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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. 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 September 30, 2026 that will be released in our Form 10-Q to be filed with the SEC on or about October 26, 2026.
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Supplemental Definitions 3 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. 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.
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Supplemental Definitions 4 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, provision for (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 5 Overview Corporate Information and Analyst Coverage 6 Executive Summary 7 Corporate Financials Balance Sheets 8 Income Statements 9 Net Operating Income 10 EBITDA 11 FFO and CAD 12 Unconsolidated Real Estate Venture 13 Debt Debt Schedules 15 Debt Maturities 17 Properties Leased Operating Property Overview 18 Tenants 23 Lease Expirations 25 Summary of Re/Development Projects 27
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Corporate Information and Analyst Coverage 6 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) 7 Outstanding Classes of Stock and Partnership Units - Fully Diluted Basis At September 30, 2026 Earnings Three months ended September 30, 2026 Three months ended September 30, 2025 Common shares 47,250,107 Net income available to Easterly Government Properties, Inc. $5,500 $1,213 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 $0.11 $0.02 Diluted $0.11 $0.02 Market Capitalization At September 30, 2026 Net income $5,689 $1,247 Price of Common Shares $23.20 Net income, per share - fully diluted basis $0.12 $0.03 Total equity market capitalization - fully diluted basis $1,135,001 Funds From Operations (FFO) $38,480 $34,769 Net Debt $1,676,738 FFO, per share - fully diluted basis $0.79 $0.74 Total enterprise value $2,811,739 Core FFO $38,045 $35,623 Core FFO, per share - fully diluted basis $0.78 $0.76 Ratios At September 30, 2026 Net debt to total enterprise value 59.6% Cash Available for Distribution (CAD) $32,824 $29,300 Net debt to annualized quarterly EBITDA 7.1x Adjusted Net Debt to annualized quarterly EBITDA 6.8x Liquidity At September 30, 2026 Cash interest coverage ratio 3.1x Cash and cash equivalents $5,859 Cash fixed charge coverage ratio 3.0x Available under $400 million senior unsecured 2024 revolving credit facility(1) $383,825 (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) 8 September 30, 2026 December 31, 2025 Assets Real estate properties, net $2,752,624 $2,714,650 Cash and cash equivalents 2,935 23,374 Restricted cash 8,842 10,257 Tenant accounts receivable 72,107 51,493 Investment in unconsolidated real estate venture 294,059 304,721 Real estate loans receivable, net and investment in sales-type lease, net 10,440 34,286 Intangible assets, net 175,051 183,911 Interest rate swaps 3,549 - Prepaid expenses and other assets 51,186 57,078 Total assets $3,370,793 $3,379,770 Liabilities Revolving credit facility 16,050 199,050 Term loan facilities, net 496,222 297,200 Notes payable, net 1,019,636 1,018,884 Mortgage notes payable, net 141,957 151,191 Intangible liabilities, net 12,117 11,959 Deferred revenue 225,999 219,201 Interest rate swaps - 3,034 Accounts payable, accrued expenses and other liabilities 110,932 109,686 Total liabilities $2,022,913 $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 September 30, 2026 and December 31, 2025, respectively 473 463 Additional paid-in capital 1,985,653 1,958,412 Retained earnings 154,772 144,857 Cumulative dividends (839,086) (776,022) Accumulated other comprehensive income (loss) 1,963 (4,578) Total stockholders' equity $1,303,775 $1,323,132 Non-controlling interest in Operating Partnership 44,105 46,433 Total equity $1,347,880 $1,369,565 Total liabilities and equity $3,370,793 $3,379,770
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Income Statements (Unaudited, in thousands, except share and per share amounts) 9 Three Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Revenues Rental income $90,035 $82,210 $268,287 $238,123 Tenant reimbursements 988 1,700 2,137 4,621 Asset management income 693 623 2,036 1,867 Other income 1,895 1,618 5,113 4,449 Total revenues $93,611 $86,151 $277,573 $249,060 Expenses Property operating 22,875 20,715 63,418 57,724 Real estate taxes 9,015 8,814 26,619 25,257 Depreciation and amortization 30,964 28,946 96,343 84,277 Acquisition costs 360 293 1,562 962 Corporate general and administrative 7,198 5,808 24,646 18,830 Provision for (recovery of) credit losses (752) 302 (869) (475) Total expenses $69,660 $64,878 $211,719 $186,575 Other income (expense) Income from unconsolidated real estate venture 1,778 1,556 5,036 5,218 Interest expense, net (20,040) (19,037) (60,629) (56,374) Impairment loss - (2,545) - (2,545) Net income 5,689 1,247 10,261 8,784 Non-controlling interest in Operating Partnership (189) (34) (346) (373) Net income available to Easterly Government Properties, Inc. $5,500 $1,213 $9,915 $8,411 Net income available to Easterly Government Properties, Inc. per share: Basic $0.11 $0.02 $0.20 $0.18 Diluted $0.11 $0.02 $0.20 $0.18 Weighted-average common shares outstanding: Basic 47,250,107 45,337,184 46,661,566 44,532,044 Diluted 47,554,336 45,485,375 46,902,574 44,650,747 Net income, per share - fully diluted basis $0.12 $0.03 $0.21 $0.19 Weighted average common shares outstanding - fully diluted basis 48,922,458 47,169,281 48,363,392 46,551,029
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Net Operating Income (Unaudited, in thousands) 10 Three Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net income $5,689 $1,247 $10,261 $8,784 Depreciation and amortization 30,964 28,946 96,343 84,277 Acquisition costs 360 293 1,562 962 Corporate general and administrative 7,198 5,808 24,646 18,830 Provision for (recovery of) credit losses (752) 302 (869) (475) Interest expense 20,040 19,037 60,629 56,374 Impairment loss - 2,545 - 2,545 Unconsolidated real estate venture allocated share of above adjustments 2,154 2,365 6,935 7,086 Net Operating Income $65,653 $60,543 $199,507 $178,383 Adjustments to Net Operating Income: Straight-line rent and other non-cash adjustments (1,449) (317) (4,970) (332) Amortization of above-/below-market leases (432) (421) (1,302) (1,427) Amortization of deferred revenue (3,860) (1,892) (11,386) (5,517) Unconsolidated real estate venture allocated share of above adjustments 174 26 222 74 Cash Net Operating Income $60,086 $57,939 $182,071 $171,181
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EBITDA (Unaudited, in thousands) 11 Three Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net income $5,689 $1,247 $10,261 $8,784 Depreciation and amortization 30,964 28,946 96,343 84,277 Interest expense 20,040 19,037 60,629 56,374 Tax expense 157 79 576 435 Impairment loss - 2,545 - 2,545 Unconsolidated real estate venture allocated share of above adjustments 2,131 2,323 6,813 7,005 EBITDA $58,981 $54,177 $174,622 $159,420
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FFO and CAD (Unaudited, in thousands, except share and per share amounts) 12 Three Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net income $5,689 $1,247 $10,261 $8,784 Depreciation of real estate assets 30,707 28,695 95,553 83,523 Impairment loss - 2,545 - 2,545 Unconsolidated real estate venture allocated share of above adjustments 2,084 2,282 6,647 6,841 FFO $38,480 $34,769 $112,461 $101,693 Adjustments to FFO: Loss on extinguishment of debt and modification costs 42 241 93 1,141 Provision for (recovery of) credit losses (752) 302 (869) (475) Natural disaster event expense, net of recovery 1 44 16 114 Depreciation of non-real estate assets 257 251 790 754 Unconsolidated real estate venture allocated share of above adjustments 17 16 50 49 Core FFO $38,045 $35,623 $112,541 $103,276 FFO, per share - fully diluted basis $0.79 $0.74 $2.33 $2.18 Core FFO, per share - fully diluted basis $0.78 $0.76 $2.33 $2.22 Core FFO 38,045 35,623 112,541 103,276 Straight-line rent and other non-cash adjustments (1,415) (337) (4,976) (386) Amortization of above-/below-market leases (432) (421) (1,303) (1,427) Amortization of deferred revenue (3,860) (1,892) (11,386) (5,517) Non-cash interest expense 1,050 855 2,939 2,470 Non-cash compensation 2,041 1,633 6,241 4,449 Natural disaster event expense, net of recovery (1) (44) (16) (114) Principal amortization (642) (1,156) (3,035) (3,420) Maintenance capital expenditures (1,269) (2,897) (8,876) (6,902) Contractual tenant improvements (704) (2,060) (1,379) (2,672) Unconsolidated real estate venture allocated share of above adjustments 11 (4) 56 (14) Cash Available for Distribution (CAD) $32,824 $29,300 $90,806 $89,743 Weighted average common shares outstanding - fully diluted basis 48,922,458 47,169,281 48,363,392 46,551,029
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Unconsolidated Real Estate Venture (Unaudited, in thousands) 13 Balance Sheet Information Balance Sheet Easterly's Share(2) September 30, 2026 September 30, 2026 Real estate properties - net $475,429 $251,977 Total assets 569,724 301,953 Total liabilities 15,477 8,203 Total preferred stockholders' equity 125 66 Total common stockholders' equity 554,122 293,684 Basis difference(1) - 375 Total equity $554,247 $294,059 (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) 14 Income Statement Information Three Months Ended Easterly's Share(1) Nine Months Ended Easterly's Share(1) September 30, 2026 September 30, 2026 September 30, 2026 September 30, 2026 Revenues Rental income $12,709 $6,735 $38,063 $20,173 Other income 68 36 144 77 Total Revenues $12,777 $6,771 $38,207 $20,250 Operating expenses Property operating 2,996 1,588 8,688 4,606 Real estate taxes 1,741 923 5,118 2,714 Depreciation and amortization 3,961 2,099 12,633 6,696 Asset management fees 618 328 1,807 959 Corporate general and administrative 63 33 327 173 Total expenses $9,379 $4,971 $28,573 $15,148 Other expenses Interest expense (41) (22) (123) (66) Net income $3,357 $1,778 $9,511 $5,036 Depreciation and amortization 3,961 2,099 12,633 6,696 Interest expense 41 22 123 66 Tax expense 19 10 96 51 EBITDA $7,378 $3,909 $22,363 $11,849 Net income $3,357 $1,778 $9,511 $5,036 Depreciation of real estate assets 3,932 2,084 12,543 6,647 FFO $7,289 $3,862 $22,054 $11,683 Adjustments to FFO: Depreciation of non-real estate assets 31 17 93 50 Core FFO $7,320 $3,879 $22,147 $11,733 Adjustments to Core FFO: Straight-line rent and other non-cash adjustments 329 174 421 222 Non-cash interest expense 41 22 123 66 Maintenance capital expenditures (349) (185) (439) (232) Cash Available for Distribution (CAD) $7,341 $3,890 $22,252 $11,789 (1) The Company owns 53.0% of the properties through the unconsolidated joint venture.
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Debt Schedules (Unaudited, in thousands) 15 Debt Instrument Maturity Date September 30, 2026 Interest Rate September 30, 2026 Balance(1) September 30, 2026 Percent of Total Indebtedness Unsecured debt 2024 Revolving Credit facility 3-Jun-28(2) S + 135 bps(3) $16,050 1.0% 2016 Term Loan facility 28-Jan-28(4) 5.21%(5) 100,000 5.9% 2018 Term Loan facility 21-Aug-28(6) 4.99%(7) 200,000 11.9% 2026 Term Loan facility 25-Jun-31 S + 130 bps 200,000 11.9% 2017 Series A Senior Notes 25-May-27 4.05% 95,000 5.6% 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 5.0% 2019 Series B Senior Notes 12-Sep-31 3.83% 100,000 5.9% 2019 Series C Senior Notes 12-Sep-34 3.98% 90,000 5.3% 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 11.9% 2024 Series A Senior Notes 28-May-33 6.56% 150,000 8.9% 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%(8) 100,000 5.9% Total unsecured debt 4.0 years(9) 4.69% $1,541,050 91.5% (wtd-avg maturity) (wtd-avg rate) Secured mortgage debt ICE - Charleston 15-Jan-27 4.21% 7,697 0.5% VA - Loma Linda 6-Jul-27 3.59% 127,500 7.6% CBP - Savannah 10-Jul-33 3.40% 7,100 0.4% Total secured mortgage debt 1.0 years 3.61% $142,297 8.5% (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 September 30, 2026, the USD SOFR with a five day lookback ("SOFR" or "S") was 3.87%. 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 5.21% 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 4.99% 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 4.4 years.
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Debt Schedules (Cont.) (Unaudited, in thousands) 16 Debt Statistics September 30, 2026 September 30, 2026 Variable rate debt - unhedged $216,050 % Variable rate debt - unhedged 12.8% Fixed rate debt 1,467,297 % Fixed rate debt(3) 87.2% Total Debt(1) $1,683,347 Less: cash and cash equivalents (5,859) Weighted average maturity 3.8 years Less: property acquisition closing escrow, net of deposit (750) Weighted average interest rate 4.6% Net Debt $1,676,738 Less: Adjustment for development(2) (65,373) Adjusted Net Debt $1,611,365 (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) 17 Secured Debt Unsecured Debt Year Scheduled Amortization Scheduled Maturities Scheduled Maturities Total Percentage of Debt Maturing Weighted Average Interest Rate of Scheduled Maturities 2026 $650 $- $- $650 0.0% 0.00% 2027 1,093 134,640 95,000 230,733 13.7% 3.80% 2028 983 - 366,050 367,033 21.8% 4.74% 2029 1,016 - 135,000 136,016 8.1% 3.89% 2030 1,049 - 225,000 226,049 13.4% 3.25% 2031 1,081 - 300,000 301,081 17.9% 4.72% 2032 1,116 - 130,000 131,116 7.8% 5.86% 2033 669 - 200,000 200,669 11.9% 6.45% 2034 - - 90,000 90,000 5.4% 3.98% Total $7,657 $134,640 $1,541,050 $1,683,347 100.0%
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Leased Operating Property Overview (As of September 30, 2026, unaudited) 18 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 4.3% $51.56 USCIS - Kansas City Lee's Summit, MO Office 2027 - 2042(1) 1969 / 1999 417,945 10,452,533 2.6% 25.01 JSC - Suffolk Suffolk, VA Specialized Facility 2028(2) 1993 / 2004 403,737 8,665,537 2.2% 21.46 Various GSA - Chicago Des Plaines, IL Office 2027 1971 / 1999 188,768 7,925,559 1.9% 41.99 FDA - Atlanta Atlanta, GA Laboratory 2045 2025 162,000 7,064,453 1.8% 43.61 IRS - Fresno Fresno, CA Office 2033 2003 180,481 7,043,219 1.8% 39.02 FBI - Salt Lake Salt Lake City, UT Specialized Facility 2032 2012 169,542 6,849,035 1.7% 40.40 Various GSA - Buffalo Buffalo, NY Office 2031 - 2039(2) 2004 251,236 6,784,857 1.7% 27.01 Various GSA - Portland Portland, OR Office 2027 - 2039(3) 2002 177,341 5,990,495 1.5% 33.78 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 5,350,786 1.4% 28.08 FDA - Alameda Alameda, CA Laboratory 2039 2019 69,624 5,099,184 1.3% 73.24 FBI - San Antonio San Antonio, TX Specialized Facility 2045 2007 148,584 4,865,679 1.2% 32.75 FBI / DEA - El Paso El Paso, TX Specialized Facility 2028 1998 - 2005 203,683 4,825,010 1.2% 23.69 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 4,440,650 1.1% 24.33 FBI - Mobile Mobile, AL Specialized Facility 2029(2) 2001 76,112 4,364,100 1.1% 57.34 FDA - Lenexa Lenexa, KS Laboratory 2040 2020 59,690 4,297,893 1.1% 72.00 ICE - Dallas Irving, TX Specialized Facility 2032 / 2040(4) 2000 / 2020 135,200 4,285,579 1.1% 31.70 FBI - Pittsburgh Pittsburgh, PA Specialized Facility 2027 2001 100,054 4,272,250 1.1% 42.70 VA - South Bend Mishawaka, IN Outpatient Clinic 2032 2017 86,363 4,260,909 1.1% 49.34 FBI - Knoxville Knoxville, TN Specialized Facility 2028 2010 99,130 4,253,329 1.1% 42.91 USCIS - Lincoln Lincoln, NE Office 2041 2005 137,671 4,220,772 1.1% 30.66 FBI - Omaha Omaha, NE Specialized Facility 2044 2009 112,196 4,011,855 1.0% 35.76 FBI - New Orleans New Orleans, LA Specialized Facility 2029(5) 1999 / 2006 137,679 3,923,663 1.0% 28.50 VA - Mobile Mobile, AL Outpatient Clinic 2033 2018 79,212 3,916,316 1.0% 49.44 FBI - Albany Albany, NY Specialized Facility 2036 1998 69,476 3,657,678 0.9% 52.65 DOT - Lakewood Lakewood, CO Office 2039 2004 116,046 3,622,432 0.9% 31.22 FBI - Birmingham Birmingham, AL Specialized Facility 2042 2005 96,278 3,621,989 0.9% 37.62 EPA - Kansas City Kansas City, KS Laboratory 2043 2003 55,833 3,604,587 0.9% 64.56 FBI - Little Rock Little Rock, AR Specialized Facility 2041 2001 102,377 3,512,528 0.9% 34.31 VA - Chico Chico, CA Outpatient Clinic 2034 2019 51,647 3,389,051 0.9% 65.62 FBI - Richmond Richmond, VA Specialized Facility 2041 2001 96,607 3,369,153 0.9% 34.87 USFS II - Albuquerque Albuquerque, NM Office 2031 2011 98,720 3,351,215 0.8% 33.95 ICE - Charleston North Charleston, SC Specialized Facility 2027 1994 / 2012 65,124 3,262,630 0.8% 50.10
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Leased Operating Property Overview (Cont.) (As of September 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 (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 3,198,547 0.8% 47.87 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 2,961,653 0.7% 52.58 SSA - Charleston Charleston, WV Office 2029 1959 / 2000 110,000 2,912,001 0.7% 26.47 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 2,843,624 0.7% 65.60 DEA - Dallas Lab Dallas, TX Laboratory 2038 2001 49,723 2,840,432 0.7% 57.13 DEA - Pleasanton Pleasanton, CA Laboratory 2035 2015 42,480 2,803,986 0.7% 66.01 DHS - Burlington Williston, VT Specialized Facility 2031(2) 2000 74,549 2,792,800 0.7% 37.46 DEA - Upper Marlboro Upper Marlboro, MD Laboratory 2037 2002 50,978 2,789,546 0.7% 54.72 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 2,680,097 0.7% 35.71 TREAS - Birmingham Birmingham, AL Office 2029 2014 83,676 2,647,284 0.7% 31.64 DHS - Atlanta Atlanta, GA Specialized Facility 2031 - 2038(6) 2008 / 2023 96,235 2,635,485 0.7% 27.39 USAO - Louisville Louisville, KY Specialized Facility 2031 2011 60,000 2,566,248 0.6% 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 2,337,990 0.6% 66.80 Various GSA - Cleveland Brooklyn Heights, OH Office 2028 - 2040(8) 1981 / 2021 61,384 2,267,525 0.6% 36.94 NWS - Kansas City Kansas City, MO Specialized Facility 2033(2) 1998 / 2020 94,378 2,180,189 0.6% 23.10 ICE - Orlando Orlando, FL Specialized Facility 2040 1996 / 2010 49,420 2,136,063 0.5% 43.22 DEA - Santa Ana Santa Ana, CA Specialized Facility 2029 2004 39,905 2,070,469 0.5% 51.88 GSA - Clarksburg Clarksburg, WV Office 2039(2) 1999 70,495 1,958,481 0.5% 27.78 JUD - Aberdeen Aberdeen, MS Federal Courthouse 2040 2005 45,194 1,948,573 0.5% 43.12 DEA - North Highlands Sacramento, CA Specialized Facility 2033 2002 37,975 1,907,525 0.5% 50.23 NPS - Omaha Omaha, NE Specialized Facility 2029 2004 62,772 1,899,374 0.5% 30.26 DEA - Riverside Riverside, CA Specialized Facility 2032 1997 34,354 1,889,093 0.5% 54.99 VA - Golden Golden, CO Warehouse 2036(2) 1996 / 2011 59,792 1,849,540 0.5% 30.93 JUD - Newport News Newport News, VA Federal Courthouse 2033 2008 35,005 1,692,492 0.4% 48.35 USCG - Martinsburg Martinsburg, WV Specialized Facility 2027 2007 59,547 1,652,084 0.4% 27.74 DEA - Birmingham Birmingham, AL Specialized Facility 2038 2005 35,616 1,632,111 0.4% 45.83 JUD - Council Bluffs Council Bluffs, IA Federal Courthouse 2041(7) 2021 28,900 1,430,087 0.4% 49.48 USAO - Springfield Springfield, IL Specialized Facility 2038 2002 43,600 1,408,680 0.4% 32.31
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Leased Operating Property Overview (Cont.) (As of September 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.) VA - Charleston North Charleston, SC Warehouse 2040 2020 97,718 $1,389,771 0.4% $14.22 DEA - Albany Albany, NY Specialized Facility 2042 2004 31,976 1,198,254 0.3% 37.47 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 1,083,262 0.3% 39.83 JUD - South Bend South Bend, IN Federal Courthouse 2027 1996 / 2011 30,119 837,437 0.2% 27.80 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 16,100 569,961 0.1% 35.40 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 10,059 458,846 0.1% 45.62 Subtotal 8,064,666 $294,872,253 74.6% $36.56 Wholly Owned State and Local Government Leased Property DC - Capitol Plaza Washington, DC Office 2027 - 2038(9) 2006 280,485 $17,593,797 4.4% $62.73 Wake County III - Cary Cary, NC Office 2027 / 2034(10) 1997 113,722 3,508,330 0.9% 30.85 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 3,100,670 0.8% 24.32 Wake County II - Cary Cary, NC Office 2034(11) 1994 98,340 3,007,735 0.8% 30.59 NM - Albuquerque Albuquerque, NM Office 2036(7) 2006 81,423 2,342,930 0.6% 28.77 Wake County I - Cary Cary, NC Office 2034(11) 1991 75,401 2,226,569 0.5% 29.53 SVA - Glen Allen II Glen Allen, VA Office 2036(7) 1999 46,147 1,094,415 0.3% 23.72 Subtotal 918,291 $36,238,825 9.2% $39.46
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Leased Operating Property Overview (Cont.) (As of September 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 Privately Leased Property York Space Systems - Greenwood Village Greenwood Village, CO Specialized Facility 2031(5) 1982 / 2020 138,125 $4,719,588 1.1% $34.17 SVA - Glen Allen III Glen Allen, VA Office 2027 - 2031(12) 1999 124,066 2,975,104 0.8% 23.98 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 $13,061,554 3.3% $24.38 Wholly Owned Properties Total / Weighted Average 9,518,608 $344,172,632 87.1% $36.16 U.S. Government Leased to Unconsolidated Real Estate Venture VA - Phoenix(13) Phoenix, AZ Outpatient Clinic 2042 2022 257,294 $10,850,231 2.7% $42.17 VA - San Antonio(13) San Antonio, TX Outpatient Clinic 2041 2021 226,148 9,271,825 2.3% 41.00 VA - Jacksonville(13) Jacksonville, FL Outpatient Clinic 2043 2023 193,100 7,731,086 2.0% 40.04 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 4,250,332 1.1% 35.15 VA - Marietta(13) Marietta, GA Outpatient Clinic 2041 2021 76,882 3,880,745 1.0% 50.48 VA - Birmingham(13) Irondale, AL Outpatient Clinic 2041 2021 77,128 3,212,594 0.8% 41.65 VA - Corpus Christi(13) Corpus Christi, TX Outpatient Clinic 2042 2022 69,276 2,994,311 0.8% 43.22 VA - Columbus(13) Columbus, GA Outpatient Clinic 2042 2022 67,793 2,981,857 0.8% 43.98 VA - Lenexa(13) Lenexa, KS Outpatient Clinic 2041 2021 31,062 1,347,188 0.3% 43.37 Subtotal 1,214,165 $50,830,485 12.9% $41.86 Total / Weighted Average 10,732,773 $395,003,117 100.0% $36.80 Total / Weighted Average at Easterly's Share 10,162,114 $371,112,789 $36.52 (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. 13,188 square feet leased to five 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. (5) Lease contains one ten-year renewal option.
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Leased Operating Property Overview (Cont.) (As of September 30, 2026, unaudited) 22 (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) 238,062 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 September 30, 2026, unaudited) 23 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 Veterans Affairs ("VA") 12.7 2,254,170 20.9% $97,730,484 24.8% Federal Bureau of Investigation ("FBI") 9.4 1,498,607 13.9% 55,843,740 14.1% Drug Enforcement Administration ("DEA") 9.0 607,290 5.6% 29,304,066 7.4% Judiciary of the U.S. ("JUD") 12.4 399,825 3.6% 17,140,417 4.3% Food and Drug Administration ("FDA") 16.6 291,314 2.6% 16,461,530 4.2% Immigration and Customs Enforcement ("ICE") 6.6 388,386 3.6% 15,509,915 3.9% U.S. Citizenship and Immigration Services ("USCIS") 14.3 520,807 4.9% 15,505,703 3.9% Internal Revenue Service ("IRS") 5.3 359,661 3.4% 12,108,892 3.1% Environmental Protection Agency ("EPA") 4.9 225,418 2.1% 9,402,968 2.4% U.S. Joint Staff Command ("JSC") 1.7 403,737 3.8% 8,665,537 2.2% Federal Aviation Administration ("FAA") 0.8 188,768 1.8% 7,925,559 2.0% Bureau of the Fiscal Service ("BFS") 10.9 266,176 2.5% 7,087,934 1.8% Social Security Administration ("SSA") 6.3 192,185 1.8% 5,702,199 1.4% Patent and Trademark Office ("PTO") 8.3 190,546 1.8% 5,350,786 1.4% Federal Emergency Management Agency ("FEMA") 12.0 210,373 2.0% 4,668,336 1.2% U.S. Attorney Office ("USAO") 8.2 110,776 1.0% 4,174,294 1.1% Department of Transportation ("DOT") 12.7 116,046 1.1% 3,622,432 0.9% U.S. Forest Service ("USFS") 4.8 98,720 0.9% 3,351,215 0.8% Customs and Border Protection ("CBP") 8.9 64,737 0.6% 3,286,192 0.8% National Archives and Records Administration ("NARA") 5.6 161,730 1.5% 2,684,946 0.7% National Weather Service ("NWS") 7.2 94,378 0.9% 2,180,189 0.6% National Park Service ("NPS") 2.7 62,772 0.6% 1,899,374 0.5% U.S. Department of Agriculture ("USDA") 1.3 60,257 0.6% 1,891,647 0.5% U.S. Coast Guard ("USCG") 1.2 59,547 0.6% 1,652,084 0.4% National Oceanic and Atmospheric Administration ("NOAA") 4.9 33,403 0.3% 1,417,817 0.4% Transportation Security Administration ("TSA") 7.2 49,125 0.5% 1,180,378 0.3% Homeland Security Investigations ("HSI") 9.5 27,840 0.3% 1,123,185 0.3% Small Business Administration ("SBA") 12.8 44,969 0.4% 1,057,499 0.3% U.S. Army Corps of Engineers ("ACOE") 3.4 33,407 0.3% 972,324 0.2% General Services Administration - Other 7.6 33,365 0.3% 843,482 0.2% Bureau of Alcohol, Tobacco, Firearms and Explosives ("ATF") 6.4 23,775 0.2% 821,816 0.2%
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Tenants (Cont.) (As of September 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 (Cont.) Department of Energy ("DOE") 6.5 4,846 0.0% $277,782 0.1% Federal Energy Regulatory Commission ("FERC") 12.9 6,214 0.1% 237,482 0.1% U.S. Probation Office ("USPO") 12.3 6,621 0.1% 183,957 0.0% U.S. Marshals Service ("USMS") 0.3 1,054 0.0% 48,789 0.0% Department of Labor ("DOL") 12.3 574 0.0% 15,954 0.0% Subtotal 9.6 9,091,419 84.6% $341,330,904 86.5% State and Local Government District of Columbia Government 11.4 238,062 2.2% $15,139,998 3.8% Wake County Public Schools 7.8 249,605 2.3% 7,602,320 1.9% Commonwealth of Virginia 8.3 173,647 1.6% 4,195,085 1.1% State of New Mexico Health Care Authority 10.3 81,423 0.8% 2,342,930 0.6% State of California Employee Development Department 7.4 65,133 0.6% 2,296,631 0.6% State of California Department of Industrial Relations 7.1 30,140 0.3% 1,067,748 0.3% New York State Court of Claims 10.0 14,274 0.1% 447,550 0.1% Subtotal 9.1 852,284 7.9% $33,092,262 8.4% Private Tenants Northrop Grumman Systems Corporation 4.2 203,382 1.9% $4,956,698 1.3% York Space Systems 5.3 138,125 1.3% 4,719,588 1.2% Other Private Tenants 3.5 67,127 0.6% 2,108,475 0.5% ChemTreat 5.3 94,456 0.9% 1,991,327 0.5% Caremark, L.L.C 3.8 41,462 0.4% 1,371,946 0.3% Jacobs Engineering Group, Inc. 1.3 37,858 0.4% 1,140,314 0.3% Intercontinental Exchange 3.3 27,488 0.3% 926,356 0.2% Pate Rehabilitation Endeavors, LLC 5.3 25,603 0.2% 862,947 0.2% HUB International Midwest Limited 6.0 29,074 0.3% 844,637 0.2% Saint Luke's Health System, Inc. 1.3 32,043 0.3% 777,439 0.2% University of Central Missouri 5.7 22,374 0.2% 470,060 0.1% Lummus Corporation 1.8 70,078 0.7% 410,164 0.1% Subtotal 4.1 789,070 7.5% $20,579,951 5.1% Total / Weighted Average 9.2 10,732,773 100.0% $395,003,117 100.0% (1) Weighted based on leased square feet.
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Lease Expirations (As of September 30, 2026, unaudited) 25 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 2027 13 761,371 7.1% $28,847,107 7.3% $37.89 2028 12 905,036 8.4% 22,352,713 5.7% 24.70 2029 10 757,363 7.1% 24,946,345 6.3% 32.94 2030 6 95,888 0.9% 2,789,150 0.7% 29.09 2031 9 544,416 5.1% 18,460,375 4.7% 33.91 2032 11 712,188 6.6% 22,470,883 5.7% 31.55 2033 10 571,247 5.3% 22,486,479 5.7% 39.36 2034 12 639,124 6.0% 24,635,426 6.2% 38.55 2035 6 429,138 4.0% 17,183,471 4.4% 40.04 Thereafter 59 5,317,002 49.5% 210,831,168 53.3% 39.65 Total / Weighted Average 148 10,732,773 100.0% $395,003,117 100.0% $36.80 (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 September 30, 2026, six U.S. government tenants occupying approximately 2.3% of our leased square feet and contributing approximately 2.3% 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 September 30, 2026, unaudited) 26
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Summary of Re/Development Projects (As of September 30, 2026, unaudited, in thousands, except square feet) 27 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 (3) Fort Myers, FL Laboratory 64,000 25-Year $49,166 $- 4Q 2026 4Q 2026 JUD - Flagstaff Flagstaff, AZ Courthouse 50,777 20-Year 52,221 33,034 1Q 2027 1Q 2027 JUD - Medford Medford, OR Courthouse 40,035 20-Year 17,455 20,290 1H 2028 1H 2028 Total 154,812 $118,842 $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 $1,181 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) In October 2026, all significant construction activities were completed at the FL - Fort Myers laboratory. (4) Total lump sum reimbursements received for the project as of September 30, 2026 are $153.4 million.