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Disclaimers 2 Forward-Looking Statements We make statements in this Supplemental Information Package that are considered “forward-lookingstatements”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 “RiskFactors”section of our Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission, or the SEC, on February 23, 2026 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.
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Disclaimers 3 Ratings Ratings are not recommendations to buy, sell or hold the Company’ssecurities. 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, 2026 that will be released in our Form 10-Q to be filed with the SEC on or about August 3, 2026.
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Supplemental Definitions 4 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’sfinancial 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’smost recent quarterly report on Form 10-Q and the Company’smost 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’sShare,” which is calculated on an entity-by-entity basis. “At Easterly’s Share”information, which we also refer to as being “atshare,”“prorata,”“ourpro rata share”or “ourshare”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 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’sability 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. 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. 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’sallocated 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.
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Supplemental Definitions 5 Fully diluted basis assumes the exchange of all outstanding common units representing limited partnership interests in the Company’soperating 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 “fullydiluted”under GAAP. 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’sshare of FFO generated by unconsolidated affiliates. FFO is a widely recognized measure of REIT performance. Although FFO is a non-GAAP financial measure, the Company believes that information regarding FFO is helpful to shareholders and potential investors. Net Debt and Adjusted Net Debt Net Debt represents the Company's consolidated debt and its share of unconsolidated debt adjusted to exclude its share of unamortized premiums and discounts and deferred financing fees, less its share of cash and cash equivalents and property acquisition closing escrow, net of deposit. By excluding these items, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding its financial condition. Adjusted Net Debt is Net Debt reduced by 1) for each project under construction or in design, the lesser of i) outstanding lump-sum reimbursement amounts and ii) the cost to date, 2) 40% times the amount by which the cost to date exceeds total lump-sum reimbursement amounts for each project under construction or in design and 3) outstanding lump-sum reimbursement amounts for projects previously completed. These adjustments are made to 1) remove the estimated portion of each project under construction, in design or previously completed that has been financed with debt which may be repaid with outstanding cost reimbursement payments from the US Government and 2) remove the estimated portion of each project under construction or in design, in excess of total lump-sum reimbursements, that has been financed with debt but has not yet produced earnings. See page 28 for further information. The Company’smethod 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’sallocated 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’sallocated 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.
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Table of Contents 6 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 24 Lease Expirations 26 Summary of Re/Development Projects 28
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Corporate Information and Analyst Coverage 7 Corporate Information Corporate Headquarters Stock Exchange Listing Information Requests Investor Relations 2001 K Street NW New York Stock Exchange Please contact ir@easterlyreit.com Cole Bardawill Suite 775 North or 202-987-9395 to request an Director of Investor Relations 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, EVP GC & Secretary Darrell Crate Michael Ibe Allison Marino, EVP CFO Christopher Wang, EVP Acquisitions Cynthia Fisher Tara Innes Stuart Burns, EVP Government Relations Brian Colantuoni, SVP CAO Scott Freeman Nick Nimerala, EVP Portfolio & Asset Management Equity Research Coverage Citigroup BMO Capital Markets RBC Capital Markets Seth Bergey & Nick Joseph John P. Kim Michael Carroll 212-816-2066 & 212-816-1909 212-885-4115 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 Raymond James & Associates RJ Milligan 727-567-2585 Any opinions, estimates, forecasts or predictions regarding Easterly Government Properties, Inc.’sperformance 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.
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Executive Summary (In thousands, except share and per share amounts) 8 Outstanding Classes of Stock and Partnership Units - Fully Diluted Basis At June 30, 2026 Earnings Three months ended June 30, 2026 Three months ended June 30, 2025 Common shares 47,250,107 Net income available to Easterly Government Properties, Inc. $3,050 $4,071 Unvested restricted shares 71,510 Net income available to Easterly Government Properties, Inc. Common partnership and vested LTIP units 1,600,841 per share: Total - fully diluted basis 48,922,458 Basic $0.06 $0.09 Diluted $0.06 $0.09 Market Capitalization At June 30, 2026 Net income $3,158 $4,254 Price of Common Shares $24.93 Net income, per share - fully diluted basis $0.07 $0.09 Total equity market capitalization - fully diluted basis $1,219,637 Funds From Operations (FFO) $37,331 $34,816 Net Debt $1,712,733 FFO, per share - fully diluted basis $0.78 $0.74 Total enterprise value $2,932,370 Core FFO $37,351 $34,592 Core FFO, per share - fully diluted basis $0.78 $0.74 Ratios At June 30, 2026 Net debt to total enterprise value 58.4% Cash Available for Distribution (CAD) $25,829 $29,298 Net debt to annualized quarterly EBITDA 7.3x Adjusted Net Debt to annualized quarterly EBITDA 7.1x Liquidity At June 30, 2026 Cash interest coverage ratio 3.0x Cash and cash equivalents $4,625 Cash fixed charge coverage ratio 2.8x Available under $400 million senior unsecured 2024 revolving credit facility(1) $356,825 (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.
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Balance Sheets (Unaudited, in thousands, except share amounts) 9 June 30, 2026 December 31, 2025 Assets Real estate properties, net $2,751,493 $2,714,650 Cash and cash equivalents 3,300 23,374 Restricted cash 10,353 10,257 Tenant accounts receivable 70,568 51,493 Investment in unconsolidated real estate venture 299,986 304,721 Real estate loans receivable, net and investment in sales-type lease, net 44,963 34,286 Intangible assets, net 182,225 183,911 Interest rate swaps 1,003 - Prepaid expenses and other assets 52,508 57,078 Total assets $3,416,399 $3,379,770 Liabilities Revolving credit facility 43,050 199,050 Term loan facilities, net 495,847 297,200 Notes payable, net 1,019,382 1,018,884 Mortgage notes payable, net 148,906 151,191 Intangible liabilities, net 12,855 11,959 Deferred revenue 225,996 219,201 Interest rate swaps - 3,034 Accounts payable, accrued expenses and other liabilities 110,604 109,686 Total liabilities $2,056,640 $2,010,205 Equity Common stock, par value $0.01, 80,000,000 shares authorized, 47,321,617 and 46,303,469 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 473 463 Additional paid-in capital 1,983,878 1,958,412 Retained earnings 149,272 144,857 Cumulative dividends (817,791) (776,022) Accumulated other comprehensive loss (567) (4,578) Total stockholders' equity $1,315,265 $1,323,132 Non-controlling interest in Operating Partnership 44,494 46,433 Total equity $1,359,759 $1,369,565 Total liabilities and equity $3,416,399 $3,379,770
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Income Statements (Unaudited, in thousands, except share and per share amounts) 10 Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Revenues Rental income $89,659 $80,367 $178,252 $155,913 Tenant reimbursements 345 1,895 1,149 2,921 Asset management income 697 622 1,343 1,244 Other income 1,716 1,350 3,218 2,831 Total revenues $92,417 $84,234 $183,962 $162,909 Expenses Property operating 20,007 19,210 40,543 37,009 Real estate taxes 9,072 8,486 17,604 16,443 Depreciation and amortization 32,158 28,534 65,379 55,331 Acquisition costs 553 362 1,202 669 Corporate general and administrative 8,953 6,807 17,448 13,022 Recovery of credit losses (313) (539) (117) (777) Total expenses $70,430 $62,860 $142,059 $121,697 Other income (expense) Income from unconsolidated real estate venture 1,594 1,840 3,258 3,662 Interest expense, net (20,423) (18,960) (40,589) (37,337) Net income 3,158 4,254 4,572 7,537 Non-controlling interest in Operating Partnership (108) (183) (157) (339) Net income available to Easterly Government Properties, Inc. $3,050 $4,071 $4,415 $7,198 Net income available to Easterly Government Properties, Inc. per share: Basic $0.06 $0.09 $0.08 $0.16 Diluted $0.06 $0.09 $0.08 $0.15 Weighted-average common shares outstanding: Basic 46,463,199 45,011,585 46,362,418 44,122,803 Diluted 46,699,118 45,111,753 46,577,709 44,230,123 Net income, per share - fully diluted basis $0.07 $0.09 $0.10 $0.16 Weighted average common shares outstanding - fully diluted basis 48,161,107 47,043,923 48,079,226 46,236,779
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Net Operating Income (Unaudited, in thousands) 11 Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income $3,158 $4,254 $4,572 $7,537 Depreciation and amortization 32,158 28,534 65,379 55,331 Acquisition costs 553 362 1,202 669 Corporate general and administrative 8,953 6,807 17,448 13,022 Recovery of credit losses (313) (539) (117) (777) Interest expense 20,423 18,960 40,589 37,337 Unconsolidated real estate venture allocated share of above adjustments 2,339 2,340 4,781 4,720 Net Operating Income $67,271 $60,718 $133,854 $117,839 Adjustments to Net Operating Income: Straight-line rent and other non-cash adjustments (1,568) (283) (3,521) (15) Amortization of above-/below-market leases (435) (488) (870) (1,006) Amortization of deferred revenue (3,822) (1,863) (7,526) (3,625) Unconsolidated real estate venture allocated share of above adjustments 24 24 48 50 Cash Net Operating Income $61,470 $58,108 $121,985 $113,243
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EBITDA (Unaudited, in thousands) 12 Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income $3,158 $4,254 $4,572 $7,537 Depreciation and amortization 32,158 28,534 65,379 55,331 Interest expense 20,423 18,960 40,589 37,337 Tax expense 308 193 419 356 Unconsolidated real estate venture allocated share of above adjustments 2,342 2,341 4,682 4,682 EBITDA $58,389 $54,282 $115,641 $105,243
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FFO and CAD (Unaudited, in thousands, except share and per share amounts) 13 Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income $3,158 $4,254 $4,572 $7,537 Depreciation of real estate assets 31,891 28,282 64,846 54,828 Unconsolidated real estate venture allocated share of above adjustments 2,282 2,280 4,563 4,559 FFO $37,331 $34,816 $73,981 $66,924 Adjustments to FFO: Loss on extinguishment of debt and modification costs 51 - 51 900 Recovery of credit losses (313) (539) (117) (777) Natural disaster event expense, net of recovery - 47 15 70 Depreciation of non-real estate assets 266 252 533 503 Unconsolidated real estate venture allocated share of above adjustments 16 16 33 33 Core FFO $37,351 $34,592 $74,496 $67,653 FFO, per share - fully diluted basis $0.78 $0.74 $1.54 $1.45 Core FFO, per share - fully diluted basis $0.78 $0.74 $1.55 $1.46 Core FFO 37,351 34,592 74,496 67,653 Straight-line rent and other non-cash adjustments (1,554) (300) (3,561) (49) Amortization of above-/below-market leases (436) (488) (871) (1,006) Amortization of deferred revenue (3,822) (1,863) (7,526) (3,625) Non-cash interest expense 950 855 1,889 1,614 Non-cash compensation 2,103 1,395 4,200 2,816 Natural disaster event expense, net of recovery - (47) (15) (70) Principal amortization (1,203) (1,137) (2,393) (2,264) Maintenance capital expenditures (6,950) (3,720) (7,607) (4,005) Contractual tenant improvements (626) - (675) (612) Unconsolidated real estate venture allocated share of above adjustments 16 11 45 (9) Cash Available for Distribution (CAD) $25,829 $29,298 $57,982 $60,443 Weighted average common shares outstanding - fully diluted basis 48,161,107 47,043,923 48,079,226 46,236,779
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Unconsolidated Real Estate Venture (Unaudited, in thousands) 14 Balance Sheet Information Balance Sheet Easterly's Share(2) June 30, 2026 June 30, 2026 Real estate properties - net $483,658 $256,339 Total assets 578,160 306,424 Total liabilities 12,730 6,747 Total preferred stockholders' equity 125 66 Total common stockholders' equity 565,305 299,611 Basis difference(1) - 375 Total equity $565,430 $299,986 (1) This amount represents the aggregate difference between the Company’shistorical cost basis and basis reflected at the joint venture level. (2) The Company owns 53.0% of the properties through the unconsolidated joint venture.
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Unconsolidated Real Estate Venture (Cont.) (Unaudited, in thousands) 15 Income Statement Information Three Months Ended Easterly's Share(1) Six Months Ended Easterly's Share(1) June 30, 2026 June 30, 2026 June 30, 2026 June 30, 2026 Revenues Rental income $12,687 $6,724 $25,354 $13,438 Other income 35 19 76 41 Total Revenues $12,722 $6,743 $25,430 $13,479 Operating expenses Property operating 2,985 1,583 5,692 3,018 Real estate taxes 1,688 896 3,377 1,791 Depreciation and amortization 4,336 2,299 8,672 4,597 Asset management fees 623 331 1,189 631 Corporate general and administrative 33 18 264 140 Total expenses $9,665 $5,127 $19,194 $10,177 Other expenses Interest expense (41) (22) (82) (44) Net income $3,016 $1,594 $6,154 $3,258 Depreciation and amortization 4,336 2,299 8,672 4,597 Interest expense 41 22 82 44 Tax expense 39 21 77 41 EBITDA $7,432 $3,936 $14,985 $7,940 Net income $3,016 $1,594 $6,154 $3,258 Depreciation of real estate assets 4,306 2,282 8,611 4,563 FFO $7,322 $3,876 $14,765 $7,821 Adjustments to FFO: Depreciation of non-real estate assets 31 16 62 33 Core FFO $7,353 $3,892 $14,827 $7,854 Adjustments to Core FFO: Straight-line rent and other non-cash adjustments 46 24 92 48 Non-cash interest expense 41 22 82 44 Maintenance capital expenditures (57) (30) (90) (47) Cash Available for Distribution (CAD) $7,383 $3,908 $14,911 $7,899 (1) The Company owns 53.0% of the properties through the unconsolidated joint venture.
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Debt Schedules (Unaudited, in thousands) 16 Debt Instrument Maturity Date June 30, 2026 Interest Rate June 30, 2026 Balance(1) June 30, 2026 Percent of Total Indebtedness Unsecured debt 2024 Revolving Credit facility 3-Jun-28(2) S + 145 bps(3) $ 43,050 2.5% 2016 Term Loan facility 28-Jan-28(4) 5.21%(5) 100,000 5.8% 2018 Term Loan facility 21-Aug-28(6) 5.09%(7) 200,000 11.6% 2026 Term Loan facility 25-Jun-31 S + 130 bps 200,000 11.6% 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 1.6% 2025 Series B Senior Notes 20-Mar-32 6.33%(8) 100,000 5.9% Total unsecured debt 4.2 years(9) 4.67% $ 1,568,050 91.1% (wtd-avg maturity) (wtd-avg rate) Secured mortgage debt USFS II - Albuquerque 14-Jul-26(10) 4.46% $ 6,368 0.4% ICE - Charleston 15-Jan-27 4.21% 8,109 0.5% VA - Loma Linda 6-Jul-27 3.59% 127,500 7.5% CBP - Savannah 10-Jul-33 3.40% 7,331 0.5% Total secured mortgage debt 1.2 years 3.65% $ 149,308 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) At June 30, 2026, the USD SOFR with a five day lookback ("SOFR" or "S") was 3.62%. The spread over the applicable rate for our 2024 revolving credit facility is based on the Company's current consolidated leverage ratio. (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’scurrent 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. (6) 2018 term loan facility has two one-year as-of-right extension options, subject to certain conditions and the payment of an extension fee. (7) Calculated based on three interest rate swaps with an aggregate notional value of $200.0 million, which effectively fixes the interest rate at 5.09% annually based on the Company’scurrent consolidated leverage ratio. One of the interest rate swaps matures on April 1, 2028 and the other two interest rate swaps mature on July 1, 2028, none of which are coterminous with the maturity date of the 2018 term loan facility. (8) We entered into two $50.0 million treasury lock agreements to fix the Treasury rate of our 2025 series B senior notes. (9) 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 4.6 years. (10) On July 14, 2026, we used $6.4 million of available cash to extinguish the mortgage note obligation on USFS II — Albuquerque.
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Debt Schedules (Cont.) (Unaudited, in thousands) 17 Debt Statistics June 30, 2026 June 30, 2026 Variable rate debt - unhedged $243,050 % Variable rate debt - unhedged 14.2% Fixed rate debt 1,474,308 % Fixed rate debt(3) 85.8% Total Debt(1) $1,717,358 Less: cash and cash equivalents (4,625) Weighted average maturity 4.0 years Net Debt $1,712,733 Weighted average interest rate 4.6% Less: Adjustment for development(2) (59,282) Adjusted Net Debt $1,653,451 (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.
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Debt Maturities (Unaudited, in thousands) 18 Secured Debt Unsecured Debt Year Scheduled Amortization Scheduled Maturities Scheduled Maturities Total Percentage of Debt Maturing Weighted Average Interest Rate of Scheduled Maturities 2026 $1,294 $6,368 $- $7,662 0.4% 4.46% 2027 1,093 134,640 95,000 230,733 13.4% 3.80% 2028 983 - 393,050 394,033 23.0% 4.80% 2029 1,016 - 135,000 136,016 7.9% 3.89% 2030 1,049 - 225,000 226,049 13.2% 3.25% 2031 1,081 - 300,000 301,081 17.6% 4.56% 2032 1,116 - 130,000 131,116 7.6% 5.86% 2033 668 - 200,000 200,668 11.7% 6.45% 2034 - - 90,000 90,000 5.2% 3.98% 2035 - - - - 0.0% 0.00% Total $8,300 $141,008 $1,568,050 $1,717,358 100.0%
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Leased Operating Property Overview (As of June 30, 2026, unaudited) 19 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Wholly Owned U.S. Government Leased Properties VA - Loma Linda Loma Linda, CA Outpatient Clinic 2036 2016 327,614 $ 16,892,383 4.2% $ 51.56 USCIS - Kansas City Lee's Summit, MO Office 2027 - 2042(1) 1969 / 1999 417,945 10,340,464 2.5% 24.74 JSC - Suffolk Suffolk, VA Specialized Facility 2028(2) 1993 / 2004 403,737 8,632,697 2.2% 21.38 Various GSA - Chicago Des Plaines, IL Office 2026 1971 / 1999 188,768 7,925,559 2.0% 41.99 FDA - Atlanta Atlanta, GA Laboratory 2045 2025 162,000 7,064,454 1.8% 43.61 IRS - Fresno Fresno, CA Office 2033 2003 180,481 6,992,321 1.8% 38.74 FBI - Salt Lake Salt Lake City, UT Specialized Facility 2032 2012 169,542 6,841,021 1.7% 40.35 Various GSA - Buffalo Buffalo, NY Office 2026 - 2039 2004 251,236 6,603,538 1.7% 26.28 Various GSA - Portland Portland, OR Office 2027 - 2039(3) 2002 177,341 5,932,795 1.5% 33.45 VA - San Jose San Jose, CA Outpatient Clinic 2038 2018 90,085 5,812,834 1.5% 64.53 EPA - Lenexa Lenexa, KS Office 2027(2) 2007 / 2012 169,585 5,798,381 1.5% 34.19 FBI - Tampa Tampa, FL Specialized Facility 2040 2005 138,000 5,385,768 1.4% 39.03 PTO - Arlington Arlington, VA Specialized Facility 2035 2009 190,546 5,333,993 1.4% 27.99 FDA - Alameda Alameda, CA Laboratory 2039 2019 69,624 5,025,605 1.3% 72.18 USCIS - Lincoln Lincoln, NE Office 2026 2005 137,671 4,886,231 1.2% 35.49 FBI - San Antonio San Antonio, TX Specialized Facility 2045 2007 148,584 4,865,675 1.2% 32.75 FBI / DEA - El Paso El Paso, TX Specialized Facility 2028 1998 - 2005 203,683 4,784,123 1.2% 23.49 FEMA - Tracy Tracy, CA Warehouse 2038 2018 210,373 4,668,336 1.2% 22.19 TREAS - Parkersburg Parkersburg, WV Office 2041 2004 / 2006 182,500 4,435,584 1.1% 24.30 FBI - Mobile Mobile, AL Specialized Facility 2029(2) 2001 76,112 4,350,464 1.1% 57.16 FDA - Lenexa Lenexa, KS Laboratory 2040 2020 59,690 4,286,244 1.1% 71.81 ICE - Dallas Irving, TX Specialized Facility 2032 / 2040(4) 2000 / 2020 135,200 4,272,415 1.1% 31.60 FBI - Pittsburgh Pittsburgh, PA Specialized Facility 2027 2001 100,054 4,265,951 1.1% 42.64 FBI - Knoxville Knoxville, TN Specialized Facility 2028 2010 99,130 4,208,887 1.1% 42.46 VA - South Bend Mishawaka, IN Outpatient Clinic 2032 2017 86,363 4,109,078 1.0% 47.58 FBI - Omaha Omaha, NE Specialized Facility 2044 2009 112,196 3,981,453 1.0% 35.49 VA - Mobile Mobile, AL Outpatient Clinic 2033 2018 79,212 3,874,491 1.0% 48.91 FBI - New Orleans New Orleans, LA Specialized Facility 2029(5) 1999 / 2006 137,679 3,861,871 1.0% 28.05 FBI - Birmingham Birmingham, AL Specialized Facility 2042 2005 96,278 3,621,989 0.9% 37.62 DOT - Lakewood Lakewood, CO Office 2039 2004 116,046 3,610,074 0.9% 31.11 EPA - Kansas City Kansas City, KS Laboratory 2043 2003 55,833 3,604,599 0.9% 64.56 FBI - Albany Albany, NY Specialized Facility 2036 1998 69,476 3,597,252 0.9% 51.78 USFS II - Albuquerque Albuquerque, NM Office 2031 2011 98,720 3,526,118 0.9% 35.72 VA - Chico Chico, CA Outpatient Clinic 2034 2019 51,647 3,376,899 0.9% 65.38 FBI - Richmond Richmond, VA Specialized Facility 2041 2001 96,607 3,369,152 0.9% 34.87 ICE - Charleston North Charleston, SC Specialized Facility 2027 1994 / 2012 65,124 3,262,630 0.8% 50.10 FBI - Little Rock Little Rock, AR Specialized Facility 2041 2001 102,377 3,262,031 0.8% 31.86
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Leased Operating Property Overview (Cont.) (As of June 30, 2026, unaudited) 20 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Wholly Owned U.S. Government Leased Properties (Cont.) DEA - Sterling Sterling, VA Laboratory 2038 2001 57,692 $ 3,238,759 0.8% $ 56.14 JUD - Del Rio Del Rio, TX Federal Courthouse 2041 1992 / 2004 89,880 3,216,180 0.8% 35.78 USCIS - Tustin Tustin, CA Office 2034 1979 / 2019 66,818 3,176,673 0.8% 47.54 DEA - Vista Vista, CA Laboratory 2035 2002 52,293 3,175,630 0.8% 60.73 VA - Indianapolis Brownsburg, IN Outpatient Clinic 2041 2021 80,000 3,051,338 0.8% 38.14 VA - Orange Orange, CT Outpatient Clinic 2034 2019 56,330 2,978,003 0.8% 52.87 SSA - Charleston Charleston, WV Office 2029 1959 / 2000 110,000 2,930,337 0.7% 26.64 ICE - Albuquerque Albuquerque, NM Specialized Facility 2027 2011 71,100 2,886,242 0.7% 40.59 JUD - El Centro El Centro, CA Federal Courthouse 2034 2004 43,345 2,843,403 0.7% 65.60 DEA - Dallas Lab Dallas, TX Laboratory 2038 2001 49,723 2,840,424 0.7% 57.12 DEA - Pleasanton Pleasanton, CA Laboratory 2035 2015 42,480 2,803,986 0.7% 66.01 DEA - Upper Marlboro Upper Marlboro, MD Laboratory 2037 2002 50,978 2,786,816 0.7% 54.67 DHS - Burlington Williston, VT Specialized Facility 2031(2) 2000 74,549 2,776,462 0.7% 37.24 DEA - Dallas Dallas, TX Specialized Facility 2041 2001 71,827 2,742,744 0.7% 38.19 NARA - Broomfield Broomfield, CO Warehouse 2032 2012 161,730 2,684,946 0.7% 16.60 JUD - Jackson Jackson, TN Federal Courthouse 2043 1998 75,043 2,654,729 0.7% 35.38 TREAS - Birmingham Birmingham, AL Office 2029 2014 83,676 2,646,636 0.7% 31.63 DHS - Atlanta Atlanta, GA Specialized Facility 2031 - 2038(6) 2008 / 2023 91,185 2,609,190 0.7% 28.61 USAO - Louisville Louisville, KY Specialized Facility 2031 2011 60,000 2,566,248 0.7% 42.77 JUD - Charleston Charleston, SC Federal Courthouse 2040 1999 52,339 2,491,927 0.6% 47.61 IRS - Ogden Ogden, UT Warehouse 2029(7) 1996 100,000 2,394,006 0.6% 23.94 CBP - Savannah Savannah, GA Laboratory 2033 2013 35,000 2,326,337 0.6% 66.47 Various GSA - Cleveland Brooklyn Heights, OH Office 2028 - 2040(8) 1981 / 2021 61,384 2,250,021 0.6% 36.65 NWS - Kansas City Kansas City, MO Specialized Facility 2033(2) 1998 / 2020 94,378 2,180,190 0.6% 23.10 DEA - Santa Ana Santa Ana, CA Specialized Facility 2029 2004 39,905 2,053,919 0.5% 51.47 GSA - Clarksburg Clarksburg, WV Office 2039(2) 1999 70,495 1,958,511 0.5% 27.78 JUD - Aberdeen Aberdeen, MS Federal Courthouse 2040 2005 45,194 1,948,572 0.5% 43.12 DEA - North Highlands Sacramento, CA Specialized Facility 2033 2002 37,975 1,907,525 0.5% 50.23 DEA - Riverside Riverside, CA Specialized Facility 2032 1997 34,354 1,889,092 0.5% 54.99 NPS - Omaha Omaha, NE Specialized Facility 2029 2004 62,772 1,884,271 0.5% 30.02 ICE - Orlando Orlando, FL Specialized Facility 2040 1996 / 2010 49,420 1,796,130 0.5% 36.34 VA - Golden Golden, CO Warehouse 2036(2) 1996 / 2011 56,753 1,784,573 0.5% 31.44 JUD - Newport News Newport News, VA Federal Courthouse 2033 2008 35,005 1,693,655 0.4% 48.38 USCG - Martinsburg Martinsburg, WV Specialized Facility 2027 2007 59,547 1,646,454 0.4% 27.65 VA - Charleston North Charleston, SC Warehouse 2040 2020 97,718 1,519,642 0.4% 15.55 USAO - Springfield Springfield, IL Specialized Facility 2038 2002 43,600 1,408,680 0.4% 32.31 JUD - Council Bluffs Council Bluffs, IA Federal Courthouse 2041(7) 2021 28,900 1,369,479 0.3% 47.39
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Leased Operating Property Overview (Cont.) (As of June 30, 2026, unaudited) 21 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Wholly Owned U.S. Government Leased Properties (Cont.) DEA - Birmingham Birmingham, AL Specialized Facility 2038 2005 35,616 $ 1,270,359 0.3% $ 35.67 DEA - Albany Albany, NY Specialized Facility 2042 2004 31,976 1,193,758 0.3% 37.33 HSI - Orlando Orlando, FL Specialized Facility 2036 2006 27,840 1,123,185 0.3% 40.34 SSA - Dallas Dallas, TX Specialized Facility 2035 2005 27,200 1,073,581 0.3% 39.47 JUD - South Bend South Bend, IN Federal Courthouse 2027 1996 / 2011 30,119 838,740 0.2% 27.85 ICE - Louisville Louisville, KY Specialized Facility 2036 2011 17,420 782,609 0.2% 44.93 DEA - San Diego San Diego, CA Warehouse 2032 1999 16,100 560,959 0.1% 34.84 DEA - Bakersfield Bakersfield, CA Specialized Facility 2038 2000 9,800 502,549 0.1% 51.28 SSA - San Diego San Diego, CA Specialized Facility 2032 2003 10,059 458,847 0.1% 45.62 Subtotal 8,056,577 $ 293,579,677 74.5% $ 36.44 Wholly Owned State and Local Government Leased Property DC - Capitol Plaza Washington, DC Office 2026 - 2038(9) 2006 284,688 $ 18,174,631 4.6% $ 63.84 Wake County III - Cary Cary, NC Office 2027 / 2034(10) 1997 113,722 3,501,324 0.9% 30.79 CA - Anaheim Anaheim, CA Office 2033 / 2034 1991 / 2020 95,273 3,364,379 0.9% 35.31 SVA - Glen Allen I Glen Allen, VA Office 2034(7) 1999 127,500 3,107,163 0.8% 24.37 Wake County II - Cary Cary, NC Office 2034(11) 1994 98,340 2,948,356 0.7% 29.98 NM - Albuquerque Albuquerque, NM Office 2036(7) 2006 81,423 2,343,773 0.6% 28.79 Wake County I - Cary Cary, NC Office 2034(11) 1991 75,401 2,227,705 0.6% 29.54 SVA - Glen Allen II Glen Allen, VA Office 2036(7) 1999 46,147 1,092,427 0.3% 23.67 Subtotal 922,494 $ 36,759,758 9.4% $ 39.85
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Leased Operating Property Overview (Cont.) (As of June 30, 2026, unaudited) 22 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Wholly Owned Privately Leased Property York Space Systems - Greenwood Village Greenwood Village, CO Specialized Facility 2031(5) 1982 / 2020 138,125 $ 4,719,587 1.2% $ 34.17 SVA - Glen Allen III Glen Allen, VA Office 2027 - 2031(12) 1999 124,066 2,886,196 0.7% 23.26 Northrop Grumman - Dayton Beavercreek, OH Specialized Facility 2029(7) 2012 99,246 2,588,312 0.7% 26.08 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 70,078 410,164 0.1% 5.85 Subtotal 535,651 $ 12,972,645 3.3% $ 24.22 Wholly Owned Properties Total / Weighted Average 9,514,722 $ 343,312,080 87.2% $ 36.08 U.S Government Leased to Unconsolidated Real Estate Venture VA - Phoenix(13) Phoenix, AZ Outpatient Clinic 2042 2022 257,294 $ 10,919,720 2.8% $ 42.44 VA - San Antonio(13) San Antonio, TX Outpatient Clinic 2041 2021 226,148 9,217,375 2.3% 40.76 VA - Jacksonville(13) Jacksonville, FL Outpatient Clinic 2043 2023 193,100 7,634,166 1.9% 39.53 VA - Chattanooga(13) Chattanooga, TN Outpatient Clinic 2035 2020 94,566 4,310,316 1.1% 45.58 VA - Lubbock(13)(14) Lubbock, TX Outpatient Clinic 2040 2020 120,916 4,270,224 1.1% 35.32 VA - Marietta(13) Marietta, GA Outpatient Clinic 2041 2021 76,882 3,848,808 1.0% 50.06 VA - Birmingham(13) Irondale, AL Outpatient Clinic 2041 2021 77,128 3,212,592 0.8% 41.65 VA - Corpus Christi(13) Corpus Christi, TX Outpatient Clinic 2042 2022 69,276 2,994,312 0.8% 43.22 VA - Columbus(13) Columbus, GA Outpatient Clinic 2042 2022 67,793 2,953,771 0.7% 43.57 VA - Lenexa(13) Lenexa, KS Outpatient Clinic 2041 2021 31,062 1,344,162 0.3% 43.27 Subtotal 1,214,165 $ 50,705,446 12.8% $ 41.76 Total / Weighted Average 10,728,887 $ 394,017,526 100.0% $ 36.72 Total / Weighted Average at Easterly's Share 10,158,228 $ 370,185,967 $ 36.44 (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. 62,165 square feet leased to three private tenants will expire between 2027-2030 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. 9,357 square feet leased to four private tenants will expire between 2027-2036 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.
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Leased Operating Property Overview (Cont.) (As of June 30, 2026, unaudited) 23 (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. 16,096 square feet leased to three 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) 124,066 square feet leased to three private tenants will expire between 2027-2031 and each contains renewal options. (13) The Company owns 53.0% of the property through an unconsolidated joint venture. (14) Asset is subject to a ground lease where the unconsolidated joint venture is the lessee.
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Tenants (As of June 30, 2026, unaudited) 24 Tenant Weighted Average Remaining Lease Term(1) Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income U.S. Government Department of Veteran Affairs ("VA") 12.9 2,251,131 20.9% $97,425,391 24.6% Federal Bureau of Investigation ("FBI") 9.7 1,498,607 13.9% 55,341,407 13.9% Drug Enforcement Administration ("DEA") 9.2 607,290 5.6% 28,983,625 7.4% Judiciary of the U.S. ("JUD") 12.6 399,825 3.6% 17,056,685 4.3% Food and Drug Administration ("FDA") 16.9 291,314 2.6% 16,376,303 4.2% U.S. Citizenship and Immigration Services ("USCIS") 10.6 520,807 4.9% 16,204,285 4.1% Immigration and Customs Enforcement ("ICE") 6.8 388,386 3.6% 15,123,581 3.8% Internal Revenue Service ("IRS") 5.6 359,661 3.4% 12,027,807 3.1% Environmental Protection Agency ("EPA") 5.2 225,418 2.1% 9,402,980 2.4% U.S. Joint Staff Command ("JSC") 1.9 403,737 3.8% 8,632,697 2.2% Federal Aviation Administration ("FAA") 0.3 188,768 1.8% 7,925,559 2.0% Bureau of the Fiscal Service ("BFS") 11.2 266,176 2.5% 7,082,220 1.8% Social Security Administration ("SSA") 6.5 192,185 1.8% 5,710,875 1.4% Patent and Trademark Office ("PTO") 8.5 190,546 1.8% 5,333,993 1.4% Federal Emergency Management Agency ("FEMA") 12.3 210,373 2.0% 4,668,336 1.2% U.S. Attorney Office ("USAO") 8.4 110,776 1.0% 4,174,297 1.1% Department of Transportation ("DOT") 13.0 116,046 1.1% 3,610,074 0.9% U.S. Forest Service ("USFS") 5.0 98,720 0.9% 3,526,118 0.9% Customs and Border Protection ("CBP") 9.2 64,737 0.6% 3,274,539 0.8% National Archives and Records Administration ("NARA") 5.9 161,730 1.5% 2,684,946 0.7% National Weather Service ("NWS") 7.5 94,378 0.9% 2,180,190 0.6% U.S. Department of Agriculture ("USDA") 1.6 60,257 0.6% 1,891,647 0.5% National Park Service ("NPS") 3.0 62,772 0.6% 1,884,271 0.5% U.S. Coast Guard ("USCG") 1.5 59,547 0.6% 1,646,454 0.4% National Oceanic and Atmospheric Administration ("NOAA") 5.2 33,403 0.3% 1,417,212 0.4% Transportation Security Administration ("TSA") 7.5 44,075 0.4% 1,180,378 0.3% Homeland Security Investigations ("HSI") 9.7 27,840 0.3% 1,123,185 0.3% Small Business Administration ("SBA") 13.1 44,969 0.4% 1,034,938 0.3% U.S. Army Corps of Engineers ("ACOE") 3.6 33,407 0.3% 972,322 0.2% General Services Administration - Other 9.2 33,365 0.3% 840,955 0.2% Bureau of Alcohol, Tobacco, Firearms and Explosives ("ATF") 6.7 23,775 0.2% 733,654 0.2%
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Tenants (Cont.) (As of June 30, 2026, unaudited) 25 Tenant Weighted Average Remaining Lease Term(1) Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income U.S. Government (Cont.) Department of Energy ("DOE") 6.8 4,846 0.0% $277,782 0.1% Federal Energy Regulatory Commission ("FERC") 13.1 6,214 0.1% 241,154 0.1% U.S. Probation Office ("USPO") 12.6 6,621 0.1% 183,960 0.0% U.S. Marshals Service ("USMS") 0.6 1,054 0.0% 48,789 0.0% Department of Labor ("DOL") 12.6 574 0.0% 15,954 0.0% Subtotal 9.6 9,083,330 84.5% $340,238,563 86.3% State and Local Government District of Columbia Government 11.7 238,062 2.2% $15,150,064 3.8% Wake County Public Schools 8.0 249,605 2.3% 7,547,846 1.9% Commonwealth of Virginia 8.6 173,647 1.6% 4,199,590 1.1% State of New Mexico Health Care Authority 10.5 81,423 0.8% 2,343,773 0.6% State of California Employee Development Department 7.6 65,133 0.6% 2,296,631 0.6% State of California Department of Industrial Relations 7.3 30,140 0.3% 1,067,748 0.3% New York State Court of Claims 0.3 14,274 0.1% 377,008 0.1% Subtotal 9.2 852,284 7.9% $32,982,660 8.4% Private Tenants Northrop Grumman Systems Corporation 4.5 203,382 1.9% $4,956,698 1.3% York Space Systems 5.5 138,125 1.3% 4,719,587 1.2% Other Private Tenants 3.5 71,330 0.7% 2,586,395 0.7% ChemTreat 5.5 94,456 0.9% 1,902,419 0.5% Caremark, L.L.C 4.1 41,462 0.4% 1,241,399 0.3% Jacobs Engineering Group, Inc. 1.5 37,858 0.4% 1,129,539 0.3% Intercontinental Exchange 3.6 27,488 0.3% 926,356 0.2% Pate Rehabilitation Endeavors, LLC 5.6 25,603 0.2% 862,947 0.2% HUB International Midwest Limited 6.3 29,074 0.3% 844,637 0.2% Saint Luke's Health System, Inc. 1.5 32,043 0.3% 748,217 0.2% University of Central Missouri 6.0 22,374 0.2% 467,945 0.1% Lummus Corporation 2.1 70,078 0.7% 410,164 0.1% Subtotal 4.3 793,273 7.6% $20,796,303 5.3% Total / Weighted Average 9.2 10,728,887 100.0% $394,017,526 100.0% (1) Weighted based on leased square feet.
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Lease Expirations (As of June 30, 2026, unaudited) 26 Year of Lease Expiration (1) Number of Leases Expiring Leased Square Footage Expiring Percentage of Total Leased Square Footage Expiring Annualized Lease Income Expiring Percentage of Total Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring 2026 4 344,916 3.2% $13,759,566 3.5% $39.89 2027 12 572,603 5.3% 20,870,925 5.3% 36.45 2028 12 905,036 8.4% 22,229,969 5.6% 24.56 2029 10 757,363 7.1% 24,856,952 6.3% 32.82 2030 6 95,888 0.9% 2,657,995 0.7% 27.72 2031 8 533,104 5.0% 18,102,846 4.6% 33.96 2032 11 712,188 6.6% 22,269,734 5.7% 31.27 2033 11 570,028 5.3% 22,447,666 5.7% 39.38 2034 11 635,293 5.9% 24,443,778 6.2% 38.48 2035 7 440,450 4.1% 17,538,461 4.5% 39.82 Thereafter 56 5,162,018 48.2% 204,839,634 51.9% 39.68 Total / Weighted Average 148 10,728,887 100.0% $394,017,526 100.0% $36.72 (1) The year of lease expiration is pursuant to current contract terms. Some U.S. government 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, 2026, eight U.S. government tenants occupying approximately 4.0% of our leased square feet and contributing approximately 4.3% 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.
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Lease Expirations (As of June 30, 2026, unaudited) 27
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Summary of Re/Development Projects (As of June 30, 2026, unaudited, in thousands, except square feet) 28 Projects Under Construction (1) Property Name Location Property Type Total Leased Square Feet Lease Term Cost to Date Anticipated Lump- Sum Reimbursement (2) Anticipated Completion Date Anticipated Lease Commencement FL - Fort Myers Fort Myers, FL Laboratory 64,000 25-Year $40,908 $- 4Q 2026 4Q 2026 JUD - Flagstaff Flagstaff, AZ Courthouse 50,777 20-Year 44,910 33,034 1Q 2027 1Q 2027 JUD - Medford Medford, OR Courthouse 40,035 20-Year 13,496 20,290 1H 2028 1H 2028 Total 154,812 $99,314 $53,324 Projects Previously Completed with Outstanding Lump-Sum Reimbursements Property Name Location Property Type Total Leased Square Feet Lease Term Outstanding Lump- Sum Reimbursement (2) Completion Date Lease Commencement FDA - Atlanta (4) Atlanta, GA Laboratory 162,000 20-Year $2,901 4Q 2025 4Q 2025 (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. (4) Total lump sum reimbursements received for the project as of June 30, 2026 are $150.7 million.