Form 8-K

8-K — Easterly Government Properties, Inc.

Accession: 0001622194-26-000014

Filed: 2026-04-27

Period: 2026-04-27

CIK: 0001622194

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — dea-20260427.htm (Primary)

EX-99.1 (dea-ex99_1.htm)

EX-99.2 (dea-ex99_2.htm)

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8-K

8-K (Primary)

Filename: dea-20260427.htm · Sequence: 1

8-K

0001622194falseDC00016221942026-04-272026-04-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

April 27, 2026

Easterly Government Properties, Inc.

(Exact name of Registrant as Specified in Its Charter)

Maryland

001-36834

47-2047728

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

2001 K Street NW, Suite 775 North, Washington, D.C.

20006

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (202) 595-9500

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock

DEA

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 27, 2026, we issued a press release announcing our results of operations for the first quarter ended March 31, 2026. A copy of this press release as well as a copy of our supplemental information package are available on our website and are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference. The information in this Item 2.02 as well as the attached Exhibits 99.1 and 99.2 are being furnished and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

We will host a webcast and conference call at 11:00 a.m. Eastern Time on April 27, 2026, to review our first quarter ended 2026 performance, discuss recent events and conduct a question-and-answer session. A live webcast will be available in the Investor Relations section of our website. Please note that the full text of the press release and supplemental information package are available through our website at ir.easterlyreit.com. The information contained on our website is not incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

Exhibit Number

Description

99.1

Press Release dated April 27, 2026.

99.2

Easterly Government Properties, Inc. Supplemental Information Package for the quarter ended March 31, 2026.

104

Cover Page Interactive Data File (embedded within the inline XBRL document.)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EASTERLY GOVERNMENT

PROPERTIES, INC.

By:

/s/ Allison E. Marino

Name:

Allison E. Marino

Title:

Executive Vice President, Chief Financial Officer

Date: April 27, 2026

EX-99.1

Filename: dea-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

EASTERLY GOVERNMENT PROPERTIES

REPORTS FIRST QUARTER 2026 RESULTS

WASHINGTON, D.C. – April 27, 2026 – Easterly Government Properties, Inc. (NYSE: DEA) (the “Company” or “Easterly”), a fully integrated real estate investment trust (“REIT”) focused primarily on the acquisition, development and management of Class A commercial properties leased to the U.S. Government and its adjacent partners, today announced its results of operations for the quarter ended March 31, 2026.

Highlights for the Quarter Ended March 31, 2026:

•

Net income of $1.4 million, or $0.03 per share on a fully diluted basis

•

Core FFO of $37.1 million, or $0.77 per share on a fully diluted basis

•

Acquired a 297,713 square foot campus leased primarily to the Commonwealth of Virginia with lease expirations ranging from 2027 to 2036.

•

Entered into a mezzanine construction loan agreement to lend $7.0 million to a developer that will accrue interest monthly at a fixed market rate of 12.00% per annum.

•

Issued an aggregate of 94,170 shares of the Company's common stock in settlement of previously entered into forward sales transactions through the Company's $300.0 million ATM Program launched in June 2021 (the “2021 ATM Program”). These shares were then physically settled in the same quarter at a weighted average price per share of $23.01, raising net proceeds to the Company of approximately $2.1 million.

“We entered 2026 with clear priorities, and the first quarter demonstrates progress toward them,” said Darrell Crate, President & CEO of Easterly Government Properties. “Stable operating performance and the successful execution of our first mezzanine investment highlight our strategic approach to capital allocation and earnings growth.”

Portfolio Operations

As of March 31, 2026, the Company or its joint venture owned 106 operating properties in the United States encompassing approximately 10.7 million leased square feet, including 93 operating properties that were leased primarily to U.S. Government tenant agencies, eight operating properties leased primarily to tenant agencies of a U.S. state or local government and five operating properties that were entirely leased to private tenants. In addition, the Company wholly owned three properties in development that the Company expects will encompass approximately 0.2 million rentable square feet upon completion.

The first development project, located in Flagstaff, Arizona, is currently under construction and, once complete, a 20-year lease with the GSA is expected to commence for the beneficial use of the United States Judiciary. The second project, located in Fort Myers, Florida, is currently under construction and, once complete, a 25-year lease with the Florida Department of Law Enforcement is expected to commence for their beneficial use. The third project, located in Medford, Oregon, is currently under construction and, once complete, a 20-year lease with the GSA is expected to commence for the beneficial use of the United States Judiciary.

As of March 31, 2026, the portfolio had a weighted average age of 16.9 years, based upon the date properties were built or renovated-to-suit, and had a weighted average remaining lease term of 9.4 years.

Acquisitions Activity

Acquisitions

On January 16, 2026, the Company acquired a 297,713 square foot campus consisting of three assets near Richmond, Virginia. The assets are leased primarily to the Commonwealth of Virginia and have lease expirations ranging from 2027 to 2036.

Balance Sheet and Capital Markets Activity

As of March 31, 2026, the Company had total indebtedness of approximately $1.7 billion comprised of $245.1 million outstanding on its senior unsecured revolving credit facility, $100.0 million outstanding on its 2016 term loan facility, $200.0 million outstanding on its 2018 term loan facility, $1.0 billion of senior unsecured notes, and $150.5 million of mortgage debt (excluding unamortized premiums and discounts and deferred financing fees). The Company's outstanding debt had a weighted average maturity of 3.9 years and a weighted average interest rate of 4.6%. Further, the Company's Net Debt to total enterprise value was 62.5% and its Adjusted Net Debt to annualized quarterly pro forma EBITDA ratio was 7.3x.

Dividend

On April 22, 2026, the Board of Directors of Easterly approved a cash dividend for the first quarter of 2026 in the amount of $0.45 per common share. The dividend will be payable May 21, 2026 to shareholders of record on May 7, 2026.

Guidance

This guidance is forward-looking and reflects management’s view of current and future market conditions. The Company’s actual results may differ materially from this guidance.

Outlook for the 12 Months Ending December 31, 2026

The Company is raising the lower end of its guidance for full-year 2026 Core FFO per share on a fully diluted basis at a range of $3.06 - $3.12.

Low

High

Net income (loss) per share – fully diluted basis

0.36

0.42

Plus: Company’s share of real estate depreciation and amortization

2.68

FFO per share – fully diluted basis

3.04

3.10

Plus: Company’s share of depreciation of non-real estate assets

0.02

Core FFO per share – fully diluted basis

3.06

3.12

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

Non-GAAP Supplemental Financial Measures

This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this press release and, where applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations and the other purposes for which management uses the measures. These measures should not

be considered in isolation or as a substitute for measures of performance in accordance with GAAP. A reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure are included in this press release following the consolidated financial statements. Additional detail can be found in the Company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as other documents filed with or furnished to the Securities and Exchange Commission from time to time. We present certain financial information and metrics “at Easterly’s Share,” which is calculated on an entity-by-entity basis. “At Easterly’s Share” information, which we also refer to as being “at share,” “pro rata,” or “our share” is not, and is not intended to be, a presentation in accordance with GAAP.

Cash Available for Distribution (CAD) is a non-GAAP financial measure that is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined under GAAP. CAD is calculated in accordance with the current Nareit definition as FFO minus normalized recurring real estate-related expenditures and other non-cash items, nonrecurring expenditures and the unconsolidated real estate venture’s allocated share of these adjustments. CAD is presented solely as a supplemental disclosure because the Company believes it provides useful information regarding the Company’s ability to fund its dividends. Because all companies do not calculate CAD the same way, the presentation of CAD may not be comparable to similarly titled measures of other companies.

Core Funds from Operations (Core FFO) adjusts FFO to present an alternative measure of the Company's operating performance, which, when applicable, excludes items which it believes are not representative of ongoing operating results, such as liability management related costs (including losses on extinguishment of debt and modification costs), catastrophic event charges, depreciation of non-real estate assets, provision for (recovery of) credit losses, and the unconsolidated real estate venture's allocated share of these adjustments. In future periods, the Company may also exclude other items from Core FFO that it believes may help investors compare its results. The Company believes Core FFO more accurately reflects the ongoing operational and financial performance of the Company's core business.

EBITDA is calculated as the sum of net income (loss) before interest expense, taxes, depreciation and amortization, (gain) loss on the sale of operating properties, impairment loss, and the unconsolidated real estate venture’s allocated share of these adjustments. EBITDA is not intended to represent cash flow for the period, is not presented as an alternative to operating income as an indicator of operating performance, should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP, is not indicative of operating income or cash provided by operating activities as determined under GAAP and may be presented on a pro forma basis. EBITDA is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company's ability to service or incur debt. Because all companies do not calculate EBITDA the same way, the presentation of EBITDA may not be comparable to similarly titled measures of other companies.

Funds From Operations (FFO) is defined, in accordance with the Nareit FFO White Paper - 2018 Restatement, as net income (loss), calculated in accordance with GAAP, excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. FFO includes the Company’s share of FFO generated by unconsolidated affiliates. FFO is a widely recognized measure of REIT performance. Although FFO is a non-GAAP financial measure, the Company believes that information regarding FFO is helpful to shareholders and potential investors.

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 of the Company’s Q1 2026 Supplemental Information Package for further information. The Company’s method of calculating Net Debt and Adjusted Net Debt may be different from methods used by other REITs and may be presented on a pro forma basis. Accordingly, the Company's method may not be comparable to such other REITs.

Other Definitions

Fully diluted basis assumes the exchange of all outstanding common units representing limited partnership interests in the Company’s operating partnership, or common units, the full vesting of all shares of restricted stock, and the exchange of all earned and vested LTIP units in the Company’s operating partnership for shares of common stock on a one-for-one basis, which is not the same as the meaning of “fully diluted” under GAAP.

Conference Call Information

The Company will host a webcast and conference call at 11:00 am Eastern time on April 27, 2026 to review the first quarter 2026 performance, discuss recent events and conduct a question-and-answer session. A live webcast will be available in the Investor Relations section of the Company’s website. Shortly after the webcast, a replay of the webcast will be available on the Investor Relations section of the Company's website for up to twelve months. Please note that the full text of the press release and supplemental information package are also available through the Company’s website at ir.easterlyreit.com.

About Easterly Government Properties, Inc.

Easterly Government Properties, Inc. (NYSE: DEA) is based in Washington, D.C., and focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to the U.S. Government. Easterly’s experienced management team brings specialized insight into the strategy and needs of mission-critical U.S. Government agencies for properties leased to such agencies either directly or through the U.S. General Services Administration (GSA). For further information on the company and its properties, please visit www.easterlyreit.com.

Contact:

Easterly Government Properties, Inc.

Cole Bardawill

Director of Investor Relations

202-987-9395

ir@easterlyreit.com

Forward Looking Statements

We make statements in this press release that are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions and include our guidance with respect to Net income (loss) and Core FFO per share on a fully diluted basis. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement in this press release for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation: risks associated with our dependence on the U.S. Government and its agencies for substantially all of our revenues, including credit risk and risk that the U.S. Government reduces its spending on real estate or that it changes its preference away from leased properties, including as a result of or in connection with any shutdown of the U.S. Government; risks associated with ownership and development of real estate; the risk of decreased rental rates or increased vacancy rates; the loss of key personnel; general volatility of the capital and credit markets and the market price of our common stock; the risk we may lose one or more major tenants; difficulties in completing and successfully integrating acquisitions; failure of acquisitions or development projects to occur at anticipated levels or yield anticipated results; risks associated with our joint venture activities; risks associated with actual or threatened terrorist attacks; intense competition in the real estate market that may limit our ability to attract or retain tenants or re-lease space; insufficient amounts of insurance or exposure to events that are either uninsured or underinsured; uncertainties and risks related to adverse weather conditions, natural disasters and climate change; exposure to liability relating to environmental and health and safety matters; limited ability to dispose of assets because of the relative illiquidity of real estate investments and the nature of our assets; exposure to litigation or other claims; risks associated with breaches of our data security; risks associated with our indebtedness, including failure to refinance current or future indebtedness on favorable terms, or at all, failure to meet the restrictive covenants and requirements in our existing and new debt agreements, fluctuations in interest rates and increased costs to refinance or issue new debt; risks associated with derivatives or hedging activity; risks associated with mortgage debt or unsecured financing or the unavailability thereof, which could make it difficult to finance or refinance properties and could subject us to foreclosure; adverse impacts from any future pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies and our financial condition and results of operations; and other risks and uncertainties detailed in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (SEC) on February 23, 2026, and under the heading “Risk Factors” in our other public filings. In addition, our anticipated qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, or the Code, and depends on our ability to meet the various requirements imposed by the Code through actual operating results, distribution levels and diversity of stock ownership. We assume no obligation to update publicly any forward looking statements, whether as a result of new information, future events or otherwise.

Balance Sheet

(Unaudited, in thousands, except share amounts)

March 31, 2026

December 31, 2025

Assets

Real estate properties, net

2,738,755

2,714,650

Cash and cash equivalents

2,017

23,374

Restricted cash

10,661

10,257

Tenant accounts receivable

73,041

51,493

Investment in unconsolidated real estate venture

304,070

304,721

Real estate loans receivable, net and investment in sales-type lease, net

44,462

34,286

Intangible assets, net

189,534

183,911

Prepaid expenses and other assets

57,520

57,078

Total assets

3,420,060

3,379,770

Liabilities

Revolving credit facility

245,050

199,050

Term loan facilities, net

297,479

297,200

Notes payable, net

1,019,132

1,018,884

Mortgage notes payable, net

150,054

151,191

Intangible liabilities, net

13,598

11,959

Deferred revenue

230,031

219,201

Interest rate swaps

1,010

3,034

Accounts payable, accrued expenses and other liabilities

108,203

109,686

Total liabilities

2,064,557

2,010,205

Equity

Common stock, par value $0.01, 80,000,000 shares authorized,

46,444,374 and 46,303,469 shares issued and outstanding at

March 31, 2026 and December 31, 2025, respectively

464

463

Additional paid-in capital

1,961,587

1,958,412

Retained earnings

146,222

144,857

Cumulative dividends

(796,880

)

(776,022

)

Accumulated other comprehensive loss

(2,554

)

(4,578

)

Total stockholders' equity

1,308,839

1,323,132

Non-controlling interest in Operating Partnership

46,664

46,433

Total equity

1,355,503

1,369,565

Total liabilities and equity

3,420,060

3,379,770

Income Statement

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

Three Months Ended

March 31, 2026

March 31, 2025

Revenues

Rental income

88,593

75,546

Tenant reimbursements

804

1,026

Asset management income

646

622

Other income

1,502

1,481

Total revenues

91,545

78,675

Expenses

Property operating

20,536

17,799

Real estate taxes

8,532

7,957

Depreciation and amortization

33,221

26,797

Acquisition costs

649

307

Corporate general and administrative

8,495

6,215

Provision for (recovery of) credit losses

196

(238

)

Total expenses

71,629

58,837

Other income (expense)

Income from unconsolidated real estate venture

1,664

1,822

Interest expense, net

(20,166

)

(18,377

)

Net income

1,414

3,283

Non-controlling interest in Operating Partnership

(49

)

(156

)

Net income available to Easterly Government

Properties, Inc.

1,365

3,127

Net income available to Easterly Government

Properties, Inc. per share:

Basic

0.02

0.07

Diluted

0.02

0.07

Weighted-average common shares outstanding:

Basic

46,260,517

43,224,145

Diluted

46,453,599

43,372,207

Net income, per share - fully diluted basis

0.03

0.07

Weighted average common shares outstanding -

fully diluted basis

47,996,434

45,420,667

EBITDA

(Unaudited, in thousands)

Three Months Ended

March 31, 2026

March 31, 2025

Net income

1,414

3,283

Depreciation and amortization

33,221

26,797

Interest expense

20,166

18,377

Tax expense

111

163

Unconsolidated real estate venture allocated share of above adjustments

2,340

2,341

EBITDA

57,252

50,961

Pro forma adjustments(1)

188

Pro forma EBITDA

57,440

(1) Pro forma assuming a full quarter of operations from the three operating properties acquired in the first quarter of 2026.

FFO and CAD

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

Three Months Ended

March 31, 2026

March 31, 2025

Net income

1,414

3,283

Depreciation of real estate assets

32,955

26,546

Unconsolidated real estate venture allocated share of above adjustments

2,281

2,279

FFO

36,650

32,108

Adjustments to FFO:

Loss on extinguishment of debt and modification costs

900

Provision for (recovery of) credit losses

196

(238

)

Natural disaster event expense, net of recovery

Depreciation of non-real estate assets

267

251

Unconsolidated real estate venture allocated share of above adjustments

Core FFO

37,145

33,061

FFO, per share - fully diluted basis

0.76

0.71

Core FFO, per share - fully diluted basis

0.77

0.73

Core FFO

37,145

33,061

Straight-line rent and other non-cash adjustments

(2,007

)

251

Amortization of above-/below-market leases

(435

)

(518

)

Amortization of deferred revenue

(3,704

)

(1,762

)

Non-cash interest expense

939

759

Non-cash compensation

2,097

1,421

Natural disaster event expense, net of recovery

(15

)

(23

)

Principal amortization

(1,190

)

(1,127

)

Maintenance capital expenditures

(657

)

(285

)

Contractual tenant improvements

(49

)

(612

)

Unconsolidated real estate venture allocated share of above adjustments

(20

)

Cash Available for Distribution (CAD)

32,153

31,145

Weighted average common shares outstanding - fully diluted basis

47,996,434

45,420,667

Net Debt and Adjusted Net Debt

(Unaudited, in thousands)

March 31, 2026

Total Debt(1)

1,720,560

Less: Cash and cash equivalents

(3,964

)

Net Debt

1,716,596

Less: Adjustment for development projects(2)

(49,099

)

Adjusted Net Debt

1,667,497

1 Excludes unamortized premiums / discounts and deferred financing fees.

2 See definition of Adjusted Net Debt on Page 4 of this release.

EX-99.2

Filename: dea-ex99_2.htm · Sequence: 3

EX-99.2

Exhibit 99.2

Disclaimers

Forward-Looking Statements

We make statements in this Supplemental Information Package that are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement in this Supplemental Information Package for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation: risks associated with our dependence on the U.S. Government and its agencies for substantially all of our revenues, including credit risk and risk that the U.S. Government reduces its spending on real estate or that it changes its preference away from leased properties, including as a result of or in connection with any shutdown of the U.S. Government; risks associated with ownership and development of real estate; the risk of decreased rental rates or increased vacancy rates; the loss of key personnel; general volatility of the capital and credit markets and the market price of our common stock; the risk we may lose one or more major tenants; difficulties in completing and successfully integrating acquisitions; failure of acquisitions or development projects to occur at anticipated levels or yield anticipated results; risks associated with our joint venture activities; risks associated with actual or threatened terrorist attacks; intense competition in the real estate market that may limit our ability to attract or retain tenants or re-lease space; insufficient amounts of insurance or exposure to events that are either uninsured or underinsured; uncertainties and risks related to adverse weather conditions, natural disasters and climate change; exposure to liability relating to environmental and health and safety matters; limited ability to dispose of assets because of the relative illiquidity of real estate investments and the nature of our assets; exposure to litigation or other claims; risks associated with breaches of our data security; risks associated with our indebtedness, including failure to refinance current or future indebtedness on favorable terms, or at all, failure to meet the restrictive covenants and requirements in our existing and new debt agreements, fluctuations in interest rates and increased costs to refinance or issue new debt; risks associated with derivatives or hedging activity; risks associated with mortgage debt or unsecured financing or the unavailability thereof, which could make it difficult to finance or refinance properties and could subject us to foreclosure; adverse impacts from any future pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies and the financial condition and results of operations of the Company; and other risks and uncertainties detailed in the “Risk Factors” section of our Form 10-K for the year ended December 31, 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’s securities.

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended March 31, 2026 that will be released in our Form 10-Q to be filed with the SEC on or about April 27, 2026.

Supplemental Definitions

This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Supplemental Information Package and, where applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations and the other purposes for which management uses the measures. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. Additional detail can be found in the Company’s most recent quarterly report on Form 10-Q and the Company’s most recent annual report on Form 10-K, as well as other documents filed with or furnished to the SEC from time to time. We present certain financial information and metrics “at Easterly’s Share,” which is calculated on an entity-by-entity basis. “At Easterly’s Share” information, which we also refer to as being “at share,” “pro rata,” “our pro rata share” or “our share” is not, and is not intended to be, a presentation in accordance with GAAP.

Annualized lease income is defined as the annualized contractual base rent for the last month in a specified period, plus the annualized straight-line rent adjustments for the last month in such period and the annualized net expense reimbursements earned by us for the last month in such period.

Cash fixed charge coverage ratio is calculated as EBITDA divided by the sum of principal amortization and interest expense, excluding amortization of premiums / discounts and deferred financing fees, for the most recent quarter.

Cash interest coverage ratio is calculated as EBITDA divided by interest expense, excluding amortization of premiums / discounts and deferred financing fees, for the most recent quarter.

Supplemental Definitions

Net Debt and Adjusted Net Debt Net Debt represents the Company's consolidated debt and its share of unconsolidated debt adjusted to exclude its share of unamortized premiums and discounts and deferred financing fees, less its share of cash and cash equivalents and property acquisition closing escrow, net of deposit. By excluding these items, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding its financial condition. Adjusted Net Debt is Net Debt reduced by 1) for each project under construction or in design, the lesser of i) outstanding lump-sum reimbursement amounts and ii) the cost to date, 2) 40% times the amount by which the cost to date exceeds total lump-sum reimbursement amounts for each project under construction or in design and 3) outstanding lump-sum reimbursement amounts for projects previously completed. These adjustments are made to 1) remove the estimated portion of each project under construction, in design or previously completed that has been financed with debt which may be repaid with outstanding cost reimbursement payments from the US Government and 2) remove the estimated portion of each project under construction or in design, in excess of total lump-sum reimbursements, that has been financed with debt but has not yet produced earnings. See page 28 for further information. The Company’s method of calculating Net Debt and Adjusted Net Debt may be different from methods used by other REITs and may be presented on a pro forma basis. Accordingly, the Company's method may not be comparable to such other REITs.

Net Operating Income (NOI) and Cash NOI NOI is calculated as net income adjusted to exclude depreciation and amortization, acquisition costs, corporate general and administrative costs, recovery of credit losses, interest expense, gains or losses from sales of property, impairment loss, and the unconsolidated real estate venture’s allocated share of these adjustments. Cash NOI excludes from NOI straight-line rent, amortization of above-/below-market leases, amortization of deferred revenue (which results from landlord assets funded by tenants), and the unconsolidated real estate venture’s allocated share of these adjustments. NOI and Cash NOI presented by the Company may not be comparable to NOI and Cash NOI reported by other REITs that define NOI and Cash NOI differently. The Company believes that NOI and Cash NOI provide investors with useful measures of the operating performance of its properties. NOI and Cash NOI should not be considered an alternative to net income as an indication of the Company's performance or to cash flows as a measure of the Company's liquidity or its ability to make distributions.

Table of Contents

Overview

Corporate Information and Analyst Coverage

Executive Summary

Corporate Financials

Balance Sheets

Income Statements

Net Operating Income

EBITDA

FFO and CAD

Unconsolidated Real Estate Venture

Debt

Debt Schedules

Debt Maturities

Properties

Leased Operating Property Overview

Tenants

Lease Expirations

Summary of Re/Development Projects

Corporate Information and Analyst Coverage

Corporate Information

Corporate Headquarters

Stock Exchange Listing

Information Requests

Investor Relations

2001 K Street NW

New York Stock Exchange

Please contact ir@easterlyreit.com

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

Any opinions, estimates, forecasts or predictions regarding Easterly Government Properties, Inc.’s performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Easterly Government Properties, Inc. or its management. Easterly Government Properties, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such opinions, estimates, forecasts or predictions.

Executive Summary

(In thousands, except share and per share amounts)

Outstanding Classes of Stock and Partnership Units - Fully Diluted Basis

At March 31, 2026

Earnings

Three months ended March 31, 2026

Three months ended March 31, 2025

Common shares

46,370,407

Net income available to Easterly Government Properties, Inc.

$1,365

$3,127

Unvested restricted shares

73,967

Net income available to Easterly Government Properties, Inc.

Common partnership and vested LTIP units

1,655,896

per share:

Total - fully diluted basis

48,100,270

Basic

$0.02

$0.07

Diluted

$0.02

$0.07

Market Capitalization

At March 31, 2026

Net income

$1,414

$3,283

Price of Common Shares

$21.43

Net income, per share - fully diluted basis

$0.03

$0.07

Total equity market capitalization - fully diluted basis

$1,030,789

Funds From Operations (FFO)

$36,650

$32,108

Net Debt

$1,716,596

FFO, per share - fully diluted basis

$0.76

$0.71

Total enterprise value

$2,747,385

Core FFO

$37,145

$33,061

Core FFO, per share - fully diluted basis

$0.77

$0.73

Ratios

At March 31, 2026

Net debt to total enterprise value

62.5%

Cash Available for Distribution (CAD)

$32,153

$31,145

Net debt to annualized quarterly EBITDA

7.5x

Adjusted Net Debt to annualized quarterly pro forma EBITDA

7.3x

Liquidity

At March 31, 2026

Cash interest coverage ratio

3.0x

Cash and cash equivalents

$3,964

Cash fixed charge coverage ratio

2.8x

Available under $400 million senior unsecured 2024 revolving credit facility(1)

$154,825

(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.

Balance Sheets

(Unaudited, in thousands, except share amounts)

March 31, 2026

December 31, 2025

Assets

Real estate properties, net

$2,738,755

$2,714,650

Cash and cash equivalents

2,017

23,374

Restricted cash

10,661

10,257

Tenant accounts receivable

73,041

51,493

Investment in unconsolidated real estate venture

304,070

304,721

Real estate loans receivable, net and investment in sales-type lease, net

44,462

34,286

Intangible assets, net

189,534

183,911

Prepaid expenses and other assets

57,520

57,078

Total assets

$3,420,060

$3,379,770

Liabilities

Revolving credit facility

245,050

199,050

Term loan facilities, net

297,479

297,200

Notes payable, net

1,019,132

1,018,884

Mortgage notes payable, net

150,054

151,191

Intangible liabilities, net

13,598

11,959

Deferred revenue

230,031

219,201

Interest rate swaps

1,010

3,034

Accounts payable, accrued expenses and other liabilities

108,203

109,686

Total liabilities

2,064,557

2,010,205

Equity

Common stock, par value $0.01, 80,000,000 shares authorized,

46,444,374 and 46,303,469 shares issued and outstanding at

March 31, 2026 and December 31, 2025, respectively

464

463

Additional paid-in capital

1,961,587

1,958,412

Retained earnings

146,222

144,857

Cumulative dividends

(796,880)

(776,022)

Accumulated other comprehensive loss

(2,554)

(4,578)

Total stockholders' equity

1,308,839

1,323,132

Non-controlling interest in Operating Partnership

46,664

46,433

Total equity

1,355,503

1,369,565

Total liabilities and equity

$3,420,060

$3,379,770

Income Statements

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

Three Months Ended

March 31, 2026

March 31, 2025

Revenues

Rental income

$88,593

$75,546

Tenant reimbursements

804

1,026

Asset management income

646

622

Other income

1,502

1,481

Total revenues

91,545

78,675

Expenses

Property operating

20,536

17,799

Real estate taxes

8,532

7,957

Depreciation and amortization

33,221

26,797

Acquisition costs

649

307

Corporate general and administrative

8,495

6,215

Provision for (recovery of) credit losses

196

(238)

Total expenses

71,629

58,837

Other income (expense)

Income from unconsolidated real estate venture

1,664

1,822

Interest expense, net

(20,166)

(18,377)

Net income

1,414

3,283

Non-controlling interest in Operating Partnership

(49)

(156)

Net income available to Easterly Government

Properties, Inc.

$1,365

$3,127

Net income available to Easterly Government

Properties, Inc. per share:

Basic

$0.02

$0.07

Diluted

$0.02

$0.07

Weighted-average common shares outstanding:

Basic

46,260,517

43,224,145

Diluted

46,453,599

43,372,207

Net income, per share - fully diluted basis

$0.03

$0.07

Weighted average common shares outstanding -

fully diluted basis

47,996,434

45,420,667

Net Operating Income

(Unaudited, in thousands)

Three Months Ended

March 31, 2026

March 31, 2025

Net income

$1,414

$3,283

Depreciation and amortization

33,221

26,797

Acquisition costs

649

307

Corporate general and administrative

8,495

6,215

Provision for (recovery of) credit losses

196

(238)

Interest expense

20,166

18,377

Unconsolidated real estate venture allocated share of above adjustments

2,442

2,380

Net Operating Income

66,583

57,121

Adjustments to Net Operating Income:

Straight-line rent and other non-cash adjustments

(1,953)

268

Amortization of above-/below-market leases

(435)

(518)

Amortization of deferred revenue

(3,704)

(1,762)

Unconsolidated real estate venture allocated share of above adjustments

Cash Net Operating Income

$60,515

$55,134

EBITDA

(Unaudited, in thousands)

Three Months Ended

March 31, 2026

March 31, 2025

Net income

$1,414

$3,283

Depreciation and amortization

33,221

26,797

Interest expense

20,166

18,377

Tax expense

111

163

Unconsolidated real estate venture allocated share of above adjustments

2,340

2,341

EBITDA

$57,252

$50,961

Pro forma adjustments(1)

188

Pro forma EBITDA

$57,440

(1) Pro forma assuming a full quarter of operations from the three operating properties acquired in the first quarter of 2026.

FFO and CAD

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

Three Months Ended

March 31, 2026

March 31, 2025

Net income

$1,414

$3,283

Depreciation of real estate assets

32,955

26,546

Unconsolidated real estate venture allocated share of above adjustments

2,281

2,279

FFO

$36,650

$32,108

Adjustments to FFO:

Loss on extinguishment of debt and modification costs

$900

Provision for (recovery of) credit losses

196

(238)

Natural disaster event expense, net of recovery

Depreciation of non-real estate assets

267

251

Unconsolidated real estate venture allocated share of above adjustments

Core FFO

$37,145

$33,061

FFO, per share - fully diluted basis

$0.76

$0.71

Core FFO, per share - fully diluted basis

$0.77

$0.73

Core FFO

$37,145

$33,061

Straight-line rent and other non-cash adjustments

(2,007)

251

Amortization of above-/below-market leases

(435)

(518)

Amortization of deferred revenue

(3,704)

(1,762)

Non-cash interest expense

939

759

Non-cash compensation

2,097

1,421

Natural disaster event expense, net of recovery

(15)

(23)

Principal amortization

(1,190)

(1,127)

Maintenance capital expenditures

(657)

(285)

Contractual tenant improvements

(49)

(612)

Unconsolidated real estate venture allocated share of above adjustments

(20)

Cash Available for Distribution (CAD)

$32,153

$31,145

Weighted average common shares outstanding - fully diluted basis

47,996,434

45,420,667

Unconsolidated Real Estate Venture

(Unaudited, in thousands)

Balance Sheet Information

Balance Sheet

Easterly's Share(2)

March 31, 2026

Real estate properties - net

$486,725

$257,964

Total assets

584,537

309,804

Total liabilities

11,402

6,043

Total preferred stockholders' equity

125

Total common stockholders' equity

573,010

303,695

Basis difference(1)

375

Total equity

$573,135

$304,070

(1) This amount represents the aggregate difference between the Company’s historical cost basis and basis reflected at the joint venture level.

(2) The Company owns 53.0% of the properties through the unconsolidated joint venture.

Unconsolidated Real Estate Venture (Cont.)

(Unaudited, in thousands)

Income Statement Information

Three Months Ended

Easterly's Share(1)

March 31, 2026

Revenues

Rental income

$12,667

$6,714

Other income

Total Revenues

12,708

6,736

Operating expenses

Property operating

2,707

1,435

Real estate taxes

1,689

895

Depreciation and amortization

4,336

2,298

Asset management fees

566

300

Corporate general and administrative

231

122

Total expenses

9,529

5,050

Other expenses

Interest expense

(41)

(22)

Net income

$3,138

$1,664

Depreciation and amortization

4,336

2,298

Interest expense

Tax expense

EBITDA

$7,553

$4,004

Net income

$3,138

$1,664

Depreciation of real estate assets

4,305

2,281

FFO

$7,443

$3,945

Adjustments to FFO:

Depreciation of non-real estate assets

Core FFO

$7,474

$3,962

Adjustments to Core FFO:

Straight-line rent and other non-cash adjustments

Non-cash interest expense

Maintenance capital expenditures

(33)

(17)

Cash Available for Distribution (CAD)

$7,528

$3,991

(1) The Company owns 53.0% of the properties through the unconsolidated joint venture.

Debt Schedules

(Unaudited, in thousands)

Debt Instrument

Maturity Date

March 31, 2026

Interest Rate

March 31, 2026

Balance(1)

March 31, 2026

Percent of

Total Indebtedness

Unsecured debt

2024 Revolving Credit facility

3-Jun-28(2)

S + 145 bps(3)

245,050

14.2%

2016 Term Loan facility

28-Jan-28(4)

5.31%(5)

100,000

5.8%

2018 Term Loan facility

21-Aug-28(6)

5.09%(7)

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

1.5%

2025 Series B Senior Notes

20-Mar-32

6.33%(8)

100,000

5.9%

Total unsecured debt

4.1 years(9)

4.70%

1,570,050

91.1%

(wtd-avg maturity)

(wtd-avg rate)

Secured mortgage debt

USFS II - Albuquerque

14-Jul-26

4.46%

6,932

0.4%

ICE - Charleston

15-Jan-27

4.21%

8,517

0.5%

VA - Loma Linda

6-Jul-27

3.59%

127,500

7.5%

CBP - Savannah

10-Jul-33

3.40%

7,561

0.5%

Total secured mortgage debt

1.5 years

3.66%

150,510

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 March 31, 2026, the USD SOFR with a five day lookback ("SOFR" or "S") was 3.63%. 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’s current consolidated leverage ratio. The interest rate swaps mature on December 23, 2027, which is not coterminous with the maturity date of the 2016 term loan facility.

(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’s current 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.

Debt Schedules (Cont.)

(Unaudited, in thousands)

Debt Statistics

March 31, 2026

Variable rate debt - unhedged

$245,050

% Variable rate debt - unhedged

14.2%

Fixed rate debt

1,475,510

% Fixed rate debt(3)

85.8%

Total Debt(1)

$1,720,560

Less: cash and cash equivalents

(3,964)

Weighted average maturity

3.9 years

Net Debt

$1,716,596

Weighted average interest rate

4.6%

Less: Adjustment for development(2)

(49,099)

Adjusted Net Debt

$1,667,497

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

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

(3) Includes the Company's secured mortgage debt and 2016 and 2018 term loan facilities, which are effectively swapped to fixed interest rates. Note the associated swaps are not coterminous with maturity dates of the respective term loan facilities. See Page 16 for further detail.

Debt Maturities

(Unaudited, in thousands)

Secured Debt

Unsecured Debt

Year

Scheduled

Amortization

Scheduled

Maturities

Scheduled

Maturities

Total

Percentage of

Debt Maturing

Weighted Average

Interest Rate of

Scheduled Maturities

2026

2,496

6,368

8,864

0.4%

4.46%

2027

1,093

134,640

95,000

230,733

13.4%

3.80%

2028

983

595,050

596,033

34.8%

4.92%

2029

1,016

135,000

136,016

7.9%

3.89%

2030

1,049

225,000

226,049

13.1%

3.25%

2031

1,081

100,000

101,081

5.8%

3.83%

2032

1,116

130,000

131,116

7.6%

5.86%

2033

668

200,000

200,668

11.7%

6.44%

2034

90,000

5.3%

3.98%

2035

0.0%

0.00%

Total

$9,502

$141,008

$1,570,050

$1,720,560

100.0%

Leased Operating Property Overview

(As of March 31, 2026, unaudited)

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

16,873,821

4.2

51.51

USCIS - Kansas City

Lee's Summit, MO

Office

2027 - 2042(1)

1969 / 1999

417,945

10,396,754

2.5

24.88

JSC - Suffolk

Suffolk, VA

Specialized Facility

2028(2)

1993 / 2004

403,737

8,556,069

2.1

21.19

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

7,019,201

1.8

38.89

FBI - Salt Lake

Salt Lake City, UT

Specialized Facility

2032

2012

169,542

6,849,033

1.7

40.40

Various GSA - Portland

Portland, OR

Office

2027 - 2039(3)

2002

175,214

5,933,752

1.5

33.87

VA - San Jose

San Jose, CA

Outpatient Clinic

2038

2018

90,085

5,822,259

1.5

64.63

Various GSA - Buffalo

Buffalo, NY

Office

2026 - 2039

2004

251,236

5,790,098

1.5

23.05

EPA - Lenexa

Lenexa, KS

Office

2027(2)

2007 / 2012

169,585

5,777,792

1.5

34.07

PTO - Arlington

Arlington, VA

Specialized Facility

2035

2009

190,546

5,393,537

1.4

28.31

FBI - Tampa

Tampa, FL

Specialized Facility

2040

2005

138,000

5,385,768

1.4

39.03

FDA - Alameda

Alameda, CA

Laboratory

2039

2019

69,624

5,025,603

1.3

72.18

FBI - San Antonio

San Antonio, TX

Specialized Facility

2045

2007

148,584

4,865,679

1.2

32.75

USCIS - Lincoln

Lincoln, NE

Office

2026

2005

137,671

4,855,909

1.2

35.27

FBI / DEA - El Paso

El Paso, TX

Specialized Facility

2028

1998 - 2005

203,683

4,818,384

1.2

23.66

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

4,428,100

1.1

24.26

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

4,236,638

1.1

31.34

FBI - Pittsburgh

Pittsburgh, PA

Specialized Facility

2027

2001

100,054

4,214,053

1.1

42.12

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

4,145,662

1.1

48.00

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

3,927,189

1.0

49.58

FBI - New Orleans

New Orleans, LA

Specialized Facility

2029(5)

1999 / 2006

137,679

3,861,871

1.0

28.05

FBI - Albany

Albany, NY

Specialized Facility

2036

1998

69,476

3,597,252

0.9

51.78

FBI - Birmingham

Birmingham, AL

Specialized Facility

2042

2005

96,278

3,596,878

0.9

37.36

DOT - Lakewood

Lakewood, CO

Office

2039

2004

116,046

3,585,870

0.9

30.90

EPA - Kansas City

Kansas City, KS

Laboratory

2043

2003

55,833

3,578,199

0.9

64.09

USFS II - Albuquerque

Albuquerque, NM

Office

2031

2011

98,720

3,578,032

0.9

36.24

FBI - Richmond

Richmond, VA

Specialized Facility

2041

2001

96,607

3,383,207

0.9

35.02

VA - Chico

Chico, CA

Outpatient Clinic

2034

2019

51,647

3,370,428

0.9

65.26

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

3,262,033

0.8

31.86

Leased Operating Property Overview (Cont.)

(As of March 31, 2026, unaudited)

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

3,238,115

0.8

56.13

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 - Orange

Orange, CT

Outpatient Clinic

2034

2019

56,330

2,978,003

0.8

52.87

VA - Indianapolis

Brownsburg, IN

Outpatient Clinic

2041

2021

80,000

2,973,092

0.8

37.16

SSA - Charleston

Charleston, WV

Office

2029

1959 / 2000

110,000

2,910,184

0.7

26.46

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

2,843,404

0.7

65.60

DEA - Dallas Lab

Dallas, TX

Laboratory

2038

2001

49,723

2,840,436

0.7

57.13

DEA - Pleasanton

Pleasanton, CA

Laboratory

2035

2015

42,480

2,803,294

0.7

65.99

DEA - Upper Marlboro

Upper Marlboro, MD

Laboratory

2037

2002

50,978

2,777,450

0.7

54.48

DEA - Dallas

Dallas, TX

Specialized Facility

2041

2001

71,827

2,742,744

0.7

38.19

DHS - Burlington

Williston, VT

Specialized Facility

2031(2)

2000

74,549

2,738,630

0.7

36.74

NARA - Broomfield

Broomfield, CO

Warehouse

2032

2012

161,730

2,697,002

0.7

16.68

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

2,647,284

0.7

31.64

DHS - Atlanta

Atlanta, GA

Specialized Facility

2031 - 2038(6)

2008 / 2023

91,185

2,602,112

0.7

28.54

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

2,306,216

0.6

65.89

Various GSA - Cleveland

Brooklyn Heights, OH

Office

2028 - 2040(8)

1981 / 2021

61,384

2,248,708

0.6

36.63

NWS - Kansas City

Kansas City, MO

Specialized Facility

2033(2)

1998 / 2020

94,378

2,180,188

0.6

23.10

DEA - Santa Ana

Santa Ana, CA

Specialized Facility

2029

2004

39,905

2,036,945

0.5

51.04

GSA - Clarksburg

Clarksburg, WV

Office

2039(2)

1999

70,495

1,958,510

0.5

27.78

DEA - North Highlands

Sacramento, CA

Specialized Facility

2033

2002

37,975

1,891,896

0.5

49.82

JUD - Aberdeen

Aberdeen, MS

Federal Courthouse

2040

2005

45,194

1,890,909

0.5

41.84

DEA - Riverside

Riverside, CA

Specialized Facility

2032

1997

34,354

1,889,092

0.5

54.99

NPS - Omaha

Omaha, NE

Specialized Facility

2029

2004

62,772

1,873,659

0.5

29.85

ICE - Orlando

Orlando, FL

Specialized Facility

2040

1996 / 2010

49,420

1,796,130

0.5

36.34

VA - Golden

Golden, CO

Warehouse

2036(2)

1996 / 2011

56,753

1,793,899

0.5

31.61

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

1,399,201

0.4

32.09

JUD - Council Bluffs

Council Bluffs, IA

Federal Courthouse

2041(7)

2021

28,900

1,369,479

0.3

47.39

Leased Operating Property Overview (Cont.)

(As of March 31, 2026, unaudited)

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

1,119,208

0.3

40.20

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

831,012

0.2

27.59

ICE - Louisville

Louisville, KY

Specialized Facility

2036

2011

17,420

772,144

0.2

44.33

DEA - San Diego

San Diego, CA

Warehouse

2032

1999

16,100

565,018

0.1

35.09

DEA - Bakersfield

Bakersfield, CA

Specialized Facility

2038

2000

9,800

497,530

0.1

50.77

SSA - San Diego

San Diego, CA

Specialized Facility

2032

2003

10,059

458,846

0.1

45.62

Subtotal

8,054,450

292,506,522

74.3

36.32

Wholly Owned State and Local Government Leased Property

DC - Capitol Plaza

Washington, DC

Office

2026 - 2038(9)

2006

284,688

18,123,285

4.5

63.66

Wake County III - Cary

Cary, NC

Office

2027 / 2034(10)

1997

113,722

3,500,694

0.9

30.78

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

3,113,404

0.8

24.42

Wake County II - Cary

Cary, NC

Office

2034(11)

1994

98,340

2,967,871

0.8

30.18

NM - Albuquerque

Albuquerque, NM

Office

2036(7)

2006

32,534

2,344,699

0.6

72.07

Wake County I - Cary

Cary, NC

Office

2034(11)

1991

75,401

2,226,569

0.6

29.53

SVA - Glen Allen II

Glen Allen, VA

Office

2036(7)

1999

46,147

1,089,563

0.3

23.61

Subtotal

873,605

36,730,464

9.4

42.04

Leased Operating Property Overview (Cont.)

(As of March 31, 2026, unaudited)

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

5,012,522

1.3

36.29

SVA - Glen Allen III

Glen Allen, VA

Office

2027 - 2031(12)

1999

124,066

2,774,090

0.7

22.36

Northrop Grumman - Dayton

Beavercreek, OH

Specialized Facility

2029(7)

2012

99,246

2,629,161

0.7

26.49

Northrop Grumman - Aurora

Aurora, CO

Specialized Facility

2032(7)

2002

104,136

2,368,386

0.6

22.74

501 East Hunter Street - Lummus Corporation

Lubbock, TX

Warehouse

2028(7)

2013

70,078

411,207

0.1

5.87

Subtotal

535,651

13,195,366

3.4

24.63

Wholly Owned Properties Total / Weighted Average

9,463,706

342,432,352

87.1

36.18

U.S Government Leased to Unconsolidated Real Estate Venture

VA - Phoenix(13)

Phoenix, AZ

Outpatient Clinic

2042

2022

257,294

10,919,455

2.8

42.44

VA - San Antonio(13)

San Antonio, TX

Outpatient Clinic

2041

2021

226,148

9,233,382

2.3

40.83

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

4,311,698

1.1

45.59

VA - Lubbock(13)(14)

Lubbock, TX

Outpatient Clinic

2040

2020

120,916

4,272,006

1.1

35.33

VA - Marietta(13)

Marietta, GA

Outpatient Clinic

2041

2021

76,882

3,864,206

1.0

50.26

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

2,954,810

0.8

43.59

VA - Lenexa(13)

Lenexa, KS

Outpatient Clinic

2041

2021

31,062

1,336,514

0.3

43.03

Subtotal

1,214,165

50,733,141

12.9

41.78

Total / Weighted Average

10,677,871

393,165,493

100.0

36.82

Total / Weighted Average at Easterly's Share

10,107,212

369,320,915

36.54

(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. 11,061 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.

Leased Operating Property Overview (Cont.)

(As of March 31, 2026, unaudited)

(4) 80,523 square feet leased to the U.S. Immigration and Customs Enforcement ("ICE") will expire on September 14, 2040. 29,074 square feet leased to a private tenant will expire on September 30, 2032 and contains one five-year renewal option. 25,603 square feet leased to a private tenant will expire on January 31, 2032 and contains one five-year renewal option.

(5) Lease contains one ten-year renewal option.

(6) 29,737 square feet leased to the U.S. Customs and Border Protection ("CBP") will expire on April 30, 2038. 17,373 square feet leased to a private tenant will expire on December 31, 2031 and contains two five-year renewal options. 49,125 square feet leased to the Transportation Security Administration ("TSA") will expire on December 14, 2038 and contains one five-year renewal option.

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

(8) 40,502 square feet leased to the U.S. Immigration and Customs Enforcement ("ICE") will expire on August 31, 2031. 11,402 square feet leased to a private tenant will expire on December 31, 2028 and contains two five-year renewal options. 9,480 square feet leased to the U.S. National Oceanic and Atmospheric Administration ("NOAA") will expire on September 13, 2040.

(9) 237,118 square feet leased to the District of Columbia Government will expire on February 28, 2038 and contains one five-year renewal option. 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.

Tenants

(As of March 31, 2026, unaudited)

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")

13.2

2,251,131

21.1%

$96,644,400

24.5%

Federal Bureau of Investigation ("FBI")

9.9

1,498,607

14.0%

55,308,327

14.0%

Drug Enforcement Administration ("DEA")

9.5

607,290

5.7%

28,951,777

7.3%

Judiciary of the U.S. ("JUD")

12.9

399,825

3.7%

16,991,295

4.3%

Food and Drug Administration ("FDA")

17.1

291,314

2.7%

16,376,301

4.2%

U.S. Citizenship and Immigration Services ("USCIS")

10.8

520,807

4.9%

16,095,876

4.1%

Immigration and Customs Enforcement ("ICE")

7.1

388,386

3.6%

15,075,284

3.8%

Internal Revenue Service ("IRS")

5.8

359,661

3.4%

12,057,531

3.1%

Environmental Protection Agency ("EPA")

5.4

225,418

2.1%

9,355,991

2.4%

U.S. Joint Staff Command ("JSC")

2.2

403,737

3.8%

8,556,069

2.2%

Federal Aviation Administration ("FAA")

0.6

188,768

1.8%

7,925,559

2.0%

Bureau of the Fiscal Service ("BFS")

11.4

266,176

2.5%

7,075,384

1.8%

Social Security Administration ("SSA")

6.8

192,185

1.8%

5,690,720

1.4%

Patent and Trademark Office ("PTO")

8.8

190,546

1.8%

5,393,537

1.4%

Federal Emergency Management Agency ("FEMA")

12.5

210,373

2.0%

4,668,336

1.2%

U.S. Attorney Office ("USAO")

8.7

110,776

1.0%

4,164,818

1.1%

Department of Transportation ("DOT")

13.2

116,046

1.1%

3,585,870

0.9%

U.S. Forest Service ("USFS")

5.3

98,720

0.9%

3,578,032

0.9%

Customs and Border Protection ("CBP")

9.4

64,737

0.6%

3,247,340

0.8%

National Archives and Records Administration ("NARA")

6.1

161,730

1.5%

2,697,002

0.7%

National Weather Service ("NWS")

7.7

94,378

0.9%

2,180,188

0.6%

U.S. Department of Agriculture ("USDA")

1.8

60,257

0.6%

1,891,648

0.5%

National Park Service ("NPS")

3.2

62,772

0.6%

1,873,659

0.5%

U.S. Coast Guard ("USCG")

1.7

59,547

0.6%

1,646,454

0.4%

National Oceanic and Atmospheric Administration ("NOAA")

5.4

33,403

0.3%

1,415,899

0.4%

Transportation Security Administration ("TSA")

7.7

44,075

0.4%

1,180,378

0.3%

Homeland Security Investigations ("HSI")

10.0

27,840

0.3%

1,119,208

0.3%

Small Business Administration ("SBA")

13.3

44,969

0.4%

1,034,938

0.3%

U.S. Army Corps of Engineers ("ACOE")

3.9

33,407

0.3%

972,321

0.2%

General Services Administration - Other

9.5

33,365

0.3%

840,955

0.2%

Bureau of Alcohol, Tobacco, Firearms and Explosives ("ATF")

6.9

23,775

0.2%

733,654

0.2%

Tenants (Cont.)

(As of March 31, 2026, unaudited)

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")

7.0

4,846

0.0%

277,782

0.1%

Federal Energy Regulatory Commission ("FERC")

13.4

6,214

0.1%

243,661

0.1%

U.S. Probation Office ("USPO")

12.8

6,621

0.1%

183,960

0.0%

U.S. Marshals Service ("USMS")

0.8

1,054

0.0%

48,789

0.0%

Department of Labor ("DOL")

12.8

574

0.0%

15,954

0.0%

Subtotal

9.9

9,083,330

85.1%

$339,098,897

86.2%

State and Local Government

District of Columbia Government

11.9

238,062

2.2%

15,095,874

3.8%

Wake County Public Schools

8.3

249,605

2.3%

7,565,595

1.9%

Commonwealth of Virginia

8.8

173,647

1.6%

4,202,967

1.1%

State of New Mexico Health Care Authority

10.8

32,534

0.3%

2,344,699

0.6%

State of California Employee Development Department

7.9

65,133

0.6%

2,296,631

0.6%

State of California Department of Industrial Relations

7.6

30,140

0.3%

1,067,748

0.3%

New York State Court of Claims

0.5

14,274

0.1%

377,008

0.1%

Subtotal

9.4

803,395

7.4%

$32,950,522

8.4%

Private Tenants

York Space Systems

5.8

138,125

1.3%

5,012,522

1.3%

Northrop Grumman Systems Corporation

4.7

203,382

1.9%

4,997,547

1.3%

Other Private Tenants

3.5

69,203

0.6%

2,587,320

0.7%

ChemTreat

5.8

94,456

0.9%

1,965,372

0.5%

Caremark, L.L.C

4.3

41,462

0.4%

1,371,194

0.3%

Jacobs Engineering Group, Inc.

1.8

37,858

0.4%

1,129,539

0.3%

HUB International Midwest Limited

6.5

29,074

0.3%

849,149

0.2%

Pate Rehabilitation Endeavors, LLC

5.8

25,603

0.2%

822,658

0.2%

Intercontinental Exchange

3.8

27,488

0.3%

751,587

0.2%

Saint Luke's Health System, Inc.

1.8

32,043

0.3%

748,780

0.2%

University of Central Missouri

6.2

22,374

0.2%

469,199

0.1%

Lummus Corporation

2.3

70,078

0.7%

411,207

0.1%

Subtotal

4.5

791,146

7.5%

$21,116,074

5.4%

Total / Weighted Average

9.4

10,677,871

100.0%

$393,165,493

100.0%

(1) Weighted based on leased square feet.

Lease Expirations

(As of March 31, 2026, unaudited)

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

344,916

3.2%

13,729,244

3.5%

39.80

2027

572,603

5.4%

20,791,493

5.3%

36.31

2028

906,740

8.5%

22,256,040

5.7%

24.55

2029

757,363

7.1%

24,853,554

6.3%

32.82

2030

95,888

0.9%

2,610,150

0.7%

27.22

2031

533,104

5.0%

18,472,816

4.7%

34.65

2032

712,188

6.7%

22,295,921

5.7%

31.31

2033

566,197

5.3%

22,427,093

5.7%

39.61

2034

635,293

5.9%

24,461,298

6.2%

38.50

2035

440,450

4.1%

17,598,695

4.5%

39.96

Thereafter

5,113,129

47.9%

203,669,189

51.7%

39.83

Total / Weighted Average

148

10,677,871

100.0%

$393,165,493

100.0%

$36.82

(1) The year of lease expiration is pursuant to current contract terms. Some tenants have the right to vacate their space during a specified period, or "soft term," before the stated terms of their leases expire. As of March 31, 2026, eight 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.

Lease Expirations

(As of March 31, 2026, unaudited)

Summary of Re/Development Projects

(As of March 31, 2026, unaudited, in thousands, except square feet)

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

JUD - Flagstaff

Flagstaff, AZ

Courthouse

50,777

20-Year

$34,723

$33,034

1Q 2027

FL - Fort Myers

Fort Myers, FL

Laboratory

64,000

25-Year

$25,266

4Q 2026

JUD - Medford

Medford, OR

Courthouse

40,035

20-Year

$8,728

$20,290

2H 2027

Total

154,812

$68,717

$53,324

Projects in Design (3)

Property Name

Location

Property Type

Total Estimated Leased Square Feet

Lease Term

Anticipated Completion Date

Anticipated Lease Commencement

N/A

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

(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 March 31, 2026 are $150.7 million.

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