SEC Filing | Easterly Government Properties

View:

Download DOC

Download PDF

Download XLS

Download XBRL

8-K

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):

July 31, 2024

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 July 31, 2024, we issued a press release announcing our results of operations for the second quarter ended June 30, 2024. 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 July 31, 2024, to review our second quarter ended 2024 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 July 31, 2024.
99.2	Easterly Government Properties, Inc. Supplemental Information Package for the quarter ended June 30, 2024.
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 and Chief Accounting Officer

Date: July 31, 2024

EX-99.1

Exhibit 99.1

EASTERLY GOVERNMENT PROPERTIES

REPORTS SECOND QUARTER 2024 RESULTS

WASHINGTON, D.C. – July 31, 2024 – 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, today announced its results of operations for the quarter ended June 30, 2024.

Highlights for the Quarter Ended June 30, 2024:

•

Net income of $4.9 million, or $0.04 per share on a fully diluted basis

•

Core FFO of $31.4 million, or $0.29 per share on a fully diluted basis

•

Used $8.4 million of available cash to extinguish the mortgage note obligation on VA - Golden

•

Executed a new $400.0 million senior unsecured revolving credit facility (the “Revolver”), which includes an accordion feature that allows the Company to request additional lender commitments of up to $300.0 million, for a total Revolver capacity of up to $700.0 million

•

Entered into a master note purchase agreement to issue an aggregate $200.0 million of 6.56% (ICUR9 + 210 basis point spread) 9-year fixed rate, senior unsecured notes in two tranches and issued $150.0 million of such senior notes with a maturity date of May 29, 2033

•

Acquired the land for the future development of a 50,777 rentable square foot Federal courthouse in Flagstaff, Arizona (“JUD - Flagstaff”) with a 20-year non-cancelable lease that will commence once the development is complete

•

Acquired a 135,200 square foot facility primarily leased to the Office of the Chief Information Officer (OCIO) and Office of Human Capital of the U.S. Immigration and Customs Enforcement (ICE), located near Dallas, Texas (“ICE - Dallas”) with a weighted average remaining lease term of 13.3 years at the time of acquisition

•

Acquired a 27,840 square foot facility 100% leased to Homeland Security Investigations (HSI), the principal investigation arm within the Department of Homeland Security (DHS), with a 15-year lease that does not expire until March 2036 (“HSI - Orlando”)

•

Acquired a 49,420 square foot facility in Orlando, Florida that is 100% leased to ICE with a 20-year lease that does not expire until August 2040 (“ICE - Orlando”)

•

Released the Company's 2023 Environmental, Social, and Governance report (the “ESG Report”), showcasing the Company’s progress in achieving its environmental and social-focused goals committed to in 2021

•

Issued an aggregate of 589,647 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 December 2019 (the “December 2019 ATM Program”) at a weighted average price per share of $13.40, raising net proceeds to the Company of approximately $7.9 million

•

Increased the Company's guidance for full-year 2024 Core FFO per share on a fully diluted basis to a range of $1.15 - $1.17

“We occupy a unique place in the REIT industry,” said Darrell Crate, CEO of Easterly Government Properties. “The real estate we provide is essential to the U.S. Government and that mission criticality remains our definable edge and the bedrock of shareholder value.”

Financial Results for the Six Months Ended June 30, 2024:

Net income of $9.7 million, or $0.09 per share on a fully diluted basis

Core FFO of $62.1 million, or $0.58 per share on a fully diluted basis

Portfolio Operations

As of June 30, 2024, the Company or its joint venture (the “JV”) owned 93 operating properties in the United States encompassing approximately 9.1 million leased square feet, including 91 operating properties that were leased primarily to U.S. Government tenant agencies, one operating property leased primarily to tenant agencies of a high-credit state government, and one operating property that is entirely leased to a private tenant. In addition, the Company wholly owned two properties in development that the Company expects will encompass approximately 0.2 million rentable square feet upon completion. The first re-development project, located in Atlanta, Georgia, is currently under construction and, once complete, a 20-year lease with the U.S. General Services Administration (GSA) is expected to commence for the beneficial use of the U.S. Food and Drug Administration (FDA). The second project, located in Flagstaff, Arizona, is currently in design and, once complete, a 20-year lease with the GSA is expected to commence for the beneficial use of the United States Judiciary. As of June 30, 2024, the portfolio had a weighted average age of 14.8 years, based upon the date properties were built or renovated-to-suit, and had a weighted average remaining lease term of 10.1 years.

On April 22, 2024, the Company announced the release of its 2023 ESG Report, showcasing the Company’s progress in achieving its environmental and social-focused goals committed to in 2021. Easterly oversaw a 4% decrease in energy usage and achieved 16 ENERGY STAR Certifications. This emissions reduction equated to 3.7 million pounds of coal burned, or the electricity needed to power 667 homes for one year, and was achieved as a result of equipment upgrades and low-to-no-cost adjustments to optimize its buildings’ efficiency. The Company is committed to preserving the robust ESG advancements made in 2023 while furthering investments in the efficiency and sustainability of its portfolio, particularly in properties vital to government operations.

Balance Sheet and Capital Markets Activity

As of June 30, 2024, the Company had total indebtedness of approximately $1.4 billion comprised of $72.5 million outstanding on the Revolver, $100.0 million outstanding on its 2016 term loan facility, $175.0 million outstanding on its 2018 term loan facility, $850.0 million of senior unsecured notes, and $210.0 million of mortgage debt (excluding unamortized premiums and discounts and deferred financing fees). The Company's outstanding debt had a weighted average maturity of 4.9 years and a weighted average interest rate of 4.4%. Further, the Company's Net Debt to total enterprise value was 50.9% and its Adjusted Net Debt to annualized quarterly pro forma EBITDA ratio was 6.9x.

On April 1, 2024, the Company used $8.4 million of available cash to extinguish the mortgage note obligation on VA - Golden.

On May 30, 2024, the Company announced it had entered into a master note purchase agreement to issue an aggregate $200.0 million of 6.56% (ICUR9 + 210 basis point spread) 9-year fixed rate, senior unsecured notes consisting of: $150.0 million of Series A Senior Notes issued and sold by Easterly Government Properties LP, the Company’s operating partnership (the “Partnership”), on May 29, 2024; and $50.0 million of Series B Senior Notes to be issued and sold by the Partnership on or about August 14, 2024, subject to customary closing

conditions. The Company, together with various subsidiaries of the Partnership, have guaranteed the Series A Senior Notes (and will guarantee the Series B Senior Notes, once issued).

On June 3, 2024, the Company executed a new $400.0 million Revolver. The Revolver includes an accordion feature that allows the Company to request additional lender commitments of up to $300.0 million, for a total Revolver capacity of up to $700.0 million. The Revolver has an initial four-year term and will mature in June 2028, with two six-month as-of-right extension options available to extend the maturity to June 2029, subject to certain conditions. Borrowings under the Revolver will bear interest at a rate of Adjusted SOFR plus a spread of 1.20% to 1.80%, depending on the Company’s leverage ratio. Given the Company's current leverage ratio, the initial spread to Adjusted SOFR was set at 1.35%.

Acquisitions

On April 4, 2024, the Company acquired the land to develop JUD - Flagstaff, a 50,777 square foot Federal courthouse in Flagstaff, Arizona. JUD - Flagstaff will be leased to the GSA for beneficial use of the Judiciary of the U.S. Government over a 20 year non-cancelable term.

On April 16, 2024, the Company announced the acquisition of ICE - Dallas, a 135,200 square foot facility primarily leased to the Office of the Chief Information Officer and Office of Human Capital of the U.S. Immigration and Customs Enforcement, located near Dallas, Texas. ICE - Dallas is a 95% leased facility that has been renovated to suit the ICE’s OCIO and Office of Human Capital. The OCIO is responsible for delivering innovative information technology (IT) and business solutions that enable ICE to protect and secure the nation. The asset will help facilitate the OCIO’s mission critical IT initiatives to modernize ICE’s IT systems and adapt and conform to modern IT management disciplines. Two additional triple net (NNN) private tenants occupy the remaining leased space under leases that feature annual lease escalations. The weighted average initial lease term for all three tenancies was 16.2 years and, at the time of acquisition, carried a weighted average remaining lease term of 13.3 years.

On May 8, 2024, the Company announced the acquisition of HSI - Orlando, a 27,840 square foot facility 100% leased to Homeland Security Investigations, the principal investigation arm within the Department of Homeland Security, with a 15-year lease that does not expire until March 2036. HSI is the principal investigative arm within the DHS and helps shield the nation from global threats to ensure Americans are safe and secure. The agency maintains operations in 235 cities nationwide and maintains an international presence that spans over 90 offices in more than 50 countries. HSI - Orlando also houses the Central Florida Intelligence Exchange, which is an all crime and all hazards fusion center, supporting nine counties with on-site staffing from multiple federal, state, and local agencies.

On May 15, 2024, the Company announced the acquisition of ICE - Orlando, a 49,420 square foot facility located in Orlando, Florida that is 100% leased to the U.S. Immigration and Customs Enforcement. The property features a 20-year lease that does not expire until August 2040. As one of the country’s premier federal law enforcement agencies, ICE is dedicated to detecting and dismantling transnational criminal networks that target the American people and threaten our industries, organizations, and financial system. The critical operations housed in this facility cover a significant portion of Central Florida.

Dividend

On July 17, 2024, the Board of Directors of Easterly approved a cash dividend for the second quarter of 2024 in the amount of $0.265 per common share. The dividend will be payable August 13, 2024 to shareholders of record on August 1, 2024.

Subsequent Events

Subsequent to the quarter ending June 30, 2024, the Company entered into forward sales transactions through the December 2019 ATM Program for the sale of 400,000 shares of the Company's common stock at a net weighted average initial forward sales price of $13.14 per share that have not yet been settled.

As of the date of this release, the Company expects to receive aggregate net proceeds of approximately $5.3 million from the sale of an aggregate of 400,000 shares of the Company's common stock that have not yet been settled under the Company's December 2019 ATM Program, assuming these forward sales transactions are physically settled in full using a net weighted average combined initial forward sales price of $13.14 per share.

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, 2024

The Company is maintaining its guidance for full-year 2024 Core FFO per share on a fully diluted basis at a range of $1.15 - $1.17, as previously increased on May 8, 2024.


	Low		High
Net income (loss) per share – fully diluted basis	$	0.22		0.24
Plus: Company’s share of real estate depreciation and amortization	$	0.92		0.92
FFO per share – fully diluted basis	$	1.14		1.16
Plus: Company’s share of depreciation of non-real estate assets	$	0.01		0.01
Core FFO per share – fully diluted basis	$	1.15		1.17

This guidance assumes (i) the closing of VA - Jacksonville through the JV at the Company’s pro rata share of approximately $41 million, (ii) approximately $50 million in wholly owned acquisitions throughout 2024, and (iii) $100 - $110 million of gross development-related investment during 2024.

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.

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 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.

Net Debt and Adjusted Net Debt Net Debt represents the Company's consolidated debt and its share of unconsolidated debt adjusted to exclude its share of unamortized premiums and discounts and deferred financing fees, less its share of cash and cash equivalents and property acquisition closing escrow, net of deposit. By excluding these items, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding its financial condition. Adjusted Net Debt is Net Debt reduced by 1) for each project under construction or in design, the lesser of i) outstanding lump-sum reimbursement amounts and ii) the cost to date, 2) 40% times the amount by which the cost to date exceeds total lump-sum reimbursement amounts for each project under construction or in design and 3) outstanding lump-sum reimbursement amounts for projects previously completed. These adjustments are made to 1) remove the estimated portion of each project under construction, in design or previously completed that has been financed with debt which may be repaid with outstanding cost reimbursement payments from the US Government and 2) remove the estimated portion of each project under construction or in design, in excess of total lump-sum reimbursements, that has been financed with debt but has not yet produced earnings. See page 25 of the Company’s Q2 2024 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 July 31, 2024 to review the second quarter 2024 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.

Lindsay S. Winterhalter

Senior Vice President, Investor Relations & Operations

202-596-3947

ir@easterlyreit.com

Forward Looking Statements

We make statements in this press release that are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions and include our guidance with respect to Net income (loss) and Core FFO per share on a fully diluted basis. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement in this press release for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and

prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation: risks associated with our dependence on the U.S. Government and its agencies for substantially all of our revenues, including credit risk and risk that the U.S. Government reduces its spending on real estate or that it changes its preference away from leased properties; risks associated with ownership and development of real estate; the risk of decreased rental rates or increased vacancy rates; the loss of key personnel; general volatility of the capital and credit markets and the market price of our common stock; the risk we may lose one or more major tenants; difficulties in completing and successfully integrating acquisitions; failure of acquisitions or development projects to occur at anticipated levels or yield anticipated results; risks associated with our joint venture activities; risks associated with actual or threatened terrorist attacks; intense competition in the real estate market that may limit our ability to attract or retain tenants or re-lease space; insufficient amounts of insurance or exposure to events that are either uninsured or underinsured; uncertainties and risks related to adverse weather conditions, natural disasters and climate change; exposure to liability relating to environmental and health and safety matters; limited ability to dispose of assets because of the relative illiquidity of real estate investments and the nature of our assets; exposure to litigation or other claims; risks associated with breaches of our data security; risks associated with our indebtedness; 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, 2023, filed with the Securities and Exchange Commission (SEC) on February 27, 2024, 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)


	June 30, 2024			December 31, 2023
Assets
Real estate properties, net	$	2,417,749		$	2,319,143
Cash and cash equivalents		14,814			9,381
Restricted cash		12,425			12,558
Tenant accounts receivable		71,273			66,274
Investment in unconsolidated real estate venture		280,085			284,544
Intangible assets, net		147,510			148,453
Interest rate swaps		2,465			1,994
Prepaid expenses and other assets		49,717			37,405
Total assets	$	2,996,038		$	2,879,752

Liabilities
Revolving credit facility		72,500			79,000
Term loan facilities, net		274,181			299,108
Notes payable, net		844,939			696,532
Mortgage notes payable, net		209,283			220,195
Intangible liabilities, net		10,826			12,480
Deferred revenue		105,671			82,712
Accounts payable, accrued expenses and other liabilities		106,164			80,209
Total liabilities		1,623,564			1,470,236

Equity
Common stock, par value $0.01, 200,000,000 shares authorized, 103,034,602 and 100,973,247 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively		1,030			1,010
Additional paid-in capital		1,810,678			1,783,338
Retained earnings		121,538			112,301
Cumulative dividends		(630,738	)		(576,319	)
Accumulated other comprehensive income		2,344			1,871
Total stockholders' equity		1,304,852			1,322,201
Non-controlling interest in Operating Partnership		67,622			87,315
Total equity		1,372,474			1,409,516
Total liabilities and equity	$	2,996,038		$	2,879,752

Income Statement

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


	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Revenues
Rental income	$	72,183		$	67,758		$	142,929		$	135,906
Tenant reimbursements		2,814			2,500			3,831			4,575
Asset management income		551			517			1,101			1,034
Other income		673			598			1,160			1,078
Total revenues		76,221			71,373			149,021			142,593

Expenses
Property operating		18,118			17,629			34,710			35,517
Real estate taxes		7,843			7,619			16,072			15,087
Depreciation and amortization		24,086			22,619			47,886			45,700
Acquisition costs		408			444			827			905
Corporate general and administrative		7,128			7,024			13,583			14,319
Total expenses		57,583			55,335			113,078			111,528

Other income (expense)
Income from unconsolidated real estate venture		1,377			1,418			2,792			2,820
Interest expense, net		(15,165	)		(11,678	)		(29,001	)		(23,693	)
Net income		4,850			5,778			9,734			10,192

Non-controlling interest in Operating Partnership		(239	)		(675	)		(497	)		(1,198	)
Net income available to Easterly Government
Properties, Inc.	$	4,611		$	5,103		$	9,237		$	8,994

Net income available to Easterly Government
Properties, Inc. per share:
Basic	$	0.04		$	0.05		$	0.09		$	0.09
Diluted	$	0.04		$	0.05		$	0.09		$	0.09

Weighted-average common shares outstanding:
Basic		102,913,974			93,358,851			102,453,558			92,235,346
Diluted		103,200,622			93,641,382			102,729,699			92,508,651

Net income, per share - fully diluted basis	$	0.04		$	0.05		$	0.09		$	0.10

Weighted average common shares outstanding -
fully diluted basis		108,280,113			105,707,282			107,998,356			104,569,748

EBITDA

(Unaudited, in thousands)


	Three Months Ended					Six Months Ended
	June 30, 2024			June 30, 2023		June 30, 2024			June 30, 2023
Net income	$	4,850		$	5,778	$	9,734		$	10,192
Depreciation and amortization		24,086			22,619		47,886			45,700
Interest expense		15,165			11,678		29,001			23,693
Tax expense		(293	)		352		(27	)		520
Unconsolidated real estate venture allocated share of above adjustments		2,081			1,942		4,155			3,882
EBITDA	$	45,889		$	42,369	$	90,749		$	83,987

Pro forma adjustments(1)		284
Pro forma EBITDA	$	46,173

(1) Pro forma assuming a full quarter of operations from the three operating properties acquired in the second quarter of 2024.

FFO and CAD

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


	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023

Net income	$	4,850		$	5,778		$	9,734		$	10,192
Depreciation of real estate assets		23,834			22,368			47,383			45,199
Unconsolidated real estate venture allocated share of above adjustments		2,006			1,875			4,008			3,750
FFO	$	30,690		$	30,021		$	61,125		$	59,141
Adjustments to FFO:
Loss on extinguishment of debt	$	258		$	-		$	258		$	14
Provision for credit losses		218			-			218			-
Natural disaster event expense, net of recovery		(61	)		(22	)		(8	)		78
Depreciation of non-real estate assets		252			251			503			501
Unconsolidated real estate venture allocated share of above adjustments		16			17			33			33
Core FFO	$	31,373		$	30,267		$	62,129		$	59,767

FFO, per share - fully diluted basis	$	0.28		$	0.28		$	0.57		$	0.57
Core FFO, per share - fully diluted basis	$	0.29		$	0.29		$	0.58		$	0.57

Core FFO	$	31,373		$	30,267		$	62,129		$	59,767
Straight-line rent and other non-cash adjustments		(918	)		(902	)		(1,774	)		(1,365	)
Amortization of above-/below-market leases		(480	)		(676	)		(1,074	)		(1,376	)
Amortization of deferred revenue		(1,759	)		(1,622	)		(3,363	)		(3,106	)
Non-cash interest expense		389			244			696			488
Non-cash compensation		1,160			1,299			2,389			2,967
Natural Disaster event expense, net of recovery		61			22			8			(78	)
Principal amortization		(1,078	)		(1,068	)		(2,195	)		(2,126	)
Maintenance capital expenditures		(3,813	)		(2,329	)		(5,537	)		(5,069	)
Contractual tenant improvements		(129	)		(712	)		(573	)		(1,013	)
Unconsolidated real estate venture allocated share of above adjustments		-			39			(15	)		(74	)
Cash Available for Distribution (CAD)	$	24,806		$	24,562		$	50,691		$	49,015

Weighted average common shares outstanding - fully diluted basis		108,280,113			105,707,282			107,998,356			104,569,748

Net Debt and Adjusted Net Debt

(Unaudited, in thousands)


	June 30, 2024
Total Debt(1)	$	1,407,507
Less: Cash and cash equivalents		(15,640	)
Net Debt	$	1,391,867
Less: Adjustment for development projects(2)		(124,496	)
Adjusted Net Debt	$	1,267,371

1 Excludes unamortized premiums / discounts and deferred financing fees.

2 See definition of Adjusted Net Debt on Page 5.

EX-99.2

Exhibit 99.2


Disclaimers

Forward-looking Statement

We make statements in this Supplemental Information Package that are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement in this Supplemental Information Package for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation: risks associated with our dependence on the U.S. Government and its agencies for substantially all of our revenues, including credit risk and risk that the U.S. Government reduces its spending on real estate or that it changes its preference away from leased properties; risks associated with ownership and development of real estate; the risk of decreased rental rates or increased vacancy rates; the loss of key personnel; general volatility of the capital and credit markets and the market price of our common stock; the risk we may lose one or more major tenants; difficulties in completing and successfully integrating acquisitions; failure of acquisitions or development projects to occur at anticipated levels or yield anticipated results; risks associated with our joint venture activities; risks associated with actual or threatened terrorist attacks; intense competition in the real estate market that may limit our ability to attract or retain tenants or re-lease space; insufficient amounts of insurance or exposure to events that are either uninsured or underinsured; uncertainties and risks related to adverse weather conditions, natural disasters and climate change; exposure to liability relating to environmental and health and safety matters; limited ability to dispose of assets because of the relative illiquidity of real estate investments and the nature of our assets; exposure to litigation or other claims; risks associated with breaches of our data security; risks associated with our indebtedness; 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, 2023, filed with the Securities and Exchange Commission, or the SEC, on February 27, 2024 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 June 30, 2024 that will be released in our Form 10-Q to be filed with the SEC on or about July 31, 2024.


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 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.

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

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


Supplemental Definitions

Net Debt and Adjusted Net Debt Net Debt represents the Company's consolidated debt and its share of unconsolidated debt adjusted to exclude its share of unamortized premiums and discounts and deferred financing fees, less its share of cash and cash equivalents and property acquisition closing escrow, net of deposit. By excluding these items, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding its financial condition. Adjusted Net Debt is Net Debt reduced by 1) for each project under construction or in design, the lesser of i) outstanding lump-sum reimbursement amounts and ii) the cost to date, 2) 40% times the amount by which the cost to date exceeds total lump-sum reimbursement amounts for each project under construction or in design and 3) outstanding lump-sum reimbursement amounts for projects previously completed. These adjustments are made to 1) remove the estimated portion of each project under construction, in design or previously completed that has been financed with debt which may be repaid with outstanding cost reimbursement payments from the US Government and 2) remove the estimated portion of each project under construction or in design, in excess of total lump-sum reimbursements, that has been financed with debt but has not yet produced earnings. See page 25 for further information. The Company’s method of calculating Net Debt and Adjusted Net Debt may be different from methods used by other REITs and may be presented on a pro forma basis. Accordingly, the Company's method may not be comparable to such other REITs.

Net Operating Income (NOI) and Cash NOI NOI is calculated as net income adjusted to exclude depreciation and amortization, acquisition costs, corporate general and administrative costs, 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		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		22

Lease Expirations		24

Summary of Re/Development Projects		25


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	Lindsay Winterhalter
Suite 775 North		or 202-596-3947 to request an	Senior VP, Operations
Washington, DC 20006	Ticker	Investor Relations package
202-595-9500	DEA


Executive Team		Board of Directors
Darrell Crate, CEO	Meghan Baivier, COO & President	William Binnie, Chairman	Emil Henry Jr.
Michael Ibe, Vice-Chairman & EVP	Mark Bauer, EVP Development	Darrell Crate	Michael Ibe
Allison Marino, CFO & CAO	Franklin Logan, GC	Cynthia Fisher	Tara Innes
Stuart Burns, EVP Government Relations	Andrew Pulliam, EVP Acquisitions	Scott Freeman
Nick Nimerala, SVP Chief Asset Officer


Equity Research Coverage

Citigroup	Raymond James & Associates	RBC Capital Markets
Michael A. Griffin	Bill Crow	Michael Carroll
212-816-5871	727-567-2594	440-715-2649

Jefferies	Truist Securities	Compass Point Research & Trading, LLC
Peter Abramowitz	Michael R. Lewis	Merrill Ross
212-336-7241	212-319-5659	202-534-1392

BMO Capital Markets
John P. Kim
212-885-4115

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

     Executive Summary
(In thousands, except share and per share amounts)


Outstanding Classes of Stock and Partnership Units - Fully Diluted Basis	At June 30, 2024			Earnings	Three months ended June 30, 2024		Three months ended June 30, 2023
Common shares		102,987,867		Net income available to Easterly Government Properties, Inc.	$	4,611	$	5,103
Unvested restricted shares		46,735		Net income available to Easterly Government Properties, Inc.
Common partnership and vested LTIP units		5,339,579		per share:
Total - fully diluted basis		108,374,181		Basic	$	0.04	$	0.05
				Diluted	$	0.04	$	0.05

Market Capitalization	At June 30, 2024			Net income	$	4,850	$	5,778
Price of Common Shares	$	12.37		Net income, per share - fully diluted basis	$	0.04	$	0.05
Total equity market capitalization - fully diluted basis	$	1,340,589		Funds From Operations (FFO)	$	30,690	$	30,021
Net Debt		1,391,867		FFO, per share - fully diluted basis	$	0.28	$	0.28
Total enterprise value	$	2,732,457
				Core FFO	$	31,373	$	30,267
				Core FFO, per share - fully diluted basis	$	0.29	$	0.29
Ratios	At June 30, 2024
Net debt to total enterprise value		50.9	%	Cash Available for Distribution (CAD)	$	24,806	$	24,562
Net debt to annualized quarterly EBITDA		7.6	x
Adjusted Net Debt to annualized quarterly pro forma EBITDA		6.9	x	Liquidity	At June 30, 2024
Cash interest coverage ratio		3.2	x	Cash and cash equivalents			$	15,640
Cash fixed charge coverage ratio		2.9	x	Available under $400 million senior unsecured 2024 revolving credit facility(1)			$	327,375

(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)


	June 30, 2024			December 31, 2023
Assets
Real estate properties, net	$	2,417,749		$	2,319,143
Cash and cash equivalents		14,814			9,381
Restricted cash		12,425			12,558
Tenant accounts receivable		71,273			66,274
Investment in unconsolidated real estate venture		280,085			284,544
Intangible assets, net		147,510			148,453
Interest rate swaps		2,465			1,994
Prepaid expenses and other assets		49,717			37,405
Total assets	$	2,996,038		$	2,879,752

Liabilities
Revolving credit facility		72,500			79,000
Term loan facilities, net		274,181			299,108
Notes payable, net		844,939			696,532
Mortgage notes payable, net		209,283			220,195
Intangible liabilities, net		10,826			12,480
Deferred revenue		105,671			82,712
Accounts payable, accrued expenses and other liabilities		106,164			80,209
Total liabilities		1,623,564			1,470,236

Equity
Common stock, par value $0.01, 200,000,000 shares authorized, 103,034,602 and 100,973,247 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively		1,030			1,010
Additional paid-in capital		1,810,678			1,783,338
Retained earnings		121,538			112,301
Cumulative dividends		(630,738	)		(576,319	)
Accumulated other comprehensive income		2,344			1,871
Total stockholders' equity		1,304,852			1,322,201
Non-controlling interest in Operating Partnership		67,622			87,315
Total equity		1,372,474			1,409,516
Total liabilities and equity	$	2,996,038		$	2,879,752

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


	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Revenues
Rental income	$	72,183		$	67,758		$	142,929		$	135,906
Tenant reimbursements		2,814			2,500			3,831			4,575
Asset management income		551			517			1,101			1,034
Other income		673			598			1,160			1,078
Total revenues		76,221			71,373			149,021			142,593

Expenses
Property operating		18,118			17,629			34,710			35,517
Real estate taxes		7,843			7,619			16,072			15,087
Depreciation and amortization		24,086			22,619			47,886			45,700
Acquisition costs		408			444			827			905
Corporate general and administrative		7,128			7,024			13,583			14,319
Total expenses		57,583			55,335			113,078			111,528

Other income (expense)
Income from unconsolidated real estate venture		1,377			1,418			2,792			2,820
Interest expense, net		(15,165	)		(11,678	)		(29,001	)		(23,693	)
Net income		4,850			5,778			9,734			10,192

Non-controlling interest in Operating Partnership		(239	)		(675	)		(497	)		(1,198	)
Net income available to Easterly Government
Properties, Inc.	$	4,611		$	5,103		$	9,237		$	8,994

Net income available to Easterly Government
Properties, Inc. per share:
Basic	$	0.04		$	0.05		$	0.09		$	0.09
Diluted	$	0.04		$	0.05		$	0.09		$	0.09

Weighted-average common shares outstanding:
Basic		102,913,974			93,358,851			102,453,558			92,235,346
Diluted		103,200,622			93,641,382			102,729,699			92,508,651

Net income, per share - fully diluted basis	$	0.04		$	0.05		$	0.09		$	0.10

Weighted average common shares outstanding -
fully diluted basis		108,280,113			105,707,282			107,998,356			104,569,748

      Net Operating Income
 (Unaudited, in thousands)


	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023

Net income	$	4,850		$	5,778		$	9,734		$	10,192
Depreciation and amortization		24,086			22,619			47,886			45,700
Acquisition costs		408			444			827			905
Corporate general and administrative		7,128			7,024			13,583			14,319
Interest expense		15,165			11,678			29,001			23,693
Unconsolidated real estate venture allocated share of above adjustments		2,070			1,958			4,156			3,925
Net Operating Income		53,707			49,501			105,187			98,734
Adjustments to Net Operating Income:
Straight-line rent and other non-cash adjustments		(907	)		(988	)		(1,751	)		(1,482	)
Amortization of above-/below-market leases		(480	)		(676	)		(1,074	)		(1,376	)
Amortization of deferred revenue		(1,759	)		(1,622	)		(3,363	)		(3,106	)
Unconsolidated real estate venture allocated share of above adjustments		24			23			48			(112	)
Cash Net Operating Income	$	50,585		$	46,238		$	99,047		$	92,658

      EBITDA
(Unaudited, in thousands)


	Three Months Ended					Six Months Ended
	June 30, 2024			June 30, 2023		June 30, 2024			June 30, 2023
Net income	$	4,850		$	5,778	$	9,734		$	10,192
Depreciation and amortization		24,086			22,619		47,886			45,700
Interest expense		15,165			11,678		29,001			23,693
Tax expense		(293	)		352		(27	)		520
Unconsolidated real estate venture allocated share of above adjustments		2,081			1,942		4,155			3,882
EBITDA	$	45,889		$	42,369	$	90,749		$	83,987

Pro forma adjustments(1)		284
Pro forma EBITDA	$	46,173

(1) Pro forma assuming a full quarter of operations from the three operating properties acquired in the second quarter of 2024.

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


	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023

Net income	$	4,850		$	5,778		$	9,734		$	10,192
Depreciation of real estate assets		23,834			22,368			47,383			45,199
Unconsolidated real estate venture allocated share of above adjustments		2,006			1,875			4,008			3,750
FFO	$	30,690		$	30,021		$	61,125		$	59,141
Adjustments to FFO:
Loss on extinguishment of debt	$	258		$	-		$	258		$	14
Provision for credit losses		218			-			218			-
Natural disaster event expense, net of recovery		(61	)		(22	)		(8	)		78
Depreciation of non-real estate assets		252			251			503			501
Unconsolidated real estate venture allocated share of above adjustments		16			17			33			33
Core FFO	$	31,373		$	30,267		$	62,129		$	59,767

FFO, per share - fully diluted basis	$	0.28		$	0.28		$	0.57		$	0.57
Core FFO, per share - fully diluted basis	$	0.29		$	0.29		$	0.58		$	0.57

Core FFO	$	31,373		$	30,267		$	62,129		$	59,767
Straight-line rent and other non-cash adjustments		(918	)		(902	)		(1,774	)		(1,365	)
Amortization of above-/below-market leases		(480	)		(676	)		(1,074	)		(1,376	)
Amortization of deferred revenue		(1,759	)		(1,622	)		(3,363	)		(3,106	)
Non-cash interest expense		389			244			696			488
Non-cash compensation		1,160			1,299			2,389			2,967
Natural Disaster event expense, net of recovery		61			22			8			(78	)
Principal amortization		(1,078	)		(1,068	)		(2,195	)		(2,126	)
Maintenance capital expenditures		(3,813	)		(2,329	)		(5,537	)		(5,069	)
Contractual tenant improvements		(129	)		(712	)		(573	)		(1,013	)
Unconsolidated real estate venture allocated share of above adjustments		-			39			(15	)		(74	)
Cash Available for Distribution (CAD)	$	24,806		$	24,562		$	50,691		$	49,015

Weighted average common shares outstanding - fully diluted basis		108,280,113			105,707,282			107,998,356			104,569,748

Unconsolidated Real Estate Venture

(Unaudited, in thousands)


Balance Sheet Information	Balance Sheet		Easterly's Share(2)
	June 30, 2024		June 30, 2024
Real estate properties - net	$	444,667	$	235,674
Total assets		538,210		285,252
Total liabilities		10,337		5,479
Total preferred stockholders' equity		118		63
Total common stockholders' equity		527,755		279,710
Basis difference(1)		-		375
Total equity	$	527,873	$	280,085

(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)			Six Months Ended			Easterly's Share(1)
	June 30, 2024			June 30, 2024			June 30, 2024			June 30, 2024
Revenues
Rental income	$	10,704		$	5,673		$	21,360		$	11,321
Other income		47			25			92			49
Total Revenues		10,751			5,698			21,452			11,370
Operating expenses
Property operating		2,240			1,187			4,400			2,331
Real estate taxes		1,458			772			2,845			1,507
Depreciation and amortization		3,816			2,022			7,625			4,041
Asset management fees		550			292			1,100			584
Corporate general and administrative		49			26			133			71
Total expenses		8,113			4,299			16,103			8,534
Other expenses
Interest expense		(41	)		(22	)		(82	)		(44	)
Net income	$	2,597		$	1,377		$	5,267		$	2,792

Depreciation and amortization		3,816			2,022			7,625			4,041
Interest expense		41			22			82			44
Tax expense		69			37			131			70
EBITDA	$	6,523		$	3,458		$	13,105		$	6,947

Net income	$	2,597		$	1,377		$	5,267		$	2,792
Depreciation of real estate assets		3,785			2,006			7,564			4,008
FFO	$	6,382		$	3,383		$	12,831		$	6,800
Adjustments to FFO:
Depreciation of non-real estate assets		31			16			62			33
Core FFO	$	6,413		$	3,399		$	12,893		$	6,833
Adjustments to Core FFO:
Straight-line rent and other non-cash adjustments		45			24			90			48
Non-cash interest expense		41			21			82			43
Maintenance capital expenditures		(55	)		(30	)		(171	)		(91	)
Contractual tenant improvements		(29	)		(15	)		(29	)		(15	)
Cash Available for Distribution (CAD)	$	6,415		$	3,399		$	12,865		$	6,818

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

     Debt Schedules
(Unaudited, in thousands)


Debt Instrument	Maturity Date	June 30, 2024 Interest Rate	June 30, 2024 Balance(1)		June 30, 2024 Percent of Total Indebtedness
Unsecured debt
2024 Revolving Credit facility	3-Jun-28(2)	S + 145 bps(3)		72,500	5.2%
2016 Term Loan facility	30-Jan-25	5.63%(4)		100,000	7.1%
2018 Term Loan facility	23-Jul-26	5.23%(5)		175,000	12.4%
2017 Series A Senior Notes	25-May-27	4.05%		95,000	6.7%
2017 Series B Senior Notes	25-May-29	4.15%		50,000	3.6%
2017 Series C Senior Notes	25-May-32	4.30%		30,000	2.1%
2019 Series A Senior Notes	12-Sep-29	3.73%		85,000	6.0%
2019 Series B Senior Notes	12-Sep-31	3.83%		100,000	7.1%
2019 Series C Senior Notes	12-Sep-34	3.98%		90,000	6.4%
2021 Series A Senior Notes	14-Oct-28	2.62%		50,000	3.6%
2021 Series B Senior Notes	14-Oct-30	2.89%		200,000	14.2%
2024 Series A Senior Notes	28-May-33	6.56%		150,000	10.7%
Total unsecured debt	5.3 years	4.52%	$	1,197,500	85.1%
	(wtd-avg maturity)	(wtd-avg rate)

Secured mortgage debt
USFS II - Albuquerque	14-Jul-26	4.46%		10,635	0.8%
ICE - Charleston	15-Jan-27	4.21%		11,253	0.8%
VA - Loma Linda	6-Jul-27	3.59%		127,500	9.1%
CBP - Savannah	10-Jul-33	3.40%		9,119	0.6%
USCIS - Kansas City	6-Aug-24	3.68%		51,500	3.6%
Total secured mortgage debt	2.5 years	3.68%	$	210,007	14.9%
	(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) Our 2024 revolving credit facility is subject to one interest rate swap with an effective date of June 23, 2023 and a notional value of $100.0 million, of which $25.0 million is associated with our 2024 revolving credit facility, to effectively fix the interest rate at 5.46% annually. The spread over the secured overnight financing rate ("SOFR") is based on our consolidated leverage ratio, as defined in our 2024 revolving credit facility agreement. Additionally at June 30, 2024, $34.0 million of amounts outstanding under our 2024 revolving credit facility had a floating rate of 5.33% under USD Term SOFR and the remaining $13.5 million outstanding under our 2024 revolving credit facility had a floating rate of 5.31% under USD SOFR with a five day lookback.

(4) Calculated based on one interest rate swap with a notional value of $100.0 million, which effectively fixes the interest rate at 5.63% annually based on the Company’s current consolidated leverage ratio. The interest rate swap matures on December 23, 2024, which is not coterminous with the maturity date of the 2016 term loan facility.

(5) Calculated based on two interest rate swaps with an aggregate notional value of $200.0 million, which effectively fix the interest rate at 5.23% annually based on the Company’s current consolidated leverage ratio. The two interest rate swaps mature on June 29, 2025 and March 23, 2025, neither of which is coterminous with the maturity date of the 2018 term loan facility.

     Debt Schedules (Cont.)
(Unaudited, in thousands)


Debt Statistics	June 30, 2024				June 30, 2024
Variable rate debt - unhedged	$	47,500		% Variable rate debt - unhedged		3.4	%
Fixed rate debt		1,360,007		% Fixed rate debt(3)		96.6	%
Total Debt(1)	$	1,407,507
Less: cash and cash equivalents		(15,640	)	Weighted average maturity	4.9 years
Net Debt	$	1,391,867		Weighted average interest rate		4.4	%
Less: Adjustment for development(2)		(124,496	)
Adjusted Net Debt	$	1,267,371

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

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

(3) Includes the Company's 2016 and 2018 term loan facilities and $25.0 million associated with our 2024 revolving credit facility which are effectively swapped to fixed interest rates. Note the associated swaps are not coterminous with maturity dates of the respective term loan facilities. See Page 15 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
2024		2,209		51,500		-		53,709		3.8	%		3.68	%
2025		4,598		-		100,000		104,598		7.4	%		5.63	%
2026		3,686		6,368		175,000		185,054		13.1	%		5.19	%
2027		1,093		134,640		95,000		230,733		16.4	%		3.81	%
2028		983		-		122,500		123,483		8.8	%		4.81	%
2029		1,016		-		135,000		136,016		9.7	%		3.89	%
2030		1,049		-		200,000		201,049		14.3	%		2.89	%
2031		1,081		-		100,000		101,081		7.2	%		3.83	%
2032		1,116		-		30,000		31,116		2.2	%		4.30	%
2033		668		-		150,000		150,668		10.7	%		6.38	%
2034		-		-		90,000		90,000		6.4	%		3.98	%
Total	$	17,499	$	192,508	$	1,197,500	$	1,407,507		100.0	%

     Leased Operating Property Overview
(As of June 30, 2024, 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	$	16,812,723		5.3	%	$	51.32
USCIS - Kansas City	Lee's Summit, MO	Office	2024 - 2042(1)	1969 / 1999		416,399		10,415,676		3.2	%		25.01
JSC - Suffolk	Suffolk, VA	Specialized Facility	2028(2)	1993 / 2004		403,737		8,480,871		2.6	%		21.01
Various GSA - Chicago	Des Plaines, IL	Office	2026	1971 / 1999		188,768		7,765,012		2.4	%		41.14
IRS - Fresno	Fresno, CA	Office	2033	2003		180,481		6,915,750		2.1	%		38.32
FBI - Salt Lake	Salt Lake City, UT	Specialized Facility	2032	2012		169,542		6,897,319		2.1	%		40.68
Various GSA - Portland	Portland, OR	Office	2024 - 2039(3)	2002		205,478		6,887,141		2.1	%		33.52
Various GSA - Buffalo	Buffalo, NY	Office	2025 - 2039	2004		273,678		6,838,564		2.1	%		24.99
VA - San Jose	San Jose, CA	Outpatient Clinic	2038	2018		90,085		5,809,456		1.8	%		64.49
EPA - Lenexa	Lenexa, KS	Office	2027(2)	2007 / 2012		169,585		5,732,732		1.8	%		33.80
FBI - Tampa	Tampa, FL	Specialized Facility	2040	2005		138,000		5,313,546		1.6	%		38.50
FBI - San Antonio	San Antonio, TX	Specialized Facility	2025	2007		148,584		5,207,961		1.6	%		35.05
FDA - Alameda	Alameda, CA	Laboratory	2039	2019		69,624		4,898,065		1.5	%		70.35
PTO - Arlington	Arlington, VA	Specialized Facility	2035	2009		190,546		4,683,980		1.4	%		24.58
FEMA - Tracy	Tracy, CA	Warehouse	2038	2018		210,373		4,650,065		1.4	%		22.10
FBI / DEA - El Paso	El Paso, TX	Specialized Facility	2028	1998 - 2005		203,683		4,637,353		1.4	%		22.77
FBI - Omaha	Omaha, NE	Specialized Facility	2024	2009		112,196		4,435,692		1.4	%		39.54
TREAS - Parkersburg	Parkersburg, WV	Office	2041	2004 / 2006		182,500		4,377,637		1.3	%		23.99
FDA - Lenexa	Lenexa, KS	Laboratory	2040	2020		59,690		4,246,148		1.3	%		71.14
VA - South Bend	Mishakawa, IN	Outpatient Clinic	2032	2017		86,363		4,131,084		1.3	%		47.83
FBI - Pittsburgh	Pittsburgh, PA	Specialized Facility	2027	2001		100,054		4,079,780		1.3	%		40.78
ICE - Dallas	Irvine, TX	Specialized Facility	2032 / 2040(4)	2000 / 2020		129,046		4,055,474		1.2	%		31.43
VA - Mobile	Mobile, AL	Outpatient Clinic	2033	2018		79,212		4,004,722		1.2	%		50.56
USCIS - Lincoln	Lincoln, NE	Office	2025	2005		137,671		3,968,833		1.2	%		28.83
FBI - New Orleans	New Orleans, LA	Specialized Facility	2029(5)	1999 / 2006		137,679		3,918,628		1.2	%		28.46
DOT - Lakewood	Lakewood, CO	Office	2039	2004		116,046		3,685,022		1.1	%		31.75
FBI - Albany	Albany, NY	Specialized Facility	2036	1998		69,476		3,634,460		1.1	%		52.31
FBI - Knoxville	Knoxville, TN	Specialized Facility	2025	2010		99,130		3,596,289		1.1	%		36.28
FBI - Birmingham	Birmingham, AL	Specialized Facility	2042	2005		96,278		3,564,008		1.1	%		37.02
EPA - Kansas City	Kansas City, KS	Laboratory	2043	2003		55,833		3,546,791		1.1	%		63.52
ICE - Charleston	North Charleston, SC	Specialized Facility	2027	1994 / 2012		65,124		3,362,481		1.0	%		51.63
USFS II - Albuquerque	Albuquerque, NM	Office	2026(2)	2011		98,720		3,340,671		1.0	%		33.84
FBI - Richmond	Richmond, VA	Specialized Facility	2041	2001		96,607		3,334,875		1.0	%		34.52
VA - Chico	Chico, CA	Outpatient Clinic	2034	2019		51,647		3,330,260		1.0	%		64.48
JUD - Del Rio	Del Rio, TX	Federal Courthouse	2041	1992 / 2004		89,880		3,291,972		1.0	%		36.63
USFS I - Albuquerque	Albuquerque, NM	Office	2026	2006		92,455		3,269,997		1.0	%		35.37
DEA - Sterling	Sterling, VA	Laboratory	2038	2001		57,692		3,222,788		1.0	%		55.86

     Leased Operating Property Overview (Cont.)
(As of June 30, 2024, 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.)
FBI - Little Rock	Little Rock, AR	Specialized Facility	2041	2001		102,377		3,217,259		1.0	%		31.43
DEA - Vista	Vista, CA	Laboratory	2035	2002		52,293		3,130,468		1.0	%		59.86
USCIS - Tustin	Tustin, CA	Office	2034	1979 / 2019		66,818		3,116,164		1.0	%		46.64
VA - Orange	Orange, CT	Outpatient Clinic	2034	2019		56,330		2,991,463		0.9	%		53.11
VA - Indianapolis	Brownsburg, IN	Outpatient Clinic	2041	2021		80,000		2,981,475		0.9	%		37.27
ICE - Albuquerque	Albuquerque, NM	Specialized Facility	2027	2011		71,100		2,841,468		0.9	%		39.96
SSA - Charleston	Charleston, WV	Office	2029	1959 / 2000		110,000		2,806,152		0.9	%		25.51
FBI - Mobile	Mobile, AL	Specialized Facility	2029(2)	2001		76,112		2,802,776		0.9	%		36.82
JUD - El Centro	El Centro, CA	Federal Courthouse	2034	2004		43,345		2,800,983		0.9	%		64.62
DEA - Dallas Lab	Dallas, TX	Laboratory	2038	2001		49,723		2,786,394		0.9	%		56.04
DEA - Pleasanton	Pleasanton, CA	Laboratory	2035	2015		42,480		2,775,202		0.9	%		65.33
DEA - Upper Marlboro	Upper Marlboro, MD	Laboratory	2037	2002		50,978		2,758,955		0.8	%		54.12
NARA - Broomfield	Broomfield, CO	Warehouse	2032	2012		161,730		2,690,321		0.8	%		16.63
DHS - Atlanta	Atlanta, GA	Specialized Facility	2031 - 2038(6)	2008 / 2023		91,185		2,628,538		0.8	%		28.83
TREAS - Birmingham	Birmingham, AL	Office	2029	2014		83,676		2,618,611		0.8	%		31.29
USAO - Louisville	Louisville, KY	Specialized Facility	2031	2011		60,000		2,550,159		0.8	%		42.50
JUD - Charleston	Charleston, SC	Federal Courthouse	2040	1999		52,339		2,522,970		0.8	%		48.20
JUD - Jackson	Jackson, TN	Federal Courthouse	2043	1998		75,043		2,386,456		0.7	%		31.80
CBP - Savannah	Savannah, GA	Laboratory	2033	2013		35,000		2,283,810		0.7	%		65.25
DEA - Dallas	Dallas, TX	Specialized Facility	2041	2001		71,827		2,270,186		0.7	%		31.61
Various GSA - Cleveland	Brooklyn Heights, OH	Office	2028 - 2040(7)	1981 / 2021		61,384		2,237,124		0.7	%		36.44
NWS - Kansas City	Kansas City, MO	Specialized Facility	2033(2)	1998 / 2020		94,378		2,151,911		0.7	%		22.80
NPS - Omaha	Omaha, NE	Specialized Facility	2029	2004		62,772		2,018,680		0.6	%		32.16
DEA - Santa Ana	Santa Ana, CA	Specialized Facility	2029	2004		39,905		2,013,833		0.6	%		50.47
DEA - North Highlands	Sacramento, CA	Specialized Facility	2033	2002		37,975		1,927,123		0.6	%		50.75
GSA - Clarksburg	Clarksburg, WV	Office	2039(2)	1999		70,495		1,880,219		0.6	%		26.67
VA - Golden	Golden, CO	Warehouse	2026	1996 / 2011		56,753		1,772,202		0.5	%		31.23
JUD - Newport News	Newport News, VA	Federal Courthouse	2033	2008		35,005		1,670,583		0.5	%		47.72
ICE - Orlando	Orlando, FL	Specialized Facility	2040	1996 / 2010		49,420		1,670,292		0.5	%		33.80
USCG - Martinsburg	Martinsburg, WV	Specialized Facility	2027	2007		59,547		1,619,785		0.5	%		27.20
JUD - Aberdeen	Aberdeen, MS	Federal Courthouse	2025	2005		46,979		1,569,061		0.5	%		33.40
VA - Charleston	North Charleston, SC	Warehouse	2024 / 2040	2020		102,718		1,553,988		0.5	%		15.13
DEA - Albany	Albany, NY	Specialized Facility	2042	2004		31,976		1,405,541		0.4	%		43.96
USAO - Springfield	Springfield, IL	Specialized Facility	2038	2002		43,600		1,391,454		0.4	%		31.91
DEA - Riverside	Riverside, CA	Specialized Facility	2032	1997		34,354		1,318,814		0.4	%		38.39
JUD - Council Bluffs	Council Bluffs, IA	Federal Courthouse	2041(7)	2021		28,900		1,288,309		0.4	%		44.58
DEA - Birmingham	Birmingham, AL	Specialized Facility	2038	2005		35,616		1,251,695		0.4	%		35.14

     Leased Operating Property Overview (Cont.)
(As of June 30, 2024, 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.)
SSA - Dallas	Dallas, TX	Specialized Facility	2035	2005		27,200		1,061,704		0.3	%		39.03
HSI - Orlando	Orlando, FL	Specialized Facility	2036	2006		27,840		1,054,225		0.3	%		37.87
JUD - South Bend	South Bend, IN	Federal Courthouse	2027	1996 / 2011		30,119		795,203		0.2	%		26.40
ICE - Louisville	Louisville, KY	Specialized Facility	2036	2011		17,420		661,535		0.2	%		37.98
DEA - San Diego	San Diego, CA	Warehouse	2032	1999		16,100		560,224		0.2	%		34.80
DEA - Bakersfield	Bakersfield, CA	Specialized Facility	2038	2000		9,800		492,966		0.2	%		50.30
SSA - San Diego	San Diego, CA	Specialized Facility	2032	2003		10,059		448,019		0.1	%		44.54
ICE - Otay	San Diego, CA	Office	2027	2001		7,434		260,934		0.1	%		35.10

Subtotal						7,869,581	$	279,379,060		85.8	%	$	35.50

Wholly Owned State and Local Government Leased Property
CA - Anaheim	Anaheim, CA	Office	2033 / 2034	1991 / 2020		95,273		3,364,379		1.0	%		35.31

Subtotal						95,273	$	3,364,379		1.0	%	$	35.31

Wholly Owned Privately Leased Property
501 East Hunter Street - Lummus Corporation	Lubbock, TX	Warehouse	2028(7)	2013		70,078		412,024		0.1	%		5.88
Subtotal						70,078	$	412,024		0.1	%	$	5.88

Wholly Owned Properties Total / Weighted Average						8,034,932	$	283,155,463		86.9	%	$	35.24

     Leased Operating Property Overview (Cont.)
(As of June 30, 2024, 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
U.S Government Leased to Unconsolidated Real Estate Venture
VA - Phoenix(8)	Phoenix, AZ	Outpatient Clinic	2042	2022		257,294		10,735,555		3.3	%		41.72
VA - San Antonio(8)	San Antonio, TX	Outpatient Clinic	2041	2021		226,148		9,221,036		2.8	%		40.77
VA - Chattanooga(8)	Chattanooga, TN	Outpatient Clinic	2035	2020		94,566		4,369,452		1.3	%		46.21
VA - Lubbock(8)(9)	Lubbock, TX	Outpatient Clinic	2040	2020		120,916		4,248,831		1.3	%		35.14
VA - Marietta(8)	Marietta, GA	Outpatient Clinic	2041	2021		76,882		3,946,163		1.2	%		51.33
VA - Birmingham(8)	Irondale, AL	Outpatient Clinic	2041	2021		77,128		3,175,571		1.0	%		41.17
VA - Corpus Christi(8)	Corpus Christi, TX	Outpatient Clinic	2042	2022		69,276		2,938,590		0.9	%		42.42
VA - Columbus(8)	Columbus, GA	Outpatient Clinic	2042	2022		67,793		2,917,896		0.9	%		43.04
VA - Lenexa(8)	Lenexa, KS	Outpatient Clinic	2041	2021		31,062		1,328,375		0.4	%		42.77

Subtotal						1,021,065	$	42,881,469		13.1	%	$	42.00

Total / Weighted Average						9,055,997	$	326,036,932		100.0	%	$	36.00

Total / Weighted Average at Easterly's Share						8,576,095	$	305,882,642				$	35.67

(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. 88,672 square feet leased to four private tenants will expire between 2024-2028 and each contains renewal options.

(2) Lease contains one five-year renewal option.

(3) 37,811 square feet leased to the U.S. Army Corps of Engineers ("ACOE") will expire on February 19, 2025 and contains two five-year renewal options. 21,646 square feet leased to the Federal Bureau of Investigation ("FBI") will expire on December 31, 2024 and contains two five-year renewal options. 11,061 square feet leased to five private tenants will expire between 2025-2030 and each contains renewal options. 4,846 square feet leased to the Department of Energy ("DOE") will expire on April 14, 2033 and contains one ten-year renewal option.

(4) 80,523 square feet leased to the U.S. Immigration and Customs Enforcement ("ICE") will expire on September 14, 2040. 29,074 square feet leased to a private tenant will expire on September 30, 2032 and contains one five-year renewal option. 19,449 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. 44,075 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) The Company owns 53.0% of the property through an unconsolidated joint venture.

(9) Asset is subject to a ground lease where the Company is the lessee.

     Tenants
(As of June 30, 2024, 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")		14.2		2,058,031		22.6	%	$	88,877,202		27.3	%
Federal Bureau of Investigation ("FBI")		7.9		1,498,607		16.5	%		53,616,325		16.4	%
Drug Enforcement Administration ("DEA")		11.2		607,290		6.7	%		27,896,535		8.6	%
Judiciary of the U.S. ("JUD")		12.9		401,610		4.4	%		16,325,537		5.0	%
U.S. Citizenship and Immigration Services ("USCIS")		12.3		520,807		5.8	%		15,022,935		4.6	%
Immigration and Customs Enforcement ("ICE")		9.3		313,837		3.5	%		12,149,750		3.7	%
Environmental Protection Agency ("EPA")		7.2		225,418		2.5	%		9,279,523		2.8	%
Food and Drug Administration ("FDA")		15.7		129,314		1.4	%		9,144,213		2.8	%
U.S. Joint Staff Command ("JSC")		3.9		403,737		4.5	%		8,480,871		2.6	%
Internal Revenue Service ("IRS")		9.1		233,334		2.6	%		8,005,080		2.5	%
Federal Aviation Administration ("FAA")		2.3		188,768		2.1	%		7,765,012		2.4	%
Bureau of the Fiscal Service ("BFS")		13.2		266,176		2.9	%		6,996,248		2.1	%
U.S. Forest Service ("USFS")		1.9		191,175		2.1	%		6,610,668		2.0	%
Social Security Administration ("SSA")		8.5		192,185		2.1	%		5,514,092		1.7	%
Patent and Trademark Office ("PTO")		10.5		190,546		2.1	%		4,683,980		1.4	%
Federal Emergency Management Agency ("FEMA")		14.3		210,373		2.3	%		4,650,065		1.4	%
U.S. Attorney Office ("USAO")		10.4		110,776		1.2	%		4,133,012		1.3	%
Department of Transportation ("DOT")		14.2		123,480		1.4	%		3,945,956		1.2	%
Customs and Border Protection ("CBP")		11.2		64,737		0.7	%		3,221,235		1.0	%
National Archives and Records Administration ("NARA")		7.9		161,730		1.8	%		2,690,321		0.8	%
National Weather Service ("NWS")		9.5		94,378		1.0	%		2,151,911		0.7	%
National Park Service ("NPS")		5.0		62,772		0.7	%		2,018,680		0.6	%
U.S. Department of Agriculture ("USDA")		3.6		60,257		0.7	%		1,909,390		0.6	%
General Services Administration - Other		1.2		55,807		0.6	%		1,797,557		0.6	%
U.S. Coast Guard ("USCG")		3.5		59,547		0.7	%		1,619,785		0.5	%
National Oceanic and Atmospheric Administration ("NOAA")		7.2		33,403		0.4	%		1,423,916		0.4	%
Transportation Security Administration ("TSA")		9.5		44,075		0.5	%		1,155,260		0.4	%
U.S. Army Corps of Engineers ("ACOE")		0.6		39,320		0.4	%		1,147,120		0.4	%
Homeland Security Investigations ("HSI")		11.7		27,840		0.3	%		1,054,225		0.3	%

     Tenants (Cont.)
(As of June 30, 2024, 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.)
Small Business Administration ("SBA")		15.1		44,969		0.5	%		1,037,311		0.3	%
Bureau of Alcohol, Tobacco, Firearms and Explosives ("ATF")		8.7		23,775		0.3	%		732,833		0.2	%
Federal Energy Regulatory Commission ("FERC")		15.1		6,214		0.1	%		246,845		0.1	%
Department of Energy ("DOE")		8.8		4,846		0.1	%		187,782		0.1	%
U.S. Probation Office ("USPO")		14.6		6,621		0.1	%		176,606		0.1	%
U.S. Marshals Service ("USMS")		2.6		1,054		0.0	%		50,405		0.0	%
Department of Labor ("DOL")		14.6		574		0.0	%		15,316		0.0	%

Subtotal		10.3		8,657,383		95.6	%	$	315,733,502		96.9	%

State and Local Government
State of California Employee Development Department		9.6		65,133		0.7	%		2,296,631		0.7	%
State of California Department of Industrial Relations		9.3		30,140		0.3	%		1,067,748		0.3	%
New York State Court of Claims		2.3		14,274		0.2	%		391,875		0.1	%

Subtotal		8.6		109,547		1.2	%	$	3,756,254		1.1	%

Private Tenants
Other Private Tenants		4.3		96,539		1.1	%		2,666,093		0.8	%
St. Luke's Health System		2.5		32,043		0.4	%		1,002,196		0.3	%
CVS Health		0.9		39,690		0.4	%		886,941		0.3	%
HUB International Midwest Limited		8.3		29,074		0.3	%		836,920		0.3	%
Providence Health & Services		1.2		21,643		0.2	%		743,002		0.2	%
Lummus Corporation		4.1		70,078		0.8	%		412,024		0.1	%

Subtotal		3.8		289,067		3.2	%	$	6,547,176		2.0	%

Total / Weighted Average		10.1		9,055,997		100.0	%	$	326,036,932		100.0	%

(1) Weighted based on leased square feet.

     Lease Expirations
(As of June 30, 2024, unaudited)


Year of Lease Expiration	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
2024	4		152,063		1.7	%		5,403,915		1.7	%		35.54
2025	13		597,180		6.6	%		19,237,543		5.9	%		32.21
2026	6		483,013		5.3	%		17,541,953		5.4	%		36.32
2027	9		506,510		5.6	%		18,822,530		5.8	%		37.16
2028	11		802,397		8.9	%		17,549,356		5.4	%		21.87
2029	6		510,144		5.6	%		16,178,680		5.0	%		31.71
2030	1		1,536		0.0	%		59,180		0.0	%		38.53
2031	3		117,875		1.3	%		4,608,435		1.4	%		39.10
2032	9		579,524		6.4	%		18,608,758		5.7	%		32.11
2033	10		566,197		6.3	%		22,247,529		6.8	%		39.29
Thereafter	58		4,739,558		52.3	%		185,779,053		56.9	%		39.20
Total / Weighted Average	130		9,055,997		100.0	%	$	326,036,932		100.0	%	$	36.00

     Summary of Re/Development Projects
(As of June 30, 2024, unaudited, in thousands, except square feet)

    Projects Under Construction(1)

   

    Property Name

    Location

    Property Type

    Total Leased Square Feet

    Lease Term

    Anticipated Total Cost

    Cost to Date

    Anticipated Lump-Sum Reimbursement(2)

    Anticipated Completion Date

    Anticipated Lease Commencement

FDA - Atlanta

Atlanta, GA

Laboratory

162,000

20-Year

235,436

122,672

150,680

4Q 2025

4Q 2025

Total

162,000

235,436

122,672

150,680

    Projects in Design(3)

    Property Name

    Location

    Property Type

    Total Estimated Leased Square Feet

    Lease Term

    Anticipated Completion Date

    Anticipated Lease Commencement

JUD - Flagstaff

 Flagstaff, AZ

 Courthouse

50,777

20-Year

2Q 2026

2Q 2026

Total

50,777

    Projects Previously Completed with Outstanding Lump-Sum Reimbursements(2)

    Property Name

    Location

    Property Type

    Total Leased Square Feet

    Lease Term

    Outstanding Lump-Sum Reimbursement(2)

    Completion Date

    Lease Commencement

N/A

-

-

-

-

-

-

-

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

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

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