.3 billion comprised of $79.0 million outstanding on its revolving credit facility, $100.0 million outstanding on its 2016 term loan facility, $200.0 million outstanding on its 2018 term loan facility, $700.0 million of senior unsecured notes, and $220.6 million of mortgage debt (excluding unamortized premiums and discounts and deferred financing fees). At December 31, 2023, the Company's outstanding debt had a weighted average maturity of 4.6 years and a weighted average interest rate of 4.2%. As of December 31, 2023, the Company's Net Debt to total enterprise value was 47.1% and its Adjusted Net Debt to annualized quarterly pro forma EBITDA ratio was 7.0x.

Dividend

On February 21, 2024, the Board of Directors of Easterly approved a cash dividend for the fourth quarter of 2023 in the amount of $0.265 per common share. The dividend will be payable March 18, 2024 to shareholders of record on March 6, 2024.

Subsequent Events

Reflective of its superior tenancy and investment grade balance sheet, the Company announced it received an investment grade issuer credit rating from Kroll Bond Rating Agency, LLC (“KBRA”) of BBB with Stable Outlook.

On January 25, 2024, the Company announced it extended its $100 million unsecured term loan executed in 2016. Easterly secured market leading terms for the facility and extended the weighted average life of maturities at attractive spreads, underscoring the Company’s fortified balance sheet and strong capital partner relationships. The loan now matures on January 30, 2025.

Subsequent to the quarter ending December 31, 2023, the Company entered into forward sales transactions through the Company's December 2019 ATM Program for the sale of an additional 89,647 shares of the Company's common stock at a net weighted average initial forward sales price of $13.39 per share that have not yet been settled.

As of the date of this release, the Company expects to receive aggregate net proceeds of approximately $8.0 million from the sale of an aggregate of 589,647 shares of the Company's common stock that have not yet been settled under the Company's December 2019 ATM Program, assuming these forward sales transactions are physically settled in full using a net weighted average combined initial forward sales price of $13.50 per share.

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, 2024

The Company is introducing its guidance for full-year 2024 Core FFO per share on a fully diluted basis at a range of $1.14 - $1.16.

	Low
Net income (loss) per share – fully diluted basis	$	0.22	0.24
Plus: Company’s share of real estate depreciation and amortization	$	0.91	0.91
FFO per share – fully diluted basis	$	1.13	1.15
Plus: Company’s share of depreciation of non-real estate assets	$	0.01	0.01
Core FFO per share – fully diluted basis	$	1.14	1.16

This guidance assumes (i) the closing of VA - Jacksonville through the JV at the Company’s pro rata share of approximately $41 million, and (ii) $100 - $110 million of gross development-related investment during 2024.

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, 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 Q4 2023 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

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 February 27, 2024 to review the fourth quarter and year ended 2023 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; 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, 2023, to be filed with the Securities and Exchange Commission (SEC) on or about February 27, 2024, 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, 2022
Assets
Real estate properties, net	2,319,143		$	2,285,308
Cash and cash equivalents	9,381			7,578
Restricted cash	12,558			9,696
Tenant accounts receivable	66,274			58,835
Investment in unconsolidated real estate venture	284,544			271,644
Intangible assets, net	148,453			157,282
Interest rate swaps	1,994			4,020
Prepaid expenses and other assets	37,405			35,022
Total assets	2,879,752		$	2,829,385
Liabilities
Revolving credit facility	79,000			65,500
Term loan facilities, net	299,108			248,972
Notes payable, net	696,532			696,052
Mortgage notes payable, net	220,195			240,847
Intangible liabilities, net	12,480			16,387
Deferred revenue	82,712			83,309
Accounts payable, accrued expenses and other liabilities	80,209			67,336
Total liabilities	1,470,236			1,418,403
Equity
Common stock, par value 0.01, 200,000,000 shares authorized, 100,973,247 and 90,814,021 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	1,010			908
Additional paid-in capital	1,783,338			1,622,913
Retained earnings	112,301			93,497
Cumulative dividends	(576,319	)		(475,983	)
Accumulated other comprehensive income	1,871			3,546
Total stockholders' equity	1,322,201			1,244,881
Non-controlling interest in Operating Partnership	87,315			166,101
Total equity	1,409,516			1,410,982
Total liabilities and equity	2,879,752		$	2,829,385

All values are in US Dollars.

Income Statement

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

	Three Months Ended						Twelve Months Ended
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Revenues
Rental income	$	69,795		$	70,250		$	273,906		$	284,488
Tenant reimbursements		1,629			2,244			8,908			5,920
Asset management income		550			467			2,110			1,409
Other income		646			545			2,303			1,789
Total revenues		72,620			73,506			287,227			293,606
Expenses
Property operating		17,701			17,970			71,964			66,781
Real estate taxes		7,560			7,047			30,461			30,900
Depreciation and amortization		23,347			24,702			91,292			98,254
Acquisition costs		435			431			1,661			1,370
Corporate general and administrative		6,692			6,966			27,118			24,785
Total expenses		55,735			57,116			222,496			222,090
Other income (expense)
Income from unconsolidated real estate venture		1,332			1,088			5,498			3,374
Interest expense, net		(13,430	)		(12,648	)		(49,169	)		(47,378	)
Gain on the sale of operating properties		-			13,590			-			13,590
Impairment loss		-			-			-			(5,540	)
Net income		4,787			18,420			21,060			35,562
Non-controlling interest in Operating Partnership		(351	)		(2,126	)		(2,256	)		(4,088	)
Net income available to Easterly Government
Properties, Inc.	$	4,436		$	16,294		$	18,804		$	31,474
Net income available to Easterly Government
Properties, Inc. per share:
Basic	$	0.04		$	0.18		$	0.19		$	0.34
Diluted	$	0.04		$	0.18		$	0.19		$	0.34
Weighted-average common shares outstanding:
Basic		98,982,693			90,772,706			94,264,166			90,613,966
Diluted		99,334,449			91,136,238			94,556,055			90,948,701
Net income, per share - fully diluted basis	$	0.04		$	0.18		$	0.20		$	0.35
Weighted average common shares outstanding -
fully diluted basis		107,424,269			102,846,963			105,621,563			102,433,575

EBITDA

(Unaudited, in thousands)

	Three Months Ended					Twelve Months Ended
	December 31, 2023		December 31, 2022			December 31, 2023		December 31, 2022
Net income	$	4,787	$	18,420		$	21,060	$	35,562
Depreciation and amortization		23,347		24,702			91,292		98,254
Interest expense		13,430		12,648			49,169		47,378
Tax expense		302		585			1,105		931
Gain on the sale of operating properties		-		(13,590	)		-		(13,590	)
Impairment loss		-		-			-		5,540
Unconsolidated real estate venture allocated share of above adjustments		2,087		1,703			7,929		5,206
EBITDA	$	43,953	$	44,468		$	170,555	$	179,281
Pro forma adjustments(1)		79
Pro forma EBITDA	$	44,032

(1) Pro forma assuming a full quarter of operations from the three properties acquired in the fourth quarter of 2023.

FFO and CAD

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

	Three Months Ended						Twelve Months Ended
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Net income	$	4,787		$	18,420		$	21,060		$	35,562
Depreciation of real estate assets		23,094			24,453			90,288			97,262
Gain on the sale of operating properties		-			(13,590	)		-			(13,590	)
Impairment loss		-			-			-			5,540
Unconsolidated real estate venture allocated share of above adjustments		2,002			1,585			7,639			4,937
FFO	$	29,883		$	30,868		$	118,987		$	129,711
Adjustments to FFO:
Loss on extinguishment of debt		-			20			14			20
Natural disaster event expense, net of recovery		(17	)		87			69			96
Depreciation of non-real estate assets		252			249			1,003			992
Unconsolidated real estate venture allocated share of above adjustments		16			17			66			66
Core FFO	$	30,134		$	31,241		$	120,139		$	130,885
FFO, per share - fully diluted basis	$	0.28		$	0.30		$	1.13		$	1.27
Core FFO, per share - fully diluted basis	$	0.28		$	0.30		$	1.14		$	1.28
Core FFO	$	30,134		$	31,241		$	120,139		$	130,885
Straight-line rent and other non-cash adjustments		(1,236	)		(970	)		(3,897	)		(410	)
Amortization of above-/below-market leases		(678	)		(732	)		(2,730	)		(3,105	)
Amortization of deferred revenue		(1,571	)		(1,484	)		(6,249	)		(5,797	)
Non-cash interest expense		272			240			1,024			934
Non-cash compensation		1,122			1,644			5,747			6,536
Natural disaster event expense, net of recovery		17			(87	)		(69	)		(96	)
Principal amortization		(1,090	)		(1,149	)		(4,316	)		(5,091	)
Maintenance capital expenditures		(4,198	)		(4,648	)		(12,474	)		(9,771	)
Contractual tenant improvements		(771	)		(2,045	)		(2,139	)		(4,134	)
Unconsolidated real estate venture allocated share of above adjustments		(139	)		(323	)		(201	)		(1,424	)
Cash Available for Distribution (CAD)	$	21,862		$	21,687		$	94,835		$	108,527
Weighted average common shares outstanding - fully diluted basis		107,424,269			102,846,963			105,621,563			102,433,575

Net Debt and Adjusted Net Debt

(Unaudited, in thousands)

	December 31, 2023
Total Debt(1)	$	1,299,597
Less: Cash and cash equivalents		(10,250	)
Net Debt	$	1,289,347
Less: Adjustment for development projects(2)		(54,159	)
Adjusted Net Debt	$	1,235,188

1 Excludes unamortized premiums / discounts and deferred financing fees.

2 See definition of Adjusted Net Debt on Page 5.

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; 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, 2023, to be filed with the Securities and Exchange Commission, or the SEC, on or about February 27, 2024 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.

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 year ended December 31, 2023 that will be released in our Form 10-K to be filed with the SEC on or about February 27, 2024.

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.

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.

Supplemental Definitions

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, 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.

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.

Table of Contents
Overview
---	---
Corporate Information and Analyst Coverage	6
Executive Summary	7
Corporate Financials
Balance Sheets	8
Income Statements	9
Net Operating Income	10
EBITDA	11
FFO and CAD	12
Unconsolidated Real Estate Venture	13
Debt
Debt Schedules	15
Debt Maturities	17
Properties
Leased Operating Property Overview	18
Tenants	22
Lease Expirations	24
Summary of Re/Development Projects	25
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, Operations
Washington, DC 20006	Ticker	Investor Relations package
202-595-9500	DEA
Executive Team		Board of Directors
---	---	---	---
Darrell Crate, CEO	Meghan Baivier, COO & President	William Binnie, Chairman	Emil Henry Jr.
Michael Ibe, Vice-Chairman & EVP	Mark Bauer, EVP Development	Darrell Crate	Michael Ibe
Allison Marino, CFO & CAO	Franklin Logan, GC	Cynthia Fisher	Tara Innes
Stuart Burns, EVP Government Relations	Andrew Pulliam, EVP Acquisitions	Scott Freeman
Nick Nimerala, SVP Chief Asset Officer
Equity Research Coverage
---	---	---
Citigroup	Raymond James & Associates	RBC Capital Markets
Michael A. Griffin	Bill Crow	Michael Carroll
212-816-5871	727-567-2594	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 December 31, 2023			Earnings		Three months ended December 31, 2022
---	---	---	---	---	---	---	---
Common shares		100,930,433		Net income available to Easterly Government Properties, Inc.	4,436	$	16,294
Unvested restricted shares		42,814		Net income available to Easterly Government Properties, Inc.
Common partnership and vested LTIP units		6,668,036		per share:
Total - fully diluted basis		107,641,283		Basic	0.04	$	0.18
				Diluted	0.04	$	0.18
Market Capitalization	At December 31, 2023			Net income	4,787	$	18,420
Price of Common Shares	$	13.44		Net income, per share - fully diluted basis	0.04	$	0.18
Total equity market capitalization - fully diluted basis	$	1,446,699		Funds From Operations (FFO)	29,883	$	30,868
Net Debt		1,289,347		FFO, per share - fully diluted basis	0.28	$	0.30
Total enterprise value	$	2,736,045
				Core FFO	30,134	$	31,241
				Core FFO, per share - fully diluted basis	0.28	$	0.30
Ratios	At December 31, 2023
Net debt to total enterprise value		47.1	%	Cash Available for Distribution (CAD)	21,862	$	21,687
Net debt to annualized quarterly EBITDA		7.3	x
Adjusted Net Debt to annualized quarterly pro forma EBITDA		7.0	x	Liquidity
Cash interest coverage ratio		3.3	x	Cash and cash equivalents		$	10,250
Cash fixed charge coverage ratio		3.1	x	Available under 450 million senior unsecured revolving credit facility(1)		$	370,875

All values are in US Dollars.

(1) Revolving credit facility has an accordion feature that provides additional capacity, subject to the satisfaction of customary terms and conditions, of up to $250 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, 2022
---	---	---	---	---	---
Assets
Real estate properties, net	2,319,143		$	2,285,308
Cash and cash equivalents	9,381			7,578
Restricted cash	12,558			9,696
Tenant accounts receivable	66,274			58,835
Investment in unconsolidated real estate venture	284,544			271,644
Intangible assets, net	148,453			157,282
Interest rate swaps	1,994			4,020
Prepaid expenses and other assets	37,405			35,022
Total assets	2,879,752		$	2,829,385
Liabilities
Revolving credit facility	79,000			65,500
Term loan facilities, net	299,108			248,972
Notes payable, net	696,532			696,052
Mortgage notes payable, net	220,195			240,847
Intangible liabilities, net	12,480			16,387
Deferred revenue	82,712			83,309
Accounts payable, accrued expenses and other liabilities	80,209			67,336
Total liabilities	1,470,236			1,418,403
Equity
Common stock, par value 0.01, 200,000,000 shares authorized, 100,973,247 and 90,814,021 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	1,010			908
Additional paid-in capital	1,783,338			1,622,913
Retained earnings	112,301			93,497
Cumulative dividends	(576,319	)		(475,983	)
Accumulated other comprehensive income	1,871			3,546
Total stockholders' equity	1,322,201			1,244,881
Non-controlling interest in Operating Partnership	87,315			166,101
Total equity	1,409,516			1,410,982
Total liabilities and equity	2,879,752		$	2,829,385

All values are in US Dollars.

Income Statements<br><br>(Unaudited, in thousands, except share and per share amounts)
	Three Months Ended						Twelve Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Revenues
Rental income	$	69,795		$	70,250		$	273,906		$	284,488
Tenant reimbursements		1,629			2,244			8,908			5,920
Asset management income		550			467			2,110			1,409
Other income		646			545			2,303			1,789
Total revenues		72,620			73,506			287,227			293,606
Expenses
Property operating		17,701			17,970			71,964			66,781
Real estate taxes		7,560			7,047			30,461			30,900
Depreciation and amortization		23,347			24,702			91,292			98,254
Acquisition costs		435			431			1,661			1,370
Corporate general and administrative		6,692			6,966			27,118			24,785
Total expenses		55,735			57,116			222,496			222,090
Other income (expense)
Income from unconsolidated real estate venture		1,332			1,088			5,498			3,374
Interest expense, net		(13,430	)		(12,648	)		(49,169	)		(47,378	)
Gain on the sale of operating properties		-			13,590			-			13,590
Impairment loss		-			-			-			(5,540	)
Net income		4,787			18,420			21,060			35,562
Non-controlling interest in Operating Partnership		(351	)		(2,126	)		(2,256	)		(4,088	)
Net income available to Easterly Government
Properties, Inc.	$	4,436		$	16,294		$	18,804		$	31,474
Net income available to Easterly Government
Properties, Inc. per share:
Basic	$	0.04		$	0.18		$	0.19		$	0.34
Diluted	$	0.04		$	0.18		$	0.19		$	0.34
Weighted-average common shares outstanding:
Basic		98,982,693			90,772,706			94,264,166			90,613,966
Diluted		99,334,449			91,136,238			94,556,055			90,948,701
Net income, per share - fully diluted basis	$	0.04		$	0.18		$	0.20		$	0.35
Weighted average common shares outstanding -
fully diluted basis		107,424,269			102,846,963			105,621,563			102,433,575
Net Operating Income<br><br>(Unaudited, in thousands)
---
	Three Months Ended						Twelve Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Net income	$	4,787		$	18,420		$	21,060		$	35,562
Depreciation and amortization		23,347			24,702			91,292			98,254
Acquisition costs		435			431			1,661			1,370
Corporate general and administrative		6,692			6,966			27,118			24,785
Interest expense		13,430			12,648			49,169			47,378
Gain on the sale of operating properties		-			(13,590	)		-			(13,590	)
Impairment loss		-			-			-			5,540
Unconsolidated real estate venture allocated share of above adjustments		2,053			1,686			7,925			5,191
Net Operating Income		50,744			51,263			198,225			204,490
Adjustments to Net Operating Income:
Straight-line rent and other non-cash adjustments		(1,230	)		(803	)		(4,012	)		(333	)
Amortization of above-/below-market leases		(678	)		(732	)		(2,730	)		(3,105	)
Amortization of deferred revenue		(1,571	)		(1,484	)		(6,249	)		(5,797	)
Unconsolidated real estate venture allocated share of above adjustments		(7	)		(335	)		(125	)		(1,501	)
Cash Net Operating Income	$	47,258		$	47,909		$	185,109		$	193,754
EBITDA<br><br>(Unaudited, in thousands)
---
	Three Months Ended					Twelve Months Ended
---	---	---	---	---	---	---	---	---	---	---
	December 31, 2023		December 31, 2022			December 31, 2023		December 31, 2022
Net income	$	4,787	$	18,420		$	21,060	$	35,562
Depreciation and amortization		23,347		24,702			91,292		98,254
Interest expense		13,430		12,648			49,169		47,378
Tax expense		302		585			1,105		931
Gain on the sale of operating properties		-		(13,590	)		-		(13,590	)
Impairment loss		-		-			-		5,540
Unconsolidated real estate venture allocated share of above adjustments		2,087		1,703			7,929		5,206
EBITDA	$	43,953	$	44,468		$	170,555	$	179,281
Pro forma adjustments(1)		79
Pro forma EBITDA	$	44,032

(1) Pro forma assuming a full quarter of operations from the three properties acquired in the fourth quarter of 2023.

FFO and CAD<br><br>(Unaudited, in thousands, except share and per share amounts)
	Three Months Ended						Twelve Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Net income	$	4,787		$	18,420		$	21,060		$	35,562
Depreciation of real estate assets		23,094			24,453			90,288			97,262
Gain on the sale of operating properties		-			(13,590	)		-			(13,590	)
Impairment loss		-			-			-			5,540
Unconsolidated real estate venture allocated share of above adjustments		2,002			1,585			7,639			4,937
FFO	$	29,883		$	30,868		$	118,987		$	129,711
Adjustments to FFO:
Loss on extinguishment of debt		-			20			14			20
Natural disaster event expense, net of recovery		(17	)		87			69			96
Depreciation of non-real estate assets		252			249			1,003			992
Unconsolidated real estate venture allocated share of above adjustments		16			17			66			66
Core FFO	$	30,134		$	31,241		$	120,139		$	130,885
FFO, per share - fully diluted basis	$	0.28		$	0.30		$	1.13		$	1.27
Core FFO, per share - fully diluted basis	$	0.28		$	0.30		$	1.14		$	1.28
Core FFO	$	30,134		$	31,241		$	120,139		$	130,885
Straight-line rent and other non-cash adjustments		(1,236	)		(970	)		(3,897	)		(410	)
Amortization of above-/below-market leases		(678	)		(732	)		(2,730	)		(3,105	)
Amortization of deferred revenue		(1,571	)		(1,484	)		(6,249	)		(5,797	)
Non-cash interest expense		272			240			1,024			934
Non-cash compensation		1,122			1,644			5,747			6,536
Natural disaster event expense, net of recovery		17			(87	)		(69	)		(96	)
Principal amortization		(1,090	)		(1,149	)		(4,316	)		(5,091	)
Maintenance capital expenditures		(4,198	)		(4,648	)		(12,474	)		(9,771	)
Contractual tenant improvements		(771	)		(2,045	)		(2,139	)		(4,134	)
Unconsolidated real estate venture allocated share of above adjustments		(139	)		(323	)		(201	)		(1,424	)
Cash Available for Distribution (CAD)	$	21,862		$	21,687		$	94,835		$	108,527
Weighted average common shares outstanding - fully diluted basis		107,424,269			102,846,963			105,621,563			102,433,575
Unconsolidated Real Estate Venture<br><br>(Unaudited, in thousands)
---
Balance Sheet Information	Balance Sheet		Easterly's Share(2)
---	---	---	---	---
	December 31, 2023		December 31, 2023
Real estate properties - net	$	449,956	$	238,477
Total assets		547,146		289,988
Total liabilities		10,854		5,753
Total preferred stockholders' equity		125		66
Total common stockholders' equity		536,167		284,169
Basis difference(1)		-		375
Total equity	$	536,292	$	284,544

(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)			Twelve Months Ended			Easterly's Share(1)
---	---	---	---	---	---	---	---	---	---	---	---	---
	December 31, 2023			December 31, 2023			December 31, 2023			December 31, 2023
Revenues
Rental income	$	10,652		$	5,646		$	40,517		$	21,474
Other income		48			25			176			93
Total Revenues		10,700			5,671			40,693			21,567
Operating expenses
Property operating		2,179			1,155			7,991			4,235
Real estate taxes		1,579			837			5,237			2,776
Depreciation and amortization		3,809			2,019			14,538			7,705
Acquisition costs		-			-			(4	)		(2	)
Asset management fees		550			291			2,110			1,118
Corporate general and administrative		22			12			255			135
Total expenses		8,139			4,314			30,127			15,967
Other expenses
Interest expense - net		(41	)		(22	)		(164	)		(87	)
Distributions to preferred shareholders		-			(3	)		-			(15	)
Net income	$	2,520		$	1,332		$	10,402		$	5,498
Depreciation and amortization		3,809			2,019			14,538			7,705
Interest expense - net		41			22			164			87
Tax expense		87			46			258			137
EBITDA	$	6,457		$	3,419		$	25,362		$	13,427
Net income	$	2,520		$	1,332		$	10,402		$	5,498
Depreciation of real estate assets		3,777			2,002			14,413			7,639
FFO	$	6,297		$	3,334		$	24,815		$	13,137
Adjustments to FFO:
Depreciation of non-real estate assets		32			16			125			66
Core FFO	$	6,329		$	3,350		$	24,940		$	13,203
Adjustments to Core FFO:
Straight-line rent and other non-cash adjustments		(13	)		(7	)		(235	)		(125	)
Non-cash interest expense		41			22			164			87
Maintenance capital expenditures		(291	)		(154	)		(327	)		(173	)
Contractual tenant improvements		-			-			18			10
Cash Available for Distribution (CAD)	$	6,066		$	3,211		$	24,560		$	13,002

(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	December 31, 2023<br>Interest Rate	December 31, 2023<br>Balance(1)		December 31, 2023<br>Percent of <br>Total Indebtedness
---	---	---	---	---	---
Unsecured debt
Revolving Credit facility	23-Jul-25(2)	S + 135 bps	$	79,000	6.1%
2016 Term Loan facility	29-Mar-24(3)	5.05%(4)		100,000	7.7%
2018 Term Loan facility	23-Jul-26	5.39%(5)		200,000	15.4%
2017 Series A Senior Notes	25-May-27	4.05%		95,000	7.3%
2017 Series B Senior Notes	25-May-29	4.15%		50,000	3.8%
2017 Series C Senior Notes	25-May-32	4.30%		30,000	2.3%
2019 Series A Senior Notes	12-Sep-29	3.73%		85,000	6.5%
2019 Series B Senior Notes	12-Sep-31	3.83%		100,000	7.7%
2019 Series C Senior Notes	12-Sep-34	3.98%		90,000	6.9%
2021 Series A Senior Notes	14-Oct-28	2.62%		50,000	3.8%
2021 Series B Senior Notes	14-Oct-30	2.89%		200,000	15.4%
Total unsecured debt	4.9 years	4.26%	$	1,079,000	82.9%
	(wtd-avg maturity)	(wtd-avg rate)
Secured mortgage debt
VA - Golden	1-Apr-24	5.00%	$	8,447	0.7%
USFS II - Albuquerque	14-Jul-26	4.46%		11,603	0.9%
ICE - Charleston	15-Jan-27	4.21%		11,998	0.9%
VA - Loma Linda	6-Jul-27	3.59%		127,500	9.8%
CBP - Savannah	10-Jul-33	3.40%		9,549	0.8%
USCIS - Kansas City	6-Aug-24	3.68%		51,500	4.0%
Total secured mortgage debt	2.9 years	3.74%	$	220,597	17.1%
	(wtd-avg maturity)	(wtd-avg rate)

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

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

(3) On January 23, 2024, we entered into the seventh amendment to the 2016 term loan facility to extend the maturity date of the loan agreement to January 30, 2025.

(4) Calculated based on one interest rate swap with a notional value of $100.0 million, which effectively fixes the interest rate at 5.05% annually based on the Company’s current consolidated leverage ratio. The interest rate swap matures on June 29, 2025, 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, which effectively fix the interest rate at 5.39% annually based on the Company’s current consolidated leverage ratio. The two interest rate swaps mature on December 23, 2024 and March 23, 2025, neither of which is coterminous with the maturity date of the 2018 term loan facility.

Debt Schedules (Cont.)<br><br>(Unaudited, in thousands)
Debt Statistics	December 31, 2023				December 31, 2023
---	---	---	---	---	---	---	---
Variable rate debt - unhedged	$	79,000		% Variable rate debt - unhedged		6.1	%
Fixed rate debt		1,220,597		% Fixed rate debt(3)		93.9	%
Total Debt(1)	$	1,299,597
Less: cash and cash equivalents		(10,250	)	Weighted average maturity	4.6 years
Net Debt	$	1,289,347		Weighted average interest rate		4.2	%
Less: Adjustment for development(2)		(54,159	)
Adjusted Net Debt	$	1,235,188

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

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

(3) Includes the Company's 2016 and 2018 term loan facilities 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
2024		4,404		59,895		100,000		164,299		12.5	%		4.60	%
2025		4,598		-		79,000		83,598		6.4	%		6.68	%
2026		3,686		6,368		200,000		210,054		16.2	%		5.34	%
2027		1,093		134,640		95,000		230,733		17.8	%		3.81	%
2028		983		-		50,000		50,983		3.9	%		2.62	%
2029		1,016		-		135,000		136,016		10.5	%		3.89	%
2030		1,049		-		200,000		201,049		15.5	%		2.89	%
2031		1,081		-		100,000		101,081		7.8	%		3.83	%
2032		1,116		-		30,000		31,116		2.4	%		4.30	%
2033		668		-		-		668		0.1	%		3.40	%
2034		-		-		90,000		90,000		6.9	%		3.98	%
Total	$	19,694	$	200,903	$	1,079,000	$	1,299,597		100.0	%

Leased Operating Property Overview<br><br>(As of December 31, 2023, 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	$	16,656,342		5.2	%	$	50.84
USCIS - Kansas City	Lee's Summit, MO	Office/Warehouse	2024 - 2042(1)	1969 / 1999		416,399		10,282,368		3.2	%		24.69
JSC - Suffolk	Suffolk, VA	Office	2028(2)	1993 / 2004		403,737		8,427,298		2.7	%		20.87
Various GSA - Chicago	Des Plaines, IL	Office	2026	1971 / 1999		188,768		7,765,015		2.5	%		41.14
FBI - Salt Lake	Salt Lake City, UT	Office	2032	2012		169,542		6,953,528		2.2	%		41.01
IRS - Fresno	Fresno, CA	Office	2033	2003		180,481		6,908,070		2.2	%		38.28
Various GSA - Portland	Portland, OR	Office	2024 - 2039(3)	2002		205,478		6,855,312		2.2	%		33.36
Various GSA - Buffalo	Buffalo, NY	Office	2025 - 2039	2004		273,678		6,822,162		2.2	%		24.93
VA - San Jose	San Jose, CA	Outpatient Clinic	2038	2018		90,085		5,770,504		1.8	%		64.06
EPA - Lenexa	Lenexa, KS	Office	2027(2)	2007 / 2012		169,585		5,732,732		1.8	%		33.80
FBI - Tampa	Tampa, FL	Office	2040	2005		138,000		5,313,544		1.7	%		38.50
FBI - San Antonio	San Antonio, TX	Office	2025	2007		148,584		5,208,055		1.6	%		35.05
PTO - Arlington	Arlington, VA	Office	2035	2009		190,546		5,028,972		1.6	%		26.39
FDA - Alameda	Alameda, CA	Laboratory	2039	2019		69,624		4,898,064		1.5	%		70.35
FBI / DEA - El Paso	El Paso, TX	Office/Warehouse	2028	1998 - 2005		203,683		4,653,875		1.5	%		22.85
FEMA - Tracy	Tracy, CA	Warehouse	2038	2018		210,373		4,650,064		1.5	%		22.10
FBI - Omaha	Omaha, NE	Office	2024	2009		112,196		4,435,691		1.4	%		39.54
TREAS - Parkersburg	Parkersburg, WV	Office	2041	2004 / 2006		182,500		4,355,673		1.4	%		23.87
FDA - Lenexa	Lenexa, KS	Laboratory	2040	2020		59,690		4,254,683		1.3	%		71.28
DOT - Lakewood	Lakewood, CO	Office	2039	2004		122,225		4,154,365		1.3	%		33.99
VA - South Bend	Mishakawa, IN	Outpatient Clinic	2032	2017		86,363		4,068,428		1.3	%		47.11
FBI - Pittsburgh	Pittsburgh, PA	Office	2027	2001		100,054		4,037,239		1.3	%		40.35
FBI - New Orleans	New Orleans, LA	Office	2029(4)	1999 / 2006		137,679		3,970,218		1.3	%		28.84
USCIS - Lincoln	Lincoln, NE	Office	2025	2005		137,671		3,937,828		1.2	%		28.60
JUD - Del Rio	Del Rio, TX	Courthouse/Office	2041	1992 / 2004		89,880		3,822,377		1.2	%		42.53
VA - Mobile	Mobile, AL	Outpatient Clinic	2033	2018		79,212		3,676,952		1.2	%		46.42
FBI - Knoxville	Knoxville, TN	Office	2025	2010		99,130		3,607,505		1.1	%		36.39
EPA - Kansas City	Kansas City, KS	Laboratory	2043	2003		55,833		3,497,886		1.1	%		62.65
FBI - Birmingham	Birmingham, AL	Office	2042	2005		96,278		3,474,546		1.1	%		36.09
ICE - Charleston	North Charleston, SC	Office	2027	1994 / 2012		65,124		3,343,735		1.1	%		51.34
USFS II - Albuquerque	Albuquerque, NM	Office	2026(2)	2011		98,720		3,340,675		1.1	%		33.84
VA - Chico	Chico, CA	Outpatient Clinic	2034	2019		51,647		3,324,046		1.0	%		64.36
FBI - Richmond	Richmond, VA	Office	2041	2001		96,607		3,307,199		1.0	%		34.23
FBI - Little Rock	Little Rock, AR	Office	2041	2001		102,377		3,217,259		1.0	%		31.43
DEA - Sterling	Sterling, VA	Laboratory	2038	2001		57,692		3,209,041		1.0	%		55.62
USFS I - Albuquerque	Albuquerque, NM	Office	2026	2006		92,455		3,194,580		1.0	%		34.55
USCIS - Tustin	Tustin, CA	Office	2034	1979 / 2019		66,818		3,159,364		1.0	%		47.28
Leased Operating Property Overview (Cont.)<br><br>(As of December 31, 2023, 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.)
DEA - Vista	Vista, CA	Laboratory	2035	2002		52,293		3,130,467		1.0	%		59.86
VA - Orange	Orange, CT	Outpatient Clinic	2034	2019		56,330		2,990,034		0.9	%		53.08
VA - Indianapolis	Brownsburg, IN	Outpatient Clinic	2041	2021		80,000		2,954,619		0.9	%		36.93
FBI - Mobile	Mobile, AL	Office	2029(2)	2001		76,112		2,826,776		0.9	%		37.14
ICE - Albuquerque	Albuquerque, NM	Office	2027	2011		71,100		2,822,205		0.9	%		39.69
JUD - El Centro	El Centro, CA	Courthouse/Office	2034	2004		43,345		2,800,983		0.9	%		64.62
DEA - Dallas Lab	Dallas, TX	Laboratory	2038	2001		49,723		2,773,342		0.9	%		55.78
DEA - Pleasanton	Pleasanton, CA	Laboratory	2035	2015		42,480		2,765,720		0.9	%		65.11
DEA - Upper Marlboro	Upper Marlboro, MD	Laboratory	2037	2002		50,978		2,745,212		0.9	%		53.85
SSA - Charleston	Charleston, WV	Office	2029(2)	1959 / 2000		110,000		2,706,668		0.9	%		24.61
FBI - Albany	Albany, NY	Office	2036	1998		69,476		2,697,700		0.9	%		38.83
TREAS - Birmingham	Birmingham, AL	Office	2029	2014		83,676		2,613,424		0.8	%		31.23
USAO - Louisville	Louisville, KY	Office	2031	2011		60,000		2,539,045		0.8	%		42.32
JUD - Charleston	Charleston, SC	Courthouse/Office	2040	1999		52,339		2,522,970		0.8	%		48.20
JUD - Jackson	Jackson, TN	Courthouse/Office	2043	1998		75,043		2,386,456		0.8	%		31.80
NARA - Broomfield	Broomfield, CO	Office/Warehouse	2032	2012		161,730		2,373,591		0.7	%		14.68
CBP - Savannah	Savannah, GA	Laboratory	2033	2013		35,000		2,267,962		0.7	%		64.80
Various GSA - Cleveland	Brooklyn Heights, OH	Office	2028 - 2040	1981 / 2021		61,384		2,262,036		0.7	%		36.85
DEA - Dallas	Dallas, TX	Office	2041	2001		71,827		2,251,355		0.7	%		31.34
NWS - Kansas City	Kansas City, MO	Office	2033(2)	1998 / 2020		94,378		2,143,349		0.7	%		22.71
GSA - Clarksburg	Clarksburg, WV	Office	2039(2)	1999		63,750		2,094,870		0.7	%		32.86
DEA - Santa Ana	Santa Ana, CA	Office	2029	2004		39,905		2,002,191		0.6	%		50.17
NPS - Omaha	Omaha, NE	Office	2029(2)	2004		62,772		1,954,754		0.6	%		31.14
DEA - North Highlands	Sacramento, CA	Office	2033	2002		37,975		1,914,312		0.6	%		50.41
VA - Golden	Golden, CO	Office/Warehouse	2026	1996 / 2011		56,753		1,769,302		0.6	%		31.18
JUD - Newport News	Newport News, VA	Courthouse/Office	2033	2008		35,005		1,660,941		0.5	%		47.45
USCG - Martinsburg	Martinsburg, WV	Office	2027	2007		59,547		1,611,989		0.5	%		27.07
JUD - Aberdeen	Aberdeen, MS	Courthouse/Office	2025	2005		46,979		1,562,188		0.5	%		33.25
VA - Charleston	North Charleston, SC	Warehouse	2024 / 2040	2020		102,718		1,553,987		0.5	%		15.13
DHS - Atlanta	Atlanta, GA	Office	2031 - 2038(5)	2008 / 2023		47,110		1,467,480		0.5	%		31.15
DEA - Albany	Albany, NY	Office	2025	2004		31,976		1,400,197		0.4	%		43.79
USAO - Springfield	Springfield, IL	Office	2038	2002		43,600		1,381,505		0.4	%		31.69
DEA - Riverside	Riverside, CA	Office	2032	1997		34,354		1,310,541		0.4	%		38.15
DEA - Birmingham	Birmingham, AL	Office	2038	2005		35,616		1,296,804		0.4	%		36.41
JUD - Council Bluffs	Council Bluffs, IA	Courthouse/Office	2041(6)	2021		28,900		1,287,379		0.4	%		44.55
SSA - Dallas	Dallas, TX	Office	2035	2005		27,200		1,061,702		0.3	%		39.03
JUD - South Bend	South Bend, IN	Courthouse/Office	2027	1996 / 2011		30,119		796,519		0.3	%		26.45
Leased Operating Property Overview (Cont.)<br><br>(As of December 31, 2023, 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.)
ICE - Louisville	Louisville, KY	Office	2036	2011		17,420		654,219		0.2	%		37.56
DEA - San Diego	San Diego, CA	Warehouse	2032	1999		16,100		556,881		0.2	%		34.59
DEA - Bakersfield	Bakersfield, CA	Office	2038	2000		9,800		487,590		0.2	%		49.75
SSA - San Diego	San Diego, CA	Office	2032	2003		10,059		447,488		0.1	%		44.49
ICE - Otay	San Diego, CA	Office	2027	2001		7,434		259,066		0.1	%		34.85
Subtotal						7,618,634	$	270,421,014		85.5	%	$	35.49
Wholly Owned State and Local Government Leased Property
CA - Anaheim	Anaheim, CA	Office	2033 / 2034	1991 / 2020		95,273		3,256,203		1.0	%		34.18
Subtotal						95,273	$	3,256,203		1.0	%	$	34.18
Wholly Owned Privately Leased Property
501 East Hunter Street - Lummus Corporation	Lubbock, TX	Warehouse/Distribution	2028(6)	2013		70,078		400,380		0.1	%		5.71
Subtotal						70,078	$	400,380		0.1	%	$	5.71
Wholly Owned Properties Total / Weighted Average						7,783,985	$	274,077,597		86.6	%	$	35.21
Leased Operating Property Overview (Cont.)<br><br>(As of December 31, 2023, 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(7)	Phoenix, AZ	Outpatient Clinic	2042	2022		257,294		10,678,873		3.4	%		41.50
VA - San Antonio(7)	San Antonio, TX	Outpatient Clinic	2041	2021		226,148		9,185,752		2.9	%		40.62
VA - Chattanooga(7)	Chattanooga, TN	Outpatient Clinic	2035	2020		94,566		4,355,633		1.4	%		46.06
VA - Lubbock(7)(8)	Lubbock, TX	Outpatient Clinic	2040	2020		120,916		4,206,784		1.3	%		34.79
VA - Marietta(7)	Marietta, GA	Outpatient Clinic	2041	2021		76,882		3,955,701		1.2	%		51.45
VA - Birmingham(7)	Irondale, AL	Outpatient Clinic	2041	2021		77,128		3,175,571		1.0	%		41.17
VA - Corpus Christi(7)	Corpus Christi, TX	Outpatient Clinic	2042	2022		69,276		2,938,590		0.9	%		42.42
VA - Columbus(7)	Columbus, GA	Outpatient Clinic	2042	2022		67,793		2,909,443		0.9	%		42.92
VA - Lenexa(7)	Lenexa, KS	Outpatient Clinic	2041	2021		31,062		1,309,622		0.4	%		42.16
Subtotal						1,021,065	$	42,715,969		13.4	%	$	41.83
Total / Weighted Average						8,805,050	$	316,793,566		100.0	%	$	35.98
Total / Weighted Average at Easterly's Share						8,325,148	$	296,717,063				$	35.64

(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. 88,672 square feet leased to four private tenants will expire between 2024-2028 and each contains renewal options.

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

(3) 37,811 square feet leased to the U.S. Army Corps of Engineers ("ACOE") will expire on February 19, 2025 and contains two five-year renewal options. 21,646 square feet leased to the Federal Bureau of Investigation ("FBI") will expire on December 31, 2024 and contains two five-year renewal options. 11,061 square feet leased to five private tenants will expire between 2025-2030 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) Lease contains one ten-year renewal option.

(5) 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. 44,075 square feet leased to the Transportation Security Administration ("TSA") was signed in February 2023, but has not yet commenced. The lease is seven years firm and contains one five-year renewal option and one three-year renewal option.

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

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

(8) Asset is subject to a ground lease where the Company is the lessee.

Tenants<br><br>(As of December 31, 2023, 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")	14.7		2,058,031		23.3	%	$	88,091,238		27.7	%
Federal Bureau of Investigation ("FBI")	8.4		1,501,720		17.0	%		52,774,609		16.7	%
Drug Enforcement Administration ("DEA")	10.8		607,064		6.9	%		27,846,156		8.8	%
Judiciary of the U.S. ("JUD")	13.4		401,610		4.6	%		16,839,813		5.3	%
U.S. Citizenship and Immigration Services ("USCIS")	12.8		520,807		5.9	%		14,955,067		4.7	%
Environmental Protection Agency ("EPA")	7.7		225,418		2.6	%		9,230,618		2.9	%
Food and Drug Administration ("FDA")	16.2		129,314		1.5	%		9,152,747		2.9	%
U.S. Joint Staff Command ("JSC")	4.4		403,737		4.6	%		8,427,298		2.7	%
Internal Revenue Service ("IRS")	9.6		233,334		2.7	%		7,998,696		2.5	%
Immigration and Customs Enforcement ("ICE")	5.0		183,894		2.1	%		7,871,695		2.5	%
Federal Aviation Administration ("FAA")	2.8		188,768		2.1	%		7,765,015		2.5	%
Bureau of the Fiscal Service ("BFS")	13.7		266,176		3.0	%		6,969,097		2.2	%
U.S. Forest Service ("USFS")	2.4		191,175		2.2	%		6,535,255		2.1	%
Social Security Administration ("SSA")	8.9		189,276		2.1	%		5,596,570		1.8	%
Patent and Trademark Office ("PTO")	11.0		190,546		2.2	%		5,028,972		1.6	%
Federal Emergency Management Agency ("FEMA")	14.8		210,373		2.4	%		4,650,064		1.5	%
Department of Transportation ("DOT")	14.8		129,659		1.5	%		4,413,431		1.4	%
U.S. Attorney Office ("USAO")	10.9		110,008		1.2	%		4,131,106		1.3	%
Customs and Border Protection ("CBP")	11.7		64,737		0.7	%		3,199,589		1.0	%
National Archives and Records Administration ("NARA")	8.4		161,730		1.8	%		2,373,591		0.7	%
National Weather Service ("NWS")	10.0		94,378		1.1	%		2,143,349		0.7	%
National Park Service ("NPS")	5.5		62,772		0.7	%		1,954,754		0.6	%
U.S. Department of Agriculture ("A")	4.1		60,257		0.7	%		1,907,054		0.6	%
General Services Administration - Other	1.7		55,807		0.6	%		1,798,673		0.6	%
U.S. Coast Guard ("USCG")	4.0		59,547		0.7	%		1,611,989		0.5	%
National Oceanic and Atmospheric Administration ("NOAA")	7.7		33,403		0.4	%		1,421,067		0.4	%
U.S. Army Corps of Engineers ("ACOE")	1.1		39,320		0.4	%		1,146,042		0.4	%
Small Business Administration ("SBA")	15.6		44,753		0.5	%		1,040,562		0.3	%
Bureau of Alcohol, Tobacco, Firearms and Explosives ("ATF")	9.2		23,775		0.3	%		743,335		0.2	%

All values are in US Dollars.

Tenants (Cont.)<br><br>(As of December 31, 2023, 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
Federal Energy Regulatory Commission ("FERC")		15.6		6,214		0.1	%		246,845		0.1	%
Department of Energy ("DOE")		9.3		4,846		0.1	%		187,782		0.1	%
U.S. Marshals Service ("USMS")		3.1		1,054		0.0	%		50,101		0.0	%
Department of Labor ("DOL")		15.1		1,004		0.0	%		32,987		0.0	%
U.S. Probation Office ("USPO")		15.1		452		0.0	%		14,863		0.0	%
Subtotal		10.7		8,454,959		96.0	%	$	308,150,030		97.3	%
State and Local Government
State of California Employee Development Department		9.9		65,133		0.7	%		2,140,000		0.7	%
State of California Department of Industrial Relations		9.8		30,140		0.3	%		1,116,203		0.4	%
New York State Court of Claims		2.8		14,274		0.2	%		393,861		0.1	%
Subtotal		9.0		109,547		1.2	%	$	3,650,064		1.2	%
Private Tenants
Other Private Tenants		4.0		77,090		0.9	%		2,022,945		0.6	%
CVS Health		1.4		39,690		0.5	%		931,928		0.3	%
St. Luke's Health System		3.0		32,043		0.4	%		907,488		0.3	%
Providence Health & Services		1.7		21,643		0.2	%		730,731		0.2	%
Lummus Corporation		4.6		70,078		0.8	%		400,380		0.1	%
Subtotal		3.4		240,544		2.8	%	$	4,993,472		1.5	%
Total / Weighted Average		10.5		8,805,050		100.0	%	$	316,793,566		100.0	%

(1) Weighted based on leased square feet.

Lease Expirations<br><br>(As of December 31, 2023, unaudited)
Year of Lease Expiration	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
---	---	---	---	---	---	---	---	---	---	---	---	---	---
2024	4		155,176		1.8	%	$	5,504,512		1.7	%	$	35.47
2025	14		629,156		7.1	%		20,639,041		6.5	%		32.80
2026	6		483,013		5.5	%		17,370,921		5.5	%		35.96
2027	9		506,510		5.8	%		18,731,963		5.9	%		36.98
2028	11		802,397		9.1	%		17,491,834		5.5	%		21.80
2029	6		510,144		5.8	%		16,074,031		5.1	%		31.51
2030	1		1,536		0.0	%		58,893		0.0	%		38.34
2031	3		117,875		1.3	%		4,613,758		1.5	%		39.14
2032	7		531,001		6.0	%		16,801,083		5.3	%		31.64
2033	9		522,122		5.9	%		20,815,244		6.6	%		39.87
Thereafter	54		4,546,120		51.7	%		178,692,286		56.4	%		39.31
Total / Weighted Average	124		8,805,050		100.0	%	$	316,793,566		100.0	%	$	35.98

Summary of Re/Development Projects<br><br>(As of December 31, 2023, 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		$	229,053	$	54,191	$	150,680	4Q 2025	4Q 2025
Total						162,000			$	229,053	$	54,191	$	150,680
Projects in Design(3)
Property Name	Location		Property Type		Total Estimated Leased Square Feet		Lease Term		Cost to Date		Anticipated Completion Date		Anticipated Lease Commencement
N/A		-		-		-		-	$	-		-		-
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.