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):

October 27, 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 October 27, 2025, we issued a press release announcing our results of operations for the third quarter ended September 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 October 27, 2025, to review our third 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 October 27, 2025.
99.2	Easterly Government Properties, Inc. Supplemental Information Package for the quarter ended September 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: October 27, 2025

EX-99.1

Exhibit 99.1

EASTERLY GOVERNMENT PROPERTIES

REPORTS THIRD QUARTER 2025 RESULTS

WASHINGTON, D.C. – October 27, 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 September 30, 2025.

Highlights for the Quarter Ended September 30, 2025:

Net income of $1.2 million, or $0.03 per share on a fully diluted basis
Core FFO of $35.6 million, or $0.76 per share on a fully diluted basis
Acquired the land to develop an approximately 64,000 square foot laboratory in Fort Myers, Florida ("FL - Ft. Myers") with a 25-year non-cancelable lease
Acquired a 138,125 square foot facility 100% leased to York Space Systems, a leading satellite manufacturer and located in Greenwood Village, Colorado ("York - Greenwood")
Issued an aggregate of 750,000 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 $22.42, raising net proceeds to the Company of approximately $16.8 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 another quarter of strong results,” said Darrell Crate, President & CEO of Easterly Government Properties. “This underscores Easterly's ability to deliver consistent, compounding growth over time.”

Financial Results for the Nine Months Ended September 30, 2025:

Net income of $8.8 million, or $0.19 per share on a fully diluted basis
Core FFO of $103.3 million, or $2.22 per share on a fully diluted basis

Portfolio Operations

As of September 30, 2025, the Company or its joint venture owned 102 operating properties in the United States encompassing approximately 10.2 million leased square feet, including 92 operating properties that were leased primarily to U.S. Government tenant agencies, six operating properties leased primarily to tenant agencies of a U.S. state or local government and four operating properties that were entirely leased to private tenants. In addition, the Company wholly owned four 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 Fort Myers, Florida, is currently under

construction and, once complete, a 25-year lease with the Florida Department of Law Enforcement is expected to commence for their beneficial use. The fourth 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 September 30, 2025, the portfolio had a weighted average age of 16.4 years, based upon the date properties were built or renovated-to-suit, and had a weighted average remaining lease term of 9.5 years.

Acquisitions and Development Activity

Acquisitions

On August 28, 2025, the Company acquired a 138,125 square foot facility 100% leased to York Space Systems and located in Greenwood Village, Colorado. York Space Systems specializes in the mass production of standardized small satellite platforms, notably the S-Class satellite bus, which enables significant cost reductions and faster deployment times compared to traditional, custom-built satellites. York is one of several industry partners of the U.S. Space Development Agency (SDA). York - Greenwood was renovated-to-suit for York Space Systems in 2020 and includes clean rooms dedicated to the production of satellites and satellite components. The lease is structured as a triple net lease with annual escalations and expires in 2031. Prior to expiration, York Space Systems will have the option to extend the lease for 10 years at market terms.

Development

On July 2, 2025, the Company acquired the land to develop an approximately 64,000 square foot laboratory in Fort Myers, Florida with a 25-year non-cancelable lease. FL - Ft. Myers is expected to be a two-story, built-to-suit facility on 8.29 acres of land strategically located adjacent to the I-75 Interstate Highway and north of Alico Road. The property will be leased to the Florida Department of Law Enforcement (FDLE) and will include state-of-the-art laboratories and a training center. Sitework is slated to commence in the third quarter of 2025 with an anticipated delivery date in the second half of 2026. Once delivered, a brand-new 25-year firm term lease will commence with the AAA-rated State of Florida for the benefit of the FDLE.

Balance Sheet and Capital Markets Activity

As of September 30, 2025, the Company had total indebtedness of approximately $1.6 billion comprised of $170.9 million outstanding on its senior unsecured revolving credit facility, $100.0 million outstanding on its 2016 term loan facility, $200.0 million outstanding on its 2018 term loan facility, $1.0 billion of senior unsecured notes, and $152.9 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 59.9% and its Adjusted Net Debt to annualized quarterly pro forma EBITDA ratio was 7.2x.

On August 21, 2025, the Company amended the 2018 Term Loan. Easterly upsized the 2018 Term Loan from $174.5 million to $200.0 million and extended the maturity date from July 23, 2026 to August 21, 2028. Further, the Company may exercise at its discretion two one-year extension options, subject to certain conditions, thus extending the maturity date as late as August 21, 2030. Easterly further secured increased borrowing capacity with an accordion feature that provides the Company with additional capacity, subject to the satisfaction of customary terms and conditions, of up to $100.0 million. Borrowings under the 2018 Term Loan will continue to bear interest at a rate of SOFR, a credit spread adjustment of 0.10%, plus a spread of 1.20% to 1.70%, depending on the Company's leverage ratio.

Dividend

On October 23, 2025, the Board of Directors of Easterly approved a cash dividend for the third quarter of 2025 in the amount of $0.45 per common share. The dividend will be payable November 20, 2025 to shareholders of record on November 7, 2025.

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 adjusting its guidance for full-year 2025 Core FFO per share on a fully diluted basis to a range of $2.98 - $3.02.

	Low
Net income (loss) per share – fully diluted basis	$	0.32	0.36
Plus: Company’s share of real estate depreciation and amortization	$	2.58	2.58
Plus: Company's share of impairment loss	$	0.05	0.05
FFO per share – fully diluted basis	$	2.95	2.99
Plus: Company’s share of depreciation of non-real estate assets	$	0.03	0.03
Core FFO per share – fully diluted basis	$	2.98	3.02

This guidance assumes approximately $167 million of wholly owned acquisitions and $25 - $75 million of gross development-related investment during 2025.

Outlook for the 12 Months Ending December 31, 2026

The Company is issuing its guidance for full-year 2026 Core FFO per share on a fully diluted basis at a range of $3.05 - $3.12.

	Low
Net income (loss) per share – fully diluted basis	$	0.35	0.42
Plus: Company’s share of real estate depreciation and amortization	$	2.68	2.68
FFO per share – fully diluted basis	$	3.03	3.10
Plus: Company’s share of depreciation of non-real estate assets	$	0.02	0.02
Core FFO per share – fully diluted basis	$	3.05	3.12

This guidance assumes approximately $50 million of wholly owned acquisitions and $50 - $100 million of gross development-related investment during 2026.

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.

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 27 of the Company’s Q3 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 October 27, 2025 to review the third 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, including as a result of or in connection with any shutdown of the U.S. Government; 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	2,709,517		$	2,572,095
Cash and cash equivalents	4,355			19,353
Restricted cash	9,854			8,451
Tenant accounts receivable	65,784			71,172
Investment in unconsolidated real estate venture	306,526			316,521
Real estate loan receivable, net	34,792			34,081
Intangible assets, net	190,652			161,425
Interest rate swaps	-			717
Prepaid expenses and other assets	59,949			39,256
Total assets	3,381,429		$	3,223,071
Liabilities
Revolving credit facility	170,900			274,550
Term loan facilities, net	296,971			274,009
Notes payable, net	1,018,640			894,676
Mortgage notes payable, net	152,316			155,586
Intangible liabilities, net	12,636			14,885
Deferred revenue	220,529			120,977
Interest rate swaps	3,046			-
Accounts payable, accrued expenses and other liabilities	121,568			101,271
Total liabilities	1,996,606			1,835,954
Equity
Common stock, par value 0.01, 80,000,000 shares authorized, 46,108,379 and 43,188,224 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively(1)	461			432
Additional paid-in capital(1)	1,952,689			1,874,193
Retained earnings	140,265			131,854
Cumulative dividends	(755,273	)		(686,044	)
Accumulated other comprehensive income (loss)	(4,641	)		683
Total stockholders' equity	1,333,501			1,321,118
Non-controlling interest in Operating Partnership	51,322			65,999
Total equity	1,384,823			1,387,117
Total liabilities and equity	3,381,429		$	3,223,071

All values are in US Dollars.

(1) As of December 31, 2024, 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						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Revenues
Rental income	$	82,210		$	72,536		$	238,123		$	215,465
Tenant reimbursements		1,700			663			4,621			4,494
Asset management income		623			579			1,867			1,680
Other income		1,618			1,003			4,449			2,163
Total revenues		86,151			74,781			249,060			223,802
Expenses
Property operating		20,715			16,710			57,724			51,420
Real estate taxes		8,814			8,000			25,257			24,072
Depreciation and amortization		28,946			23,795			84,277			71,681
Acquisition costs		293			600			962			1,427
Corporate general and administrative		5,808			4,667			18,830			18,032
Provision for (recovery of) credit losses		302			1,260			(475	)		1,478
Total expenses		64,878			55,032			186,575			168,110
Other income (expense)
Income from unconsolidated real estate venture		1,556			1,575			5,218			4,367
Interest expense, net		(19,037	)		(16,209	)		(56,374	)		(45,210	)
Impairment loss		(2,545	)		-			(2,545	)		-
Net income		1,247			5,115			8,784			14,849
Non-controlling interest in Operating Partnership		(34	)		(252	)		(373	)		(749	)
Net income available to Easterly Government
Properties, Inc.	$	1,213		$	4,863		$	8,411		$	14,100
Net income available to Easterly Government
Properties, Inc. per share:
Basic	$	0.02		$	0.11		$	0.18		$	0.33
Diluted	$	0.02		$	0.11		$	0.18		$	0.33
Weighted-average common shares outstanding:
Basic		45,337,184			41,406,098			44,532,044			41,068,552
Diluted		45,485,375			41,561,832			44,650,747			41,192,398
Net income, per share - fully diluted basis	$	0.03		$	0.12		$	0.19		$	0.34
Weighted average common shares outstanding -
fully diluted basis		47,169,281			43,395,442			46,551,029			43,265,186

EBITDA

(Unaudited, in thousands)

	Three Months Ended					Nine Months Ended
	September 30, 2025		September 30, 2024			September 30, 2025		September 30, 2024
Net income	$	1,247	$	5,115		$	8,784	$	14,849
Depreciation and amortization		28,946		23,795			84,277		71,681
Interest expense		19,037		16,209			56,374		45,210
Tax expense		79		(431	)		435		(458	)
Impairment loss		2,545		-			2,545		-
Unconsolidated real estate venture allocated share of above adjustments		2,323		1,999			7,005		6,154
EBITDA	$	54,177	$	46,687		$	159,420	$	137,436
Pro forma adjustments(1)		643
Pro forma EBITDA	$	54,820

(1) Pro forma assuming a full quarter of operations from the one operating property acquired in the third quarter of 2025 and as if the one property disposed of in the third quarter of 2025 were disposed of at the beginning of the quarter.

FFO and CAD

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

	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net income	$	1,247		$	5,115		$	8,784		$	14,849
Depreciation of real estate assets		28,695			23,543			83,523			70,926
Impairment loss		2,545			-			2,545			-
Unconsolidated real estate venture allocated share of above adjustments		2,282			1,976			6,841			5,984
FFO	$	34,769		$	30,634		$	101,693		$	91,759
Adjustments to FFO:
Loss on extinguishment of debt and modification costs	$	241		$	2		$	1,141		$	260
Provision for (recovery of) credit losses		302			1,260			(475	)		1,478
Natural disaster event expense, net of recovery		44			7			114			(1	)
Depreciation of non-real estate assets		251			252			754			755
Unconsolidated real estate venture allocated share of above adjustments		16			17			49			50
Core FFO	$	35,623		$	32,172		$	103,276		$	94,301
FFO, per share - fully diluted basis	$	0.74		$	0.71		$	2.18		$	2.12
Core FFO, per share - fully diluted basis	$	0.76		$	0.74		$	2.22		$	2.18
Core FFO	$	35,623		$	32,172		$	103,276		$	94,301
Straight-line rent and other non-cash adjustments		(337	)		(1,349	)		(386	)		(3,123	)
Amortization of above-/below-market leases		(421	)		(390	)		(1,427	)		(1,464	)
Amortization of deferred revenue		(1,892	)		(1,762	)		(5,517	)		(5,125	)
Non-cash interest expense		855			662			2,470			1,358
Non-cash compensation		1,633			(180	)		4,449			2,209
Natural Disaster event expense, net of recovery		(44	)		(7	)		(114	)		1
Principal amortization		(1,156	)		(1,093	)		(3,420	)		(3,288	)
Maintenance capital expenditures		(2,897	)		(2,672	)		(6,902	)		(8,209	)
Contractual tenant improvements		(2,060	)		(287	)		(2,672	)		(860	)
Unconsolidated real estate venture allocated share of above adjustments		(4	)		8			(14	)		(7	)
Cash Available for Distribution (CAD)	$	29,300		$	25,102		$	89,743		$	75,793
Weighted average common shares outstanding - fully diluted basis		47,169,281			43,395,442			46,551,029			43,265,186

Net Debt and Adjusted Net Debt

(Unaudited, in thousands)

	September 30, 2025
Total Debt(1)	$	1,648,778
Less: Cash and cash equivalents		(6,397	)
Less: property acquisition closing escrow, net of deposit		(100	)
Net Debt	$	1,642,281
Less: Adjustment for development projects(2)		(56,902	)
Adjusted Net Debt	$	1,585,379

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, including as a result of or in connection with any shutdown of the U.S. Government; 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 September 30, 2025 that will be released in our Form 10-Q to be filed with the SEC on or about October 27, 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 27 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
Joe Dickstein	Michael R. Lewis	Merrill Ross
212-778-8771	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 September 30, 2025			Earnings		Three months ended September 30, 2024
---	---	---	---	---	---	---	---
Common shares		46,047,193		Net income available to Easterly Government Properties, Inc.	1,213	$	4,863
Unvested restricted shares		61,186		Net income available to Easterly Government Properties, Inc.
Common partnership and vested LTIP units		1,774,405		per share:
Total - fully diluted basis		47,882,784		Basic	0.02	$	0.11
				Diluted	0.02	$	0.11
Market Capitalization	At September 30, 2025			Net income	1,247	$	5,115
Price of Common Shares	$	22.93		Net income, per share - fully diluted basis	0.03	$	0.12
Total equity market capitalization - fully diluted basis	$	1,097,952		Funds From Operations (FFO)	34,769	$	30,634
Net Debt	$	1,642,281		FFO, per share - fully diluted basis	0.74	$	0.71
Total enterprise value	$	2,740,233
				Core FFO	35,623	$	32,172
				Core FFO, per share - fully diluted basis	0.76	$	0.74
Ratios	At September 30, 2025
Net debt to total enterprise value		59.9	%	Cash Available for Distribution (CAD)	29,300	$	25,102
Net debt to annualized quarterly EBITDA		7.6	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		$	6,397
Cash fixed charge coverage ratio		2.8	x	Available under 400 million senior unsecured 2024 revolving credit facility(1)		$	228,975

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	2,709,517		$	2,572,095
Cash and cash equivalents	4,355			19,353
Restricted cash	9,854			8,451
Tenant accounts receivable	65,784			71,172
Investment in unconsolidated real estate venture	306,526			316,521
Real estate loan receivable, net	34,792			34,081
Intangible assets, net	190,652			161,425
Interest rate swaps	-			717
Prepaid expenses and other assets	59,949			39,256
Total assets	3,381,429		$	3,223,071
Liabilities
Revolving credit facility	170,900			274,550
Term loan facilities, net	296,971			274,009
Notes payable, net	1,018,640			894,676
Mortgage notes payable, net	152,316			155,586
Intangible liabilities, net	12,636			14,885
Deferred revenue	220,529			120,977
Interest rate swaps	3,046			-
Accounts payable, accrued expenses and other liabilities	121,568			101,271
Total liabilities	1,996,606			1,835,954
Equity
Common stock, par value 0.01, 80,000,000 shares authorized, 46,108,379 and 43,188,224 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively(1)	461			432
Additional paid-in capital(1)	1,952,689			1,874,193
Retained earnings	140,265			131,854
Cumulative dividends	(755,273	)		(686,044	)
Accumulated other comprehensive income (loss)	(4,641	)		683
Total stockholders' equity	1,333,501			1,321,118
Non-controlling interest in Operating Partnership	51,322			65,999
Total equity	1,384,823			1,387,117
Total liabilities and equity	3,381,429		$	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						Nine Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Revenues
Rental income	$	82,210		$	72,536		$	238,123		$	215,465
Tenant reimbursements		1,700			663			4,621			4,494
Asset management income		623			579			1,867			1,680
Other income		1,618			1,003			4,449			2,163
Total revenues		86,151			74,781			249,060			223,802
Expenses
Property operating		20,715			16,710			57,724			51,420
Real estate taxes		8,814			8,000			25,257			24,072
Depreciation and amortization		28,946			23,795			84,277			71,681
Acquisition costs		293			600			962			1,427
Corporate general and administrative		5,808			4,667			18,830			18,032
Provision for (recovery of) credit losses		302			1,260			(475	)		1,478
Total expenses		64,878			55,032			186,575			168,110
Other income (expense)
Income from unconsolidated real estate venture		1,556			1,575			5,218			4,367
Interest expense, net		(19,037	)		(16,209	)		(56,374	)		(45,210	)
Impairment loss		(2,545	)		-			(2,545	)		-
Net income		1,247			5,115			8,784			14,849
Non-controlling interest in Operating Partnership		(34	)		(252	)		(373	)		(749	)
Net income available to Easterly Government
Properties, Inc.	$	1,213		$	4,863		$	8,411		$	14,100
Net income available to Easterly Government
Properties, Inc. per share:
Basic	$	0.02		$	0.11		$	0.18		$	0.33
Diluted	$	0.02		$	0.11		$	0.18		$	0.33
Weighted-average common shares outstanding:
Basic		45,337,184			41,406,098			44,532,044			41,068,552
Diluted		45,485,375			41,561,832			44,650,747			41,192,398
Net income, per share - fully diluted basis	$	0.03		$	0.12		$	0.19		$	0.34
Weighted average common shares outstanding -
fully diluted basis		47,169,281			43,395,442			46,551,029			43,265,186
Net Operating Income<br><br>(Unaudited, in thousands)
---
	Three Months Ended						Nine Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net income	$	1,247		$	5,115		$	8,784		$	14,849
Depreciation and amortization		28,946			23,795			84,277			71,681
Acquisition costs		293			600			962			1,427
Corporate general and administrative		5,808			4,667			18,830			18,032
Provision for (recovery of) credit losses		302			1,260			(475	)		1,478
Interest expense		19,037			16,209			56,374			45,210
Impairment loss		2,545			-			2,545			-
Unconsolidated real estate venture allocated share of above adjustments		2,365			2,038			7,086			6,194
Net Operating Income		60,543			53,684			178,383			158,871
Adjustments to Net Operating Income:
Straight-line rent and other non-cash adjustments		(317	)		(1,336	)		(332	)		(3,087	)
Amortization of above-/below-market leases		(421	)		(390	)		(1,427	)		(1,464	)
Amortization of deferred revenue		(1,892	)		(1,762	)		(5,517	)		(5,125	)
Unconsolidated real estate venture allocated share of above adjustments		26			(4	)		74			44
Cash Net Operating Income	$	57,939		$	50,192		$	171,181		$	149,239
EBITDA<br><br>(Unaudited, in thousands)
---
	Three Months Ended					Nine Months Ended
---	---	---	---	---	---	---	---	---	---	---
	September 30, 2025		September 30, 2024			September 30, 2025		September 30, 2024
Net income	$	1,247	$	5,115		$	8,784	$	14,849
Depreciation and amortization		28,946		23,795			84,277		71,681
Interest expense		19,037		16,209			56,374		45,210
Tax expense		79		(431	)		435		(458	)
Impairment loss		2,545		-			2,545		-
Unconsolidated real estate venture allocated share of above adjustments		2,323		1,999			7,005		6,154
EBITDA	$	54,177	$	46,687		$	159,420	$	137,436
Pro forma adjustments(1)		643
Pro forma EBITDA	$	54,820

FFO and CAD<br><br>(Unaudited, in thousands, except share and per share amounts)
	Three Months Ended						Nine Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net income	$	1,247		$	5,115		$	8,784		$	14,849
Depreciation of real estate assets		28,695			23,543			83,523			70,926
Impairment loss		2,545			-			2,545			-
Unconsolidated real estate venture allocated share of above adjustments		2,282			1,976			6,841			5,984
FFO	$	34,769		$	30,634		$	101,693		$	91,759
Adjustments to FFO:
Loss on extinguishment of debt and modification costs	$	241		$	2		$	1,141		$	260
Provision for (recovery of) credit losses		302			1,260			(475	)		1,478
Natural disaster event expense, net of recovery		44			7			114			(1	)
Depreciation of non-real estate assets		251			252			754			755
Unconsolidated real estate venture allocated share of above adjustments		16			17			49			50
Core FFO	$	35,623		$	32,172		$	103,276		$	94,301
FFO, per share - fully diluted basis	$	0.74		$	0.71		$	2.18		$	2.12
Core FFO, per share - fully diluted basis	$	0.76		$	0.74		$	2.22		$	2.18
Core FFO	$	35,623		$	32,172		$	103,276		$	94,301
Straight-line rent and other non-cash adjustments		(337	)		(1,349	)		(386	)		(3,123	)
Amortization of above-/below-market leases		(421	)		(390	)		(1,427	)		(1,464	)
Amortization of deferred revenue		(1,892	)		(1,762	)		(5,517	)		(5,125	)
Non-cash interest expense		855			662			2,470			1,358
Non-cash compensation		1,633			(180	)		4,449			2,209
Natural Disaster event expense, net of recovery		(44	)		(7	)		(114	)		1
Principal amortization		(1,156	)		(1,093	)		(3,420	)		(3,288	)
Maintenance capital expenditures		(2,897	)		(2,672	)		(6,902	)		(8,209	)
Contractual tenant improvements		(2,060	)		(287	)		(2,672	)		(860	)
Unconsolidated real estate venture allocated share of above adjustments		(4	)		8			(14	)		(7	)
Cash Available for Distribution (CAD)	$	29,300		$	25,102		$	89,743		$	75,793
Weighted average common shares outstanding - fully diluted basis		47,169,281			43,395,442			46,551,029			43,265,186

Unconsolidated Real Estate Venture

(Unaudited, in thousands)

Balance Sheet Information	Balance Sheet		Easterly's Share(2)
	September 30, 2025		September 30, 2025
Real estate properties - net	$	492,867	$	261,220
Total assets		590,250		312,833
Total liabilities		12,481		6,616
Total preferred stockholders' equity		125		66
Total common stockholders' equity		577,644		306,151
Basis difference(1)		-		375
Total equity	$	577,769	$	306,526

(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)			Nine Months Ended			Easterly's Share(1)
---	---	---	---	---	---	---	---	---	---	---	---	---
	September 30, 2025			September 30, 2025			September 30, 2025			September 30, 2025
Revenues
Rental income	$	12,647		$	6,702		$	37,864		$	20,067
Other income		43			23			122			65
Total Revenues		12,690			6,725			37,986			20,132
Operating expenses
Property operating		3,102			1,644			8,271			4,384
Real estate taxes		1,568			831			4,635			2,457
Depreciation and amortization		4,336			2,299			12,999			6,891
Acquisition costs		-			-			5			3
Asset management fees		623			330			1,866			989
Corporate general and administrative		80			43			235			124
Total expenses		9,709			5,147			28,011			14,848
Other expenses
Interest expense		(41	)		(22	)		(123	)		(66	)
Net income	$	2,940		$	1,556		$	9,852		$	5,218
Depreciation and amortization		4,336			2,299			12,999			6,891
Interest expense		41			22			123			66
Tax expense		2			1			89			47
EBITDA	$	7,319		$	3,878		$	23,063		$	12,222
Net income	$	2,940		$	1,556		$	9,852		$	5,218
Depreciation of real estate assets		4,306			2,282			12,907			6,841
FFO	$	7,246		$	3,838		$	22,759		$	12,059
Adjustments to FFO:
Depreciation of non-real estate assets		31			16			93			49
Core FFO	$	7,277		$	3,854		$	22,852		$	12,108
Adjustments to Core FFO:
Straight-line rent and other non-cash adjustments		47			25			139			74
Non-cash interest expense		41			22			123			65
Maintenance capital expenditures		(96	)		(51	)		(235	)		(125	)
Contractual tenant improvements		-			-			(52	)		(28	)
Cash Available for Distribution (CAD)	$	7,269		$	3,850		$	22,827		$	12,094

(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	September 30, 2025<br>Interest Rate	September 30, 2025<br>Balance(1)		September 30, 2025<br>Percent of <br>Total Indebtedness
---	---	---	---	---	---
Unsecured debt
2024 Revolving Credit facility	3-Jun-28(2)	S + 155 bps		170,900	10.4%
2016 Term Loan facility	28-Jan-28(3)	5.36%(4)		100,000	6.1%
2018 Term Loan facility	21-Aug-28(5)	5.19%(6)		200,000	12.1%
2017 Series A Senior Notes	25-May-27	4.05%		95,000	5.8%
2017 Series B Senior Notes	25-May-29	4.15%		50,000	3.0%
2017 Series C Senior Notes	25-May-32	4.30%		30,000	1.8%
2019 Series A Senior Notes	12-Sep-29	3.73%		85,000	5.2%
2019 Series B Senior Notes	12-Sep-31	3.83%		100,000	6.1%
2019 Series C Senior Notes	12-Sep-34	3.98%		90,000	5.5%
2021 Series A Senior Notes	14-Oct-28	2.62%		50,000	3.0%
2021 Series B Senior Notes	14-Oct-30	2.89%		200,000	12.1%
2024 Series A Senior Notes	28-May-33	6.56%		150,000	9.1%
2024 Series B Senior Notes	13-Aug-33	6.56%		50,000	3.0%
2025 Series A Senior Notes	20-Mar-30	6.13%		25,000	1.5%
2025 Series B Senior Notes	20-Mar-32	6.33%(7)		100,000	6.1%
Total unsecured debt	4.7 years(8)	4.77%	$	1,495,900	90.8%
	(wtd-avg maturity)	(wtd-avg rate)
Secured mortgage debt
USFS II - Albuquerque	14-Jul-26	4.46%		8,044	0.5%
ICE - Charleston	15-Jan-27	4.21%		9,319	0.6%
VA - Loma Linda	6-Jul-27	3.59%		127,500	7.7%
CBP - Savannah	10-Jul-33	3.40%		8,015	0.4%
Total secured mortgage debt	2.0 years	3.66%	$	152,878	9.2%
	(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) 2016 term loan facility has two one-year as-of-right extension options, subject to certain conditions and the payment of an extension fee.

(4) Calculated based on three interest rate swaps with a total notional value of $100.0 million, which effectively fixes the interest rate at 5.36% annually based on the Company’s current consolidated leverage ratio. The interest rate swaps mature on December 23, 2027, which is not coterminous with the maturity date of the 2016 term loan facility.

(5) 2018 term loan facility has two one-year as-of-right extension options, subject to certain conditions and the payment of an extension fee.

(6) Calculated based on three interest rate swaps with an aggregate notional value of $200.0 million, which effectively fixes the interest rate at 5.19% 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.

(8) Assuming the as-of-right extension options are exercised on our 2024 revolving credit facility, 2016 term loan facility and 2018 term loan facility, the weighted-average maturity of our unsecured debt is 5.2 years.

Debt Schedules (Cont.)<br><br>(Unaudited, in thousands)
Debt Statistics	September 30, 2025				September 30, 2025
---	---	---	---	---	---	---	---
Variable rate debt - unhedged	$	170,900		% Variable rate debt - unhedged		10.4	%
Fixed rate debt		1,477,878		% Fixed rate debt(3)		89.6	%
Total Debt(1)	$	1,648,778
Less: cash and cash equivalents		(6,397	)	Weighted average maturity	4.4 years
Less: property acquisition closing escrow, net of deposit		(100	)	Weighted average interest rate		4.7	%
Net Debt	$	1,642,281
Less: Adjustment for development(2)		(56,902	)
Adjusted Net Debt	$	1,585,379

(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 and 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 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		1,178		-		-		1,178		0.0	%		0.00	%
2026		3,686		6,368		-		10,054		0.4	%		4.46	%
2027		1,093		134,640		95,000		230,733		14.0	%		3.80	%
2028		983		-		520,900		521,883		31.8	%		5.13	%
2029		1,016		-		135,000		136,016		8.2	%		3.89	%
2030		1,049		-		225,000		226,049		13.7	%		3.25	%
2031		1,081		-		100,000		101,081		6.1	%		3.83	%
2032		1,116		-		130,000		131,116		7.9	%		5.86	%
2033		668		-		200,000		200,668		12.3	%		6.44	%
2034		-		-		90,000		90,000		5.6	%		3.98	%
Total	$	11,870	$	141,008	$	1,495,900	$	1,648,778		100.0	%

Leased Operating Property Overview<br><br>(As of September 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	$	16,774,664		4.4	%	$	51.20
USCIS - Kansas City	Lee's Summit, MO	Office	2028 - 2042(1)	1969 / 1999		417,945		10,502,950		2.8	%		25.13
JSC - Suffolk	Suffolk, VA	Specialized Facility	2028(2)	1993 / 2004		403,737		8,556,069		2.3	%		21.19
Various GSA - Chicago	Des Plaines, IL	Office	2026	1971 / 1999		188,768		7,801,422		2.1	%		41.33
IRS - Fresno	Fresno, CA	Office	2033	2003		180,481		6,966,712		1.9	%		38.60
FBI - Salt Lake	Salt Lake City, UT	Specialized Facility	2032	2012		169,542		6,839,099		1.8	%		40.34
Various GSA - Buffalo	Buffalo, NY	Office	2026 - 2039	2004		239,924		6,315,045		1.7	%		26.32
Various GSA - Portland	Portland, OR	Office	2025 - 2039(3)	2002		175,214		5,926,533		1.6	%		33.82
VA - San Jose	San Jose, CA	Outpatient Clinic	2038	2018		90,085		5,815,446		1.6	%		64.56
EPA - Lenexa	Lenexa, KS	Office	2027(2)	2007 / 2012		169,585		5,796,626		1.5	%		34.18
FBI - Tampa	Tampa, FL	Specialized Facility	2040	2005		138,000		5,314,468		1.4	%		38.51
FBI - San Antonio	San Antonio, TX	Specialized Facility	2025	2007		148,584		5,258,653		1.4	%		35.39
FDA - Alameda	Alameda, CA	Laboratory	2039	2019		69,624		5,020,369		1.3	%		72.11
FBI / DEA - El Paso	El Paso, TX	Specialized Facility	2028	1998 - 2005		203,683		4,920,871		1.3	%		24.16
PTO - Arlington	Arlington, VA	Specialized Facility	2035	2009		190,546		4,773,569		1.3	%		25.05
USCIS - Lincoln	Lincoln, NE	Office	2026	2005		137,671		4,663,260		1.2	%		33.87
FEMA - Tracy	Tracy, CA	Warehouse	2038	2018		210,373		4,652,865		1.2	%		22.12
TREAS - Parkersburg	Parkersburg, WV	Office	2041	2004 / 2006		182,500		4,419,018		1.2	%		24.21
FDA - Lenexa	Lenexa, KS	Laboratory	2040	2020		59,690		4,342,421		1.2	%		72.75
FBI - Mobile	Mobile, AL	Specialized Facility	2029(2)	2001		76,112		4,293,743		1.1	%		56.41
ICE - Dallas	Irvine, TX	Specialized Facility	2032 / 2040(4)	2000 / 2020		135,200		4,277,647		1.1	%		31.64
VA - South Bend	Mishakawa, IN	Outpatient Clinic	2032	2017		86,363		4,159,720		1.1	%		48.17
FBI - Pittsburgh	Pittsburgh, PA	Specialized Facility	2027	2001		100,054		4,153,110		1.1	%		41.51
FBI - New Orleans	New Orleans, LA	Specialized Facility	2029(5)	1999 / 2006		137,679		4,005,179		1.1	%		29.09
FBI - Omaha	Omaha, NE	Specialized Facility	2044	2009		112,196		3,981,453		1.1	%		35.49
VA - Mobile	Mobile, AL	Outpatient Clinic	2033	2018		79,212		3,968,533		1.1	%		50.10
FBI - Albany	Albany, NY	Specialized Facility	2036	1998		69,476		3,592,965		1.0	%		51.72
FBI - Birmingham	Birmingham, AL	Specialized Facility	2042	2005		96,278		3,592,319		1.0	%		37.31
EPA - Kansas City	Kansas City, KS	Laboratory	2043	2003		55,833		3,574,925		1.0	%		64.03
FBI - Knoxville	Knoxville, TN	Specialized Facility	2025	2010		99,130		3,516,228		0.9	%		35.47
USFS II - Albuquerque	Albuquerque, NM	Office	2031	2011		98,720		3,447,901		0.9	%		34.93
DOT - Lakewood	Lakewood, CO	Office	2039	2004		116,046		3,404,199		0.9	%		29.33
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		3,360,867		0.9	%		34.79
VA - Chico	Chico, CA	Outpatient Clinic	2034	2019		51,647		3,348,155		0.9	%		64.83
DEA - Sterling	Sterling, VA	Laboratory	2038	2001		57,692		3,282,887		0.9	%		56.90
FBI - Little Rock	Little Rock, AR	Specialized Facility	2041	2001		102,377		3,262,032		0.9	%		31.86
Leased Operating Property Overview (Cont.)<br><br>(As of September 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.)
USCIS - Tustin	Tustin, CA	Office	2034	1979 / 2019		66,818		3,238,830		0.9	%		48.47
JUD - Del Rio	Del Rio, TX	Federal Courthouse	2041	1992 / 2004		89,880		3,197,759		0.9	%		35.58
DEA - Vista	Vista, CA	Laboratory	2035	2002		52,293		3,147,780		0.8	%		60.20
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		2,965,921		0.8	%		52.65
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		2,838,184		0.8	%		25.80
JUD - El Centro	El Centro, CA	Federal Courthouse	2034	2004		43,345		2,814,240		0.8	%		64.93
DEA - Dallas Lab	Dallas, TX	Laboratory	2038	2001		49,723		2,805,697		0.7	%		56.43
DEA - Pleasanton	Pleasanton, CA	Laboratory	2035	2015		42,480		2,788,150		0.7	%		65.63
DEA - Upper Marlboro	Upper Marlboro, MD	Laboratory	2037	2002		50,978		2,776,446		0.7	%		54.46
DHS - Burlington	Williston, VT	Specialized Facility	2031(2)	2000		74,549		2,738,632		0.7	%		36.74
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		2,632,456		0.7	%		31.46
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		2,549,994		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		2,418,461		0.6	%		32.23
IRS - Ogden	Ogden, UT	Warehouse	2029(7)	1996		100,000		2,373,650		0.6	%		23.74
Various GSA - Cleveland	Brooklyn Heights, OH	Office	2028 - 2040(8)	1981 / 2021		61,384		2,338,869		0.6	%		38.10
CBP - Savannah	Savannah, GA	Laboratory	2033	2013		35,000		2,306,216		0.6	%		65.89
DEA - Dallas	Dallas, TX	Specialized Facility	2041	2001		71,827		2,189,642		0.6	%		30.48
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		2,030,670		0.5	%		50.89
GSA - Clarksburg	Clarksburg, WV	Office	2039(2)	1999		70,495		1,934,924		0.5	%		27.45
DEA - North Highlands	Sacramento, CA	Specialized Facility	2033	2002		37,975		1,893,254		0.5	%		49.86
JUD - Aberdeen	Aberdeen, MS	Federal Courthouse	2040	2005		45,194		1,890,909		0.5	%		41.84
DEA - Riverside	Riverside, CA	Specialized Facility	2032	1997		34,354		1,873,897		0.5	%		54.55
NPS - Omaha	Omaha, NE	Specialized Facility	2029	2004		62,772		1,873,659		0.5	%		29.85
ICE - Orlando	Orlando, FL	Specialized Facility	2040	1996 / 2010		49,420		1,861,991		0.5	%		37.68
VA - Golden	Golden, CO	Warehouse	2036(2)	1996 / 2011		56,753		1,783,879		0.5	%		31.43
JUD - Newport News	Newport News, VA	Federal Courthouse	2033	2008		35,005		1,684,773		0.4	%		48.13
USCG - Martinsburg	Martinsburg, WV	Specialized Facility	2027	2007		59,547		1,634,284		0.4	%		27.45
VA - Charleston	North Charleston, SC	Warehouse	2040	2020		97,718		1,511,163		0.4	%		15.46
USAO - Springfield	Springfield, IL	Specialized Facility	2038	2002		43,600		1,399,201		0.4	%		32.09
JUD - Council Bluffs	Council Bluffs, IA	Federal Courthouse	2041(7)	2021		28,900		1,368,503		0.4	%		47.35
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 September 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		1,185,675		0.3	%		37.08
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		1,073,940		0.3	%		39.48
JUD - South Bend	South Bend, IN	Federal Courthouse	2027	1996 / 2011		30,119		811,838		0.2	%		26.95
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		563,532		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
Subtotal						7,881,138	$	283,545,307		75.6	%	$	35.98
Wholly Owned State and Local Government Leased Property
DC - Capitol Plaza	Washington, DC	Office	2027 - 2038(9)	2006		284,688		18,345,138		4.9	%		64.44
Wake County III - Cary	Cary, NC	Office	2027 / 2034(10)	1997		113,722		3,495,663		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(11)	1994		98,340		2,840,676		0.8	%		28.89
Wake County I - Cary	Cary, NC	Office	2034(11)	1991		75,401		2,222,073		0.6	%		29.47
USFS I - Albuquerque	Albuquerque, NM	Office	2035(7)	2006		29,032		108,000		0.0	%		3.72
Subtotal						696,456	$	30,375,929		8.1	%	$	43.62
Wholly Owned Privately Leased Property
York Space Systems - Greenwood Village	Greenwood Village, CO	Specialized Facility	2031(5)	1982 / 2020		138,125		5,012,523		1.3	%		36.29
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		410,390		0.1	%		5.86
Subtotal						411,585	$	10,420,460		2.7	%	$	25.32
Wholly Owned Properties Total / Weighted Average						8,989,179	$	324,341,696		86.4	%	$	36.08
Leased Operating Property Overview (Cont.)<br><br>(As of September 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(12)	Phoenix, AZ	Outpatient Clinic	2042	2022		257,294		10,836,673		2.9	%		42.12
VA - San Antonio(12)	San Antonio, TX	Outpatient Clinic	2041	2021		226,148		9,334,456		2.5	%		41.28
VA - Jacksonville(12)	Jacksonville, FL	Outpatient Clinic	2043	2023		193,100		7,372,700		2.0	%		38.18
VA - Chattanooga(12)	Chattanooga, TN	Outpatient Clinic	2035	2020		94,566		4,371,201		1.2	%		46.22
VA - Lubbock(12)(13)	Lubbock, TX	Outpatient Clinic	2040	2020		120,916		4,259,993		1.1	%		35.23
VA - Marietta(12)	Marietta, GA	Outpatient Clinic	2041	2021		76,882		3,892,927		1.0	%		50.64
VA - Birmingham(12)	Irondale, AL	Outpatient Clinic	2041	2021		77,128		3,192,361		0.9	%		41.39
VA - Corpus Christi(12)	Corpus Christi, TX	Outpatient Clinic	2042	2022		69,276		2,974,771		0.8	%		42.94
VA - Columbus(12)	Columbus, GA	Outpatient Clinic	2042	2022		67,793		2,925,752		0.8	%		43.16
VA - Lenexa(12)	Lenexa, KS	Outpatient Clinic	2041	2021		31,062		1,355,340		0.4	%		43.63
Subtotal						1,214,165	$	50,516,174		13.6	%	$	41.61
Total / Weighted Average						10,203,344	$	374,857,870		100.0	%	$	36.74
Total / Weighted Average at Easterly's Share						9,632,685	$	351,115,269				$	36.45

(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) 40,502 square feet leased to the U.S. Immigration and Customs Enforcement ("ICE") will expire on August 31, 2031. 11,402 square feet leased to a private tenant will expire on December 31, 2028 and contains two five-year renewal options. 9,480 square feet leased to the U.S. National Oceanic and Atmospheric Administration ("NOAA") will expire on September 13, 2040.

(9) 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.

(10) 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.

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

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

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

Tenants<br><br>(As of September 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		22.0	%	$	96,418,303		25.6	%
Federal Bureau of Investigation ("FBI")	8.2		1,498,607		14.7	%		54,952,391		14.7	%
Drug Enforcement Administration ("DEA")	10.0		607,290		6.0	%		28,413,449		7.6	%
Judiciary of the U.S. ("JUD")	13.4		399,825		3.9	%		16,722,638		4.5	%
U.S. Citizenship and Immigration Services ("USCIS")	11.3		520,807		5.1	%		15,933,850		4.3	%
Immigration and Customs Enforcement ("ICE")	7.6		388,386		3.8	%		15,178,122		4.0	%
Internal Revenue Service ("IRS")	6.3		359,661		3.5	%		12,051,651		3.2	%
Environmental Protection Agency ("EPA")	5.9		225,418		2.2	%		9,371,551		2.5	%
Food and Drug Administration ("FDA")	14.4		129,314		1.3	%		9,362,790		2.5	%
U.S. Joint Staff Command ("JSC")	2.7		403,737		4.0	%		8,556,069		2.3	%
Federal Aviation Administration ("FAA")	1.1		188,768		1.9	%		7,801,422		2.1	%
Bureau of the Fiscal Service ("BFS")	11.9		266,176		2.6	%		7,051,474		1.9	%
Social Security Administration ("SSA")	7.3		192,185		1.9	%		5,598,061		1.5	%
Patent and Trademark Office ("PTO")	9.3		190,546		1.9	%		4,773,569		1.3	%
Federal Emergency Management Agency ("FEMA")	13.0		210,373		2.1	%		4,652,865		1.2	%
U.S. Attorney Office ("USAO")	9.2		110,776		1.1	%		4,146,163		1.1	%
U.S. Forest Service ("USFS")	5.8		98,720		1.0	%		3,447,901		0.9	%
Department of Transportation ("DOT")	13.7		116,046		1.1	%		3,404,199		0.9	%
Customs and Border Protection ("CBP")	9.9		64,737		0.6	%		3,247,339		0.9	%
National Archives and Records Administration ("NARA")	6.6		161,730		1.6	%		2,697,002		0.7	%
National Weather Service ("NWS")	8.2		94,378		0.9	%		2,163,306		0.6	%
U.S. Department of Agriculture ("A")	2.3		60,257		0.6	%		1,887,983		0.5	%
National Park Service ("NPS")	3.7		62,772		0.6	%		1,873,659		0.5	%
U.S. Coast Guard ("USCG")	2.2		59,547		0.6	%		1,634,284		0.4	%
National Oceanic and Atmospheric Administration ("NOAA")	5.9		33,403		0.3	%		1,419,050		0.4	%
General Services Administration - Other	10.0		22,053		0.2	%		1,277,785		0.3	%
Transportation Security Administration ("TSA")	8.2		44,075		0.4	%		1,168,569		0.3	%
Homeland Security Investigations ("HSI")	10.5		27,840		0.3	%		1,082,677		0.3	%
Small Business Administration ("SBA")	13.8		44,969		0.4	%		1,024,510		0.3	%

All values are in US Dollars.

Tenant					Annualized<br>Lease Income
U.S. Government (Cont.)
U.S. Army Corps of Engineers ("ACOE")	4.4	33,407	0.3	%		974,264	0.3	%
Bureau of Alcohol, Tobacco, Firearms and Explosives ("ATF")	7.4	23,775	0.2	%		730,519	0.2	%
Department of Energy ("DOE")	7.5	4,846	0.0	%		277,782	0.1	%
Federal Energy Regulatory Commission ("FERC")	13.9	6,214	0.1	%		244,142	0.1	%
U.S. Probation Office ("USPO")	13.3	6,621	0.1	%		181,745	0.0	%
U.S. Marshals Service ("USMS")	1.3	1,054	0.0	%		50,898	0.0	%
Department of Labor ("DOL")	13.3	574	0.0	%		15,762	0.0	%
Subtotal	9.8	8,910,018	87.3	%	$	329,787,744	88.0	%
State and Local Government
District of Columbia Government	12.4	238,062	2.3	%		15,525,862	4.2	%
Wake County Public Schools	8.8	249,605	2.4	%		7,425,132	2.0	%
State of California Employee Development Department	8.4	65,133	0.6	%		2,296,631	0.6	%
State of California Department of Industrial Relations	8.1	30,140	0.3	%		1,067,748	0.3	%
New York State Court of Claims	1.0	14,274	0.1	%		390,934	0.1	%
State of New Mexico Health Care Authority	10.3	29,032	0.3	%		108,000	0.0	%
Subtotal	10.0	626,246	6.0	%	$	26,814,307	7.2	%
Private Tenants
York Space Systems	6.3	138,125	1.4	%		5,012,523	1.3	%
Northrup Grumman Systems Corporation	5.2	203,382	2.0	%		4,997,547	1.3	%
Other Private Tenants	3.7	67,081	0.7	%		2,202,905	0.6	%
Caremark, L.L.C	4.8	41,462	0.4	%		1,320,627	0.4	%
Jacobs Engineering Group, Inc.	2.3	37,858	0.4	%		1,133,280	0.3	%
Saint Luke's Health System, Inc.	1.3	32,043	0.3	%		973,131	0.3	%
Pate Rehabilitation Endeavors, LLC	6.3	25,603	0.3	%		926,636	0.2	%
HUB International Midwest Limited	7.0	29,074	0.3	%		812,455	0.2	%
University of Central Missouri	6.7	22,374	0.2	%		466,325	0.1	%
Lummus Corporation	2.8	70,078	0.7	%		410,390	0.1	%
Subtotal	4.8	667,080	6.7	%	$	18,255,819	4.8	%
Total / Weighted Average	9.5	10,203,344	100.0	%	$	374,857,870	100.0	%

(1) Weighted based on leased square feet.

Lease Expirations<br><br>(As of September 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	3		248,912		2.4	%		8,814,154		2.4	%		35.41
2026	5		377,030		3.7	%		13,984,837		3.7	%		37.09
2027	10		538,438		5.3	%		20,021,541		5.3	%		37.18
2028	12		807,610		7.9	%		18,138,687		4.8	%		22.46
2029	10		757,363		7.4	%		24,903,154		6.6	%		32.88
2030	4		67,202		0.7	%		1,741,048		0.5	%		25.91
2031	8		442,851		4.3	%		16,736,280		4.5	%		37.79
2032	11		712,188		7.0	%		22,330,286		6.0	%		31.35
2033	10		566,197		5.5	%		22,379,733		6.0	%		39.53
2034	10		507,793		5.0	%		21,206,069		5.7	%		41.76
Thereafter	59		5,177,760		50.8	%		204,602,081		54.5	%		39.52
Total / Weighted Average	142		10,203,344		100.0	%	$	374,857,870		100.0	%	$	36.74

(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 September 30, 2025, five tenants occupying approximately 1.8% of our leased square feet and contributing approximately 1.6% 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 September 30, 2025, unaudited)

Summary of Re/Development Projects<br><br>(As of September 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(2)		Cost to Date		Anticipated Lump-Sum Reimbursement(3)		Anticipated Completion Date	Anticipated Lease Commencement
FDA - Atlanta(4)	Atlanta, GA		Laboratory			162,000	20-Year		$	247,191	$	222,460	$	151,994	4Q 2025	4Q 2025
JUD - Flagstaff	Flagstaff, AZ		Courthouse			50,777	20-Year		$	68,263	$	23,372	$	34,805	1Q 2027	1Q 2027
FL - Fort Myers	Fort Myers, FL		Laboratory			64,000	25-Year		$	49,257	$	17,759	$	-	4Q 2026	4Q 2026
Total						276,777			$	364,711	$	263,591	$	186,799
Projects in Design(5)
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(3)
Property Name	Location		Property Type		Total Leased Square Feet		Lease Term		Outstanding Lump-Sum Reimbursement(3)		Completion Date		Lease Commencement
N/A		-		-		-		-	$	-		-		-

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

(2) Includes the total cost to construct the building, as well as projected leasing capital and interest costs as of quarter-end.

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

(4) Total lump sum reimbursements received for the project as of September 30, 2025 are $138.1 million.

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