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):

August 5, 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 August 5, 2025, we issued a press release announcing our results of operations for the second quarter ended June 30, 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 August 5, 2025, to review our second 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 August 5, 2025.
99.2	Easterly Government Properties, Inc. Supplemental Information Package for the quarter ended June 30, 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: August 5, 2025

EX-99.1

Exhibit 99.1

EASTERLY GOVERNMENT PROPERTIES

REPORTS SECOND QUARTER 2025 RESULTS

WASHINGTON, D.C. – August 5, 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 June 30, 2025.

Highlights for the Quarter Ended June 30, 2025:

Net income of $4.3 million, or $0.09 per share on a fully diluted basis
Core FFO of $34.6 million, or $0.74 per share on a fully diluted basis
Implemented a 1-for-2.5 reverse stock split (the "Reverse Stock Split") of the Company's issued and outstanding shares of common stock, which went into effect on April 28, 2025
Acquired a 289,873 square foot facility leased primarily to the District of Columbia (DC) Government with a lease through February 2038 ("DC - Capitol Plaza")
Acquired a 74,549 square foot law enforcement facility 100% leased to the General Services Administration (GSA) for the beneficial use of the U.S. Department of Homeland Security (DHS) and located near Burlington, Vermont ("DHS - Burlington")
Acquired the land to develop a 40,035 rentable square foot Federal District and Federal Magistrate Courthouse in Medford, Oregon ("JUD - Medford") with a 20-year non-cancelable lease.
Issued an aggregate of 202,721 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. These shares were then physically settled in the same quarter at a weighted average price per share of $26.42, raising net proceeds to the Company of approximately $5.3 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, and a reduction in authorized shares of common stock from 200,000,000 to 80,000,000, in proportion with the 1 for 2.5 reverse stock split, effective May 8, 2025.

“We've delivered solid results this quarter, demonstrating how strategic focus and operational discipline can drive success in government real estate,” said Darrell Crate, President & CEO of Easterly Government Properties. “Our portfolio is stronger, and renewal efforts are producing tangible outcomes.”

Financial Results for the Six Months Ended June 30, 2025:

Net income of $7.5 million, or $0.16 per share on a fully diluted basis

Core FFO of $67.7 million, or $1.46 per share on a fully diluted basis

Portfolio Operations

As of June 30, 2025, the Company or its JV owned 102 operating properties in the United States encompassing approximately 10.1 million leased square feet, including 93 operating properties that were leased primarily to

U.S. Government tenant agencies, five 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 three properties in development that the Company expects will encompass approximately 0.3 million rentable square feet upon completion.

The first 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. The third project, located in Medford, Oregon, is currently in design 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 June 30, 2025, the portfolio had a weighted average age of 16.3 years, based upon the date properties were built or renovated-to-suit, and had a weighted average remaining lease term of 9.6 years.

Acquisitions and Development Activity

Acquisitions

On April 3, 2025, the Company acquired a 289,873 square foot facility 98% leased primarily to the DC Government (S&P: AA+). The LEED Silver and Energy Star rated facility, developed in 2006, has housed the DC Government since 2009 and they have since expanded and renewed numerous times within the building. The DC Government’s most recent extension secured its tenancy through 2038 with an option to renew for an additional five years at fair market rent. The facility is located within a heavily invested, transit-oriented neighborhood in Northeast Washington, DC. Key services housed in this facility include the headquarters for DC’s Public Schools and the Department of Energy & Environment.

On May 7, 2025, the Company acquired a 74,549 square foot facility primarily leased to the DHS and located near Burlington, Vermont. DHS - Burlington is a 100% leased build-to-suit facility, designed to the exact specifications of the U.S. Government. This Level IV secure facility includes support from U.S. Customs and Border Protection (CBP), U.S. Immigration and Customs Enforcement (ICE), and ICE’s Law Enforcement Support Center (LESC). This 10-year non-cancelable GSA lease does not expire until May 2031. As the primary occupant in the facility, LESC plays an integral role in the DHS’s efforts to protect and defend the United States and serves as a single, national point of contact 24 hours a day, seven days a week, 365 days a year across three separate shifts. Agents within this facility provide a diverse support system to federal, state, tribal and local law enforcement agencies through LESC’s Enforcement Unit, which delivers immediate telephonic information to identify criminal threats, near real-time investigative referrals, and arrest warrant validation. Similarly, its Operations Unit processes biometric and biographic Immigration Alien Queries (IAQs) originating from law enforcement agencies across the country.

Development

On June 11, 2025, the Company acquired the land to develop a 40,035 rentable square foot Federal District and Federal Magistrate Courthouse in Medford, Oregon (“JUD - Medford”) with a 20-year non-cancelable lease. JUD - Medford is expected to be a state-of-the-art, two-story courthouse that is designed to meet LEED Silver for New Construction. The facility is expected to be designed according to the Government’s specific requirements for a district courthouse. In addition to the District and Federal Magistrate courtrooms, the courthouse is expected to also house the offices for both U.S. Senators, U.S. Marshal Service, a Probation Office, and U.S. Attorneys Office, all under the same 20-year non-cancelable lease. Sitework is slated to commence in the first half of 2026 with an anticipated delivery date in the second half of 2027. Once delivered, a brand-new 20-year firm term lease will commence with the GSA for the benefit of the United States Judiciary.

Balance Sheet and Capital Markets Activity

As of June 30, 2025, the Company had total indebtedness of approximately $1.7 billion comprised of $277.6 million outstanding on its senior unsecured revolving credit facility, $100.0 million outstanding on its 2016 term loan facility, $174.5 million outstanding on its 2018 term loan facility, $1.0 billion of senior unsecured notes, and $154.0 million of mortgage debt (excluding unamortized premiums and discounts and deferred financing fees). The Company's outstanding debt had a weighted average maturity of 4.4 years and a weighted average interest rate of 4.7%. Further, the Company's Net Debt to total enterprise value was 62.2% and its Adjusted Net Debt to annualized quarterly pro forma EBITDA ratio was 7.2x.

Dividend

On July 30, 2025, the Board of Directors of Easterly approved a cash dividend for the second quarter of 2025 in the amount of $0.45 per common share. The dividend will be payable August 25, 2025 to shareholders of record on August 13, 2025.

Subsequent Events

On July 2, 2025, the Company acquired the land to develop an approximately 64,000 square foot laboratory in Fort Myers, Florida. The laboratory will be primarily leased to the Florida Department of Law Enforcement over a 25-year non-cancelable term with two five-year renewal options.

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 maintaining 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, provision for (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.

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 Q2 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 August 5, 2025 to review the second 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.

Allison Marino

Executive Vice President, Chief Financial Officer

202-830-3349

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	2,682,915		$	2,572,095
Cash and cash equivalents	4,697			19,353
Restricted cash	9,354			8,451
Tenant accounts receivable	75,506			71,172
Investment in unconsolidated real estate venture	310,514			316,521
Real estate loan receivable, net	31,942			34,081
Intangible assets, net	188,006			161,425
Interest rate swaps	-			717
Prepaid expenses and other assets	56,493			39,256
Total assets	3,359,427		$	3,223,071
Liabilities
Revolving credit facility	277,550			274,550
Term loan facilities, net	273,524			274,009
Notes payable, net	1,018,398			894,676
Mortgage notes payable, net	153,420			155,586
Intangible liabilities, net	13,331			14,885
Deferred revenue	118,659			120,977
Interest rate swaps	2,903			-
Accounts payable, accrued expenses and other liabilities	115,110			101,271
Total liabilities	1,972,895			1,835,954
Equity
Common stock, par value 0.01, 80,000,000 shares authorized, 45,354,115 and 43,188,224 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	453			432
Additional paid-in capital(1)	1,934,279			1,874,193
Retained earnings	139,052			131,854
Cumulative dividends	(734,864	)		(686,044	)
Accumulated other comprehensive income (loss)	(4,591	)		683
Total stockholders' equity	1,334,329			1,321,118
Non-controlling interest in Operating Partnership	52,203			65,999
Total equity	1,386,532			1,387,117
Total liabilities and equity	3,359,427		$	3,223,071

All values are in US Dollars.

(1) As of December 31, 2024 and June 30, 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						Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Revenues
Rental income	$	80,367		$	72,183		$	155,913		$	142,929
Tenant reimbursements		1,895			2,814			2,921			3,831
Asset management income		622			551			1,244			1,101
Other income		1,350			673			2,831			1,160
Total revenues		84,234			76,221			162,909			149,021
Expenses
Property operating		19,210			18,118			37,009			34,710
Real estate taxes		8,486			7,843			16,443			16,072
Depreciation and amortization		28,534			24,086			55,331			47,886
Acquisition costs		362			408			669			827
Corporate general and administrative		6,807			6,910			13,022			13,365
Provision for (recovery of) credit losses		(539	)		218			(777	)		218
Total expenses		62,860			57,583			121,697			113,078
Other income (expense)
Income from unconsolidated real estate venture		1,840			1,377			3,662			2,792
Interest expense, net		(18,960	)		(15,165	)		(37,337	)		(29,001	)
Net income		4,254			4,850			7,537			9,734
Non-controlling interest in Operating Partnership		(183	)		(239	)		(339	)		(497	)
Net income available to Easterly Government
Properties, Inc.	$	4,071		$	4,611		$	7,198		$	9,237
Net income available to Easterly Government
Properties, Inc. per share:
Basic	$	0.09		$	0.11		$	0.16		$	0.22
Diluted	$	0.09		$	0.11		$	0.15		$	0.22
Weighted-average common shares outstanding:
Basic		45,011,585			41,165,590			44,122,803			40,981,423
Diluted		45,111,753			41,280,249			44,230,123			41,091,880
Net income, per share - fully diluted basis	$	0.09		$	0.11		$	0.16		$	0.23
Weighted average common shares outstanding -
fully diluted basis		47,043,923			43,312,045			46,236,779			43,199,342

EBITDA

(Unaudited, in thousands)

	Three Months Ended					Six Months Ended
	June 30, 2025		June 30, 2024			June 30, 2025		June 30, 2024
Net income	$	4,254	$	4,850		$	7,537	$	9,734
Depreciation and amortization		28,534		24,086			55,331		47,886
Interest expense		18,960		15,165			37,337		29,001
Tax expense		193		(293	)		356		(27	)
Unconsolidated real estate venture allocated share of above adjustments		2,341		2,081			4,682		4,155
EBITDA	$	54,282	$	45,889		$	105,243	$	90,749
Pro forma adjustments(1)		260
Pro forma EBITDA	$	54,542

(1) Pro forma assuming a full quarter of operations from the two operating properties acquired in the second quarter of 2025.

FFO and CAD

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

	Three Months Ended						Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net income	$	4,254		$	4,850		$	7,537		$	9,734
Depreciation of real estate assets		28,282			23,834			54,828			47,383
Unconsolidated real estate venture allocated share of above adjustments		2,280			2,006			4,559			4,008
FFO	$	34,816		$	30,690		$	66,924		$	61,125
Adjustments to FFO:
Loss on extinguishment of debt and modification costs	$	-		$	258		$	900		$	258
Provision for (recovery of) credit losses		(539	)		218			(777	)		218
Natural disaster event expense, net of recovery		47			(61	)		70			(8	)
Depreciation of non-real estate assets		252			252			503			503
Unconsolidated real estate venture allocated share of above adjustments		16			16			33			33
Core FFO	$	34,592		$	31,373		$	67,653		$	62,129
FFO, per share - fully diluted basis	$	0.74		$	0.71		$	1.45		$	1.41
Core FFO, per share - fully diluted basis	$	0.74		$	0.72		$	1.46		$	1.44
Core FFO	$	34,592		$	31,373		$	67,653		$	62,129
Straight-line rent and other non-cash adjustments		(300	)		(918	)		(49	)		(1,774	)
Amortization of above-/below-market leases		(488	)		(480	)		(1,006	)		(1,074	)
Amortization of deferred revenue		(1,863	)		(1,759	)		(3,625	)		(3,363	)
Non-cash interest expense		855			389			1,614			696
Non-cash compensation		1,395			1,160			2,816			2,389
Natural Disaster event expense, net of recovery		(47	)		61			(70	)		8
Principal amortization		(1,137	)		(1,078	)		(2,264	)		(2,195	)
Maintenance capital expenditures		(3,720	)		(3,813	)		(4,005	)		(5,537	)
Contractual tenant improvements		-			(129	)		(612	)		(573	)
Unconsolidated real estate venture allocated share of above adjustments		11			-			(9	)		(15	)
Cash Available for Distribution (CAD)	$	29,298		$	24,806		$	60,443		$	50,691
Weighted average common shares outstanding - fully diluted basis		47,043,923			43,312,045			46,236,779			43,199,342

Net Debt and Adjusted Net Debt

(Unaudited, in thousands)

	June 30, 2025
Total Debt(1)	$	1,731,084
Less: Cash and cash equivalents		(5,789	)
Less: property acquisition closing escrow, net of deposit		(290	)
Net Debt	$	1,725,005
Less: Adjustment for development projects(2)		(148,585	)
Adjusted Net Debt	$	1,576,420

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 June 30, 2025 that will be released in our Form 10-Q to be filed with the SEC on or about August 5, 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, and a reduction in authorized shares of common stock from 200,000,000 to 80,000,000, in proportion to the 1-for 2.5 reverse stock split, effective May 8, 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	Allison Marino
Suite 775 North		or 202-830-3349 to request an	EVP, CFO
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	Christopher Wang, EVP Acquisitions
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 June 30, 2025			Earnings		Three months ended June 30, 2024
---	---	---	---	---	---	---	---
Common shares		45,295,422		Net income available to Easterly Government Properties, Inc.	4,071	$	4,611
Unvested restricted shares		58,693		Net income available to Easterly Government Properties, Inc.
Common partnership and vested LTIP units		1,774,405		per share:
Total - fully diluted basis		47,128,520		Basic	0.09	$	0.11
				Diluted	0.09	$	0.11
Market Capitalization	At June 30, 2025			Net income	4,254	$	4,850
Price of Common Shares	$	22.20		Net income, per share - fully diluted basis	0.09	$	0.11
Total equity market capitalization - fully diluted basis	$	1,046,253		Funds From Operations (FFO)	34,816	$	30,690
Net Debt	$	1,725,005		FFO, per share - fully diluted basis	0.74	$	0.71
Total enterprise value	$	2,771,258
				Core FFO	34,592	$	31,373
				Core FFO, per share - fully diluted basis	0.74	$	0.72
Ratios	At June 30, 2025
Net debt to total enterprise value		62.2	%	Cash Available for Distribution (CAD)	29,298	$	24,806
Net debt to annualized quarterly EBITDA		7.9	x
Adjusted Net Debt to annualized quarterly pro forma EBITDA		7.2	x	Liquidity
Cash interest coverage ratio		3.0	x	Cash and cash equivalents		$	5,789
Cash fixed charge coverage ratio		2.8	x	Available under 400 million senior unsecured 2024 revolving credit facility(1)		$	122,325

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	2,682,915		$	2,572,095
Cash and cash equivalents	4,697			19,353
Restricted cash	9,354			8,451
Tenant accounts receivable	75,506			71,172
Investment in unconsolidated real estate venture	310,514			316,521
Real estate loan receivable, net	31,942			34,081
Intangible assets, net	188,006			161,425
Interest rate swaps	-			717
Prepaid expenses and other assets	56,493			39,256
Total assets	3,359,427		$	3,223,071
Liabilities
Revolving credit facility	277,550			274,550
Term loan facilities, net	273,524			274,009
Notes payable, net	1,018,398			894,676
Mortgage notes payable, net	153,420			155,586
Intangible liabilities, net	13,331			14,885
Deferred revenue	118,659			120,977
Interest rate swaps	2,903			-
Accounts payable, accrued expenses and other liabilities	115,110			101,271
Total liabilities	1,972,895			1,835,954
Equity
Common stock, par value 0.01, 80,000,000 shares authorized, 45,354,115 and 43,188,224 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	453			432
Additional paid-in capital(1)	1,934,279			1,874,193
Retained earnings	139,052			131,854
Cumulative dividends	(734,864	)		(686,044	)
Accumulated other comprehensive income (loss)	(4,591	)		683
Total stockholders' equity	1,334,329			1,321,118
Non-controlling interest in Operating Partnership	52,203			65,999
Total equity	1,386,532			1,387,117
Total liabilities and equity	3,359,427		$	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						Six Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Revenues
Rental income	$	80,367		$	72,183		$	155,913		$	142,929
Tenant reimbursements		1,895			2,814			2,921			3,831
Asset management income		622			551			1,244			1,101
Other income		1,350			673			2,831			1,160
Total revenues		84,234			76,221			162,909			149,021
Expenses
Property operating		19,210			18,118			37,009			34,710
Real estate taxes		8,486			7,843			16,443			16,072
Depreciation and amortization		28,534			24,086			55,331			47,886
Acquisition costs		362			408			669			827
Corporate general and administrative		6,807			6,910			13,022			13,365
Provision for (recovery of) credit losses		(539	)		218			(777	)		218
Total expenses		62,860			57,583			121,697			113,078
Other income (expense)
Income from unconsolidated real estate venture		1,840			1,377			3,662			2,792
Interest expense, net		(18,960	)		(15,165	)		(37,337	)		(29,001	)
Net income		4,254			4,850			7,537			9,734
Non-controlling interest in Operating Partnership		(183	)		(239	)		(339	)		(497	)
Net income available to Easterly Government
Properties, Inc.	$	4,071		$	4,611		$	7,198		$	9,237
Net income available to Easterly Government
Properties, Inc. per share:
Basic	$	0.09		$	0.11		$	0.16		$	0.22
Diluted	$	0.09		$	0.11		$	0.15		$	0.22
Weighted-average common shares outstanding:
Basic		45,011,585			41,165,590			44,122,803			40,981,423
Diluted		45,111,753			41,280,249			44,230,123			41,091,880
Net income, per share - fully diluted basis	$	0.09		$	0.11		$	0.16		$	0.23
Weighted average common shares outstanding -
fully diluted basis		47,043,923			43,312,045			46,236,779			43,199,342
Net Operating Income<br><br>(Unaudited, in thousands)
---
	Three Months Ended						Six Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net income	$	4,254		$	4,850		$	7,537		$	9,734
Depreciation and amortization		28,534			24,086			55,331			47,886
Acquisition costs		362			408			669			827
Corporate general and administrative		6,807			6,910			13,022			13,365
Provision for (recovery of) credit losses		(539	)		218			(777	)		218
Interest expense		18,960			15,165			37,337			29,001
Unconsolidated real estate venture allocated share of above adjustments		2,340			2,070			4,720			4,156
Net Operating Income		60,718			53,707			117,839			105,187
Adjustments to Net Operating Income:
Straight-line rent and other non-cash adjustments		(283	)		(907	)		(15	)		(1,751	)
Amortization of above-/below-market leases		(488	)		(480	)		(1,006	)		(1,074	)
Amortization of deferred revenue		(1,863	)		(1,759	)		(3,625	)		(3,363	)
Unconsolidated real estate venture allocated share of above adjustments		24			24			50			48
Cash Net Operating Income	$	58,108		$	50,585		$	113,243		$	99,047
EBITDA<br><br>(Unaudited, in thousands)
---
	Three Months Ended					Six Months Ended
---	---	---	---	---	---	---	---	---	---	---
	June 30, 2025		June 30, 2024			June 30, 2025		June 30, 2024
Net income	$	4,254	$	4,850		$	7,537	$	9,734
Depreciation and amortization		28,534		24,086			55,331		47,886
Interest expense		18,960		15,165			37,337		29,001
Tax expense		193		(293	)		356		(27	)
Unconsolidated real estate venture allocated share of above adjustments		2,341		2,081			4,682		4,155
EBITDA	$	54,282	$	45,889		$	105,243	$	90,749
Pro forma adjustments(1)		260
Pro forma EBITDA	$	54,542

(1) Pro forma assuming a full quarter of operations from the two operating properties acquired in the second quarter of 2025.

FFO and CAD<br><br>(Unaudited, in thousands, except share and per share amounts)
	Three Months Ended						Six Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net income	$	4,254		$	4,850		$	7,537		$	9,734
Depreciation of real estate assets		28,282			23,834			54,828			47,383
Unconsolidated real estate venture allocated share of above adjustments		2,280			2,006			4,559			4,008
FFO	$	34,816		$	30,690		$	66,924		$	61,125
Adjustments to FFO:
Loss on extinguishment of debt and modification costs	$	-		$	258		$	900		$	258
Provision for (recovery of) credit losses		(539	)		218			(777	)		218
Natural disaster event expense, net of recovery		47			(61	)		70			(8	)
Depreciation of non-real estate assets		252			252			503			503
Unconsolidated real estate venture allocated share of above adjustments		16			16			33			33
Core FFO	$	34,592		$	31,373		$	67,653		$	62,129
FFO, per share - fully diluted basis	$	0.74		$	0.71		$	1.45		$	1.41
Core FFO, per share - fully diluted basis	$	0.74		$	0.72		$	1.46		$	1.44
Core FFO	$	34,592		$	31,373		$	67,653		$	62,129
Straight-line rent and other non-cash adjustments		(300	)		(918	)		(49	)		(1,774	)
Amortization of above-/below-market leases		(488	)		(480	)		(1,006	)		(1,074	)
Amortization of deferred revenue		(1,863	)		(1,759	)		(3,625	)		(3,363	)
Non-cash interest expense		855			389			1,614			696
Non-cash compensation		1,395			1,160			2,816			2,389
Natural Disaster event expense, net of recovery		(47	)		61			(70	)		8
Principal amortization		(1,137	)		(1,078	)		(2,264	)		(2,195	)
Maintenance capital expenditures		(3,720	)		(3,813	)		(4,005	)		(5,537	)
Contractual tenant improvements		-			(129	)		(612	)		(573	)
Unconsolidated real estate venture allocated share of above adjustments		11			-			(9	)		(15	)
Cash Available for Distribution (CAD)	$	29,298		$	24,806		$	60,443		$	50,691
Weighted average common shares outstanding - fully diluted basis		47,043,923			43,312,045			46,236,779			43,199,342

Unconsolidated Real Estate Venture

(Unaudited, in thousands)

Balance Sheet Information	Balance Sheet		Easterly's Share(2)
	June 30, 2025		June 30, 2025
Real estate properties - net	$	495,900	$	262,827
Total assets		596,539		316,165
Total liabilities		11,246		5,960
Total preferred stockholders' equity		125		66
Total common stockholders' equity		585,168		310,139
Basis difference(1)		-		375
Total equity	$	585,293	$	310,514

(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)			Six Months Ended			Easterly's Share(1)
---	---	---	---	---	---	---	---	---	---	---	---	---
	June 30, 2025			June 30, 2025			June 30, 2025			June 30, 2025
Revenues
Rental income	$	12,632		$	6,695		$	25,217		$	13,365
Other income		42			22			79			42
Total Revenues		12,674			6,717			25,296			13,407
Operating expenses
Property operating		2,631			1,395			5,169			2,740
Real estate taxes		1,533			813			3,067			1,626
Depreciation and amortization		4,332			2,296			8,663			4,592
Acquisition costs		-			-			5			3
Asset management fees		621			329			1,243			659
Corporate general and administrative		44			22			155			81
Total expenses		9,161			4,855			18,302			9,701
Other expenses
Interest expense		(41	)		(22	)		(82	)		(44	)
Net income	$	3,472		$	1,840		$	6,912		$	3,662
Depreciation and amortization		4,332			2,296			8,663			4,592
Interest expense		41			22			82			44
Tax expense		43			23			87			46
EBITDA	$	7,888		$	4,181		$	15,744		$	8,344
Net income	$	3,472		$	1,840		$	6,912		$	3,662
Depreciation of real estate assets		4,301			2,280			8,601			4,559
FFO	$	7,773		$	4,120		$	15,513		$	8,221
Adjustments to FFO:
Depreciation of non-real estate assets		31			16			62			33
Core FFO	$	7,804		$	4,136		$	15,575		$	8,254
Adjustments to Core FFO:
Straight-line rent and other non-cash adjustments		46			24			92			49
Non-cash interest expense		41			21			82			43
Maintenance capital expenditures		(66	)		(35	)		(139	)		(74	)
Contractual tenant improvements		-			-			(52	)		(28	)
Cash Available for Distribution (CAD)	$	7,825		$	4,146		$	15,558		$	8,244

(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	June 30, 2025<br>Interest Rate	June 30, 2025<br>Balance(1)		June 30, 2025<br>Percent of <br>Total Indebtedness
---	---	---	---	---	---
Unsecured debt
2024 Revolving Credit facility	3-Jun-28(2)	S + 145 bps(3)		277,550	16.0%
2016 Term Loan facility	28-Jan-28(4)	5.31%(5)		100,000	5.8%
2018 Term Loan facility	23-Jul-26	5.09%(6)		174,500	10.1%
2017 Series A Senior Notes	25-May-27	4.05%		95,000	5.5%
2017 Series B Senior Notes	25-May-29	4.15%		50,000	2.9%
2017 Series C Senior Notes	25-May-32	4.30%		30,000	1.7%
2019 Series A Senior Notes	12-Sep-29	3.73%		85,000	4.9%
2019 Series B Senior Notes	12-Sep-31	3.83%		100,000	5.8%
2019 Series C Senior Notes	12-Sep-34	3.98%		90,000	5.2%
2021 Series A Senior Notes	14-Oct-28	2.62%		50,000	2.9%
2021 Series B Senior Notes	14-Oct-30	2.89%		200,000	11.6%
2024 Series A Senior Notes	28-May-33	6.56%		150,000	8.7%
2024 Series B Senior Notes	13-Aug-33	6.56%		50,000	2.9%
2025 Series A Senior Notes	20-Mar-30	6.13%		25,000	1.4%
2025 Series B Senior Notes	20-Mar-32	6.33% (7)		100,000	5.7%
Total unsecured debt	4.6 years	4.81%	$	1,577,050	91.1%
	(wtd-avg maturity)	(wtd-avg rate)
Secured mortgage debt
USFS II - Albuquerque	14-Jul-26	4.46%		8,580	0.5%
ICE - Charleston	15-Jan-27	4.21%		9,714	0.6%
VA - Loma Linda	6-Jul-27	3.59%		127,500	7.4%
CBP - Savannah	10-Jul-33	3.40%		8,240	0.4%
Total secured mortgage debt	2.3 years	3.67%	$	154,034	8.9%
	(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 March 24, 2025 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 June 30, 2025, $252.1 million of amounts outstanding under our 2024 revolving credit facility had a floating rate of 4.29% under USD SOFR with a five day lookback.

(4) 2016 term loan facility has two one-year as-of-right extension options, subject to certain conditions and the payment of an extension fee.

(5) 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.

(6) Calculated based on three 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 5.09% annually based on the Company’s current consolidated leverage ratio. The three interest rate swaps mature on April 1, 2028, July 1, 2028 and July 1, 2028, none of which are coterminous with the maturity date of the 2018 term loan facility.

(7) 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	June 30, 2025				June 30, 2025
---	---	---	---	---	---	---	---
Variable rate debt - unhedged	$	252,050		% Variable rate debt - unhedged		14.6	%
Fixed rate debt		1,479,034		% Fixed rate debt(3)		85.4	%
Total Debt(1)	$	1,731,084
Less: cash and cash equivalents		(5,789	)	Weighted average maturity	4.4 years
Less: property acquisition closing escrow, net of deposit		(290	)	Weighted average interest rate		4.7	%
Net Debt	$	1,725,005
Less: Adjustment for development(2)		(148,585	)
Adjusted Net Debt	$	1,576,420

(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 16 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		2,334		-		-		2,334		0.0	%		0.00	%
2026		3,686		6,368		174,500		184,554		10.5	%		5.06	%
2027		1,093		134,640		95,000		230,733		13.4	%		3.80	%
2028		983		-		427,550		428,533		24.9	%		5.24	%
2029		1,016		-		135,000		136,016		7.9	%		3.89	%
2030		1,049		-		225,000		226,049		13.1	%		3.25	%
2031		1,081		-		100,000		101,081		5.8	%		3.83	%
2032		1,116		-		130,000		131,116		7.6	%		5.86	%
2033		668		-		200,000		200,668		11.6	%		6.43	%
2034		-		-		90,000		90,000		5.2	%		3.98	%
Total	$	13,026	$	141,008	$	1,577,050	$	1,731,084		100.0	%

Leased Operating Property Overview<br><br>(As of June 30, 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	$	16,793,387		4.5	%	$	51.26
USCIS - Kansas City	Lee's Summit, MO	Office	2028 - 2042(1)	1969 / 1999		417,945		10,344,064		2.7	%		24.75
JSC - Suffolk	Suffolk, VA	Specialized Facility	2028(2)	1993 / 2004		403,737		8,540,398		2.2	%		21.15
Various GSA - Chicago	Des Plaines, IL	Office	2026	1971 / 1999		188,768		7,801,422		2.0	%		41.33
IRS - Fresno	Fresno, CA	Office	2033	2003		180,481		6,915,832		1.9	%		38.32
FBI - Salt Lake	Salt Lake City, UT	Specialized Facility	2032	2012		169,542		6,809,183		1.8	%		40.16
Various GSA - Portland	Portland, OR	Office	2025 - 2039(3)	2002		199,565		6,674,355		1.8	%		33.44
Various GSA - Buffalo	Buffalo, NY	Office	2025 - 2039	2004		273,678		6,489,343		1.8	%		23.71
VA - San Jose	San Jose, CA	Outpatient Clinic	2038	2018		90,085		5,815,725		1.6	%		64.56
EPA - Lenexa	Lenexa, KS	Office	2027(2)	2007 / 2012		169,585		5,796,626		1.6	%		34.18
FBI - Tampa	Tampa, FL	Specialized Facility	2040	2005		138,000		5,314,467		1.4	%		38.51
FBI - San Antonio	San Antonio, TX	Specialized Facility	2025	2007		148,584		5,232,733		1.4	%		35.22
FDA - Alameda	Alameda, CA	Laboratory	2039	2019		69,624		4,966,674		1.3	%		71.34
FBI / DEA - El Paso	El Paso, TX	Specialized Facility	2028	1998 - 2005		203,683		4,879,899		1.3	%		23.96
PTO - Arlington	Arlington, VA	Specialized Facility	2035	2009		190,546		4,773,566		1.3	%		25.05
FEMA - Tracy	Tracy, CA	Warehouse	2038	2018		210,373		4,652,865		1.3	%		22.12
TREAS - Parkersburg	Parkersburg, WV	Office	2041	2004 / 2006		182,500		4,419,159		1.2	%		24.21
FDA - Lenexa	Lenexa, KS	Laboratory	2040	2020		59,690		4,333,387		1.2	%		72.60
FBI - Mobile	Mobile, AL	Specialized Facility	2029(2)	2001		76,112		4,286,736		1.2	%		56.32
FBI - Pittsburgh	Pittsburgh, PA	Specialized Facility	2027	2001		100,054		4,153,115		1.1	%		41.51
ICE - Dallas	Irvine, TX	Specialized Facility	2032 / 2040(4)	2000 / 2020		135,200		4,135,588		1.1	%		30.59
VA - South Bend	Mishakawa, IN	Outpatient Clinic	2032	2017		86,363		4,094,780		1.1	%		47.41
VA - Mobile	Mobile, AL	Outpatient Clinic	2033	2018		79,212		3,996,712		1.1	%		50.46
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		3,959,898		1.1	%		35.29
USCIS - Lincoln	Lincoln, NE	Office	2025	2005		137,671		3,936,879		1.1	%		28.60
FBI - Knoxville	Knoxville, TN	Specialized Facility	2025	2010		99,130		3,629,035		1.0	%		36.61
FBI - Birmingham	Birmingham, AL	Specialized Facility	2042	2005		96,278		3,583,919		1.0	%		37.22
EPA - Kansas City	Kansas City, KS	Laboratory	2043	2003		55,833		3,574,923		1.0	%		64.03
FBI - Albany	Albany, NY	Specialized Facility	2036	1998		69,476		3,563,440		1.0	%		51.29
USFS II - Albuquerque	Albuquerque, NM	Office	2031	2011		98,720		3,497,292		0.9	%		35.43
DOT - Lakewood	Lakewood, CO	Office	2039	2004		116,046		3,396,276		0.9	%		29.27
ICE - Charleston	North Charleston, SC	Specialized Facility	2027	1994 / 2012		65,124		3,392,940		0.9	%		52.10
FBI - Richmond	Richmond, VA	Specialized Facility	2041	2001		96,607		3,366,454		0.9	%		34.85
VA - Chico	Chico, CA	Outpatient Clinic	2034	2019		51,647		3,343,379		0.9	%		64.74
JUD - Del Rio	Del Rio, TX	Federal Courthouse	2041	1992 / 2004		89,880		3,316,384		0.9	%		36.90
DEA - Sterling	Sterling, VA	Laboratory	2038	2001		57,692		3,282,887		0.9	%		56.90
Leased Operating Property Overview (Cont.)<br><br>(As of June 30, 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.)
FBI - Little Rock	Little Rock, AR	Specialized Facility	2041	2001		102,377		3,237,405		0.9	%		31.62
DEA - Vista	Vista, CA	Laboratory	2035	2002		52,293		3,147,780		0.9	%		60.20
USCIS - Tustin	Tustin, CA	Office	2034	1979 / 2019		66,818		3,142,255		0.9	%		47.03
VA - Indianapolis	Brownsburg, IN	Outpatient Clinic	2041	2021		80,000		2,973,092		0.8	%		37.16
VA - Orange	Orange, CT	Outpatient Clinic	2034	2019		56,330		2,958,926		0.8	%		52.53
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		2,822,514		0.8	%		25.66
JUD - El Centro	El Centro, CA	Federal Courthouse	2034	2004		43,345		2,815,302		0.8	%		64.95
DHS - Burlington	Williston, VT	Specialized Facility	2031(2)	2000		74,549		2,814,155		0.8	%		37.75
DEA - Dallas Lab	Dallas, TX	Laboratory	2038	2001		49,723		2,805,696		0.8	%		56.43
DEA - Pleasanton	Pleasanton, CA	Laboratory	2035	2015		42,480		2,788,150		0.8	%		65.63
DEA - Upper Marlboro	Upper Marlboro, MD	Laboratory	2037	2002		50,978		2,773,789		0.8	%		54.41
NARA - Broomfield	Broomfield, CO	Warehouse	2032	2012		161,730		2,697,002		0.7	%		16.68
TREAS - Birmingham	Birmingham, AL	Office	2029	2014		83,676		2,602,746		0.7	%		31.11
DHS - Atlanta	Atlanta, GA	Specialized Facility	2031 - 2038(6)	2008 / 2023		91,185		2,590,303		0.7	%		28.41
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		2,373,650		0.6	%		23.74
DEA - Dallas	Dallas, TX	Specialized Facility	2041	2001		71,827		2,351,827		0.6	%		32.74
CBP - Savannah	Savannah, GA	Laboratory	2033	2013		35,000		2,298,792		0.6	%		65.68
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		2,028,518		0.6	%		50.83
DEA - Riverside	Riverside, CA	Specialized Facility	2032	1997		34,354		2,024,309		0.5	%		58.92
DEA - North Highlands	Sacramento, CA	Specialized Facility	2033	2002		37,975		1,893,238		0.5	%		49.85
GSA - Clarksburg	Clarksburg, WV	Office	2039(2)	1999		70,495		1,892,566		0.5	%		26.85
JUD - Aberdeen	Aberdeen, MS	Federal Courthouse	2040	2005		45,194		1,890,924		0.5	%		41.84
NPS - Omaha	Omaha, NE	Specialized Facility	2029	2004		62,772		1,866,451		0.5	%		29.73
VA - Golden	Golden, CO	Warehouse	2026	1996 / 2011		56,753		1,781,875		0.5	%		31.40
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		0.4	%		27.36
VA - Charleston	North Charleston, SC	Warehouse	2040	2020		97,718		1,511,163		0.4	%		15.46
JUD - Council Bluffs	Council Bluffs, IA	Federal Courthouse	2041(7)	2021		28,900		1,368,502		0.4	%		47.35
USAO - Springfield	Springfield, IL	Specialized Facility	2038	2002		43,600		1,356,930		0.4	%		31.12
DEA - Birmingham	Birmingham, AL	Specialized Facility	2038	2005		35,616		1,260,657		0.3	%		35.40
Leased Operating Property Overview (Cont.)<br><br>(As of June 30, 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.)
DEA - Albany	Albany, NY	Specialized Facility	2042	2004		31,976		1,186,749		0.3	%		37.11
HSI - Orlando	Orlando, FL	Specialized Facility	2036	2006		27,840		1,082,677		0.3	%		38.89
SSA - Dallas	Dallas, TX	Specialized Facility	2035	2005		27,200		1,066,875		0.3	%		39.22
JUD - South Bend	South Bend, IN	Federal Courthouse	2027	1996 / 2011		30,119		813,135		0.2	%		27.00
ICE - Louisville	Louisville, KY	Specialized Facility	2036	2011		17,420		662,835		0.2	%		38.05
DEA - San Diego	San Diego, CA	Warehouse	2032	1999		16,100		563,454		0.2	%		35.00
DEA - Bakersfield	Bakersfield, CA	Specialized Facility	2038	2000		9,800		496,834		0.1	%		50.70
SSA - San Diego	San Diego, CA	Specialized Facility	2032	2003		10,059		452,860		0.1	%		45.02
ICE - Otay	San Diego, CA	Office	2027	2001		7,434		262,497		0.1	%		35.31
Subtotal						7,946,677	$	283,418,381		76.9	%	$	35.67
Wholly Owned State and Local Government Leased Property
DC - Capitol Plaza	Washington, DC	Office	2027 - 2038(8)	2006		284,688		17,599,954		4.8	%		61.82
Wake County III - Cary	Cary, NC	Office	2027 / 2034(9)	1997		113,722		3,495,664		0.9	%		30.74
CA - Anaheim	Anaheim, CA	Office	2033 / 2034	1991 / 2020		95,273		3,364,379		0.9	%		35.31
Wake County II - Cary	Cary, NC	Office	2034(10)	1994		98,340		2,840,676		0.8	%		28.89
Wake County I - Cary	Cary, NC	Office	2034(10)	1991		75,401		2,222,073		0.6	%		29.47
Subtotal						667,424	$	29,522,746		8.0	%	$	44.23
Wholly Owned Privately Leased Property
Northrop Grumman - Dayton	Beavercreek, OH	Specialized Facility	2029(7)	2012		99,246		2,629,161		0.7	%		26.49
Northrop Grumman - Aurora	Aurora, CO	Specialized Facility	2032(7)	2002		104,136		2,368,386		0.6	%		22.74
501 East Hunter Street - Lummus Corporation	Lubbock, TX	Warehouse	2028(7)	2013		70,078		412,024		0.1	%		5.88
Subtotal						273,460	$	5,409,571		1.4	%	$	19.78
Wholly Owned Properties Total / Weighted Average						8,887,561	$	318,350,698		86.3	%	$	35.82
Leased Operating Property Overview (Cont.)<br><br>(As of June 30, 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(11)	Phoenix, AZ	Outpatient Clinic	2042	2022		257,294		10,798,608		2.9	%		41.97
VA - San Antonio(11)	San Antonio, TX	Outpatient Clinic	2041	2021		226,148		9,301,800		2.5	%		41.13
VA - Jacksonville(11)	Jacksonville, FL	Outpatient Clinic	2043	2023		193,100		7,342,700		2.0	%		38.03
VA - Chattanooga(11)	Chattanooga, TN	Outpatient Clinic	2035	2020		94,566		4,383,594		1.2	%		46.35
VA - Lubbock(11)(12)	Lubbock, TX	Outpatient Clinic	2040	2020		120,916		4,259,993		1.2	%		35.23
VA - Marietta(11)	Marietta, GA	Outpatient Clinic	2041	2021		76,882		3,843,098		1.0	%		49.99
VA - Birmingham(11)	Irondale, AL	Outpatient Clinic	2041	2021		77,128		3,192,361		0.9	%		41.39
VA - Corpus Christi(11)	Corpus Christi, TX	Outpatient Clinic	2042	2022		69,276		2,974,771		0.8	%		42.94
VA - Columbus(11)	Columbus, GA	Outpatient Clinic	2042	2022		67,793		2,925,752		0.8	%		43.16
VA - Lenexa(11)	Lenexa, KS	Outpatient Clinic	2041	2021		31,062		1,355,340		0.4	%		43.63
Subtotal						1,214,165	$	50,378,017		13.7	%	$	41.49
Total / Weighted Average						10,101,726	$	368,728,715		100.0	%	$	36.50
Total / Weighted Average at Easterly's Share						9,531,067	$	345,051,047				$	36.20

(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 option. 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) 237,118 square feet leased to the District of Columbia Government will expire on February 28, 2038 and contains one five-year renewal option. 20,299 square feet leased to four private tenants will expire between 2027-2031 and each contains renewal options. 26,327 square feet leased to the Internal Revenue Service ("IRS") will expire on December 21, 2029.

(9) 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.

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

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

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

Tenants<br><br>(As of June 30, 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")	13.7		2,251,131		22.4	%	$	96,117,145		26.0	%
Federal Bureau of Investigation ("FBI")	8.5		1,498,607		14.8	%		54,862,403		14.9	%
Drug Enforcement Administration ("DEA")	10.2		607,290		6.0	%		28,694,148		7.8	%
Judiciary of the U.S. ("JUD")	13.6		399,825		4.0	%		16,828,367		4.6	%
U.S. Citizenship and Immigration Services ("USCIS")	11.3		520,807		5.2	%		15,116,433		4.1	%
Immigration and Customs Enforcement ("ICE")	7.8		388,386		3.8	%		14,957,787		4.1	%
Internal Revenue Service ("IRS")	6.6		359,661		3.6	%		11,876,281		3.2	%
Environmental Protection Agency ("EPA")	6.2		225,418		2.2	%		9,371,549		2.5	%
Food and Drug Administration ("FDA")	14.7		129,314		1.3	%		9,300,061		2.5	%
U.S. Joint Staff Command ("JSC")	2.9		403,737		4.0	%		8,540,398		2.3	%
Federal Aviation Administration ("FAA")	1.3		188,768		1.9	%		7,801,422		2.1	%
Bureau of the Fiscal Service ("BFS")	12.2		266,176		2.6	%		7,021,905		1.9	%
Social Security Administration ("SSA")	7.5		192,185		1.9	%		5,548,333		1.5	%
Patent and Trademark Office ("PTO")	9.5		190,546		1.9	%		4,773,566		1.3	%
Federal Emergency Management Agency ("FEMA")	13.3		210,373		2.1	%		4,652,865		1.3	%
U.S. Attorney Office ("USAO")	9.4		110,776		1.1	%		4,099,579		1.1	%
Department of Transportation ("DOT")	13.2		123,480		1.2	%		3,658,773		1.0	%
U.S. Forest Service ("USFS")	6.0		98,720		1.0	%		3,497,292		0.9	%
Customs and Border Protection ("CBP")	10.2		64,737		0.6	%		3,239,915		0.9	%
National Archives and Records Administration ("NARA")	6.9		161,730		1.6	%		2,697,002		0.7	%
National Weather Service ("NWS")	8.5		94,378		0.9	%		2,163,306		0.6	%
U.S. Department of Agriculture ("A")	2.6		60,257		0.6	%		1,887,982		0.5	%
National Park Service ("NPS")	4.0		62,772		0.6	%		1,866,451		0.5	%
General Services Administration - Other	0.2		55,807		0.6	%		1,691,019		0.5	%
U.S. Coast Guard ("USCG")	2.5		59,547		0.6	%		1,629,291		0.4	%
National Oceanic and Atmospheric Administration ("NOAA")	6.2		33,403		0.3	%		1,417,563		0.4	%
Transportation Security Administration ("TSA")	8.5		44,075		0.4	%		1,168,569		0.3	%
Homeland Security Investigations ("HSI")	10.7		27,840		0.3	%		1,082,677		0.3	%
Small Business Administration ("SBA")	14.1		44,969		0.4	%		975,252		0.3	%

All values are in US Dollars.

Tenants (Cont.)<br><br>(As of June 30, 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")		4.6		33,407		0.3	%		974,264		0.3	%
Bureau of Alcohol, Tobacco, Firearms and Explosives ("ATF")		7.7		23,775		0.2	%		730,519		0.2	%
Federal Energy Regulatory Commission ("FERC")		7.8		4,846		0.0	%		277,782		0.1	%
Department of Energy ("DOE")		14.1		6,214		0.1	%		248,307		0.1	%
U.S. Probation Office ("USPO")		13.6		6,621		0.1	%		177,766		0.0	%
U.S. Marshals Service ("USMS")		1.6		1,054		0.0	%		50,898		0.0	%
Department of Labor ("DOL")		13.6		574		0.0	%		15,417		0.0	%
Subtotal		9.9		8,951,206		88.6	%	$	329,012,287		89.2	%
State and Local Government
District of Columbia Government		12.7		238,062		2.4	%		14,837,907		4.0	%
Wake County Public Schools		9.0		249,605		2.5	%		7,425,133		2.0	%
State of California Employee Development Department		8.6		65,133		0.6	%		2,296,631		0.6	%
State of California Department of Industrial Relations		8.3		30,140		0.3	%		1,067,748		0.3	%
New York State Court of Claims		1.3		14,274		0.1	%		390,937		0.1	%
Subtotal		10.2		597,214		5.9	%	$	26,018,356		7.0	%
Private Tenants
Northrup Grumman Systems Corporation		5.5		203,382		2.0	%		4,997,547		1.4	%
Other Private Tenants		3.8		69,789		0.7	%		2,302,880		0.6	%
Caremark, L.L.C		5.1		41,462		0.4	%		1,393,930		0.4	%
Jacobs Engineering Group, Inc.		2.5		37,858		0.4	%		1,133,280		0.3	%
Saint Luke's Health System, Inc.		1.5		32,043		0.3	%		972,595		0.3	%
HUB International Midwest Limited		7.3		29,074		0.3	%		840,419		0.2	%
Pate Rehabilitation Endeavors, LLC		6.6		25,603		0.3	%		766,821		0.2	%
Providence Health & Services - Oregon		0.2		21,643		0.2	%		652,100		0.2	%
Lummus Corporation		3.1		70,078		0.7	%		412,024		0.1	%
University of Central Missouri		7.0		22,374		0.2	%		226,476		0.1	%
Subtotal		4.5		553,306		5.5	%	$	13,698,072		3.8	%
Total / Weighted Average		9.6		10,101,726		100.0	%	$	368,728,715		100.0	%

(1) Weighted based on leased square feet.

Lease Expirations<br><br>(As of June 30, 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	8		466,741		4.6	%		15,272,598		4.1	%		32.72
2026	5		296,112		2.9	%		11,102,918		3.0	%		37.50
2027	11		545,872		5.4	%		20,280,347		5.5	%		37.15
2028	12		807,610		8.0	%		18,092,114		4.9	%		22.40
2029	10		757,363		7.5	%		24,733,328		6.7	%		32.66
2030	4		67,202		0.7	%		1,808,571		0.5	%		26.91
2031	7		304,726		3.0	%		11,762,560		3.2	%		38.60
2032	11		712,188		7.1	%		21,952,563		6.0	%		30.82
2033	10		566,197		5.6	%		22,349,592		6.1	%		39.47
2034	10		507,793		5.0	%		21,098,786		5.7	%		41.55
Thereafter	55		5,069,922		50.2	%		200,275,338		54.3	%		39.50
Total / Weighted Average	143		10,101,726		100.0	%	$	368,728,715		100.0	%	$	36.50

(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 June 30, 2025, nine tenants occupying approximately 5.3% of our leased square feet and contributing approximately 4.7% 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 June 30, 2025, unaudited)

Summary of Re/Development Projects<br><br>(As of June 30, 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		$	244,006	$	213,726	$	150,680	4Q 2025	4Q 2025
JUD - Flagstaff	Flagstaff, AZ		Courthouse			50,777	20-Year		$	60,916	$	17,558	$	24,700	3Q 2026	3Q 2026
Total						212,777			$	304,922	$	231,284	$	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.