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):
November 5, 2015
Easterly Government Properties, Inc.
(Exact Name of Registrant as Specified in Charter)
| Maryland | 001-36834 | 47-2047728 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
| 2101 L Street NW, Suite 750, Washington, D.C. | 20037 | |||
| (Address of Principal Executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (202) 595-9500
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.):
| ¨ | 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)) |
Item 2.02 Results of Operations and Financial Condition.
On November 5, 2015, we issued a press release announcing our results of operations for the third quarter ended September 30, 2015. 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 Standard time on November 5, 2015, to review our third quarter 2015 performance, discuss recent events and conduct a question-and-answer session. The number to call is 1-877-705-6003 (domestic) and 1-201-493-6725 (international). A live webcast will be available in the Investor Relations section of our website. A replay of the conference call will be available through November 19, 2015, by dialing 1-877-870-5176 (domestic) and 1-858-384-5517 (international) and entering the passcode 13621884. 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 |
Description | |
| 99.1 | Press release dated November 5, 2015 | |
| 99.2 | Easterly Government Properties, Inc. Supplemental Information Package for the quarter ended September 30, 2015. | |
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/ William C. Trimble, III | |
| Name: | William C. Trimble, III | |
| Title: | Chief Executive Officer and President | |
Date: November 5, 2015
Exhibit 99.1
EASTERLY GOVERNMENT PROPERTIES
REPORTS THIRD QUARTER 2015 RESULTS
~ FFO of $0.26 per Share on a Fully Diluted Basis ~
WASHINGTON, D.C. – November 5, 2015 – 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 September 30, 2015.
Highlights for the Quarter Ended September 30, 2015:
| • | Acquisition of the 52,881-square foot Immigration and Customs Enforcement (ICE) building, in the Otay Mesa community of San Diego |
| • | Funds From Operations of $10.2 million, or $0.26 per share on a fully diluted basis |
| • | Cash Available for Distribution of $8.8 million, or $0.22 per share on a fully diluted basis |
| • | Portfolio occupancy at 100% |
“We are encouraged with our third quarter results. Our portfolio continues to generate a strong recurring stream of cash flows backed by the full faith and credit of the United States Government,” said William C. Trimble III, President and Chief Executive Officer. “We continue to execute on our acquisition program and are pleased to see our NOI growth translate into dividend growth for our investors this quarter.”
Financial Results for the Quarter Ended September 30, 2015
Funds From Operations (FFO) was $10.2 million, or $0.26 per share on a fully diluted basis for the three months ended September 30, 2015.
Funds From Operations, as Adjusted was $9.8 million, or $0.25 per share on a fully diluted basis for the three months ended September 30, 2015.
Cash Available for Distribution (CAD) was $8.8 million, or $0.22 per share on a fully diluted basis for the three months ended September 30, 2015.
Net income was $0.8 million, or $0.02 per share on a fully diluted basis for the three months ended September 30, 2015.
Pro Forma Financial Results for the Nine Months Ended September 30, 2015
Pro Forma Funds From Operations (FFO) was $30.8 million, or $0.78 per share on a fully diluted basis for the nine months ended September 30, 2015.
Pro Forma Funds From Operations, as Adjusted was $29.1 million, or $0.73 per share on a fully diluted basis for the nine months ended September 30, 2015.
Pro Forma Cash Available for Distribution (CAD) was $26.3 million, or $0.66 per share on a fully diluted basis for the nine months ended September 30, 2015.
Pro Forma Net income was $3.3 million, or $0.08 per share on a fully diluted basis for the nine months ended September 30, 2015.
The Company’s pro forma financial results for the nine months ended September 30, 2015 (1) removes the impact of one-time, non-recurring expenses related to the Company’s initial public offering, including legal and accounting fees and new entity formation costs, for the period from February 11, 2015 (the date of the closing of the Company’s initial public offering) to September 30, 2015 and (2) reflects a full quarter of operations for the period from January 1, 2015 to March 31, 2015 on a pro forma basis based on the financial results of the 49 days of operations between February 11, 2015 and March 31, 2015.
Darrell Crate, Chairman of the Board commented, “With $350 million of unused debt capacity we have the capital resources to support the acquisition component of our earnings growth strategy. As we look to 2016, we continue to see a robust set of opportunities that complement our existing portfolio.”
Portfolio Operations
As of September 30, 2015, the Company wholly owned 32 properties in the United States, encompassing approximately 2.3 million square feet in the aggregate, including 29 properties that were leased primarily to U.S. Government tenant agencies and three properties that were entirely leased to private tenants. As of September 30, 2015, the portfolio had an average age of 11.2 years, was 100% occupied, and had a weighted average remaining lease term of 7.3 years. With just 7.5% of the leases, by annualized lease income, rolling through the end of 2017, Easterly expects to continue to provide a highly visible and stable cash-flow stream.
Acquisitions
From the time of its initial public offering through the end of the third quarter of 2015 the Company has acquired three properties and driven Pro Forma Cash NOI to a run-rate annualized level of approximately $52 million.
On April 1, 2015, Easterly acquired the Department of Energy (DOE) building in Lakewood, Colorado. The 115,650-square foot building serves as the headquarters for the DOE’s Western Area Power Administration (WAPA) and represents the Company’s second asset in Lakewood, Colorado. The Class A facility is 100% occupied by WAPA and leased to the General Services Administration (GSA), on behalf of the DOE, until 2029.
On June 17, 2015 Easterly acquired the Thad Cochran U.S. Bankruptcy Courthouse in Aberdeen, Mississippi. The Company believes the 46,979-square foot building is state of the art for court functionality and security and fully compliant with the Judiciary’s needs. The property is leased to the GSA with 10 years remaining on an initial 20-year lease.
On September 11, 2015 Easterly acquired the 52,881-square foot Immigration and Customs Enforcement (ICE) building, in the Otay Mesa community of San Diego. The ICE - Otay building is adjacent to the Easterly-owned DEA - Otay building and located less than one half mile from the Otay Mesa Land Port of Entry, the busiest truck crossing on the California/Mexico border.
Balance Sheet
Easterly believes that its strong balance sheet and borrowing ability under its unsecured revolving credit facility provides ample capacity to pursue and fund its growth plan. As of September 30, 2015, the Company had total indebtedness of $118.4 million comprised of $50.2 million on its unsecured revolving credit facility and $68.2 million of mortgage debt (excluding unamortized premiums and discounts). At September 30, 2015, Easterly had net debt to total enterprise value of 15.2% and a net debt to annualized quarterly EBITDA ratio of 2.5x. Easterly’s outstanding debt had a weighted average maturity of 8.6 years and a weighted average interest rate of 3.1%. The Company also had approximately $350 million of remaining capacity on its $400 million revolver, before consideration for the facility’s $250 million accordion feature.
Dividend
On November 3, 2015 the Board of Directors of Easterly approved a cash dividend for the third quarter of 2015 in the amount of $0.22 per common share. The dividend will be payable December 3, 2015 to shareholders of record on November 17, 2015.
Subsequent Events
On October 21, 2015, the Company closed on the acquisition of a 42,480-square foot Drug Enforcement Administration (DEA) regional laboratory in Pleasanton, CA.
The DEA - Pleasanton western regional laboratory provides services to DEA divisions in the northwestern U.S. The property was built in 2015 and is leased to the GSA, on behalf of the DEA, for a 20-year term.
Outlook for 2015 – Existing Portfolio
Based on management’s expectations, the Company’s financial guidance for the portfolio of properties owned as of September 30, 2015, based on a pro forma 12 months ending December 31, 2015, is as follows:
Pro Forma Outlook for the 12 Months Ending December 31, 2015
| Low | High | |||||||
| Pro Forma Net income (loss), per share – fully diluted basis |
$ | 0.07 | $ | 0.11 | ||||
| Plus: real estate depreciation and amortization |
$ | 0.94 | $ | 0.94 | ||||
| Pro Forma FFO per share – fully diluted basis |
$ | 1.01 | $ | 1.05 | ||||
The Company’s pro forma outlook for the 12 months ending December 31, 2015 (1) removes the impact of one-time, non-recurring expenses related to its initial public offering, including legal and accounting fees and new entity formation costs, for the period from February 11, 2015 (the date of the closing of the Company’s initial public offering) to December 31, 2015, and (2) reflects a full quarter of operations for the period from January 1, 2015 to March 31, 2015 on a pro forma basis based on the financial results of the 49 days of operations between February 11, 2015 and March 31, 2015.
This guidance, for the pro forma 12 months ending December 31, 2015, is consistent with the following outlook for the period February 11, 2015 to December 31, 2015. The Company commenced its operations on February 11, 2015 upon completion of its initial public offering.
Pro Forma Outlook for the Period February 11, 2015 to December 31, 2015
| Low | High | |||||||
| Net income (loss) per share – fully diluted basis |
$ | 0.06 | $ | 0.10 | ||||
| Plus: real estate depreciation and amortization |
$ | 0.83 | $ | 0.83 | ||||
| Pro Forma FFO per share – fully diluted basis |
$ | 0.89 | $ | 0.93 | ||||
The Company’s pro forma outlook for the period February 11, 2015 to December 31, 2015 removes the impact of one-time, non-recurring expenses related to its initial public offering, including legal and accounting fees and new entity formation costs.
This guidance does not contemplate dispositions, future acquisitions or additional capital markets activities but does reflect the impact of completed acquisitions as of September 30, 2015. 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 2016 – Including Potential Future Acquisitions
The Company’s financial guidance including the impact from all announced and completed acquisitions as well as assumptions for future acquisitions based on management’s expectations, for the 12 months ending December 31, 2016, is as follows:
Outlook for the 12 Months Ending December 31, 2016
| Low | High | |||||||
| Net income (loss) per share – fully diluted basis |
$ | 0.05 | $ | 0.13 | ||||
| Plus: real estate depreciation and amortization |
$ | 1.09 | $ | 1.05 | ||||
| FFO per share – fully diluted basis |
$ | 1.14 | $ | 1.18 | ||||
This guidance assumes acquisitions of $40 million through the remainder of 2015 and $75 million of acquisitions in 2016 spread equally throughout the year. This guidance does not contemplate dispositions or additional capital markets activities. 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.
Non-GAAP Supplemental Financial Measures
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 and nonrecurring expenditures. CAD 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 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.
EBITDA is calculated as the sum of net income (loss) before interest expense, income taxes, depreciation and amortization. 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 and is not indicative of operating income or cash provided by operating activities as determined under GAAP. 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 generally defined by NAREIT as net income (loss), calculated in accordance with GAAP, excluding gains or losses from sales of property and impairment losses on depreciable real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. 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.
Funds From Operations, as Adjusted (FFO, as Adjusted) adjusts Funds From Operations (FFO) to present an alternative measure of our operating performance that we believe is useful to shareholders and potential investors, which, when applicable, excludes the impact of acquisition costs, straight-line rent, above-/below-market leases, non-cash interest and non-cash compensation. In the future, we may also exclude other items from FFO, as Adjusted that we believe may help investors compare our results. Because all companies do not calculate FFO, as Adjusted in the same way, the presentation of FFO, as Adjusted may not be comparable to similarly titled measures of other companies.
Net Operating Income (NOI) is calculated as total property revenues (rental income, tenant reimbursements and other income) less property operating expenses and real estate taxes from the properties owned by the Company. Cash NOI excludes from NOI straight-line rent and amortization of above-/below-market leases. NOI presented by the Company may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income as an indication of our performance or to cash flows as a measure of the Company’s liquidity or its ability to make distributions.
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 restricted stock units, and the exchange of all earned and outstanding 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. Fully diluted basis does not include outstanding LTIP units in the Company’s operating partnership that are subject to performance criteria that have not yet been met.
Conference Call Information
The Company will host a webcast and conference call at 11:00 a.m. Eastern Standard time on November 5, 2015 to review the third quarter 2015 performance, discuss recent events and conduct a question-and-answer session. The number to call is 1-877-705-6003 (domestic) and 1-201-493-6725 (international). A live webcast will be available in the Investor Relations section of the Company’s website. A replay of the conference call will be available through November 19, 2015 by dialing 1-877-870-5176 (domestic) and 1-858-384-5517 (international) and entering the passcode 13621884. Please note that the full text of the press release and supplemental information package are 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 primarily 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.
Alison M. Bernard
Chief Financial Officer
202-971-9867
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 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 them 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; risks associated with ownership and development of real estate; decreased rental rates or increased vacancy rates; loss of key personnel; general volatility of the capital and credit markets and the market price of our common stock; the risk that the market price of our common stock may be negatively impacted by increased selling activity following the liquidation of certain private investment funds that contributed assets in our initial public offering; the risk we may lose one or more major tenants; failure of acquisitions or development projects to occur at anticipated levels or to yield anticipated results; 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; and other risks and uncertainties detailed in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission. 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)
| September 30, 2015 | ||||
| Assets |
||||
| Real estate properties, net |
$ | 668,034 | ||
| Cash and cash equivalents |
4,466 | |||
| Restricted cash |
1,810 | |||
| Rents receivable |
5,632 | |||
| Accounts receivable |
2,856 | |||
| Deferred financing, net |
2,856 | |||
| Intangible assets, net |
104,657 | |||
| Prepaid expenses and other assets |
2,869 | |||
|
|
|
|||
| Total assets |
$ | 793,180 | ||
|
|
|
|||
| Liabilities |
||||
| Revolving credit facility |
50,167 | |||
| Mortgage notes payable |
68,756 | |||
| Intangible liabilities, net |
39,690 | |||
| Accounts payable and accrued liabilities |
6,982 | |||
|
|
|
|||
| Total liabilities |
165,595 | |||
|
|
|
|||
| Equity |
||||
| Common stock, par value $0.01, 200,000,000 shares authorized, 24,168,379 shares issued and outstanding |
241 | |||
| Additional paid-in capital |
391,357 | |||
| Retained (deficit) |
(1,799 | ) | ||
| Cumulative dividends |
(7,734 | ) | ||
|
|
|
|||
| Total stockholders’ equity |
382,065 | |||
|
|
|
|||
| Non-controlling interest in operating partnership |
245,520 | |||
|
|
|
|||
| Total equity |
627,585 | |||
|
|
|
|||
| Total liabilities and equity |
$ | 793,180 | ||
|
|
|
|||
Income Statement
(Unaudited, in thousands, except share and per share data)
| Three months ended September 30, 2015 |
Pro forma nine months ended September 30, 2015 |
|||||||
| Revenues |
||||||||
| Rental income |
$ | 18,126 | $ | 52,842 | ||||
| Tenant reimbursements |
1,689 | 4,687 | ||||||
| Other income |
42 | 120 | ||||||
|
|
|
|
|
|||||
| Total revenues |
19,857 | 57,649 | ||||||
|
|
|
|
|
|||||
| Operating Expenses |
||||||||
| Property operating |
3,838 | 10,529 | ||||||
| Real estate taxes |
1,980 | 5,497 | ||||||
| Depreciation and amortization |
9,344 | 27,496 | ||||||
| Acquisition costs |
235 | 653 | ||||||
| Corporate general and administrative |
2,301 | 6,236 | ||||||
|
|
|
|
|
|||||
| Total expenses |
17,698 | 50,411 | ||||||
|
|
|
|
|
|||||
| Operating income |
2,159 | 7,238 | ||||||
|
|
|
|
|
|||||
| Other (expenses) |
||||||||
| Interest expense, net |
(1,341 | ) | (3,949 | ) | ||||
|
|
|
|
|
|||||
| Net income |
818 | 3,289 | ||||||
| Non-controlling interest in operating partnership |
(320 | ) | (1,287 | ) | ||||
|
|
|
|
|
|||||
| Net income available to Easterly Government Properties, Inc. |
$ | 498 | $ | 2,002 | ||||
|
|
|
|
|
|||||
| Net income available to Easterly Government Properties, Inc. per share: |
||||||||
| Basic |
$ | 0.02 | ||||||
|
|
|
|||||||
| Diluted |
$ | 0.02 | ||||||
|
|
|
|||||||
| Weighted-average common shares outstanding: |
||||||||
| Basic |
24,141,712 | |||||||
| Diluted |
25,216,716 | |||||||
| Net income, per share - fully diluted basis |
$ | 0.02 | $ | 0.08 | ||||
|
|
|
|
|
|||||
| Weighted average common shares outstanding - fully diluted basis |
39,699,318 | 39,699,318 | ||||||
EBITDA, FFO and CAD
(Unaudited, in thousands, except share and per share data)
| Three months ended September 30, 2015 |
Pro forma nine months ended September 30, 2015 |
|||||||
| Net income |
$ | 818 | $ | 3,289 | ||||
| Depreciation and amortization |
9,344 | 27,496 | ||||||
| Interest expense |
1,341 | 3,949 | ||||||
|
|
|
|
|
|||||
| EBITDA |
$ | 11,503 | $ | 34,734 | ||||
|
|
|
|
|
|||||
| Net income |
$ | 818 | $ | 3,289 | ||||
| Depreciation and amortization |
9,344 | 27,496 | ||||||
|
|
|
|
|
|||||
| Funds From Operations (FFO) |
$ | 10,162 | $ | 30,785 | ||||
|
|
|
|
|
|||||
| Adjustments to FFO: |
||||||||
| Acquisition costs |
235 | 653 | ||||||
| Straight-line rent |
(66 | ) | (197 | ) | ||||
| Above-/below-market leases |
(1,383 | ) | (3,924 | ) | ||||
| Non-cash interest expense |
191 | 568 | ||||||
| Non-cash compensation |
663 | 1,221 | ||||||
|
|
|
|
|
|||||
| Funds From Operations, as Adjusted |
$ | 9,802 | $ | 29,106 | ||||
|
|
|
|
|
|||||
| FFO, per share - fully diluted basis |
$ | 0.26 | $ | 0.78 | ||||
|
|
|
|
|
|||||
| FFO, as Adjusted, per share - fully diluted basis |
$ | 0.25 | $ | 0.73 | ||||
|
|
|
|
|
|||||
| Funds From Operations, as Adjusted |
$ | 9,802 | $ | 29,106 | ||||
| Acquisition costs |
(235 | ) | (653 | ) | ||||
| Principal amortization |
(592 | ) | (1,792 | ) | ||||
| Maintenance capital expenditures |
(149 | ) | (275 | ) | ||||
| Contractual tenant improvements |
(16 | ) | (50 | ) | ||||
|
|
|
|
|
|||||
| Cash Available for Distribution (CAD) |
$ | 8,810 | $ | 26,336 | ||||
|
|
|
|
|
|||||
| CAD, per share - fully diluted basis |
$ | 0.22 | $ | 0.66 | ||||
|
|
|
|
|
|||||
| Weighted average common shares outstanding - fully diluted basis |
39,699,318 | 39,699,318 | ||||||
Supplemental Information Package Third Quarter 2015 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 them 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; risks associated with ownership and development of real estate; decreased rental rates or increased vacancy rates; loss of key personnel; general volatility of the capital and credit markets and the market price of our common stock; the risk that the market price of our common stock may be negatively impacted by increased selling activity following the liquidation of certain private investment funds that contributed assets in our initial public offering; the risk we may lose one or more major tenants; failure of acquisitions or development projects to occur at anticipated levels or to yield anticipated results; 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; and other risks and uncertainties detailed in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission. 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. Ratings Ratings are not recommendations to buy, sell or hold the Company’s securities. The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended September 30, 2015 that will be released on Form 10-Q to be filed on or about November 5, 2015.
Supplemental Definitions 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 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 and nonrecurring expenditures. CAD 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 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. EBITDA is calculated as the sum of net income (loss) before interest expense, income taxes, depreciation and amortization. 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 and is not indicative of operating income or cash provided by operating activities as determined under GAAP. EBITDA is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company's ability to service or incur debt. Because all companies do not calculate EBITDA the same way, the presentation of EBITDA may not be comparable to similarly titled measures of other companies. Fully diluted basis assumes the exchange of all outstanding common units representing limited partnership interests in the Company’s operating partnership, or common units, the full vesting of all restricted stock units, and the exchange of all earned and outstanding 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. Fully diluted basis does not include outstanding LTIP units in the Company’s operating partnership that are subject to performance criteria that have not yet been met. Funds From Operations (FFO) is generally defined by NAREIT as net income (loss), calculated in accordance with GAAP, excluding gains or losses from sales of property and impairment losses on depreciable real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. 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. Funds From Operations, as Adjusted (FFO, as Adjusted) adjusts Funds From Operations (FFO) to present an alternative measure of our operating performance that we believe is useful to shareholders and potential investors, which, when applicable, excludes the impact of acquisition costs, straight-line rent, above-/below-market leases, non-cash interest and non-cash compensation. In the Future, we may also exclude other items from FFO, as Adjusted that we believe may help investors compare our results. Because all companies do not calculate FFO, as Adjusted in the same way, the presentation of FFO, as Adjusted may not be comparable to similarly titled measures of other companies. Net Operating Income (NOI) is calculated as total property revenues (rental income, tenant reimbursements and other income) less property operating expenses and real estate taxes from the properties owned by the Company. Cash NOI excludes from NOI straight-line rent and amortization of above-/below-market leases. NOI presented by the Company may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income as an indication of our performance or to cash flows as a measure of the Company's liquidity or its ability to make distributions. Pro forma nine months ended September 30, 2015 (1) removes from the Company’s financial results for the period from February 11, 2015 (the date of the closing of the Company’s initial public offering) to September 30, 2015 the impact of one-time, non-recurring expenses related to its initial public offering, including legal and accounting fees and new entity formation costs and (2) reflects a full quarter of operations for the period from January 1, 2015 to March 31, 2015 on a pro forma basis based on the financial results of the 49 days of operations between February 11, 2015 and March 31, 2015.
Overview Corporate Information and Analyst Coverage 5 Executive Summary 6 Corporate Financials Balance Sheet 7 Income Statement 8 Net Operating Income 9 EBITDA, FFO and CAD 10 Debt Debt Schedules Debt Maturities Properties Property Overview Tenants Lease Expirations Table of Contents 11 12 13 14 15
Corporate Information and Analyst Coverage Corporate Information Corporate Headquarters Stock Exchange Listing Information RequestsInvestor Relations 2101 L Street NW New York Stock Exchange Please contact ir@easterlyreit.comEvelyn Infurna Suite 750 or 202-971-9867 to request anICR, Inc. Washington, DC 20037 Ticker Investor Relations package 202-595-9500 DEA Equity Research Coverage Citigroup Raymond James & Associates RBC Capital Markets Michael Bilerman / Emmanuel Korchman Bill Crow / Paul Puryear Michael Carroll 212-816-1383 / 212-816-1382 727-567-2594 / 727-567-2253 440-715-2649 Any opinions, estimates, forecasts or predictions regarding Easterly Government Properties’ performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Easterly Government Properties or its management. Easterly Government Properties does not by its reference above or distribution imply its endorsement of or concurrence with such opinions, estimates, forecasts or predictions. Note: Definitions for commonly used terms in this Supplemental Information Package are on page 3. Executive Team William Trimble III, CEO Michael Ibe, Vice-Chairman and EVP Alison Bernard, CFO Board of Directors William Binnie Michael Ibe Darrell Crate James Mead Cynthia Fisher William Trimble III Emil Henry Jr. Darrell Crate, Chairman Meghan Baivier, COO Ronald Kendall, EVP
Executive Summary (Unaudited, in thousands except share and per share data) Price of Common Shares Three months ended September 30, 2015 Earnings Three months ended September 30, 2015 Pro forma nine months ended September 30, 2015 High closing price during period 16.20 $ Net income available to Easterly Government Properties, Inc. 498 $ Low closing price during period 15.29 $ Net income available to Easterly Government Properties, Inc. per share: End of period closing price 15.95 $ Basic 0.02 $ Diluted 0.02 $ Outstanding Classes of Stock and Net income 818 $ 3,289 $ Partnership Units - Fully Diluted Basis At September 30, 2015 Net income, per share - fully diluted basis 0.02 $ 0.08 $ Common shares 24,141,712 Unvested restricted shares 26,667 Funds From Operations 10,162 $ 30,785 $ Common partnership units outstanding 15,530,939 Funds From Operations, per share - fully diluted basis 0.26 $ 0.78 $ Total - fully diluted basis 39,699,318 Funds From Operations, as Adjusted 9,802 $ 29,106 $ Market Capitalization At September 30, 2015 Funds From Operations, as Adjusted, per share - fully diluted basis 0.25 $ 0.73 $ Total equity market capitalization - fully diluted basis 633,204 $ Consolidated debt (excluding unamortized premiums & discounts) 118,355 Cash Available for Distribution 8,810 $ 26,336 $ Cash and cash equivalents (4,466) Cash Available for Distribution, per share - fully diluted basis 0.22 $ 0.66 $ Total enterprise value 747,093 $ Liquidity At September 30, 2015 Ratios At September 30, 2015 Cash and cash equivalents 4,466 $ Net debt to total enterprise value 15.2% Net debt to total equity market capitalization 18.0% Unsecured revolving credit facility Net debt to annualized quarterly EBITDA 2.5x Total current facility size 400,000 $ Cash interest coverage ratio 10.0x Less: outstanding balance (50,167) Cash fixed charge coverage ratio 6.6x Available under unsecured revolving credit facility 349,833 $
Balance Sheet (Unaudited, in thousands) Debt Schedules (Unaudited, in thousands) Date 42277 Debt Instrument Maturity Date Stated Rate September 30, 2015 Balance September 30, 2015 Percent of Total Indebtedness Debt Inputs Credit Facility Availability Unsecured revolving credit facility ICE - Charleston 22,253,318.390000001 Total Credit Facility ,400,000 Unsecured revolving credit facility(1) 43507 LIBOR + 1.40% $50,167 0.42386886908030924 USFS II - Albuquerque 17,500,000 Used Capacity ,-50,167.330399999999 Total unsecured revolving credit facility 3.4 years $50,167 0.42386886908030924 CBP - Savannah 15,745,000 Remaining Capacity ,349,832.66960000002 (wtd-avg maturity) MEPCOM - Jacksonville 12,690,392.359999999 Maturity of Debt Calculation Secured mortgage debt Credit Facility Rate Outstanding 0.42386793198346173 1.4283768666839944 ICE - Charleston 46402 4.2099999999999999E-2 $22,253 0.18801909509526424 Piece 1 1.5900000000000001E-2 2,500,000 0.18802013123940992 2.1248850448289476 USFS II - Albuquerque 46217 4.4600000000000001E-2 17,500 0.14786025093996874 Piece 2 1.5900000000000001E-2 20,000,000 0.14785895024843859 1.5960664766543784 CBP - Savannah 48770 3.4000000000000002E-2 15,745 0.13303198005998901 Piece 3 1.5900000000000001E-2 10,917,330.4 0.13303080980923804 2.3664905427161167 MEPCOM - Jacksonville 45944 4.41E-2 12,690 0.10721980482446876 Piece 4 1.6E-2 2,500,000 0.10722217671945171 1.0772156767951491 Total secured mortgage debt 12.4 years 4.1243498760460143E-2 $68,188 0.57613113091969081 Piece 5 1.61E-2 14,250,000 (wtd-avg maturity) (wtd-avg rate) 50,167,330.399999999 Weighted Debt Maturity 8.593034607678586 Total Debt ,118,356,041.15000001 0.32634901210535061 3.6881908902317022 Debt Statistics September 30, 2015 0.25664072259937837 2.7703135535384953 Variable rate debt - unhedged $50,167 Weighted Interest of Debt 0.23090332441869785 4.107548727261932 Fixed rate debt 68,188 Credit Facility 800.76055336000002 0.18610694087657317 1.869737403272312 Total debt (excluding unamortized premiums & discounts) $,118,355 ICE - Charleston 936.86470421900003 USFS II - Albuquerque 780.5 Weighted Secured Debt Maturity 12.435790574304441 % Variable rate debt - unhedged 0.42386886908030924 CBP - Savannah 535.33000000000004 % Fixed rate debt 0.57613113091969081 MEPCOM - Jacksonville 559.64630307599998 Total 3,613.101560655 Weighted average maturity 8.6 years Weighted average interest rate 3.5% Weighted Avg. Interest Rate 3.0527394508539626E-2 Weighted Avg. Interest Rate of Secured Debt 4.1243498760460143E-2 *Credit facility has available capacity of $349832.6696 Tenant Number of Properties Number of Leases Weighted Average Remaining Lease Term Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Percentage of Leased Square Feet Percentage of Total Annualized Lease Income U.S. Government Drug Enforcement Administration 8 8 4.8176538112746865 ,313,003 0.13600000000000001 $12,368,725.43058969 0.16600000000000001 0.13600000000000001 0.16600000000000001 Federal Bureau of Investigation 3 3 6.8189029366841698 ,362,757 0.159 11,684,742 0.158 0.159 0.158 Internal Revenue Service 1 1 3.1698630136986301 ,180,481 7.9% 7,383,918 0.1 7.9% 0.1 Administrative Office of the U.S. Courts 3 3 7.6010882114454166 ,183,672 0.08 7,148,829 9.7% 0.08 9.7% U.S. Patent and Trademark Office 1 2 3.5884606585451708 ,189,871 8.3% 6,478,209 8.7% 8.3% 8.7% Bureau of Customs and Border Protection 3 3 9.4745482168189383 ,127,397 5.5% 5,424,956 7.3% 5.5% 7.3% U.S. Forest Service 2 2 8.3635330893483157 ,191,175 8.3% 5,400,061 7.3% 8.3% 7.3% U.S. Immigration and Customs Enforcement 2 4 8.5596935063363944 ,111,422 4.8% 4,867,549.9569410319 6.6% 4.8% 6.6% Department of Transportation 1 2 8.5856002684385935 ,129,659 5.6% 3,560,790 4.8% 5.6% 4.8% U.S. Military Entrance Processing Command 1 1 10.002739726027396 30,000 1.3% 2,161,861 2.9% 1.3% 2.9% Department of Energy 1 1 14.106849315068493 ,115,650 0.05 2,058,570 2.8% 0.05 2.8% U.S. Coast Guard 1 1 12.210958904109589 59,547 2.6% 1,569,666 2.1% 2.6% 2.1% Social Security Administration 2 2 3.6791513459977017 23,333 0.01 ,962,602 1.3% 0.01 1.3% U.S. Department of Agriculture 0 1 10.263013698630138 1,538 1.1% 48,563 1.1% 1.1% 1.1% Subtotal 29 34 7.063244712787851 2,019,505 0.87900000000000023 $71,119,042 0.96 0.87900000000000023 0.96 0.0% 0.0% Private Tenants Parbel of Florida 1 1 7.1726027397260275 81,721 3.6% $1,476,569 1.9938558620977882 3.6% 0.02 United Technologies / P&W 1 1 8.257534246575343 ,105,641 4.6% ,545,028 .7% 4.6% .7% LifePoint, Inc. 0 1 4.0027397260273974 21,609 .9% ,497,441 .7% .9% .7% Lummus Corporation 1 1 12.843835616438357 70,078 3.5% ,417,875 .6% 0.03 .6% Subtotal 3 4 8.7620882314722852 ,279,049 0.12140197706906168 $2,936,913 3.9658026150631645 0.12099999999999998 0.04 40197706906169861.4% .-34197384936835579 Total / Weighted Average 32 38 7.2694876746871024 2,298,554 1.000401977069062 $74,055,955 0.9996580261506316 September 30, 2015 Assets Real estate properties, net $,668,034 Cash and cash equivalents 4,466 Restricted cash 1,810 Rents receivable 5,632 Accounts receivable 2,856 Deferred financing, net 2,856 Intangible assets, net ,104,657 Prepaid expenses and other assets 2,869 Total assets $,793,180 Liabilities Revolving credit facility 50,167 Mortgage notes payable 68,756 Intangible liabilities, net 39,690 Accounts payable and accrued liabilities 6,982 Total liabilities ,165,595 Equity Common stock, par value $0.01, 200,000,000 shares authorized, 24,168,379 shares issued and outstanding 241 Additional paid-in capital ,391,357 Retained (deficit) -1,799 Cumulative dividends -7,734 Total stockholders' equity ,382,065 Non-controlling interest in operating partnership ,245,520 Total equity ,627,585 Total liabilities and equity $,793,180 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Rentable Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Percentage of Total Annualized Lease Income U.S Government Leased Properties IRS - Fresno Fresno, CA Office 2018 2003 ,180,481 $7,383,918 0.1 $40.912439536571718 0.1 PTO - Arlington Arlington, VA Office 2019 / 2020 2009 ,189,871 6,478,209 8.9% 34.11900184862354 8.9% FBI - San Antonio San Antonio, TX Office 2021 2007 ,148,584 4,980,626 6.7% 33.52060787164163 6.7% FBI - Omaha Omaha, NE Office 2024 2009 ,112,196 4,568,474 6.2% 40.718688723305647 6.2% ICE - Charleston North Charleston, SC Office 2019 / 2027 1994 / 2012 86,733 3,617,320 4.9% 41.706386265896484 4.9% DOT - Lakewood Lakewood, CO Office 2024 2004 ,122,225 3,345,895 4.5% 27.374882389036614 4.5% AOC - El Centro El Centro, CA Courthouse/Office 2019 2004 46,813 3,037,113 4.1% 64.877555379915833 4.1% USFS II - Albuquerque Albuquerque, NM Office 2026 2011 98,720 2,771,855 3.7% 28.07794773095624 3.7% DEA - Vista Vista, CA Laboratory 2020 2002 54,119 2,752,688 3.7% 50.863615366137587 3.7% AOC - Del Rio Del Rio, TX Courthouse/Office 2024 1992 / 2004 89,880 2,658,810 3.6% 29.581775700934578 3.6% USFS I - Albuquerque Albuquerque, NM Office 2021 2006 92,455 2,628,206 3.5% 28.426867124547076 3.5% MEPCOM - Jacksonville Jacksonville, FL Office 2025 2010 30,000 2,161,861 2.9% 72.062033333333332 2.9% FBI - Little Rock Little Rock, AR Office 2021 2001 ,101,977 2,135,642 2.9% 20.942388970061877 2.9% CBP - Savannah Savannah, GA Laboratory 2033 2013 35,000 2,107,714 2.8% 60.220399999999998 2.8% DEA - Santa Ana Santa Ana, CA Office 2024 2004 39,905 2,091,509 2.8% 52.412203984463098 2.8% DOE - Lakewood Lakewood, CO Office 2029 1999 ,115,650 2,058,570 2.8% 17.8 2.8% ICE - Otay San Diego, CA Office 2017 - 2026 2001 52,881 1,785,842 2.4% 33.770957432726313 2.4% DEA - Dallas Dallas, TX Office 2021 2001 71,827 1,771,987 2.4% 24.670207582107007 2.4% CBP - Chula Vista Chula Vista, CA Office 2018 1998 59,397 1,748,955 2.4% 29.445173998686801 2.4% DEA - North Highlands Sacramento, CA Office 2017 2002 37,975 1,709,309 2.3% 45.011428571428574 2.3% USCG - Martinsburg Martinsburg, WV Office 2027 2007 59,547 1,569,666 2.1% 26.360118897677467 2.1% CBP - Sunburst Sunburst, MT Office 2028 2008 33,000 1,568,287 2.1% 47.523848484848486 2.1% AOC - Aberdeen Aberdeen, MS Courthouse/Office 2025 2005 46,979 1,452,906 0.02 30.926711935119947 0.02 DEA - Albany Albany, NY Office 2025 2004 31,976 1,331,405 1.8% 41.637634475856892 1.8% DEA - Riverside Riverside, CA Office 2017 1997 34,354 1,275,320 1.7% 37.122896897013447 1.7% DEA - Otay San Diego, CA Office 2017 1997 32,560 1,261,886 1.7% 38.755712530712529 1.7% SSA - Mission Viejo Mission Viejo, CA Office 2020 2005 11,590 ,533,129 .7% 45.999050905953411 .7% SSA - San Diego San Diego, CA Office 2017 2003 11,743 ,429,473 .6% 36.572681597547472 .6% DEA - San Diego San Diego, CA Warehouse 2016 1999 16,100 ,399,908 .5% 24.839006211180124 .5% Subtotal 2,044,538 $71,616,483 0.9670000000000003 $35.028198546566507 0.9670000000000003 0.0% Privately Leased Properties 2650 SW 145th Avenue - Parbel of Florida Miramar, FL Warehouse/Distribution 2022 2007 81,721 1,476,569 0.02 18.068415707100989 0.02 5998 Osceola Court - United Technologies Midland, GA Manufacturing/Warehouse 2023 2014 ,105,641 ,545,028 .7% 5.1592468833123499 .7% 501 East Hunter Street - Lummus Corporation Lubbock, TX Warehouse/Distribution 2028 2013 70,078 ,417,875 .6% 5.9629983732412457 .6% Subtotal ,257,440 $2,439,472 3.3% $9.4758856432566816 3.3% 0.0% Total / Weighted Average 2,301,978 $74,055,955 1.0000000000000002 $32.170574610183067 1.0000000000000002 0.0% Price of Common Shares Three months ended September 30, 2015 Earnings Three months ended September 30, 2015 Pro forma nine months ended September 30, 2015 High closing price during period $16.2 Net income available to Easterly Government Properties, Inc. $498 Interest Expense (Not including Deferred Financing) Low closing price during period $15.29 Net income available to Easterly Government Properties, Inc. per share: Total per Income Statement $1,341 End of period closing price $15.95 Basic $1.9634067376828952E-2 Less: Non-Cash Interest $191 Diluted $1.8797055096309922E-2 Interest Total $1,150 Outstanding Classes of Stock and Net income $818 $3,289 Partnership Units - Fully Diluted Basis At September 30, 2015 Net income, per share - fully diluted basis $2.0604888025319134E-2 $8.2847771045568008E-2 Common shares 24,141,712 Unvested restricted shares 26,667 Funds From Operations $10,162 $30,785 Common partnership units outstanding 15,530,938.89946384 Funds From Operations, per share - fully diluted basis $0.25597417128764427 $0.77545412941253 Total - fully diluted basis 39699317.89946384 Funds From Operations, as Adjusted $9,803 $29,107 Market Capitalization At September 30, 2015 Funds From Operations, as Adjusted, per share - fully diluted basis $0.24693119475819494 $0.73318640067599516 Total equity market capitalization - fully diluted basis $,633,204.12049644813 Consolidated debt (excluding unamortized premiums & discounts) ,118,355 Cash Available for Distribution $8,811 $26,337 Cash and cash equivalents -4,466 Cash Available for Distribution, per share - fully diluted basis $0.22194335989130426 $0.6634119021061492 Total enterprise value $,747,093.12049644813 Cash Balance per TB Liquidity At September 30, 2015 4,465,747.1499999994 Ratios At September 30, 2015 Cash and cash equivalents $4,466 Net debt to total enterprise value 0.15244284397147176 Net debt to total equity market capitalization 0.17986143221984741 Unsecured revolving credit facility Net debt to annualized quarterly EBITDA 2.4752021211857778 Total current facility size $,400,000 Cash interest coverage ratio 10.002608695652174 Less: outstanding balance ,-50,167 Cash fixed charge coverage ratio 6.6033295063145809 Available under unsecured revolving credit facility $,349,833 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Interest expense 1,341 2,608 3,949 EBITDA $11,503 23,231 $34,734 Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Funds From Operations (FFO) $10,162 $20,623 $30,785 Adjustments to FFO: Acquisition costs 235 418 653 Straight-line rent -66 -,131 -,197 SLR includes corporate Above-/below-market leases -1,382 -2,541 -3,923 Non-cash interest expense 191 377 568 Non-cash compensation 663 558 1,221 Funds From Operations, as Adjusted $9,803 $19,304 $29,107 FFO, per share - fully diluted basis $0.25597417128764427 $0.51947995812488568 $0.77545412941253 FFO, as Adjusted, per share - fully diluted basis $0.24693119475819494 $0.48625520591780019 $0.73318640067599516 Funds From Operations, as Adjusted $9,803 $19,304 $29,107 Acquisition costs -,235 -,418 -,653 Principal amortization -,592 -1,200 -1,792 Maintenance capital expenditures -,149 -,126 -,275 Contractual tenant improvements -16 -34 -50 Cash Available for Distribution (CAD) $8,811 $17,526 $26,337 CAD, per share - fully diluted basis $0.22194335989130426 $0.44146854221484488 $0.6634119021061492 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenue Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 Operating Expenses Property operating 3,838 6,691 10,529 Real estate taxes 1,980 3,517 5,497 Total expenses 5,818 10,208 16,026 Net Operating Income $14,039 27,584 $41,623 Adjustments to Net Operating Income: Straight-line rent -67 -,131 -,198 SLR for properties only Above-/below-market leases -1,382 -2,541 -3,923 Cash Net Operating Income $12,590 $24,912 $37,502 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenues Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 No. of Shares Operating Expenses Entity OPUs Shares Total Property operating 3,838 6,691 10,529 0.39121425164911411 0.60878574835088595 Real estate taxes 1,980 3,517 5,497 Depreciation and amortization 9,344 18,152 27,496 Acquisition costs 235 418 653 Corporate general and administrative 2,301 3,935 6,236 Total expenses 17,698 32,713 50,411 Operating income 2,159 5,079 7,238 Other (expenses) Interest expense, net -1,341 -2,608 -3,949 Net income 818 2,471 3,289 Non-controlling interest in operating partnership -,320 -,967 -1,287 Net income available to Easterly Government Properties, Inc. $498 $1,504 $2,002 Net income available to Easterly Government Properties, Inc. per share: Basic $1.9634067376828952E-2 Diluted $1.8797055096309922E-2 Weighted-average common shares outstanding: Basic 24,141,712 Diluted 25,216,716 Net income, per share - fully diluted basis $2.0604888025319134E-2 0 6.2242883020248871E-2 $8.2847771045568008E-2 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Dividends Variance Check Three months ended September 30, 2015 Numerator Net Income (loss) 818 Less: Non-controlling interest in predecessor 0 Less: Non-controlling interest in operating partnership -,320 Net Income (loss) available to Easterly Government Properties, Inc. 498 Less: Dividends on participating securities -24 Income available to common stockholders $474 Denominator for basic EPS 24,141,712 Dilutive effect of share-based compensation awards 12,072 Dilutive effect of LTIP units 1,062,932 Denominator for basic and diluted EPS 25,216,716 Basic EPS $1.9634067376828952E-2 Diluted EPS $1.8797055096309922E-2 Variance $0 Debt Maturities (Unaudited, in thousands) Secured Debt Unsecured Debt Year Scheduled Amortization Balloon Payments Credit Facility Total Percent of Debt Maturing Weighted Average Interest Rate of Maturing Debt 2015 $ 650 $ - $ - $ 650 .5% 4.1% 2016 2857 - - 2857 2.4% 4.1% 2017 2977 - - 2977 2.5% 4.1% 2018 3100 - - 3100 2.6% 4.1% 2019 3229 - 50167 53396 0.45100000000000001 1.7% 2020 3395 - - 3395 2.9% 4.1% 2021 4054 - - 4054 3.4% 4.2% 2022 5109 - - 5109 4.3% 4.2% 2023 5388 - - 5388 4.6% 4.2% 2024 5679 - - 5679 4.8% 4.2% 2025 5633 1917 - 7550 6.4% 4.3% 2026 3686 6368 - 10054 8.5% 4.3% 2027 1093 7140 - 8233 7.7% 4.1% 2028 983 - - 983 .8% 3.4% 2029 1016 - - 1016 .9% 3.4% 2030 1049 - - 1049 .9% 3.4% 2031 1081 - - 1081 .9% 3.4% 2032 1116 - - 1116 ..9% 3.4% 2033 668 - - 668 .6% 3.4% Total $ 52763 $ 15425 $ 50167 $ 118355 100.0% Year of Lease Expiration Number of Leases Expiring Square Footage Expiring Percent of Square Footage Expiring Annualized Lease Income Expiring Percentage of Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring Percent of Portfolio Square Footage of Leases Expiring Percentage of Total Annualized Lease Income Signed leases not commenced 0 N/A N/A N/A N/A N/A 2015 0 N/A N/A N/A N/A N/A 2016 1 16,100 0.7 $,399,908 0.5 $24.839006211180124 0.7 0.5 2017 5 ,129,276 5.6 5,159,115 700.000000000000000000000000000000000000% 39.907755499860762 5.6 700.000000000000000000000000000000000000% 2018 2 ,239,878 10.5 9,132,873 12.3 38.072991270562532 10.5 12.3 2019 3 ,236,890 10.3 9,250,091 12.5 39.048043395668877 10.3 12.5 2020 3 87,112 3.8 4,048,489 5.5 46.47452704564239 3.8 5.5 2021 5 ,426,398 18.600000000000001 11,934,024 16.2 27.987992438988925 18.600000000000001 16.2 2022 3 ,105,441 4.5999999999999996 2,313,158 3.1 21.937936855682324 4.5999999999999996 3.1 2023 1 ,105,641 4.5999999999999996 ,545,028 0.7 5.1592468833123499 4.5999999999999996 0.7 2024 4 ,364,206 15.8 12,664,688 17.100000000000001 34.773419438449672 15.8 17.100000000000001 2025 3 ,108,955 4.7 4,946,172 6.7 45.396466431095405 4.7 6.7 Thereafter 8 ,478,657 20.8 13,662,409 18.399999999999999 28.543213616430972 20.8 18.399999999999999 Total / Weighted Average 38 2,298,554 10000.000000000000000000000000000000000000% $74,055,955 10000.000000000000000000000000000000000000% $32.218496933289366 10000.000000000000000000000000000000000000% 10000.000000000000000000000000000000000000% 0 0 Debt Schedules (Unaudited, in thousands) Date 42277 Debt Instrument Maturity Date Stated Rate September 30, 2015 Balance September 30, 2015 Percent of Total Indebtedness Debt Inputs Credit Facility Availability Unsecured revolving credit facility ICE - Charleston 22,253,318.390000001 Total Credit Facility ,400,000 Unsecured revolving credit facility(1) 43507 LIBOR + 1.40% $50,167 0.42386886908030924 USFS II - Albuquerque 17,500,000 Used Capacity ,-50,167.330399999999 Total unsecured revolving credit facility 3.4 years $50,167 0.42386886908030924 CBP - Savannah 15,745,000 Remaining Capacity ,349,832.66960000002 (wtd-avg maturity) MEPCOM - Jacksonville 12,690,392.359999999 Maturity of Debt Calculation Secured mortgage debt Credit Facility Rate Outstanding 0.42386793198346173 1.4283768666839944 ICE - Charleston 46402 4.2099999999999999E-2 $22,253 0.18801909509526424 Piece 1 1.5900000000000001E-2 2,500,000 0.18802013123940992 2.1248850448289476 USFS II - Albuquerque 46217 4.4600000000000001E-2 17,500 0.14786025093996874 Piece 2 1.5900000000000001E-2 20,000,000 0.14785895024843859 1.5960664766543784 CBP - Savannah 48770 3.4000000000000002E-2 15,745 0.13303198005998901 Piece 3 1.5900000000000001E-2 10,917,330.4 0.13303080980923804 2.3664905427161167 MEPCOM - Jacksonville 45944 4.41E-2 12,690 0.10721980482446876 Piece 4 1.6E-2 2,500,000 0.10722217671945171 1.0772156767951491 Total secured mortgage debt 12.4 years 4.1243498760460143E-2 $68,188 0.57613113091969081 Piece 5 1.61E-2 14,250,000 (wtd-avg maturity) (wtd-avg rate) 50,167,330.399999999 Weighted Debt Maturity 8.593034607678586 Total Debt ,118,356,041.15000001 0.32634901210535061 3.6881908902317022 Debt Statistics September 30, 2015 0.25664072259937837 2.7703135535384953 Variable rate debt - unhedged $50,167 Weighted Interest of Debt 0.23090332441869785 4.107548727261932 Fixed rate debt 68,188 Credit Facility 800.76055336000002 0.18610694087657317 1.869737403272312 Total debt (excluding unamortized premiums & discounts) $,118,355 ICE - Charleston 936.86470421900003 USFS II - Albuquerque 780.5 Weighted Secured Debt Maturity 12.435790574304441 % Variable rate debt - unhedged 0.42386886908030924 CBP - Savannah 535.33000000000004 % Fixed rate debt 0.57613113091969081 MEPCOM - Jacksonville 559.64630307599998 Total 3,613.101560655 Weighted average maturity 8.6 years Weighted average interest rate 3.5% Weighted Avg. Interest Rate 3.0527394508539626E-2 Weighted Avg. Interest Rate of Secured Debt 4.1243498760460143E-2 *Credit facility has available capacity of $349832.6696 Tenant Number of Properties Number of Leases Weighted Average Remaining Lease Term Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Percentage of Leased Square Feet Percentage of Total Annualized Lease Income U.S. Government Drug Enforcement Administration 8 8 4.8176538112746865 ,313,003 0.13600000000000001 $12,368,725.43058969 0.16600000000000001 0.13600000000000001 0.16600000000000001 Federal Bureau of Investigation 3 3 6.8189029366841698 ,362,757 0.159 11,684,742 0.158 0.159 0.158 Internal Revenue Service 1 1 3.1698630136986301 ,180,481 7.9% 7,383,918 0.1 7.9% 0.1 Administrative Office of the U.S. Courts 3 3 7.6010882114454166 ,183,672 0.08 7,148,829 9.7% 0.08 9.7% U.S. Patent and Trademark Office 1 2 3.5884606585451708 ,189,871 8.3% 6,478,209 8.7% 8.3% 8.7% Bureau of Customs and Border Protection 3 3 9.4745482168189383 ,127,397 5.5% 5,424,956 7.3% 5.5% 7.3% U.S. Forest Service 2 2 8.3635330893483157 ,191,175 8.3% 5,400,061 7.3% 8.3% 7.3% U.S. Immigration and Customs Enforcement 2 4 8.5596935063363944 ,111,422 4.8% 4,867,549.9569410319 6.6% 4.8% 6.6% Department of Transportation 1 2 8.5856002684385935 ,129,659 5.6% 3,560,790 4.8% 5.6% 4.8% U.S. Military Entrance Processing Command 1 1 10.002739726027396 30,000 1.3% 2,161,861 2.9% 1.3% 2.9% Department of Energy 1 1 14.106849315068493 ,115,650 0.05 2,058,570 2.8% 0.05 2.8% U.S. Coast Guard 1 1 12.210958904109589 59,547 2.6% 1,569,666 2.1% 2.6% 2.1% Social Security Administration 2 2 3.6791513459977017 23,333 0.01 ,962,602 1.3% 0.01 1.3% U.S. Department of Agriculture 0 1 10.263013698630138 1,538 1.1% 48,563 1.1% 1.1% 1.1% Subtotal 29 34 7.063244712787851 2,019,505 0.87900000000000023 $71,119,042 0.96 0.87900000000000023 0.96 0.0% 0.0% Private Tenants Parbel of Florida 1 1 7.1726027397260275 81,721 3.6% $1,476,569 1.9938558620977882 3.6% 0.02 United Technologies / P&W 1 1 8.257534246575343 ,105,641 4.6% ,545,028 .7% 4.6% .7% LifePoint, Inc. 0 1 4.0027397260273974 21,609 .9% ,497,441 .7% .9% .7% Lummus Corporation 1 1 12.843835616438357 70,078 3.5% ,417,875 .6% 0.03 .6% Subtotal 3 4 8.7620882314722852 ,279,049 0.12140197706906168 $2,936,913 3.9658026150631645 0.12099999999999998 0.04 40197706906169861.4% .-34197384936835579 Total / Weighted Average 32 38 7.2694876746871024 2,298,554 1.000401977069062 $74,055,955 0.9996580261506316 September 30, 2015 Assets Real estate properties, net $,668,034 Cash and cash equivalents 4,466 Restricted cash 1,810 Rents receivable 5,632 Accounts receivable 2,856 Deferred financing, net 2,856 Intangible assets, net ,104,657 Prepaid expenses and other assets 2,869 Total assets $,793,180 Liabilities Revolving credit facility 50,167 Mortgage notes payable 68,756 Intangible liabilities, net 39,690 Accounts payable and accrued liabilities 6,982 Total liabilities ,165,595 Equity Common stock, par value $0.01, 200,000,000 shares authorized, 24,168,379 shares issued and outstanding 241 Additional paid-in capital ,391,357 Retained (deficit) -1,799 Cumulative dividends -7,734 Total stockholders' equity ,382,065 Non-controlling interest in operating partnership ,245,520 Total equity ,627,585 Total liabilities and equity $,793,180 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Rentable Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Percentage of Total Annualized Lease Income U.S Government Leased Properties IRS - Fresno Fresno, CA Office 2018 2003 ,180,481 $7,383,918 0.1 $40.912439536571718 0.1 PTO - Arlington Arlington, VA Office 2019 / 2020 2009 ,189,871 6,478,209 8.9% 34.11900184862354 8.9% FBI - San Antonio San Antonio, TX Office 2021 2007 ,148,584 4,980,626 6.7% 33.52060787164163 6.7% FBI - Omaha Omaha, NE Office 2024 2009 ,112,196 4,568,474 6.2% 40.718688723305647 6.2% ICE - Charleston North Charleston, SC Office 2019 / 2027 1994 / 2012 86,733 3,617,320 4.9% 41.706386265896484 4.9% DOT - Lakewood Lakewood, CO Office 2024 2004 ,122,225 3,345,895 4.5% 27.374882389036614 4.5% AOC - El Centro El Centro, CA Courthouse/Office 2019 2004 46,813 3,037,113 4.1% 64.877555379915833 4.1% USFS II - Albuquerque Albuquerque, NM Office 2026 2011 98,720 2,771,855 3.7% 28.07794773095624 3.7% DEA - Vista Vista, CA Laboratory 2020 2002 54,119 2,752,688 3.7% 50.863615366137587 3.7% AOC - Del Rio Del Rio, TX Courthouse/Office 2024 1992 / 2004 89,880 2,658,810 3.6% 29.581775700934578 3.6% USFS I - Albuquerque Albuquerque, NM Office 2021 2006 92,455 2,628,206 3.5% 28.426867124547076 3.5% MEPCOM - Jacksonville Jacksonville, FL Office 2025 2010 30,000 2,161,861 2.9% 72.062033333333332 2.9% FBI - Little Rock Little Rock, AR Office 2021 2001 ,101,977 2,135,642 2.9% 20.942388970061877 2.9% CBP - Savannah Savannah, GA Laboratory 2033 2013 35,000 2,107,714 2.8% 60.220399999999998 2.8% DEA - Santa Ana Santa Ana, CA Office 2024 2004 39,905 2,091,509 2.8% 52.412203984463098 2.8% DOE - Lakewood Lakewood, CO Office 2029 1999 ,115,650 2,058,570 2.8% 17.8 2.8% ICE - Otay San Diego, CA Office 2017 - 2026 2001 52,881 1,785,842 2.4% 33.770957432726313 2.4% DEA - Dallas Dallas, TX Office 2021 2001 71,827 1,771,987 2.4% 24.670207582107007 2.4% CBP - Chula Vista Chula Vista, CA Office 2018 1998 59,397 1,748,955 2.4% 29.445173998686801 2.4% DEA - North Highlands Sacramento, CA Office 2017 2002 37,975 1,709,309 2.3% 45.011428571428574 2.3% USCG - Martinsburg Martinsburg, WV Office 2027 2007 59,547 1,569,666 2.1% 26.360118897677467 2.1% CBP - Sunburst Sunburst, MT Office 2028 2008 33,000 1,568,287 2.1% 47.523848484848486 2.1% AOC - Aberdeen Aberdeen, MS Courthouse/Office 2025 2005 46,979 1,452,906 0.02 30.926711935119947 0.02 DEA - Albany Albany, NY Office 2025 2004 31,976 1,331,405 1.8% 41.637634475856892 1.8% DEA - Riverside Riverside, CA Office 2017 1997 34,354 1,275,320 1.7% 37.122896897013447 1.7% DEA - Otay San Diego, CA Office 2017 1997 32,560 1,261,886 1.7% 38.755712530712529 1.7% SSA - Mission Viejo Mission Viejo, CA Office 2020 2005 11,590 ,533,129 .7% 45.999050905953411 .7% SSA - San Diego San Diego, CA Office 2017 2003 11,743 ,429,473 .6% 36.572681597547472 .6% DEA - San Diego San Diego, CA Warehouse 2016 1999 16,100 ,399,908 .5% 24.839006211180124 ..5% Subtotal 2,044,538 $71,616,483 0.9670000000000003 $35.028198546566507 0.9670000000000003 0.0% Privately Leased Properties 2650 SW 145th Avenue - Parbel of Florida Miramar, FL Warehouse/Distribution 2022 2007 81,721 1,476,569 0.02 18.068415707100989 0.02 5998 Osceola Court - United Technologies Midland, GA Manufacturing/Warehouse 2023 2014 ,105,641 ,545,028 .7% 5.1592468833123499 .7% 501 East Hunter Street - Lummus Corporation Lubbock, TX Warehouse/Distribution 2028 2013 70,078 ,417,875 .6% 5.9629983732412457 .6% Subtotal ,257,440 $2,439,472 3.3% $9.4758856432566816 3.3% 0.0% Total / Weighted Average 2,301,978 $74,055,955 1.0000000000000002 $32.170574610183067 1.0000000000000002 0.0% Price of Common Shares Three months ended September 30, 2015 Earnings Three months ended September 30, 2015 Pro forma nine months ended September 30, 2015 High closing price during period $16.2 Net income available to Easterly Government Properties, Inc. $498 Interest Expense (Not including Deferred Financing) Low closing price during period $15.29 Net income available to Easterly Government Properties, Inc. per share: Total per Income Statement $1,341 End of period closing price $15.95 Basic $1.9634067376828952E-2 Less: Non-Cash Interest $191 Diluted $1.8797055096309922E-2 Interest Total $1,150 Outstanding Classes of Stock and Net income $818 $3,289 Partnership Units - Fully Diluted Basis At September 30, 2015 Net income, per share - fully diluted basis $2.0604888025319134E-2 $8.2847771045568008E-2 Common shares 24,141,712 Unvested restricted shares 26,667 Funds From Operations $10,162 $30,785 Common partnership units outstanding 15,530,938.89946384 Funds From Operations, per share - fully diluted basis $0.25597417128764427 $0.77545412941253 Total - fully diluted basis 39699317.89946384 Funds From Operations, as Adjusted $9,803 $29,107 Market Capitalization At September 30, 2015 Funds From Operations, as Adjusted, per share - fully diluted basis $0.24693119475819494 $0.73318640067599516 Total equity market capitalization - fully diluted basis $,633,204.12049644813 Consolidated debt (excluding unamortized premiums & discounts) ,118,355 Cash Available for Distribution $8,811 $26,337 Cash and cash equivalents -4,466 Cash Available for Distribution, per share - fully diluted basis $0.22194335989130426 $0.6634119021061492 Total enterprise value $,747,093.12049644813 Cash Balance per TB Liquidity At September 30, 2015 4,465,747.1499999994 Ratios At September 30, 2015 Cash and cash equivalents $4,466 Net debt to total enterprise value 0.15244284397147176 Net debt to total equity market capitalization 0.17986143221984741 Unsecured revolving credit facility Net debt to annualized quarterly EBITDA 2.4752021211857778 Total current facility size $,400,000 Cash interest coverage ratio 10.002608695652174 Less: outstanding balance ,-50,167 Cash fixed charge coverage ratio 6.6033295063145809 Available under unsecured revolving credit facility $,349,833 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Interest expense 1,341 2,608 3,949 EBITDA $11,503 23,231 $34,734 Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Funds From Operations (FFO) $10,162 $20,623 $30,785 Adjustments to FFO: Acquisition costs 235 418 653 Straight-line rent -66 -,131 -,197 SLR includes corporate Above-/below-market leases -1,382 -2,541 -3,923 Non-cash interest expense 191 377 568 Non-cash compensation 663 558 1,221 Funds From Operations, as Adjusted $9,803 $19,304 $29,107 FFO, per share - fully diluted basis $0.25597417128764427 $0.51947995812488568 $0.77545412941253 FFO, as Adjusted, per share - fully diluted basis $0.24693119475819494 $0.48625520591780019 $0.73318640067599516 Funds From Operations, as Adjusted $9,803 $19,304 $29,107 Acquisition costs -,235 -,418 -,653 Principal amortization -,592 -1,200 -1,792 Maintenance capital expenditures -,149 -,126 -,275 Contractual tenant improvements -16 -34 -50 Cash Available for Distribution (CAD) $8,811 $17,526 $26,337 CAD, per share - fully diluted basis $0.22194335989130426 $0.44146854221484488 $0.6634119021061492 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenue Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 Operating Expenses Property operating 3,838 6,691 10,529 Real estate taxes 1,980 3,517 5,497 Total expenses 5,818 10,208 16,026 Net Operating Income $14,039 27,584 $41,623 Adjustments to Net Operating Income: Straight-line rent -67 -,131 -,198 SLR for properties only Above-/below-market leases -1,382 -2,541 -3,923 Cash Net Operating Income $12,590 $24,912 $37,502 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenues Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 No. of Shares Operating Expenses Entity OPUs Shares Total Property operating 3,838 6,691 10,529 0.39121425164911411 0.60878574835088595 Real estate taxes 1,980 3,517 5,497 Depreciation and amortization 9,344 18,152 27,496 Acquisition costs 235 418 653 Corporate general and administrative 2,301 3,935 6,236 Total expenses 17,698 32,713 50,411 Operating income 2,159 5,079 7,238 Other (expenses) Interest expense, net -1,341 -2,608 -3,949 Net income 818 2,471 3,289 Non-controlling interest in operating partnership -,320 -,967 -1,287 Net income available to Easterly Government Properties, Inc. $498 $1,504 $2,002 Net income available to Easterly Government Properties, Inc. per share: Basic $1.9634067376828952E-2 Diluted $1.8797055096309922E-2 Weighted-average common shares outstanding: Basic 24,141,712 Diluted 25,216,716 Net income, per share - fully diluted basis $2.0604888025319134E-2 0 6.2242883020248871E-2 $8.2847771045568008E-2 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Dividends Variance Check Three months ended September 30, 2015 Numerator Net Income (loss) 818 Less: Non-controlling interest in predecessor 0 Less: Non-controlling interest in operating partnership -,320 Net Income (loss) available to Easterly Government Properties, Inc. 498 Less: Dividends on participating securities -24 Income available to common stockholders $474 Denominator for basic EPS 24,141,712 Dilutive effect of share-based compensation awards 12,072 Dilutive effect of LTIP units 1,062,932 Denominator for basic and diluted EPS 25,216,716 Basic EPS $1.9634067376828952E-2 Diluted EPS $1.8797055096309922E-2 Variance $0 Debt Maturities (Unaudited, in thousands) Secured Debt Unsecured Debt Year Scheduled Amortization Balloon Payments Credit Facility Total Percent of Debt Maturing Weighted Average Interest Rate of Maturing Debt 2015 $ 650 $ - $ - $ 650 .5% 4.1% 2016 2857 - - 2857 2.4% 4.1% 2017 2977 - - 2977 2.5% 4.1% 2018 3100 - - 3100 2.6% 4.1% 2019 3229 - 50167 53396 0.45100000000000001 1.7% 2020 3395 - - 3395 2.9% 4.1% 2021 4054 - - 4054 3.4% 4.2% 2022 5109 - - 5109 4.3% 4.2% 2023 5388 - - 5388 4.6% 4.2% 2024 5679 - - 5679 4.8% 4.2% 2025 5633 1917 - 7550 6.4% 4.3% 2026 3686 6368 - 10054 8.5% 4.3% 2027 1093 7140 - 8233 7.7% 4.1% 2028 983 - - 983 .8% 3.4% 2029 1016 - - 1016 .9% 3.4% 2030 1049 - - 1049 .9% 3.4% 2031 1081 - - 1081 .9% 3.4% 2032 1116 - - 1116 .9% 3.4% 2033 668 - - 668 .6% 3.4% Total $ 52763 $ 15425 $ 50167 $ 118355 100.0% Year of Lease Expiration Number of Leases Expiring Square Footage Expiring Percent of Square Footage Expiring Annualized Lease Income Expiring Percentage of Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring Percent of Portfolio Square Footage of Leases Expiring Percentage of Total Annualized Lease Income Signed leases not commenced 0 N/A N/A N/A N/A N/A 2015 0 N/A N/A N/A N/A N/A 2016 1 16,100 0.7 $,399,908 0.5 $24.839006211180124 0.7 0.5 2017 5 ,129,276 5.6 5,159,115 700.000000000000000000000000000000000000% 39.907755499860762 5.6 700.000000000000000000000000000000000000% 2018 2 ,239,878 10.5 9,132,873 12.3 38.072991270562532 10.5 12.3 2019 3 ,236,890 10.3 9,250,091 12.5 39.048043395668877 10.3 12.5 2020 3 87,112 3.8 4,048,489 5.5 46.47452704564239 3.8 5.5 2021 5 ,426,398 18.600000000000001 11,934,024 16.2 27.987992438988925 18.600000000000001 16.2 2022 3 ,105,441 4.5999999999999996 2,313,158 3.1 21.937936855682324 4.5999999999999996 3.1 2023 1 ,105,641 4.5999999999999996 ,545,028 0.7 5.1592468833123499 4.5999999999999996 0.7 2024 4 ,364,206 15.8 12,664,688 17.100000000000001 34.773419438449672 15.8 17.100000000000001 2025 3 ,108,955 4.7 4,946,172 6.7 45.396466431095405 4.7 6.7 Thereafter 8 ,478,657 20.8 13,662,409 18.399999999999999 28.543213616430972 20.8 18.399999999999999 Total / Weighted Average 38 2,298,554 10000.000000000000000000000000000000000000% $74,055,955 10000.000000000000000000000000000000000000% $32.218496933289366 10000.000000000000000000000000000000000000% 10000.000000000000000000000000000000000000% 0 0
Income Statement (Unaudited, in thousands, except share and per share data) Debt Schedules (Unaudited, in thousands) Date 42277 Debt Instrument Maturity Date Stated Rate September 30, 2015 Balance September 30, 2015 Percent of Total Indebtedness Debt Inputs Credit Facility Availability Unsecured revolving credit facility ICE - Charleston 22,253,318.390000001 Total Credit Facility ,400,000 Unsecured revolving credit facility(1) 43507 LIBOR + 1.40% $50,167 0.42386886908030924 USFS II - Albuquerque 17,500,000 Used Capacity ,-50,167.330399999999 Total unsecured revolving credit facility 3.4 years $50,167 0.42386886908030924 CBP - Savannah 15,745,000 Remaining Capacity ,349,832.66960000002 (wtd-avg maturity) MEPCOM - Jacksonville 12,690,392.359999999 Maturity of Debt Calculation Secured mortgage debt Credit Facility Rate Outstanding 0.42386793198346173 1.4283768666839944 ICE - Charleston 46402 4.2099999999999999E-2 $22,253 0.18801909509526424 Piece 1 1.5900000000000001E-2 2,500,000 0.18802013123940992 2.1248850448289476 USFS II - Albuquerque 46217 4.4600000000000001E-2 17,500 0.14786025093996874 Piece 2 1.5900000000000001E-2 20,000,000 0.14785895024843859 1.5960664766543784 CBP - Savannah 48770 3.4000000000000002E-2 15,745 0.13303198005998901 Piece 3 1.5900000000000001E-2 10,917,330.4 0.13303080980923804 2.3664905427161167 MEPCOM - Jacksonville 45944 4.41E-2 12,690 0.10721980482446876 Piece 4 1.6E-2 2,500,000 0.10722217671945171 1.0772156767951491 Total secured mortgage debt 12.4 years 4.1243498760460143E-2 $68,188 0.57613113091969081 Piece 5 1.61E-2 14,250,000 (wtd-avg maturity) (wtd-avg rate) 50,167,330.399999999 Weighted Debt Maturity 8.593034607678586 Total Debt ,118,356,041.15000001 0.32634901210535061 3.6881908902317022 Debt Statistics September 30, 2015 0.25664072259937837 2.7703135535384953 Variable rate debt - unhedged $50,167 Weighted Interest of Debt 0.23090332441869785 4.107548727261932 Fixed rate debt 68,188 Credit Facility 800.76055336000002 0.18610694087657317 1.869737403272312 Total debt (excluding unamortized premiums & discounts) $,118,355 ICE - Charleston 936.86470421900003 USFS II - Albuquerque 780.5 Weighted Secured Debt Maturity 12.435790574304441 % Variable rate debt - unhedged 0.42386886908030924 CBP - Savannah 535.33000000000004 % Fixed rate debt 0.57613113091969081 MEPCOM - Jacksonville 559.64630307599998 Total 3,613.101560655 Weighted average maturity 8.6 years Weighted average interest rate 3.5% Weighted Avg. Interest Rate 3.0527394508539626E-2 Weighted Avg. Interest Rate of Secured Debt 4.1243498760460143E-2 *Credit facility has available capacity of $349832.6696 Tenant Number of Properties Number of Leases Weighted Average Remaining Lease Term Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Percentage of Leased Square Feet Percentage of Total Annualized Lease Income U.S. Government Drug Enforcement Administration 8 8 4.8176538112746865 ,313,003 0.13600000000000001 $12,368,725.43058969 0.16600000000000001 0.13600000000000001 0.16600000000000001 Federal Bureau of Investigation 3 3 6.8189029366841698 ,362,757 0.159 11,684,742 0.158 0.159 0.158 Internal Revenue Service 1 1 3.1698630136986301 ,180,481 7.9% 7,383,918 0.1 7.9% 0.1 Administrative Office of the U.S. Courts 3 3 7.6010882114454166 ,183,672 0.08 7,148,829 9.7% 0.08 9.7% U.S. Patent and Trademark Office 1 2 3.5884606585451708 ,189,871 8.3% 6,478,209 8.7% 8.3% 8.7% Bureau of Customs and Border Protection 3 3 9.4745482168189383 ,127,397 5.5% 5,424,956 7.3% 5.5% 7.3% U.S. Forest Service 2 2 8.3635330893483157 ,191,175 8.3% 5,400,061 7.3% 8.3% 7.3% U.S. Immigration and Customs Enforcement 2 4 8.5596935063363944 ,111,422 4.8% 4,867,549.9569410319 6.6% 4.8% 6.6% Department of Transportation 1 2 8.5856002684385935 ,129,659 5.6% 3,560,790 4.8% 5.6% 4.8% U.S. Military Entrance Processing Command 1 1 10.002739726027396 30,000 1.3% 2,161,861 2.9% 1.3% 2.9% Department of Energy 1 1 14.106849315068493 ,115,650 0.05 2,058,570 2.8% 0.05 2.8% U.S. Coast Guard 1 1 12.210958904109589 59,547 2.6% 1,569,666 2.1% 2.6% 2.1% Social Security Administration 2 2 3.6791513459977017 23,333 0.01 ,962,602 1.3% 0.01 1.3% U.S. Department of Agriculture 0 1 10.263013698630138 1,538 1.1% 48,563 1.1% 1.1% 1.1% Subtotal 29 34 7.063244712787851 2,019,505 0.87900000000000023 $71,119,042 0.96 0.87900000000000023 0.96 0.0% 0.0% Private Tenants Parbel of Florida 1 1 7.1726027397260275 81,721 3.6% $1,476,569 1.9938558620977882 3.6% 0.02 United Technologies / P&W 1 1 8.257534246575343 ,105,641 4.6% ,545,028 .7% 4.6% .7% LifePoint, Inc. 0 1 4.0027397260273974 21,609 .9% ,497,441 .7% .9% ..7% Lummus Corporation 1 1 12.843835616438357 70,078 3.5% ,417,875 .6% 0.03 .6% Subtotal 3 4 8.7620882314722852 ,279,049 0.12140197706906168 $2,936,913 3.9658026150631645 0.12099999999999998 0.04 40197706906169861.4% .-34197384936835579 Total / Weighted Average 32 38 7.2694876746871024 2,298,554 1.000401977069062 $74,055,955 0.9996580261506316 September 30, 2015 Assets Real estate properties, net $,668,034 Cash and cash equivalents 4,466 Restricted cash 1,810 Rents receivable 5,632 Accounts receivable 2,856 Deferred financing, net 2,856 Intangible assets, net ,104,657 Prepaid expenses and other assets 2,869 Total assets $,793,180 Liabilities Revolving credit facility 50,167 Mortgage notes payable 68,756 Intangible liabilities, net 39,690 Accounts payable and accrued liabilities 6,982 Total liabilities ,165,595 Equity Common stock, par value $0.01, 200,000,000 shares authorized, 24,168,379 shares issued and outstanding 241 Additional paid-in capital ,389,159 Retained (deficit) -1,799 Cumulative dividends -7,734 Total stockholders' equity ,379,867 Non-controlling interest in operating partnership ,247,718 Total equity ,627,585 Total liabilities and equity $,793,180 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Rentable Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Percentage of Total Annualized Lease Income U.S Government Leased Properties IRS - Fresno Fresno, CA Office 2018 2003 ,180,481 $7,383,918 0.1 $40.912439536571718 0.1 PTO - Arlington Arlington, VA Office 2019 / 2020 2009 ,189,871 6,478,209 8.9% 34.11900184862354 8.9% FBI - San Antonio San Antonio, TX Office 2021 2007 ,148,584 4,980,626 6.7% 33.52060787164163 6.7% FBI - Omaha Omaha, NE Office 2024 2009 ,112,196 4,568,474 6.2% 40.718688723305647 6.2% ICE - Charleston North Charleston, SC Office 2019 / 2027 1994 / 2012 86,733 3,617,320 4.9% 41.706386265896484 4.9% DOT - Lakewood Lakewood, CO Office 2024 2004 ,122,225 3,345,895 4.5% 27.374882389036614 4.5% AOC - El Centro El Centro, CA Courthouse/Office 2019 2004 46,813 3,037,113 4.1% 64.877555379915833 4.1% USFS II - Albuquerque Albuquerque, NM Office 2026 2011 98,720 2,771,855 3.7% 28.07794773095624 3.7% DEA - Vista Vista, CA Laboratory 2020 2002 54,119 2,752,688 3.7% 50.863615366137587 3.7% AOC - Del Rio Del Rio, TX Courthouse/Office 2024 1992 / 2004 89,880 2,658,810 3.6% 29.581775700934578 3.6% USFS I - Albuquerque Albuquerque, NM Office 2021 2006 92,455 2,628,206 3.5% 28.426867124547076 3.5% MEPCOM - Jacksonville Jacksonville, FL Office 2025 2010 30,000 2,161,861 2.9% 72.062033333333332 2.9% FBI - Little Rock Little Rock, AR Office 2021 2001 ,101,977 2,135,642 2.9% 20.942388970061877 2.9% CBP - Savannah Savannah, GA Laboratory 2033 2013 35,000 2,107,714 2.8% 60.220399999999998 2.8% DEA - Santa Ana Santa Ana, CA Office 2024 2004 39,905 2,091,509 2.8% 52.412203984463098 2.8% DOE - Lakewood Lakewood, CO Office 2029 1999 ,115,650 2,058,570 2.8% 17.8 2.8% ICE - Otay San Diego, CA Office 2017 - 2026 2001 52,881 1,785,842 2.4% 33.770957432726313 2.4% DEA - Dallas Dallas, TX Office 2021 2001 71,827 1,771,987 2.4% 24.670207582107007 2.4% CBP - Chula Vista Chula Vista, CA Office 2018 1998 59,397 1,748,955 2.4% 29.445173998686801 2.4% DEA - North Highlands Sacramento, CA Office 2017 2002 37,975 1,709,309 2.3% 45.011428571428574 2.3% USCG - Martinsburg Martinsburg, WV Office 2027 2007 59,547 1,569,666 2.1% 26.360118897677467 2.1% CBP - Sunburst Sunburst, MT Office 2028 2008 33,000 1,568,287 2.1% 47.523848484848486 2.1% AOC - Aberdeen Aberdeen, MS Courthouse/Office 2025 2005 46,979 1,452,906 0.02 30.926711935119947 0.02 DEA - Albany Albany, NY Office 2025 2004 31,976 1,331,405 1.8% 41.637634475856892 1.8% DEA - Riverside Riverside, CA Office 2017 1997 34,354 1,275,320 1.7% 37.122896897013447 1.7% DEA - Otay San Diego, CA Office 2017 1997 32,560 1,261,886 1.7% 38.755712530712529 1.7% SSA - Mission Viejo Mission Viejo, CA Office 2020 2005 11,590 ,533,129 .7% 45.999050905953411 .7% SSA - San Diego San Diego, CA Office 2017 2003 11,743 ,429,473 .6% 36.572681597547472 .6% DEA - San Diego San Diego, CA Warehouse 2016 1999 16,100 ,399,908 .5% 24.839006211180124 .5% Subtotal 2,044,538 $71,616,483 0.9670000000000003 $35.028198546566507 0.9670000000000003 0.0% Privately Leased Properties 2650 SW 145th Avenue - Parbel of Florida Miramar, FL Warehouse/Distribution 2022 2007 81,721 1,476,569 0.02 18.068415707100989 0.02 5998 Osceola Court - United Technologies Midland, GA Manufacturing/Warehouse 2023 2014 ,105,641 ,545,028 .7% 5.1592468833123499 .7% 501 East Hunter Street - Lummus Corporation Lubbock, TX Warehouse/Distribution 2028 2013 70,078 ,417,875 .6% 5.9629983732412457 .6% Subtotal ,257,440 $2,439,472 3.3% $9.4758856432566816 3.3% 0.0% Total / Weighted Average 2,301,978 $74,055,955 1.0000000000000002 $32.170574610183067 1.0000000000000002 0.0% Price of Common Shares Three months ended September 30, 2015 Earnings Three months ended September 30, 2015 Pro forma nine months ended September 30, 2015 High closing price during period $16.2 Net income available to Easterly Government Properties, Inc. $498 Interest Expense (Not including Deferred Financing) Low closing price during period $15.29 Net income available to Easterly Government Properties, Inc. per share: Total per Income Statement $1,341 End of period closing price $15.95 Basic $1.9634067376828952E-2 Less: Non-Cash Interest $191 Diluted $1.8797055096309922E-2 Interest Total $1,150 Outstanding Classes of Stock and Net income $818 $3,289 Partnership Units - Fully Diluted Basis At September 30, 2015 Net income, per share - fully diluted basis $2.0604888025319134E-2 $8.2847771045568008E-2 Common shares 24,141,712 Unvested restricted shares 26,667 Funds From Operations $10,162 $30,785 Common partnership units outstanding 15,530,938.89946384 Funds From Operations, per share - fully diluted basis $0.25597417128764427 $0.77545412941253 Total - fully diluted basis 39699317.89946384 Funds From Operations, as Adjusted $9,803 $29,107 Market Capitalization At September 30, 2015 Funds From Operations, as Adjusted, per share - fully diluted basis $0.24693119475819494 $0.73318640067599516 Total equity market capitalization - fully diluted basis $,633,204.12049644813 Consolidated debt (excluding unamortized premiums & discounts) ,118,355 Cash Available for Distribution $8,811 $26,337 Cash and cash equivalents -4,466 Cash Available for Distribution, per share - fully diluted basis $0.22194335989130426 $0.6634119021061492 Total enterprise value $,747,093.12049644813 Cash Balance per TB Liquidity At September 30, 2015 4,465,747.1499999994 Ratios At September 30, 2015 Cash and cash equivalents $4,466 Net debt to total enterprise value 0.15244284397147176 Net debt to total equity market capitalization 0.17986143221984741 Unsecured revolving credit facility Net debt to annualized quarterly EBITDA 2.4752021211857778 Total current facility size $,400,000 Cash interest coverage ratio 10.002608695652174 Less: outstanding balance ,-50,167 Cash fixed charge coverage ratio 6.6033295063145809 Available under unsecured revolving credit facility $,349,833 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Interest expense 1,341 2,608 3,949 EBITDA $11,503 23,231 $34,734 Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Funds From Operations (FFO) $10,162 $20,623 $30,785 Adjustments to FFO: Acquisition costs 235 418 653 Straight-line rent -66 -,131 -,197 SLR includes corporate Above-/below-market leases -1,382 -2,541 -3,923 Non-cash interest expense 191 377 568 Non-cash compensation 663 558 1,221 Funds From Operations, as Adjusted $9,803 $19,304 $29,107 FFO, per share - fully diluted basis $0.25597417128764427 $0.51947995812488568 $0.77545412941253 FFO, as Adjusted, per share - fully diluted basis $0.24693119475819494 $0.48625520591780019 $0.73318640067599516 Funds From Operations, as Adjusted $9,803 $19,304 $29,107 Acquisition costs -,235 -,418 -,653 Principal amortization -,592 -1,200 -1,792 Maintenance capital expenditures -,149 -,126 -,275 Contractual tenant improvements -16 -34 -50 Cash Available for Distribution (CAD) $8,811 $17,526 $26,337 CAD, per share - fully diluted basis $0.22194335989130426 $0.44146854221484488 $0.6634119021061492 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenue Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 Operating Expenses Property operating 3,838 6,691 10,529 Real estate taxes 1,980 3,517 5,497 Total expenses 5,818 10,208 16,026 Net Operating Income $14,039 27,584 $41,623 Adjustments to Net Operating Income: Straight-line rent -67 -,131 -,198 SLR for properties only Above-/below-market leases -1,382 -2,541 -3,923 Cash Net Operating Income $12,590 $24,912 $37,502 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenues Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 No. of Shares Operating Expenses Entity OPUs Shares Total Property operating 3,838 6,691 10,529 0.39121425164911411 0.60878574835088595 Real estate taxes 1,980 3,517 5,497 Depreciation and amortization 9,344 18,152 27,496 Acquisition costs 235 418 653 Corporate general and administrative 2,301 3,935 6,236 Total expenses 17,698 32,713 50,411 Operating income 2,159 5,079 7,238 Other (expenses) Interest expense, net -1,341 -2,608 -3,949 Net income 818 2,471 3,289 Non-controlling interest in operating partnership -,320 -,967 -1,287 Net income available to Easterly Government Properties, Inc. $498 $1,504 $2,002 Net income available to Easterly Government Properties, Inc. per share: Basic $1.9634067376828952E-2 Diluted $1.8797055096309922E-2 Weighted-average common shares outstanding: Basic 24,141,712 Diluted 25,216,716 Net income, per share - fully diluted basis $2.0604888025319134E-2 0 6.2242883020248871E-2 $8.2847771045568008E-2 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Dividends Variance Check Three months ended September 30, 2015 Numerator Net Income (loss) 818 Less: Non-controlling interest in predecessor 0 Less: Non-controlling interest in operating partnership -,320 Net Income (loss) available to Easterly Government Properties, Inc. 498 Less: Dividends on participating securities -24 Income available to common stockholders $474 Denominator for basic EPS 24,141,712 Dilutive effect of share-based compensation awards 12,072 Dilutive effect of LTIP units 1,062,932 Denominator for basic and diluted EPS 25,216,716 Basic EPS $1.9634067376828952E-2 Diluted EPS $1.8797055096309922E-2 Variance $0 Debt Maturities (Unaudited, in thousands) Secured Debt Unsecured Debt Year Scheduled Amortization Balloon Payments Credit Facility Total Percent of Debt Maturing Weighted Average Interest Rate of Maturing Debt 2015 $ 650 $ - $ - $ 650 .5% 4.1% 2016 2857 - - 2857 2.4% 4.1% 2017 2977 - - 2977 2.5% 4.1% 2018 3100 - - 3100 2.6% 4.1% 2019 3229 - 50167 53396 0.45100000000000001 1.7% 2020 3395 - - 3395 2.9% 4.1% 2021 4054 - - 4054 3.4% 4.2% 2022 5109 - - 5109 4.3% 4.2% 2023 5388 - - 5388 4.6% 4.2% 2024 5679 - - 5679 4.8% 4.2% 2025 5633 1917 - 7550 6.4% 4.3% 2026 3686 6368 - 10054 8.5% 4.3% 2027 1093 7140 - 8233 7.7% 4.1% 2028 983 - - 983 .8% 3.4% 2029 1016 - - 1016 .9% 3.4% 2030 1049 - - 1049 .9% 3.4% 2031 1081 - - 1081 .9% 3.4% 2032 1116 - - 1116 ..9% 3.4% 2033 668 - - 668 .6% 3.4% Total $ 52763 $ 15425 $ 50167 $ 118355 100.0% Year of Lease Expiration Number of Leases Expiring Square Footage Expiring Percent of Square Footage Expiring Annualized Lease Income Expiring Percentage of Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring Percent of Portfolio Square Footage of Leases Expiring Percentage of Total Annualized Lease Income Signed leases not commenced 0 N/A N/A N/A N/A N/A 2015 0 N/A N/A N/A N/A N/A 2016 1 16,100 0.7 $,399,908 0.5 $24.839006211180124 0.7 0.5 2017 5 ,129,276 5.6 5,159,115 700.000000000000000000000000000000000000% 39.907755499860762 5.6 700.000000000000000000000000000000000000% 2018 2 ,239,878 10.5 9,132,873 12.3 38.072991270562532 10.5 12.3 2019 3 ,236,890 10.3 9,250,091 12.5 39.048043395668877 10.3 12.5 2020 3 87,112 3.8 4,048,489 5.5 46.47452704564239 3.8 5.5 2021 5 ,426,398 18.600000000000001 11,934,024 16.2 27.987992438988925 18.600000000000001 16.2 2022 3 ,105,441 4.5999999999999996 2,313,158 3.1 21.937936855682324 4.5999999999999996 3.1 2023 1 ,105,641 4.5999999999999996 ,545,028 0.7 5.1592468833123499 4.5999999999999996 0.7 2024 4 ,364,206 15.8 12,664,688 17.100000000000001 34.773419438449672 15.8 17.100000000000001 2025 3 ,108,955 4.7 4,946,172 6.7 45.396466431095405 4.7 6.7 Thereafter 8 ,478,657 20.8 13,662,409 18.399999999999999 28.543213616430972 20.8 18.399999999999999 Total / Weighted Average 38 2,298,554 10000.000000000000000000000000000000000000% $74,055,955 10000.000000000000000000000000000000000000% $32.218496933289366 10000.000000000000000000000000000000000000% 10000.000000000000000000000000000000000000% 0 0 Debt Schedules (Unaudited, in thousands) Date 42277 Debt Instrument Maturity Date Stated Rate September 30, 2015 Balance September 30, 2015 Percent of Total Indebtedness Debt Inputs Credit Facility Availability Unsecured revolving credit facility ICE - Charleston 22,253,318.390000001 Total Credit Facility ,400,000 Unsecured revolving credit facility(1) 43507 LIBOR + 1.40% $50,167 0.42386886908030924 USFS II - Albuquerque 17,500,000 Used Capacity ,-50,167.330399999999 Total unsecured revolving credit facility 3.4 years $50,167 0.42386886908030924 CBP - Savannah 15,745,000 Remaining Capacity ,349,832.66960000002 (wtd-avg maturity) MEPCOM - Jacksonville 12,690,392.359999999 Maturity of Debt Calculation Secured mortgage debt Credit Facility Rate Outstanding 0.42386793198346173 1.4283768666839944 ICE - Charleston 46402 4.2099999999999999E-2 $22,253 0.18801909509526424 Piece 1 1.5900000000000001E-2 2,500,000 0.18802013123940992 2.1248850448289476 USFS II - Albuquerque 46217 4.4600000000000001E-2 17,500 0.14786025093996874 Piece 2 1.5900000000000001E-2 20,000,000 0.14785895024843859 1.5960664766543784 CBP - Savannah 48770 3.4000000000000002E-2 15,745 0.13303198005998901 Piece 3 1.5900000000000001E-2 10,917,330.4 0.13303080980923804 2.3664905427161167 MEPCOM - Jacksonville 45944 4.41E-2 12,690 0.10721980482446876 Piece 4 1.6E-2 2,500,000 0.10722217671945171 1.0772156767951491 Total secured mortgage debt 12.4 years 4.1243498760460143E-2 $68,188 0.57613113091969081 Piece 5 1.61E-2 14,250,000 (wtd-avg maturity) (wtd-avg rate) 50,167,330.399999999 Weighted Debt Maturity 8.593034607678586 Total Debt ,118,356,041.15000001 0.32634901210535061 3.6881908902317022 Debt Statistics September 30, 2015 0.25664072259937837 2.7703135535384953 Variable rate debt - unhedged $50,167 Weighted Interest of Debt 0.23090332441869785 4.107548727261932 Fixed rate debt 68,188 Credit Facility 800.76055336000002 0.18610694087657317 1.869737403272312 Total debt (excluding unamortized premiums & discounts) $,118,355 ICE - Charleston 936.86470421900003 USFS II - Albuquerque 780.5 Weighted Secured Debt Maturity 12.435790574304441 % Variable rate debt - unhedged 0.42386886908030924 CBP - Savannah 535.33000000000004 % Fixed rate debt 0.57613113091969081 MEPCOM - Jacksonville 559.64630307599998 Total 3,613.101560655 Weighted average maturity 8.6 years Weighted average interest rate 3.5% Weighted Avg. Interest Rate 3.0527394508539626E-2 Weighted Avg. Interest Rate of Secured Debt 4.1243498760460143E-2 *Credit facility has available capacity of $349832.6696 Tenant Number of Properties Number of Leases Weighted Average Remaining Lease Term Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Percentage of Leased Square Feet Percentage of Total Annualized Lease Income U.S. Government Drug Enforcement Administration 8 8 4.8176538112746865 ,313,003 0.13600000000000001 $12,368,725.43058969 0.16600000000000001 0.13600000000000001 0.16600000000000001 Federal Bureau of Investigation 3 3 6.8189029366841698 ,362,757 0.159 11,684,742 0.158 0.159 0.158 Internal Revenue Service 1 1 3.1698630136986301 ,180,481 7.9% 7,383,918 0.1 7.9% 0.1 Administrative Office of the U.S. Courts 3 3 7.6010882114454166 ,183,672 0.08 7,148,829 9.7% 0.08 9.7% U.S. Patent and Trademark Office 1 2 3.5884606585451708 ,189,871 8.3% 6,478,209 8.7% 8.3% 8.7% Bureau of Customs and Border Protection 3 3 9.4745482168189383 ,127,397 5.5% 5,424,956 7.3% 5.5% 7.3% U.S. Forest Service 2 2 8.3635330893483157 ,191,175 8.3% 5,400,061 7.3% 8.3% 7.3% U.S. Immigration and Customs Enforcement 2 4 8.5596935063363944 ,111,422 4.8% 4,867,549.9569410319 6.6% 4.8% 6.6% Department of Transportation 1 2 8.5856002684385935 ,129,659 5.6% 3,560,790 4.8% 5.6% 4.8% U.S. Military Entrance Processing Command 1 1 10.002739726027396 30,000 1.3% 2,161,861 2.9% 1.3% 2.9% Department of Energy 1 1 14.106849315068493 ,115,650 0.05 2,058,570 2.8% 0.05 2.8% U.S. Coast Guard 1 1 12.210958904109589 59,547 2.6% 1,569,666 2.1% 2.6% 2.1% Social Security Administration 2 2 3.6791513459977017 23,333 0.01 ,962,602 1.3% 0.01 1.3% U.S. Department of Agriculture 0 1 10.263013698630138 1,538 1.1% 48,563 1.1% 1.1% 1.1% Subtotal 29 34 7.063244712787851 2,019,505 0.87900000000000023 $71,119,042 0.96 0.87900000000000023 0.96 0.0% 0.0% Private Tenants Parbel of Florida 1 1 7.1726027397260275 81,721 3.6% $1,476,569 1.9938558620977882 3.6% 0.02 United Technologies / P&W 1 1 8.257534246575343 ,105,641 4.6% ,545,028 .7% 4.6% .7% LifePoint, Inc. 0 1 4.0027397260273974 21,609 .9% ,497,441 .7% .9% .7% Lummus Corporation 1 1 12.843835616438357 70,078 3.5% ,417,875 .6% 0.03 .6% Subtotal 3 4 8.7620882314722852 ,279,049 0.12140197706906168 $2,936,913 3.9658026150631645 0.12099999999999998 0.04 40197706906169861.4% .-34197384936835579 Total / Weighted Average 32 38 7.2694876746871024 2,298,554 1.000401977069062 $74,055,955 0.9996580261506316 September 30, 2015 Assets Real estate properties, net $,668,034 Cash and cash equivalents 4,466 Restricted cash 1,810 Rents receivable 5,632 Accounts receivable 2,856 Deferred financing, net 2,856 Intangible assets, net ,104,657 Prepaid expenses and other assets 2,869 Total assets $,793,180 Liabilities Revolving credit facility 50,167 Mortgage notes payable 68,756 Intangible liabilities, net 39,690 Accounts payable and accrued liabilities 6,982 Total liabilities ,165,595 Equity Common stock, par value $0.01, 200,000,000 shares authorized, 24,168,379 shares issued and outstanding 241 Additional paid-in capital ,389,159 Retained (deficit) -1,799 Cumulative dividends -7,734 Total stockholders' equity ,379,867 Non-controlling interest in operating partnership ,247,718 Total equity ,627,585 Total liabilities and equity $,793,180 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Rentable Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Percentage of Total Annualized Lease Income U.S Government Leased Properties IRS - Fresno Fresno, CA Office 2018 2003 ,180,481 $7,383,918 0.1 $40.912439536571718 0.1 PTO - Arlington Arlington, VA Office 2019 / 2020 2009 ,189,871 6,478,209 8.9% 34.11900184862354 8.9% FBI - San Antonio San Antonio, TX Office 2021 2007 ,148,584 4,980,626 6.7% 33.52060787164163 6.7% FBI - Omaha Omaha, NE Office 2024 2009 ,112,196 4,568,474 6.2% 40.718688723305647 6.2% ICE - Charleston North Charleston, SC Office 2019 / 2027 1994 / 2012 86,733 3,617,320 4.9% 41.706386265896484 4.9% DOT - Lakewood Lakewood, CO Office 2024 2004 ,122,225 3,345,895 4.5% 27.374882389036614 4.5% AOC - El Centro El Centro, CA Courthouse/Office 2019 2004 46,813 3,037,113 4.1% 64.877555379915833 4.1% USFS II - Albuquerque Albuquerque, NM Office 2026 2011 98,720 2,771,855 3.7% 28.07794773095624 3.7% DEA - Vista Vista, CA Laboratory 2020 2002 54,119 2,752,688 3.7% 50.863615366137587 3.7% AOC - Del Rio Del Rio, TX Courthouse/Office 2024 1992 / 2004 89,880 2,658,810 3.6% 29.581775700934578 3.6% USFS I - Albuquerque Albuquerque, NM Office 2021 2006 92,455 2,628,206 3.5% 28.426867124547076 3.5% MEPCOM - Jacksonville Jacksonville, FL Office 2025 2010 30,000 2,161,861 2.9% 72.062033333333332 2.9% FBI - Little Rock Little Rock, AR Office 2021 2001 ,101,977 2,135,642 2.9% 20.942388970061877 2.9% CBP - Savannah Savannah, GA Laboratory 2033 2013 35,000 2,107,714 2.8% 60.220399999999998 2.8% DEA - Santa Ana Santa Ana, CA Office 2024 2004 39,905 2,091,509 2.8% 52.412203984463098 2.8% DOE - Lakewood Lakewood, CO Office 2029 1999 ,115,650 2,058,570 2.8% 17.8 2.8% ICE - Otay San Diego, CA Office 2017 - 2026 2001 52,881 1,785,842 2.4% 33.770957432726313 2.4% DEA - Dallas Dallas, TX Office 2021 2001 71,827 1,771,987 2.4% 24.670207582107007 2.4% CBP - Chula Vista Chula Vista, CA Office 2018 1998 59,397 1,748,955 2.4% 29.445173998686801 2.4% DEA - North Highlands Sacramento, CA Office 2017 2002 37,975 1,709,309 2.3% 45.011428571428574 2.3% USCG - Martinsburg Martinsburg, WV Office 2027 2007 59,547 1,569,666 2.1% 26.360118897677467 2.1% CBP - Sunburst Sunburst, MT Office 2028 2008 33,000 1,568,287 2.1% 47.523848484848486 2.1% AOC - Aberdeen Aberdeen, MS Courthouse/Office 2025 2005 46,979 1,452,906 0.02 30.926711935119947 0.02 DEA - Albany Albany, NY Office 2025 2004 31,976 1,331,405 1.8% 41.637634475856892 1.8% DEA - Riverside Riverside, CA Office 2017 1997 34,354 1,275,320 1.7% 37.122896897013447 1.7% DEA - Otay San Diego, CA Office 2017 1997 32,560 1,261,886 1.7% 38.755712530712529 1.7% SSA - Mission Viejo Mission Viejo, CA Office 2020 2005 11,590 ,533,129 .7% 45.999050905953411 .7% SSA - San Diego San Diego, CA Office 2017 2003 11,743 ,429,473 .6% 36.572681597547472 .6% DEA - San Diego San Diego, CA Warehouse 2016 1999 16,100 ,399,908 .5% 24.839006211180124 ..5% Subtotal 2,044,538 $71,616,483 0.9670000000000003 $35.028198546566507 0.9670000000000003 0.0% Privately Leased Properties 2650 SW 145th Avenue - Parbel of Florida Miramar, FL Warehouse/Distribution 2022 2007 81,721 1,476,569 0.02 18.068415707100989 0.02 5998 Osceola Court - United Technologies Midland, GA Manufacturing/Warehouse 2023 2014 ,105,641 ,545,028 .7% 5.1592468833123499 .7% 501 East Hunter Street - Lummus Corporation Lubbock, TX Warehouse/Distribution 2028 2013 70,078 ,417,875 .6% 5.9629983732412457 .6% Subtotal ,257,440 $2,439,472 3.3% $9.4758856432566816 3.3% 0.0% Total / Weighted Average 2,301,978 $74,055,955 1.0000000000000002 $32.170574610183067 1.0000000000000002 0.0% Price of Common Shares Three months ended September 30, 2015 Earnings Three months ended September 30, 2015 Pro forma nine months ended September 30, 2015 High closing price during period $16.2 Net income available to Easterly Government Properties, Inc. $498 Interest Expense (Not including Deferred Financing) Low closing price during period $15.29 Net income available to Easterly Government Properties, Inc. per share: Total per Income Statement $1,341 End of period closing price $15.95 Basic $1.9634067376828952E-2 Less: Non-Cash Interest $191 Diluted $1.8797055096309922E-2 Interest Total $1,150 Outstanding Classes of Stock and Net income $818 $3,289 Partnership Units - Fully Diluted Basis At September 30, 2015 Net income, per share - fully diluted basis $2.0604888025319134E-2 $8.2847771045568008E-2 Common shares 24,141,712 Unvested restricted shares 26,667 Funds From Operations $10,162 $30,785 Common partnership units outstanding 15,530,938.89946384 Funds From Operations, per share - fully diluted basis $0.25597417128764427 $0.77545412941253 Total - fully diluted basis 39699317.89946384 Funds From Operations, as Adjusted $9,803 $29,107 Market Capitalization At September 30, 2015 Funds From Operations, as Adjusted, per share - fully diluted basis $0.24693119475819494 $0.73318640067599516 Total equity market capitalization - fully diluted basis $,633,204.12049644813 Consolidated debt (excluding unamortized premiums & discounts) ,118,355 Cash Available for Distribution $8,811 $26,337 Cash and cash equivalents -4,466 Cash Available for Distribution, per share - fully diluted basis $0.22194335989130426 $0.6634119021061492 Total enterprise value $,747,093.12049644813 Cash Balance per TB Liquidity At September 30, 2015 4,465,747.1499999994 Ratios At September 30, 2015 Cash and cash equivalents $4,466 Net debt to total enterprise value 0.15244284397147176 Net debt to total equity market capitalization 0.17986143221984741 Unsecured revolving credit facility Net debt to annualized quarterly EBITDA 2.4752021211857778 Total current facility size $,400,000 Cash interest coverage ratio 10.002608695652174 Less: outstanding balance ,-50,167 Cash fixed charge coverage ratio 6.6033295063145809 Available under unsecured revolving credit facility $,349,833 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Interest expense 1,341 2,608 3,949 EBITDA $11,503 23,231 $34,734 Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Funds From Operations (FFO) $10,162 $20,623 $30,785 Adjustments to FFO: Acquisition costs 235 418 653 Straight-line rent -66 -,131 -,197 SLR includes corporate Above-/below-market leases -1,382 -2,541 -3,923 Non-cash interest expense 191 377 568 Non-cash compensation 663 558 1,221 Funds From Operations, as Adjusted $9,803 $19,304 $29,107 FFO, per share - fully diluted basis $0.25597417128764427 $0.51947995812488568 $0.77545412941253 FFO, as Adjusted, per share - fully diluted basis $0.24693119475819494 $0.48625520591780019 $0.73318640067599516 Funds From Operations, as Adjusted $9,803 $19,304 $29,107 Acquisition costs -,235 -,418 -,653 Principal amortization -,592 -1,200 -1,792 Maintenance capital expenditures -,149 -,126 -,275 Contractual tenant improvements -16 -34 -50 Cash Available for Distribution (CAD) $8,811 $17,526 $26,337 CAD, per share - fully diluted basis $0.22194335989130426 $0.44146854221484488 $0.6634119021061492 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenue Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 Operating Expenses Property operating 3,838 6,691 10,529 Real estate taxes 1,980 3,517 5,497 Total expenses 5,818 10,208 16,026 Net Operating Income $14,039 27,584 $41,623 Adjustments to Net Operating Income: Straight-line rent -67 -,131 -,198 SLR for properties only Above-/below-market leases -1,382 -2,541 -3,923 Cash Net Operating Income $12,590 $24,912 $37,502 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenues Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 No. of Shares Operating Expenses Entity OPUs Shares Total Property operating 3,838 6,691 10,529 0.39121425164911411 0.60878574835088595 Real estate taxes 1,980 3,517 5,497 Depreciation and amortization 9,344 18,152 27,496 Acquisition costs 235 418 653 Corporate general and administrative 2,301 3,935 6,236 Total expenses 17,698 32,713 50,411 Operating income 2,159 5,079 7,238 Other (expenses) Interest expense, net -1,341 -2,608 -3,949 Net income 818 2,471 3,289 Non-controlling interest in operating partnership -,320 -,967 -1,287 Net income available to Easterly Government Properties, Inc. $498 $1,504 $2,002 Net income available to Easterly Government Properties, Inc. per share: Basic $1.9634067376828952E-2 Diluted $1.8797055096309922E-2 Weighted-average common shares outstanding: Basic 24,141,712 Diluted 25,216,716 Net income, per share - fully diluted basis $2.0604888025319134E-2 0 6.2242883020248871E-2 $8.2847771045568008E-2 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Dividends Variance Check Three months ended September 30, 2015 Numerator Net Income (loss) 818 Less: Non-controlling interest in predecessor 0 Less: Non-controlling interest in operating partnership -,320 Net Income (loss) available to Easterly Government Properties, Inc. 498 Less: Dividends on participating securities -24 Income available to common stockholders $474 Denominator for basic EPS 24,141,712 Dilutive effect of share-based compensation awards 12,072 Dilutive effect of LTIP units 1,062,932 Denominator for basic and diluted EPS 25,216,716 Basic EPS $1.9634067376828952E-2 Diluted EPS $1.8797055096309922E-2 Variance $0 Debt Maturities (Unaudited, in thousands) Secured Debt Unsecured Debt Year Scheduled Amortization Balloon Payments Credit Facility Total Percent of Debt Maturing Weighted Average Interest Rate of Maturing Debt 2015 $ 650 $ - $ - $ 650 .5% 4.1% 2016 2857 - - 2857 2.4% 4.1% 2017 2977 - - 2977 2.5% 4.1% 2018 3100 - - 3100 2.6% 4.1% 2019 3229 - 50167 53396 0.45100000000000001 1.7% 2020 3395 - - 3395 2.9% 4.1% 2021 4054 - - 4054 3.4% 4.2% 2022 5109 - - 5109 4.3% 4.2% 2023 5388 - - 5388 4.6% 4.2% 2024 5679 - - 5679 4.8% 4.2% 2025 5633 1917 - 7550 6.4% 4.3% 2026 3686 6368 - 10054 8.5% 4.3% 2027 1093 7140 - 8233 7.7% 4.1% 2028 983 - - 983 .8% 3.4% 2029 1016 - - 1016 .9% 3.4% 2030 1049 - - 1049 .9% 3.4% 2031 1081 - - 1081 .9% 3.4% 2032 1116 - - 1116 .9% 3.4% 2033 668 - - 668 .6% 3.4% Total $ 52763 $ 15425 $ 50167 $ 118355 100.0% Year of Lease Expiration Number of Leases Expiring Square Footage Expiring Percent of Square Footage Expiring Annualized Lease Income Expiring Percentage of Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring Percent of Portfolio Square Footage of Leases Expiring Percentage of Total Annualized Lease Income Signed leases not commenced 0 N/A N/A N/A N/A N/A 2015 0 N/A N/A N/A N/A N/A 2016 1 16,100 0.7 $,399,908 0.5 $24.839006211180124 0.7 0.5 2017 5 ,129,276 5.6 5,159,115 700.000000000000000000000000000000000000% 39.907755499860762 5.6 700.000000000000000000000000000000000000% 2018 2 ,239,878 10.5 9,132,873 12.3 38.072991270562532 10.5 12.3 2019 3 ,236,890 10.3 9,250,091 12.5 39.048043395668877 10.3 12.5 2020 3 87,112 3.8 4,048,489 5.5 46.47452704564239 3.8 5.5 2021 5 ,426,398 18.600000000000001 11,934,024 16.2 27.987992438988925 18.600000000000001 16.2 2022 3 ,105,441 4.5999999999999996 2,313,158 3.1 21.937936855682324 4.5999999999999996 3.1 2023 1 ,105,641 4.5999999999999996 ,545,028 0.7 5.1592468833123499 4.5999999999999996 0.7 2024 4 ,364,206 15.8 12,664,688 17.100000000000001 34.773419438449672 15.8 17.100000000000001 2025 3 ,108,955 4.7 4,946,172 6.7 45.396466431095405 4.7 6.7 Thereafter 8 ,478,657 20.8 13,662,409 18.399999999999999 28.543213616430972 20.8 18.399999999999999 Total / Weighted Average 38 2,298,554 10000.000000000000000000000000000000000000% $74,055,955 10000.000000000000000000000000000000000000% $32.218496933289366 10000.000000000000000000000000000000000000% 10000.000000000000000000000000000000000000% 0 0
Net Operating Income (Unaudited, in thousands) Debt Schedules (Unaudited, in thousands) Date 42277 Debt Instrument Maturity Date Stated Rate September 30, 2015 Balance September 30, 2015 Percent of Total Indebtedness Debt Inputs Credit Facility Availability Unsecured revolving credit facility ICE - Charleston 22,253,318.390000001 Total Credit Facility ,400,000 Unsecured revolving credit facility(1) 43507 LIBOR + 1.40% $50,167 0.42386886908030924 USFS II - Albuquerque 17,500,000 Used Capacity ,-50,167.330399999999 Total unsecured revolving credit facility 3.4 years $50,167 0.42386886908030924 CBP - Savannah 15,745,000 Remaining Capacity ,349,832.66960000002 (wtd-avg maturity) MEPCOM - Jacksonville 12,690,392.359999999 Maturity of Debt Calculation Secured mortgage debt Credit Facility Rate Outstanding 0.42386793198346173 1.4283768666839944 ICE - Charleston 46402 4.2099999999999999E-2 $22,253 0.18801909509526424 Piece 1 1.5900000000000001E-2 2,500,000 0.18802013123940992 2.1248850448289476 USFS II - Albuquerque 46217 4.4600000000000001E-2 17,500 0.14786025093996874 Piece 2 1.5900000000000001E-2 20,000,000 0.14785895024843859 1.5960664766543784 CBP - Savannah 48770 3.4000000000000002E-2 15,745 0.13303198005998901 Piece 3 1.5900000000000001E-2 10,917,330.4 0.13303080980923804 2.3664905427161167 MEPCOM - Jacksonville 45944 4.41E-2 12,690 0.10721980482446876 Piece 4 1.6E-2 2,500,000 0.10722217671945171 1.0772156767951491 Total secured mortgage debt 12.4 years 4.1243498760460143E-2 $68,188 0.57613113091969081 Piece 5 1.61E-2 14,250,000 (wtd-avg maturity) (wtd-avg rate) 50,167,330.399999999 Weighted Debt Maturity 8.593034607678586 Total Debt ,118,356,041.15000001 0.32634901210535061 3.6881908902317022 Debt Statistics September 30, 2015 0.25664072259937837 2.7703135535384953 Variable rate debt - unhedged $50,167 Weighted Interest of Debt 0.23090332441869785 4.107548727261932 Fixed rate debt 68,188 Credit Facility 800.76055336000002 0.18610694087657317 1.869737403272312 Total debt (excluding unamortized premiums & discounts) $,118,355 ICE - Charleston 936.86470421900003 USFS II - Albuquerque 780.5 Weighted Secured Debt Maturity 12.435790574304441 % Variable rate debt - unhedged 0.42386886908030924 CBP - Savannah 535.33000000000004 % Fixed rate debt 0.57613113091969081 MEPCOM - Jacksonville 559.64630307599998 Total 3,613.101560655 Weighted average maturity 8.6 years Weighted average interest rate 3.5% Weighted Avg. Interest Rate 3.0527394508539626E-2 Weighted Avg. Interest Rate of Secured Debt 4.1243498760460143E-2 *Credit facility has available capacity of $349832.6696 Tenant Number of Properties Number of Leases Weighted Average Remaining Lease Term Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Percentage of Leased Square Feet Percentage of Total Annualized Lease Income U.S. Government Drug Enforcement Administration 8 8 4.8176538112746865 ,313,003 0.13600000000000001 $12,368,725.43058969 0.16600000000000001 0.13600000000000001 0.16600000000000001 Federal Bureau of Investigation 3 3 6.8189029366841698 ,362,757 0.159 11,684,742 0.158 0.159 0.158 Internal Revenue Service 1 1 3.1698630136986301 ,180,481 7.9% 7,383,918 0.1 7.9% 0.1 Administrative Office of the U.S. Courts 3 3 7.6010882114454166 ,183,672 0.08 7,148,829 9.7% 0.08 9.7% U.S. Patent and Trademark Office 1 2 3.5884606585451708 ,189,871 8.3% 6,478,209 8.7% 8.3% 8.7% Bureau of Customs and Border Protection 3 3 9.4745482168189383 ,127,397 5.5% 5,424,956 7.3% 5.5% 7.3% U.S. Forest Service 2 2 8.3635330893483157 ,191,175 8.3% 5,400,061 7.3% 8.3% 7.3% U.S. Immigration and Customs Enforcement 2 4 8.5596935063363944 ,111,422 4.8% 4,867,549.9569410319 6.6% 4.8% 6.6% Department of Transportation 1 2 8.5856002684385935 ,129,659 5.6% 3,560,790 4.8% 5.6% 4.8% U.S. Military Entrance Processing Command 1 1 10.002739726027396 30,000 1.3% 2,161,861 2.9% 1.3% 2.9% Department of Energy 1 1 14.106849315068493 ,115,650 0.05 2,058,570 2.8% 0.05 2.8% U.S. Coast Guard 1 1 12.210958904109589 59,547 2.6% 1,569,666 2.1% 2.6% 2.1% Social Security Administration 2 2 3.6791513459977017 23,333 0.01 ,962,602 1.3% 0.01 1.3% U.S. Department of Agriculture 0 1 10.263013698630138 1,538 1.1% 48,563 1.1% 1.1% 1.1% Subtotal 29 34 7.063244712787851 2,019,505 0.87900000000000023 $71,119,042 0.96 0.87900000000000023 0.96 0.0% 0.0% Private Tenants Parbel of Florida 1 1 7.1726027397260275 81,721 3.6% $1,476,569 1.9938558620977882 3.6% 0.02 United Technologies / P&W 1 1 8.257534246575343 ,105,641 4.6% ,545,028 .7% 4.6% .7% LifePoint, Inc. 0 1 4.0027397260273974 21,609 .9% ,497,441 .7% .9% .7% Lummus Corporation 1 1 12.843835616438357 70,078 3.5% ,417,875 .6% 0.03 .6% Subtotal 3 4 8.7620882314722852 ,279,049 0.12140197706906168 $2,936,913 3.9658026150631645 0.12099999999999998 0.04 40197706906169861.4% .-34197384936835579 Total / Weighted Average 32 38 7.2694876746871024 2,298,554 1.000401977069062 $74,055,955 0.9996580261506316 September 30, 2015 Assets Real estate properties, net $,668,034 Cash and cash equivalents 4,466 Restricted cash 1,810 Rents receivable 5,632 Accounts receivable 2,856 Deferred financing, net 2,856 Intangible assets, net ,104,657 Prepaid expenses and other assets 2,869 Total assets $,793,180 Liabilities Revolving credit facility 50,167 Mortgage notes payable 68,756 Intangible liabilities, net 39,690 Accounts payable and accrued liabilities 6,982 Total liabilities ,165,595 Equity Common stock, par value $0.01, 200,000,000 shares authorized, 24,168,379 shares issued and outstanding 241 Additional paid-in capital ,391,357 Retained (deficit) -1,799 Cumulative dividends -7,734 Total stockholders' equity ,382,065 Non-controlling interest in operating partnership ,245,520 Total equity ,627,585 Total liabilities and equity $,793,180 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Rentable Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Percentage of Total Annualized Lease Income U.S Government Leased Properties IRS - Fresno Fresno, CA Office 2018 2003 ,180,481 $7,383,918 0.1 $40.912439536571718 0.1 PTO - Arlington Arlington, VA Office 2019 / 2020 2009 ,189,871 6,478,209 8.9% 34.11900184862354 8.9% FBI - San Antonio San Antonio, TX Office 2021 2007 ,148,584 4,980,626 6.7% 33.52060787164163 6.7% FBI - Omaha Omaha, NE Office 2024 2009 ,112,196 4,568,474 6.2% 40.718688723305647 6.2% ICE - Charleston North Charleston, SC Office 2019 / 2027 1994 / 2012 86,733 3,617,320 4.9% 41.706386265896484 4.9% DOT - Lakewood Lakewood, CO Office 2024 2004 ,122,225 3,345,895 4.5% 27.374882389036614 4.5% AOC - El Centro El Centro, CA Courthouse/Office 2019 2004 46,813 3,037,113 4.1% 64.877555379915833 4.1% USFS II - Albuquerque Albuquerque, NM Office 2026 2011 98,720 2,771,855 3.7% 28.07794773095624 3.7% DEA - Vista Vista, CA Laboratory 2020 2002 54,119 2,752,688 3.7% 50.863615366137587 3.7% AOC - Del Rio Del Rio, TX Courthouse/Office 2024 1992 / 2004 89,880 2,658,810 3.6% 29.581775700934578 3.6% USFS I - Albuquerque Albuquerque, NM Office 2021 2006 92,455 2,628,206 3.5% 28.426867124547076 3.5% MEPCOM - Jacksonville Jacksonville, FL Office 2025 2010 30,000 2,161,861 2.9% 72.062033333333332 2.9% FBI - Little Rock Little Rock, AR Office 2021 2001 ,101,977 2,135,642 2.9% 20.942388970061877 2.9% CBP - Savannah Savannah, GA Laboratory 2033 2013 35,000 2,107,714 2.8% 60.220399999999998 2.8% DEA - Santa Ana Santa Ana, CA Office 2024 2004 39,905 2,091,509 2.8% 52.412203984463098 2.8% DOE - Lakewood Lakewood, CO Office 2029 1999 ,115,650 2,058,570 2.8% 17.8 2.8% ICE - Otay San Diego, CA Office 2017 - 2026 2001 52,881 1,785,842 2.4% 33.770957432726313 2.4% DEA - Dallas Dallas, TX Office 2021 2001 71,827 1,771,987 2.4% 24.670207582107007 2.4% CBP - Chula Vista Chula Vista, CA Office 2018 1998 59,397 1,748,955 2.4% 29.445173998686801 2.4% DEA - North Highlands Sacramento, CA Office 2017 2002 37,975 1,709,309 2.3% 45.011428571428574 2.3% USCG - Martinsburg Martinsburg, WV Office 2027 2007 59,547 1,569,666 2.1% 26.360118897677467 2.1% CBP - Sunburst Sunburst, MT Office 2028 2008 33,000 1,568,287 2.1% 47.523848484848486 2.1% AOC - Aberdeen Aberdeen, MS Courthouse/Office 2025 2005 46,979 1,452,906 0.02 30.926711935119947 0.02 DEA - Albany Albany, NY Office 2025 2004 31,976 1,331,405 1.8% 41.637634475856892 1.8% DEA - Riverside Riverside, CA Office 2017 1997 34,354 1,275,320 1.7% 37.122896897013447 1.7% DEA - Otay San Diego, CA Office 2017 1997 32,560 1,261,886 1.7% 38.755712530712529 1.7% SSA - Mission Viejo Mission Viejo, CA Office 2020 2005 11,590 ,533,129 .7% 45.999050905953411 .7% SSA - San Diego San Diego, CA Office 2017 2003 11,743 ,429,473 .6% 36.572681597547472 .6% DEA - San Diego San Diego, CA Warehouse 2016 1999 16,100 ,399,908 .5% 24.839006211180124 .5% Subtotal 2,044,538 $71,616,483 0.9670000000000003 $35.028198546566507 0.9670000000000003 0.0% Privately Leased Properties 2650 SW 145th Avenue - Parbel of Florida Miramar, FL Warehouse/Distribution 2022 2007 81,721 1,476,569 0.02 18.068415707100989 0.02 5998 Osceola Court - United Technologies Midland, GA Manufacturing/Warehouse 2023 2014 ,105,641 ,545,028 .7% 5.1592468833123499 .7% 501 East Hunter Street - Lummus Corporation Lubbock, TX Warehouse/Distribution 2028 2013 70,078 ,417,875 .6% 5.9629983732412457 .6% Subtotal ,257,440 $2,439,472 3.3% $9.4758856432566816 3.3% 0.0% Total / Weighted Average 2,301,978 $74,055,955 1.0000000000000002 $32.170574610183067 1.0000000000000002 0.0% Price of Common Shares Three months ended September 30, 2015 Earnings Three months ended September 30, 2015 Pro forma nine months ended September 30, 2015 High closing price during period $16.2 Net income available to Easterly Government Properties, Inc. $498 Interest Expense (Not including Deferred Financing) Low closing price during period $15.29 Net income available to Easterly Government Properties, Inc. per share: Total per Income Statement $1,341 End of period closing price $15.95 Basic $1.9634067376828952E-2 Less: Non-Cash Interest $191 Diluted $1.8797055096309922E-2 Interest Total $1,150 Outstanding Classes of Stock and Net income $818 $3,289 Partnership Units - Fully Diluted Basis At September 30, 2015 Net income, per share - fully diluted basis $2.0604888025319134E-2 $8.2847771045568008E-2 Common shares 24,141,712 Unvested restricted shares 26,667 Funds From Operations $10,162 $30,785 Common partnership units outstanding 15,530,938.89946384 Funds From Operations, per share - fully diluted basis $0.25597417128764427 $0.77545412941253 Total - fully diluted basis 39699317.89946384 Funds From Operations, as Adjusted $9,802 $29,106 Market Capitalization At September 30, 2015 Funds From Operations, as Adjusted, per share - fully diluted basis $0.24690600540853075 $0.73316121132633094 Total equity market capitalization - fully diluted basis $,633,204.12049644813 Consolidated debt (excluding unamortized premiums & discounts) ,118,355 Cash Available for Distribution $8,810 $26,336 Cash and cash equivalents -4,466 Cash Available for Distribution, per share - fully diluted basis $0.22191817054164006 $0.66338671275648498 Total enterprise value $,747,093.12049644813 Cash Balance per TB Liquidity At September 30, 2015 4,465,747.1499999994 Ratios At September 30, 2015 Cash and cash equivalents $4,466 Net debt to total enterprise value 0.15244284397147176 Net debt to total equity market capitalization 0.17986143221984741 Unsecured revolving credit facility Net debt to annualized quarterly EBITDA 2.4752021211857778 Total current facility size $,400,000 Cash interest coverage ratio 10.002608695652174 Less: outstanding balance ,-50,167 Cash fixed charge coverage ratio 6.6033295063145809 Available under unsecured revolving credit facility $,349,833 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Interest expense 1,341 2,608 3,949 EBITDA $11,503 23,231 $34,734 Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Funds From Operations (FFO) $10,162 $20,623 $30,785 Adjustments to FFO: Acquisition costs 235 418 653 Straight-line rent -66 -,131 -,197 SLR includes corporate Above-/below-market leases -1,383 -2,541 -3,924 Non-cash interest expense 191 377 568 Non-cash compensation 663 558 1,221 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 FFO, per share - fully diluted basis $0.25597417128764427 $0.51947995812488568 $0.77545412941253 FFO, as Adjusted, per share - fully diluted basis $0.24690600540853075 $0.48625520591780019 $0.73316121132633094 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 Acquisition costs -,235 -,418 -,653 Principal amortization -,592 -1,200 -1,792 Maintenance capital expenditures -,149 -,126 -,275 Contractual tenant improvements -16 -34 -50 Cash Available for Distribution (CAD) $8,810 $17,526 $26,336 CAD, per share - fully diluted basis $0.22191817054164006 $0.44146854221484488 $0.66338671275648498 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenue Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 Operating Expenses Property operating 3,838 6,691 10,529 Real estate taxes 1,980 3,517 5,497 Total expenses 5,818 10,208 16,026 Net Operating Income $14,039 27,584 $41,623 Adjustments to Net Operating Income: Straight-line rent -67 -,131 -,198 SLR for properties only Above-/below-market leases -1,383 -2,541 -3,924 Cash Net Operating Income $12,589 $24,912 $37,501 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenues Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 No. of Shares Operating Expenses Entity OPUs Shares Total Property operating 3,838 6,691 10,529 0.39121425164911411 0.60878574835088595 Real estate taxes 1,980 3,517 5,497 Depreciation and amortization 9,344 18,152 27,496 Acquisition costs 235 418 653 Corporate general and administrative 2,301 3,935 6,236 Total expenses 17,698 32,713 50,411 Operating income 2,159 5,079 7,238 Other (expenses) Interest expense, net -1,341 -2,608 -3,949 Net income 818 2,471 3,289 Non-controlling interest in operating partnership -,320 -,967 -1,287 Net income available to Easterly Government Properties, Inc. $498 $1,504 $2,002 Net income available to Easterly Government Properties, Inc. per share: Basic $1.9634067376828952E-2 Diluted $1.8797055096309922E-2 Weighted-average common shares outstanding: Basic 24,141,712 Diluted 25,216,716 Net income, per share - fully diluted basis $2.0604888025319134E-2 0 6.2242883020248871E-2 $8.2847771045568008E-2 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Dividends Variance Check Three months ended September 30, 2015 Numerator Net Income (loss) 818 Less: Non-controlling interest in predecessor 0 Less: Non-controlling interest in operating partnership -,320 Net Income (loss) available to Easterly Government Properties, Inc. 498 Less: Dividends on participating securities -24 Income available to common stockholders $474 Denominator for basic EPS 24,141,712 Dilutive effect of share-based compensation awards 12,072 Dilutive effect of LTIP units 1,062,932 Denominator for basic and diluted EPS 25,216,716 Basic EPS $1.9634067376828952E-2 Diluted EPS $1.8797055096309922E-2 Variance $0 Debt Maturities (Unaudited, in thousands) Secured Debt Unsecured Debt Year Scheduled Amortization Balloon Payments Credit Facility Total Percent of Debt Maturing Weighted Average Interest Rate of Maturing Debt 2015 $ 650 $ - $ - $ 650 .5% 4.1% 2016 2857 - - 2857 2.4% 4.1% 2017 2977 - - 2977 2.5% 4.1% 2018 3100 - - 3100 2.6% 4.1% 2019 3229 - 50167 53396 0.45100000000000001 1.7% 2020 3395 - - 3395 2.9% 4.1% 2021 4054 - - 4054 3.4% 4.2% 2022 5109 - - 5109 4.3% 4.2% 2023 5388 - - 5388 4.6% 4.2% 2024 5679 - - 5679 4.8% 4.2% 2025 5633 1917 - 7550 6.4% 4.3% 2026 3686 6368 - 10054 8.5% 4.3% 2027 1093 7140 - 8233 7.7% 4.1% 2028 983 - - 983 .8% 3.4% 2029 1016 - - 1016 .9% 3.4% 2030 1049 - - 1049 .9% 3.4% 2031 1081 - - 1081 .9% 3.4% 2032 1116 - - 1116 ..9% 3.4% 2033 668 - - 668 .6% 3.4% Total $ 52763 $ 15425 $ 50167 $ 118355 100.0% Year of Lease Expiration Number of Leases Expiring Square Footage Expiring Percent of Square Footage Expiring Annualized Lease Income Expiring Percentage of Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring Percent of Portfolio Square Footage of Leases Expiring Percentage of Total Annualized Lease Income Signed leases not commenced 0 N/A N/A N/A N/A N/A 2015 0 N/A N/A N/A N/A N/A 2016 1 16,100 0.7 $,399,908 0.5 $24.839006211180124 0.7 0.5 2017 5 ,129,276 5.6 5,159,115 700.000000000000000000000000000000000000% 39.907755499860762 5.6 700.000000000000000000000000000000000000% 2018 2 ,239,878 10.5 9,132,873 12.3 38.072991270562532 10.5 12.3 2019 3 ,236,890 10.3 9,250,091 12.5 39.048043395668877 10.3 12.5 2020 3 87,112 3.8 4,048,489 5.5 46.47452704564239 3.8 5.5 2021 5 ,426,398 18.600000000000001 11,934,024 16.2 27.987992438988925 18.600000000000001 16.2 2022 3 ,105,441 4.5999999999999996 2,313,158 3.1 21.937936855682324 4.5999999999999996 3.1 2023 1 ,105,641 4.5999999999999996 ,545,028 0.7 5.1592468833123499 4.5999999999999996 0.7 2024 4 ,364,206 15.8 12,664,688 17.100000000000001 34.773419438449672 15.8 17.100000000000001 2025 3 ,108,955 4.7 4,946,172 6.7 45.396466431095405 4.7 6.7 Thereafter 8 ,478,657 20.8 13,662,409 18.399999999999999 28.543213616430972 20.8 18.399999999999999 Total / Weighted Average 38 2,298,554 10000.000000000000000000000000000000000000% $74,055,955 10000.000000000000000000000000000000000000% $32.218496933289366 10000.000000000000000000000000000000000000% 10000.000000000000000000000000000000000000% 0 0 Debt Schedules (Unaudited, in thousands) Date 42277 Debt Instrument Maturity Date Stated Rate September 30, 2015 Balance September 30, 2015 Percent of Total Indebtedness Debt Inputs Credit Facility Availability Unsecured revolving credit facility ICE - Charleston 22,253,318.390000001 Total Credit Facility ,400,000 Unsecured revolving credit facility(1) 43507 LIBOR + 1.40% $50,167 0.42386886908030924 USFS II - Albuquerque 17,500,000 Used Capacity ,-50,167.330399999999 Total unsecured revolving credit facility 3.4 years $50,167 0.42386886908030924 CBP - Savannah 15,745,000 Remaining Capacity ,349,832.66960000002 (wtd-avg maturity) MEPCOM - Jacksonville 12,690,392.359999999 Maturity of Debt Calculation Secured mortgage debt Credit Facility Rate Outstanding 0.42386793198346173 1.4283768666839944 ICE - Charleston 46402 4.2099999999999999E-2 $22,253 0.18801909509526424 Piece 1 1.5900000000000001E-2 2,500,000 0.18802013123940992 2.1248850448289476 USFS II - Albuquerque 46217 4.4600000000000001E-2 17,500 0.14786025093996874 Piece 2 1.5900000000000001E-2 20,000,000 0.14785895024843859 1.5960664766543784 CBP - Savannah 48770 3.4000000000000002E-2 15,745 0.13303198005998901 Piece 3 1.5900000000000001E-2 10,917,330.4 0.13303080980923804 2.3664905427161167 MEPCOM - Jacksonville 45944 4.41E-2 12,690 0.10721980482446876 Piece 4 1.6E-2 2,500,000 0.10722217671945171 1.0772156767951491 Total secured mortgage debt 12.4 years 4.1243498760460143E-2 $68,188 0.57613113091969081 Piece 5 1.61E-2 14,250,000 (wtd-avg maturity) (wtd-avg rate) 50,167,330.399999999 Weighted Debt Maturity 8.593034607678586 Total Debt ,118,356,041.15000001 0.32634901210535061 3.6881908902317022 Debt Statistics September 30, 2015 0.25664072259937837 2.7703135535384953 Variable rate debt - unhedged $50,167 Weighted Interest of Debt 0.23090332441869785 4.107548727261932 Fixed rate debt 68,188 Credit Facility 800.76055336000002 0.18610694087657317 1.869737403272312 Total debt (excluding unamortized premiums & discounts) $,118,355 ICE - Charleston 936.86470421900003 USFS II - Albuquerque 780.5 Weighted Secured Debt Maturity 12.435790574304441 % Variable rate debt - unhedged 0.42386886908030924 CBP - Savannah 535.33000000000004 % Fixed rate debt 0.57613113091969081 MEPCOM - Jacksonville 559.64630307599998 Total 3,613.101560655 Weighted average maturity 8.6 years Weighted average interest rate 3.5% Weighted Avg. Interest Rate 3.0527394508539626E-2 Weighted Avg. Interest Rate of Secured Debt 4.1243498760460143E-2 *Credit facility has available capacity of $349832.6696 Tenant Number of Properties Number of Leases Weighted Average Remaining Lease Term Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Percentage of Leased Square Feet Percentage of Total Annualized Lease Income U.S. Government Drug Enforcement Administration 8 8 4.8176538112746865 ,313,003 0.13600000000000001 $12,368,725.43058969 0.16600000000000001 0.13600000000000001 0.16600000000000001 Federal Bureau of Investigation 3 3 6.8189029366841698 ,362,757 0.159 11,684,742 0.158 0.159 0.158 Internal Revenue Service 1 1 3.1698630136986301 ,180,481 7.9% 7,383,918 0.1 7.9% 0.1 Administrative Office of the U.S. Courts 3 3 7.6010882114454166 ,183,672 0.08 7,148,829 9.7% 0.08 9.7% U.S. Patent and Trademark Office 1 2 3.5884606585451708 ,189,871 8.3% 6,478,209 8.7% 8.3% 8.7% Bureau of Customs and Border Protection 3 3 9.4745482168189383 ,127,397 5.5% 5,424,956 7.3% 5.5% 7.3% U.S. Forest Service 2 2 8.3635330893483157 ,191,175 8.3% 5,400,061 7.3% 8.3% 7.3% U.S. Immigration and Customs Enforcement 2 4 8.5596935063363944 ,111,422 4.8% 4,867,549.9569410319 6.6% 4.8% 6.6% Department of Transportation 1 2 8.5856002684385935 ,129,659 5.6% 3,560,790 4.8% 5.6% 4.8% U.S. Military Entrance Processing Command 1 1 10.002739726027396 30,000 1.3% 2,161,861 2.9% 1.3% 2.9% Department of Energy 1 1 14.106849315068493 ,115,650 0.05 2,058,570 2.8% 0.05 2.8% U.S. Coast Guard 1 1 12.210958904109589 59,547 2.6% 1,569,666 2.1% 2.6% 2.1% Social Security Administration 2 2 3.6791513459977017 23,333 0.01 ,962,602 1.3% 0.01 1.3% U.S. Department of Agriculture 0 1 10.263013698630138 1,538 1.1% 48,563 1.1% 1.1% 1.1% Subtotal 29 34 7.063244712787851 2,019,505 0.87900000000000023 $71,119,042 0.96 0.87900000000000023 0.96 0.0% 0.0% Private Tenants Parbel of Florida 1 1 7.1726027397260275 81,721 3.6% $1,476,569 1.9938558620977882 3.6% 0.02 United Technologies / P&W 1 1 8.257534246575343 ,105,641 4.6% ,545,028 .7% 4.6% .7% LifePoint, Inc. 0 1 4.0027397260273974 21,609 .9% ,497,441 .7% .9% .7% Lummus Corporation 1 1 12.843835616438357 70,078 3.5% ,417,875 .6% 0.03 .6% Subtotal 3 4 8.7620882314722852 ,279,049 0.12140197706906168 $2,936,913 3.9658026150631645 0.12099999999999998 0.04 40197706906169861.4% .-34197384936835579 Total / Weighted Average 32 38 7.2694876746871024 2,298,554 1.000401977069062 $74,055,955 0.9996580261506316 September 30, 2015 Assets Real estate properties, net $,668,034 Cash and cash equivalents 4,466 Restricted cash 1,810 Rents receivable 5,632 Accounts receivable 2,856 Deferred financing, net 2,856 Intangible assets, net ,104,657 Prepaid expenses and other assets 2,869 Total assets $,793,180 Liabilities Revolving credit facility 50,167 Mortgage notes payable 68,756 Intangible liabilities, net 39,690 Accounts payable and accrued liabilities 6,982 Total liabilities ,165,595 Equity Common stock, par value $0.01, 200,000,000 shares authorized, 24,168,379 shares issued and outstanding 241 Additional paid-in capital ,391,357 Retained (deficit) -1,799 Cumulative dividends -7,734 Total stockholders' equity ,382,065 Non-controlling interest in operating partnership ,245,520 Total equity ,627,585 Total liabilities and equity $,793,180 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Rentable Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Percentage of Total Annualized Lease Income U.S Government Leased Properties IRS - Fresno Fresno, CA Office 2018 2003 ,180,481 $7,383,918 0.1 $40.912439536571718 0.1 PTO - Arlington Arlington, VA Office 2019 / 2020 2009 ,189,871 6,478,209 8.9% 34.11900184862354 8.9% FBI - San Antonio San Antonio, TX Office 2021 2007 ,148,584 4,980,626 6.7% 33.52060787164163 6.7% FBI - Omaha Omaha, NE Office 2024 2009 ,112,196 4,568,474 6.2% 40.718688723305647 6.2% ICE - Charleston North Charleston, SC Office 2019 / 2027 1994 / 2012 86,733 3,617,320 4.9% 41.706386265896484 4.9% DOT - Lakewood Lakewood, CO Office 2024 2004 ,122,225 3,345,895 4.5% 27.374882389036614 4.5% AOC - El Centro El Centro, CA Courthouse/Office 2019 2004 46,813 3,037,113 4.1% 64.877555379915833 4.1% USFS II - Albuquerque Albuquerque, NM Office 2026 2011 98,720 2,771,855 3.7% 28.07794773095624 3.7% DEA - Vista Vista, CA Laboratory 2020 2002 54,119 2,752,688 3.7% 50.863615366137587 3.7% AOC - Del Rio Del Rio, TX Courthouse/Office 2024 1992 / 2004 89,880 2,658,810 3.6% 29.581775700934578 3.6% USFS I - Albuquerque Albuquerque, NM Office 2021 2006 92,455 2,628,206 3.5% 28.426867124547076 3.5% MEPCOM - Jacksonville Jacksonville, FL Office 2025 2010 30,000 2,161,861 2.9% 72.062033333333332 2.9% FBI - Little Rock Little Rock, AR Office 2021 2001 ,101,977 2,135,642 2.9% 20.942388970061877 2.9% CBP - Savannah Savannah, GA Laboratory 2033 2013 35,000 2,107,714 2.8% 60.220399999999998 2.8% DEA - Santa Ana Santa Ana, CA Office 2024 2004 39,905 2,091,509 2.8% 52.412203984463098 2.8% DOE - Lakewood Lakewood, CO Office 2029 1999 ,115,650 2,058,570 2.8% 17.8 2.8% ICE - Otay San Diego, CA Office 2017 - 2026 2001 52,881 1,785,842 2.4% 33.770957432726313 2.4% DEA - Dallas Dallas, TX Office 2021 2001 71,827 1,771,987 2.4% 24.670207582107007 2.4% CBP - Chula Vista Chula Vista, CA Office 2018 1998 59,397 1,748,955 2.4% 29.445173998686801 2.4% DEA - North Highlands Sacramento, CA Office 2017 2002 37,975 1,709,309 2.3% 45.011428571428574 2.3% USCG - Martinsburg Martinsburg, WV Office 2027 2007 59,547 1,569,666 2.1% 26.360118897677467 2.1% CBP - Sunburst Sunburst, MT Office 2028 2008 33,000 1,568,287 2.1% 47.523848484848486 2.1% AOC - Aberdeen Aberdeen, MS Courthouse/Office 2025 2005 46,979 1,452,906 0.02 30.926711935119947 0.02 DEA - Albany Albany, NY Office 2025 2004 31,976 1,331,405 1.8% 41.637634475856892 1.8% DEA - Riverside Riverside, CA Office 2017 1997 34,354 1,275,320 1.7% 37.122896897013447 1.7% DEA - Otay San Diego, CA Office 2017 1997 32,560 1,261,886 1.7% 38.755712530712529 1.7% SSA - Mission Viejo Mission Viejo, CA Office 2020 2005 11,590 ,533,129 .7% 45.999050905953411 .7% SSA - San Diego San Diego, CA Office 2017 2003 11,743 ,429,473 .6% 36.572681597547472 .6% DEA - San Diego San Diego, CA Warehouse 2016 1999 16,100 ,399,908 .5% 24.839006211180124 ..5% Subtotal 2,044,538 $71,616,483 0.9670000000000003 $35.028198546566507 0.9670000000000003 0.0% Privately Leased Properties 2650 SW 145th Avenue - Parbel of Florida Miramar, FL Warehouse/Distribution 2022 2007 81,721 1,476,569 0.02 18.068415707100989 0.02 5998 Osceola Court - United Technologies Midland, GA Manufacturing/Warehouse 2023 2014 ,105,641 ,545,028 .7% 5.1592468833123499 .7% 501 East Hunter Street - Lummus Corporation Lubbock, TX Warehouse/Distribution 2028 2013 70,078 ,417,875 .6% 5.9629983732412457 .6% Subtotal ,257,440 $2,439,472 3.3% $9.4758856432566816 3.3% 0.0% Total / Weighted Average 2,301,978 $74,055,955 1.0000000000000002 $32.170574610183067 1.0000000000000002 0.0% Price of Common Shares Three months ended September 30, 2015 Earnings Three months ended September 30, 2015 Pro forma nine months ended September 30, 2015 High closing price during period $16.2 Net income available to Easterly Government Properties, Inc. $498 Interest Expense (Not including Deferred Financing) Low closing price during period $15.29 Net income available to Easterly Government Properties, Inc. per share: Total per Income Statement $1,341 End of period closing price $15.95 Basic $1.9634067376828952E-2 Less: Non-Cash Interest $191 Diluted $1.8797055096309922E-2 Interest Total $1,150 Outstanding Classes of Stock and Net income $818 $3,289 Partnership Units - Fully Diluted Basis At September 30, 2015 Net income, per share - fully diluted basis $2.0604888025319134E-2 $8.2847771045568008E-2 Common shares 24,141,712 Unvested restricted shares 26,667 Funds From Operations $10,162 $30,785 Common partnership units outstanding 15,530,938.89946384 Funds From Operations, per share - fully diluted basis $0.25597417128764427 $0.77545412941253 Total - fully diluted basis 39699317.89946384 Funds From Operations, as Adjusted $9,802 $29,106 Market Capitalization At September 30, 2015 Funds From Operations, as Adjusted, per share - fully diluted basis $0.24690600540853075 $0.73316121132633094 Total equity market capitalization - fully diluted basis $,633,204.12049644813 Consolidated debt (excluding unamortized premiums & discounts) ,118,355 Cash Available for Distribution $8,810 $26,336 Cash and cash equivalents -4,466 Cash Available for Distribution, per share - fully diluted basis $0.22191817054164006 $0.66338671275648498 Total enterprise value $,747,093.12049644813 Cash Balance per TB Liquidity At September 30, 2015 4,465,747.1499999994 Ratios At September 30, 2015 Cash and cash equivalents $4,466 Net debt to total enterprise value 0.15244284397147176 Net debt to total equity market capitalization 0.17986143221984741 Unsecured revolving credit facility Net debt to annualized quarterly EBITDA 2.4752021211857778 Total current facility size $,400,000 Cash interest coverage ratio 10.002608695652174 Less: outstanding balance ,-50,167 Cash fixed charge coverage ratio 6.6033295063145809 Available under unsecured revolving credit facility $,349,833 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Interest expense 1,341 2,608 3,949 EBITDA $11,503 23,231 $34,734 Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Funds From Operations (FFO) $10,162 $20,623 $30,785 Adjustments to FFO: Acquisition costs 235 418 653 Straight-line rent -66 -,131 -,197 SLR includes corporate Above-/below-market leases -1,383 -2,541 -3,924 Non-cash interest expense 191 377 568 Non-cash compensation 663 558 1,221 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 FFO, per share - fully diluted basis $0.25597417128764427 $0.51947995812488568 $0.77545412941253 FFO, as Adjusted, per share - fully diluted basis $0.24690600540853075 $0.48625520591780019 $0.73316121132633094 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 Acquisition costs -,235 -,418 -,653 Principal amortization -,592 -1,200 -1,792 Maintenance capital expenditures -,149 -,126 -,275 Contractual tenant improvements -16 -34 -50 Cash Available for Distribution (CAD) $8,810 $17,526 $26,336 CAD, per share - fully diluted basis $0.22191817054164006 $0.44146854221484488 $0.66338671275648498 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenue Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 Operating Expenses Property operating 3,838 6,691 10,529 Real estate taxes 1,980 3,517 5,497 Total expenses 5,818 10,208 16,026 Net Operating Income $14,039 27,584 $41,623 Adjustments to Net Operating Income: Straight-line rent -67 -,131 -,198 SLR for properties only Above-/below-market leases -1,383 -2,541 -3,924 Cash Net Operating Income $12,589 $24,912 $37,501 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenues Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 No. of Shares Operating Expenses Entity OPUs Shares Total Property operating 3,838 6,691 10,529 0.39121425164911411 0.60878574835088595 Real estate taxes 1,980 3,517 5,497 Depreciation and amortization 9,344 18,152 27,496 Acquisition costs 235 418 653 Corporate general and administrative 2,301 3,935 6,236 Total expenses 17,698 32,713 50,411 Operating income 2,159 5,079 7,238 Other (expenses) Interest expense, net -1,341 -2,608 -3,949 Net income 818 2,471 3,289 Non-controlling interest in operating partnership -,320 -,967 -1,287 Net income available to Easterly Government Properties, Inc. $498 $1,504 $2,002 Net income available to Easterly Government Properties, Inc. per share: Basic $1.9634067376828952E-2 Diluted $1.8797055096309922E-2 Weighted-average common shares outstanding: Basic 24,141,712 Diluted 25,216,716 Net income, per share - fully diluted basis $2.0604888025319134E-2 0 6.2242883020248871E-2 $8.2847771045568008E-2 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Dividends Variance Check Three months ended September 30, 2015 Numerator Net Income (loss) 818 Less: Non-controlling interest in predecessor 0 Less: Non-controlling interest in operating partnership -,320 Net Income (loss) available to Easterly Government Properties, Inc. 498 Less: Dividends on participating securities -24 Income available to common stockholders $474 Denominator for basic EPS 24,141,712 Dilutive effect of share-based compensation awards 12,072 Dilutive effect of LTIP units 1,062,932 Denominator for basic and diluted EPS 25,216,716 Basic EPS $1.9634067376828952E-2 Diluted EPS $1.8797055096309922E-2 Variance $0 Debt Maturities (Unaudited, in thousands) Secured Debt Unsecured Debt Year Scheduled Amortization Balloon Payments Credit Facility Total Percent of Debt Maturing Weighted Average Interest Rate of Maturing Debt 2015 $ 650 $ - $ - $ 650 .5% 4.1% 2016 2857 - - 2857 2.4% 4.1% 2017 2977 - - 2977 2.5% 4.1% 2018 3100 - - 3100 2.6% 4.1% 2019 3229 - 50167 53396 0.45100000000000001 1.7% 2020 3395 - - 3395 2.9% 4.1% 2021 4054 - - 4054 3.4% 4.2% 2022 5109 - - 5109 4.3% 4.2% 2023 5388 - - 5388 4.6% 4.2% 2024 5679 - - 5679 4.8% 4.2% 2025 5633 1917 - 7550 6.4% 4.3% 2026 3686 6368 - 10054 8.5% 4.3% 2027 1093 7140 - 8233 7.7% 4.1% 2028 983 - - 983 .8% 3.4% 2029 1016 - - 1016 .9% 3.4% 2030 1049 - - 1049 .9% 3.4% 2031 1081 - - 1081 .9% 3.4% 2032 1116 - - 1116 .9% 3.4% 2033 668 - - 668 .6% 3.4% Total $ 52763 $ 15425 $ 50167 $ 118355 100.0% Year of Lease Expiration Number of Leases Expiring Square Footage Expiring Percent of Square Footage Expiring Annualized Lease Income Expiring Percentage of Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring Percent of Portfolio Square Footage of Leases Expiring Percentage of Total Annualized Lease Income Signed leases not commenced 0 N/A N/A N/A N/A N/A 2015 0 N/A N/A N/A N/A N/A 2016 1 16,100 0.7 $,399,908 0.5 $24.839006211180124 0.7 0.5 2017 5 ,129,276 5.6 5,159,115 700.000000000000000000000000000000000000% 39.907755499860762 5.6 700.000000000000000000000000000000000000% 2018 2 ,239,878 10.5 9,132,873 12.3 38.072991270562532 10.5 12.3 2019 3 ,236,890 10.3 9,250,091 12.5 39.048043395668877 10.3 12.5 2020 3 87,112 3.8 4,048,489 5.5 46.47452704564239 3.8 5.5 2021 5 ,426,398 18.600000000000001 11,934,024 16.2 27.987992438988925 18.600000000000001 16.2 2022 3 ,105,441 4.5999999999999996 2,313,158 3.1 21.937936855682324 4.5999999999999996 3.1 2023 1 ,105,641 4.5999999999999996 ,545,028 0.7 5.1592468833123499 4.5999999999999996 0.7 2024 4 ,364,206 15.8 12,664,688 17.100000000000001 34.773419438449672 15.8 17.100000000000001 2025 3 ,108,955 4.7 4,946,172 6.7 45.396466431095405 4.7 6.7 Thereafter 8 ,478,657 20.8 13,662,409 18.399999999999999 28.543213616430972 20.8 18.399999999999999 Total / Weighted Average 38 2,298,554 10000.000000000000000000000000000000000000% $74,055,955 10000.000000000000000000000000000000000000% $32.218496933289366 10000.000000000000000000000000000000000000% 10000.000000000000000000000000000000000000% 0 0
EBITDA, FFO and CAD (Unaudited, in thousands, except share and per share data) Debt Schedules (Unaudited, in thousands) Date 42277 Debt Instrument Maturity Date Stated Rate September 30, 2015 Balance September 30, 2015 Percent of Total Indebtedness Debt Inputs Credit Facility Availability Unsecured revolving credit facility ICE - Charleston 22,253,318.390000001 Total Credit Facility ,400,000 Unsecured revolving credit facility(1) 43507 LIBOR + 1.40% $50,167 0.42386886908030924 USFS II - Albuquerque 17,500,000 Used Capacity ,-50,167.330399999999 Total unsecured revolving credit facility 3.4 years $50,167 0.42386886908030924 CBP - Savannah 15,745,000 Remaining Capacity ,349,832.66960000002 (wtd-avg maturity) MEPCOM - Jacksonville 12,690,392.359999999 Maturity of Debt Calculation Secured mortgage debt Credit Facility Rate Outstanding 0.42386793198346173 1.4283768666839944 ICE - Charleston 46402 4.2099999999999999E-2 $22,253 0.18801909509526424 Piece 1 1.5900000000000001E-2 2,500,000 0.18802013123940992 2.1248850448289476 USFS II - Albuquerque 46217 4.4600000000000001E-2 17,500 0.14786025093996874 Piece 2 1.5900000000000001E-2 20,000,000 0.14785895024843859 1.5960664766543784 CBP - Savannah 48770 3.4000000000000002E-2 15,745 0.13303198005998901 Piece 3 1.5900000000000001E-2 10,917,330.4 0.13303080980923804 2.3664905427161167 MEPCOM - Jacksonville 45944 4.41E-2 12,690 0.10721980482446876 Piece 4 1.6E-2 2,500,000 0.10722217671945171 1.0772156767951491 Total secured mortgage debt 12.4 years 4.1243498760460143E-2 $68,188 0.57613113091969081 Piece 5 1.61E-2 14,250,000 (wtd-avg maturity) (wtd-avg rate) 50,167,330.399999999 Weighted Debt Maturity 8.593034607678586 Total Debt ,118,356,041.15000001 0.32634901210535061 3.6881908902317022 Debt Statistics September 30, 2015 0.25664072259937837 2.7703135535384953 Variable rate debt - unhedged $50,167 Weighted Interest of Debt 0.23090332441869785 4.107548727261932 Fixed rate debt 68,188 Credit Facility 800.76055336000002 0.18610694087657317 1.869737403272312 Total debt (excluding unamortized premiums & discounts) $,118,355 ICE - Charleston 936.86470421900003 USFS II - Albuquerque 780.5 Weighted Secured Debt Maturity 12.435790574304441 % Variable rate debt - unhedged 0.42386886908030924 CBP - Savannah 535.33000000000004 % Fixed rate debt 0.57613113091969081 MEPCOM - Jacksonville 559.64630307599998 Total 3,613.101560655 Weighted average maturity 8.6 years Weighted average interest rate 3.5% Weighted Avg. Interest Rate 3.0527394508539626E-2 Weighted Avg. Interest Rate of Secured Debt 4.1243498760460143E-2 *Credit facility has available capacity of $349832.6696 Tenant Number of Properties Number of Leases Weighted Average Remaining Lease Term Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Percentage of Leased Square Feet Percentage of Total Annualized Lease Income U.S. Government Drug Enforcement Administration 8 8 4.8176538112746865 ,313,003 0.13600000000000001 $12,368,725.43058969 0.16600000000000001 0.13600000000000001 0.16600000000000001 Federal Bureau of Investigation 3 3 6.8189029366841698 ,362,757 0.159 11,684,742 0.158 0.159 0.158 Internal Revenue Service 1 1 3.1698630136986301 ,180,481 7.9% 7,383,918 0.1 7.9% 0.1 Administrative Office of the U.S. Courts 3 3 7.6010882114454166 ,183,672 0.08 7,148,829 9.7% 0.08 9.7% U.S. Patent and Trademark Office 1 2 3.5884606585451708 ,189,871 8.3% 6,478,209 8.7% 8.3% 8.7% Bureau of Customs and Border Protection 3 3 9.4745482168189383 ,127,397 5.5% 5,424,956 7.3% 5.5% 7.3% U.S. Forest Service 2 2 8.3635330893483157 ,191,175 8.3% 5,400,061 7.3% 8.3% 7.3% U.S. Immigration and Customs Enforcement 2 4 8.5596935063363944 ,111,422 4.8% 4,867,549.9569410319 6.6% 4.8% 6.6% Department of Transportation 1 2 8.5856002684385935 ,129,659 5.6% 3,560,790 4.8% 5.6% 4.8% U.S. Military Entrance Processing Command 1 1 10.002739726027396 30,000 1.3% 2,161,861 2.9% 1.3% 2.9% Department of Energy 1 1 14.106849315068493 ,115,650 0.05 2,058,570 2.8% 0.05 2.8% U.S. Coast Guard 1 1 12.210958904109589 59,547 2.6% 1,569,666 2.1% 2.6% 2.1% Social Security Administration 2 2 3.6791513459977017 23,333 0.01 ,962,602 1.3% 0.01 1.3% U.S. Department of Agriculture 0 1 10.263013698630138 1,538 1.1% 48,563 1.1% 1.1% 1.1% Subtotal 29 34 7.063244712787851 2,019,505 0.87900000000000023 $71,119,042 0.96 0.87900000000000023 0.96 0.0% 0.0% Private Tenants Parbel of Florida 1 1 7.1726027397260275 81,721 3.6% $1,476,569 1.9938558620977882 3.6% 0.02 United Technologies / P&W 1 1 8.257534246575343 ,105,641 4.6% ,545,028 .7% 4.6% .7% LifePoint, Inc. 0 1 4.0027397260273974 21,609 .9% ,497,441 .7% .9% ..7% Lummus Corporation 1 1 12.843835616438357 70,078 3.5% ,417,875 .6% 0.03 .6% Subtotal 3 4 8.7620882314722852 ,279,049 0.12140197706906168 $2,936,913 3.9658026150631645 0.12099999999999998 0.04 40197706906169861.4% .-34197384936835579 Total / Weighted Average 32 38 7.2694876746871024 2,298,554 1.000401977069062 $74,055,955 0.9996580261506316 September 30, 2015 Assets Real estate properties, net $,668,034 Cash and cash equivalents 4,466 Restricted cash 1,810 Rents receivable 5,632 Accounts receivable 2,856 Deferred financing, net 2,856 Intangible assets, net ,104,657 Prepaid expenses and other assets 2,869 Total assets $,793,180 Liabilities Revolving credit facility 50,167 Mortgage notes payable 68,756 Intangible liabilities, net 39,690 Accounts payable and accrued liabilities 6,982 Total liabilities ,165,595 Equity Common stock, par value $0.01, 200,000,000 shares authorized, 24,168,379 shares issued and outstanding 241 Additional paid-in capital ,391,357 Retained (deficit) -1,799 Cumulative dividends -7,734 Total stockholders' equity ,382,065 Non-controlling interest in operating partnership ,245,520 Total equity ,627,585 Total liabilities and equity $,793,180 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Rentable Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Percentage of Total Annualized Lease Income U.S Government Leased Properties IRS - Fresno Fresno, CA Office 2018 2003 ,180,481 $7,383,918 0.1 $40.912439536571718 0.1 PTO - Arlington Arlington, VA Office 2019 / 2020 2009 ,189,871 6,478,209 8.9% 34.11900184862354 8.9% FBI - San Antonio San Antonio, TX Office 2021 2007 ,148,584 4,980,626 6.7% 33.52060787164163 6.7% FBI - Omaha Omaha, NE Office 2024 2009 ,112,196 4,568,474 6.2% 40.718688723305647 6.2% ICE - Charleston North Charleston, SC Office 2019 / 2027 1994 / 2012 86,733 3,617,320 4.9% 41.706386265896484 4.9% DOT - Lakewood Lakewood, CO Office 2024 2004 ,122,225 3,345,895 4.5% 27.374882389036614 4.5% AOC - El Centro El Centro, CA Courthouse/Office 2019 2004 46,813 3,037,113 4.1% 64.877555379915833 4.1% USFS II - Albuquerque Albuquerque, NM Office 2026 2011 98,720 2,771,855 3.7% 28.07794773095624 3.7% DEA - Vista Vista, CA Laboratory 2020 2002 54,119 2,752,688 3.7% 50.863615366137587 3.7% AOC - Del Rio Del Rio, TX Courthouse/Office 2024 1992 / 2004 89,880 2,658,810 3.6% 29.581775700934578 3.6% USFS I - Albuquerque Albuquerque, NM Office 2021 2006 92,455 2,628,206 3.5% 28.426867124547076 3.5% MEPCOM - Jacksonville Jacksonville, FL Office 2025 2010 30,000 2,161,861 2.9% 72.062033333333332 2.9% FBI - Little Rock Little Rock, AR Office 2021 2001 ,101,977 2,135,642 2.9% 20.942388970061877 2.9% CBP - Savannah Savannah, GA Laboratory 2033 2013 35,000 2,107,714 2.8% 60.220399999999998 2.8% DEA - Santa Ana Santa Ana, CA Office 2024 2004 39,905 2,091,509 2.8% 52.412203984463098 2.8% DOE - Lakewood Lakewood, CO Office 2029 1999 ,115,650 2,058,570 2.8% 17.8 2.8% ICE - Otay San Diego, CA Office 2017 - 2026 2001 52,881 1,785,842 2.4% 33.770957432726313 2.4% DEA - Dallas Dallas, TX Office 2021 2001 71,827 1,771,987 2.4% 24.670207582107007 2.4% CBP - Chula Vista Chula Vista, CA Office 2018 1998 59,397 1,748,955 2.4% 29.445173998686801 2.4% DEA - North Highlands Sacramento, CA Office 2017 2002 37,975 1,709,309 2.3% 45.011428571428574 2.3% USCG - Martinsburg Martinsburg, WV Office 2027 2007 59,547 1,569,666 2.1% 26.360118897677467 2.1% CBP - Sunburst Sunburst, MT Office 2028 2008 33,000 1,568,287 2.1% 47.523848484848486 2.1% AOC - Aberdeen Aberdeen, MS Courthouse/Office 2025 2005 46,979 1,452,906 0.02 30.926711935119947 0.02 DEA - Albany Albany, NY Office 2025 2004 31,976 1,331,405 1.8% 41.637634475856892 1.8% DEA - Riverside Riverside, CA Office 2017 1997 34,354 1,275,320 1.7% 37.122896897013447 1.7% DEA - Otay San Diego, CA Office 2017 1997 32,560 1,261,886 1.7% 38.755712530712529 1.7% SSA - Mission Viejo Mission Viejo, CA Office 2020 2005 11,590 ,533,129 .7% 45.999050905953411 .7% SSA - San Diego San Diego, CA Office 2017 2003 11,743 ,429,473 .6% 36.572681597547472 .6% DEA - San Diego San Diego, CA Warehouse 2016 1999 16,100 ,399,908 .5% 24.839006211180124 .5% Subtotal 2,044,538 $71,616,483 0.9670000000000003 $35.028198546566507 0.9670000000000003 0.0% Privately Leased Properties 2650 SW 145th Avenue - Parbel of Florida Miramar, FL Warehouse/Distribution 2022 2007 81,721 1,476,569 0.02 18.068415707100989 0.02 5998 Osceola Court - United Technologies Midland, GA Manufacturing/Warehouse 2023 2014 ,105,641 ,545,028 .7% 5.1592468833123499 .7% 501 East Hunter Street - Lummus Corporation Lubbock, TX Warehouse/Distribution 2028 2013 70,078 ,417,875 .6% 5.9629983732412457 .6% Subtotal ,257,440 $2,439,472 3.3% $9.4758856432566816 3.3% 0.0% Total / Weighted Average 2,301,978 $74,055,955 1.0000000000000002 $32.170574610183067 1.0000000000000002 0.0% Price of Common Shares Three months ended September 30, 2015 Earnings Three months ended September 30, 2015 Pro forma nine months ended September 30, 2015 High closing price during period $16.2 Net income available to Easterly Government Properties, Inc. $498 Interest Expense (Not including Deferred Financing) Low closing price during period $15.29 Net income available to Easterly Government Properties, Inc. per share: Total per Income Statement $1,341 End of period closing price $15.95 Basic $1.9634067376828952E-2 Less: Non-Cash Interest $191 Diluted $1.8797055096309922E-2 Interest Total $1,150 Outstanding Classes of Stock and Net income $818 $3,289 Partnership Units - Fully Diluted Basis At September 30, 2015 Net income, per share - fully diluted basis $2.0604888025319134E-2 $8.2847771045568008E-2 Common shares 24,141,712 Unvested restricted shares 26,667 Funds From Operations $10,162 $30,785 Common partnership units outstanding 15,530,938.89946384 Funds From Operations, per share - fully diluted basis $0.25597417128764427 $0.77545412941253 Total - fully diluted basis 39699317.89946384 Funds From Operations, as Adjusted $9,802 $29,106 Market Capitalization At September 30, 2015 Funds From Operations, as Adjusted, per share - fully diluted basis $0.24690600540853075 $0.73316121132633094 Total equity market capitalization - fully diluted basis $,633,204.12049644813 Consolidated debt (excluding unamortized premiums & discounts) ,118,355 Cash Available for Distribution $8,810 $26,336 Cash and cash equivalents -4,466 Cash Available for Distribution, per share - fully diluted basis $0.22191817054164006 $0.66338671275648498 Total enterprise value $,747,093.12049644813 Cash Balance per TB Liquidity At September 30, 2015 4,465,747.1499999994 Ratios At September 30, 2015 Cash and cash equivalents $4,466 Net debt to total enterprise value 0.15244284397147176 Net debt to total equity market capitalization 0.17986143221984741 Unsecured revolving credit facility Net debt to annualized quarterly EBITDA 2.4752021211857778 Total current facility size $,400,000 Cash interest coverage ratio 10.002608695652174 Less: outstanding balance ,-50,167 Cash fixed charge coverage ratio 6.6033295063145809 Available under unsecured revolving credit facility $,349,833 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Interest expense 1,341 2,608 3,949 EBITDA $11,503 23,231 $34,734 Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Funds From Operations (FFO) $10,162 $20,623 $30,785 Adjustments to FFO: Acquisition costs 235 418 653 Straight-line rent -66 -,131 -,197 SLR includes corporate Above-/below-market leases -1,383 -2,541 -3,924 Non-cash interest expense 191 377 568 Non-cash compensation 663 558 1,221 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 FFO, per share - fully diluted basis $0.25597417128764427 $0.51947995812488568 $0.77545412941253 FFO, as Adjusted, per share - fully diluted basis $0.24690600540853075 $0.48625520591780019 $0.73316121132633094 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 Acquisition costs -,235 -,418 -,653 Principal amortization -,592 -1,200 -1,792 Maintenance capital expenditures -,149 -,126 -,275 Contractual tenant improvements -16 -34 -50 Cash Available for Distribution (CAD) $8,810 $17,526 $26,336 CAD, per share - fully diluted basis $0.22191817054164006 $0.44146854221484488 $0.66338671275648498 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenue Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 Operating Expenses Property operating 3,838 6,691 10,529 Real estate taxes 1,980 3,517 5,497 Total expenses 5,818 10,208 16,026 Net Operating Income $14,039 27,584 $41,623 Adjustments to Net Operating Income: Straight-line rent -67 -,131 -,198 SLR for properties only Above-/below-market leases -1,383 -2,541 -3,924 Cash Net Operating Income $12,589 $24,912 $37,501 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenues Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 No. of Shares Operating Expenses Entity OPUs Shares Total Property operating 3,838 6,691 10,529 0.39121425164911411 0.60878574835088595 Real estate taxes 1,980 3,517 5,497 Depreciation and amortization 9,344 18,152 27,496 Acquisition costs 235 418 653 Corporate general and administrative 2,301 3,935 6,236 Total expenses 17,698 32,713 50,411 Operating income 2,159 5,079 7,238 Other (expenses) Interest expense, net -1,341 -2,608 -3,949 Net income 818 2,471 3,289 Non-controlling interest in operating partnership -,320 -,967 -1,287 Net income available to Easterly Government Properties, Inc. $498 $1,504 $2,002 Net income available to Easterly Government Properties, Inc. per share: Basic $1.9634067376828952E-2 Diluted $1.8797055096309922E-2 Weighted-average common shares outstanding: Basic 24,141,712 Diluted 25,216,716 Net income, per share - fully diluted basis $2.0604888025319134E-2 0 6.2242883020248871E-2 $8.2847771045568008E-2 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Dividends Variance Check Three months ended September 30, 2015 Numerator Net Income (loss) 818 Less: Non-controlling interest in predecessor 0 Less: Non-controlling interest in operating partnership -,320 Net Income (loss) available to Easterly Government Properties, Inc. 498 Less: Dividends on participating securities -24 Income available to common stockholders $474 Denominator for basic EPS 24,141,712 Dilutive effect of share-based compensation awards 12,072 Dilutive effect of LTIP units 1,062,932 Denominator for basic and diluted EPS 25,216,716 Basic EPS $1.9634067376828952E-2 Diluted EPS $1.8797055096309922E-2 Variance $0 Debt Maturities (Unaudited, in thousands) Secured Debt Unsecured Debt Year Scheduled Amortization Balloon Payments Credit Facility Total Percent of Debt Maturing Weighted Average Interest Rate of Maturing Debt 2015 $ 650 $ - $ - $ 650 .5% 4.1% 2016 2857 - - 2857 2.4% 4.1% 2017 2977 - - 2977 2.5% 4.1% 2018 3100 - - 3100 2.6% 4.1% 2019 3229 - 50167 53396 0.45100000000000001 1.7% 2020 3395 - - 3395 2.9% 4.1% 2021 4054 - - 4054 3.4% 4.2% 2022 5109 - - 5109 4.3% 4.2% 2023 5388 - - 5388 4.6% 4.2% 2024 5679 - - 5679 4.8% 4.2% 2025 5633 1917 - 7550 6.4% 4.3% 2026 3686 6368 - 10054 8.5% 4.3% 2027 1093 7140 - 8233 7.7% 4.1% 2028 983 - - 983 .8% 3.4% 2029 1016 - - 1016 .9% 3.4% 2030 1049 - - 1049 .9% 3.4% 2031 1081 - - 1081 .9% 3.4% 2032 1116 - - 1116 ..9% 3.4% 2033 668 - - 668 .6% 3.4% Total $ 52763 $ 15425 $ 50167 $ 118355 100.0% Year of Lease Expiration Number of Leases Expiring Square Footage Expiring Percent of Square Footage Expiring Annualized Lease Income Expiring Percentage of Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring Percent of Portfolio Square Footage of Leases Expiring Percentage of Total Annualized Lease Income Signed leases not commenced 0 N/A N/A N/A N/A N/A 2015 0 N/A N/A N/A N/A N/A 2016 1 16,100 0.7 $,399,908 0.5 $24.839006211180124 0.7 0.5 2017 5 ,129,276 5.6 5,159,115 700.000000000000000000000000000000000000% 39.907755499860762 5.6 700.000000000000000000000000000000000000% 2018 2 ,239,878 10.5 9,132,873 12.3 38.072991270562532 10.5 12.3 2019 3 ,236,890 10.3 9,250,091 12.5 39.048043395668877 10.3 12.5 2020 3 87,112 3.8 4,048,489 5.5 46.47452704564239 3.8 5.5 2021 5 ,426,398 18.600000000000001 11,934,024 16.2 27.987992438988925 18.600000000000001 16.2 2022 3 ,105,441 4.5999999999999996 2,313,158 3.1 21.937936855682324 4.5999999999999996 3.1 2023 1 ,105,641 4.5999999999999996 ,545,028 0.7 5.1592468833123499 4.5999999999999996 0.7 2024 4 ,364,206 15.8 12,664,688 17.100000000000001 34.773419438449672 15.8 17.100000000000001 2025 3 ,108,955 4.7 4,946,172 6.7 45.396466431095405 4.7 6.7 Thereafter 8 ,478,657 20.8 13,662,409 18.399999999999999 28.543213616430972 20.8 18.399999999999999 Total / Weighted Average 38 2,298,554 10000.000000000000000000000000000000000000% $74,055,955 10000.000000000000000000000000000000000000% $32.218496933289366 10000.000000000000000000000000000000000000% 10000.000000000000000000000000000000000000% 0 0 Debt Schedules (Unaudited, in thousands) Date 42277 Debt Instrument Maturity Date Stated Rate September 30, 2015 Balance September 30, 2015 Percent of Total Indebtedness Debt Inputs Credit Facility Availability Unsecured revolving credit facility ICE - Charleston 22,253,318.390000001 Total Credit Facility ,400,000 Unsecured revolving credit facility(1) 43507 LIBOR + 1.40% $50,167 0.42386886908030924 USFS II - Albuquerque 17,500,000 Used Capacity ,-50,167.330399999999 Total unsecured revolving credit facility 3.4 years $50,167 0.42386886908030924 CBP - Savannah 15,745,000 Remaining Capacity ,349,832.66960000002 (wtd-avg maturity) MEPCOM - Jacksonville 12,690,392.359999999 Maturity of Debt Calculation Secured mortgage debt Credit Facility Rate Outstanding 0.42386793198346173 1.4283768666839944 ICE - Charleston 46402 4.2099999999999999E-2 $22,253 0.18801909509526424 Piece 1 1.5900000000000001E-2 2,500,000 0.18802013123940992 2.1248850448289476 USFS II - Albuquerque 46217 4.4600000000000001E-2 17,500 0.14786025093996874 Piece 2 1.5900000000000001E-2 20,000,000 0.14785895024843859 1.5960664766543784 CBP - Savannah 48770 3.4000000000000002E-2 15,745 0.13303198005998901 Piece 3 1.5900000000000001E-2 10,917,330.4 0.13303080980923804 2.3664905427161167 MEPCOM - Jacksonville 45944 4.41E-2 12,690 0.10721980482446876 Piece 4 1.6E-2 2,500,000 0.10722217671945171 1.0772156767951491 Total secured mortgage debt 12.4 years 4.1243498760460143E-2 $68,188 0.57613113091969081 Piece 5 1.61E-2 14,250,000 (wtd-avg maturity) (wtd-avg rate) 50,167,330.399999999 Weighted Debt Maturity 8.593034607678586 Total Debt ,118,356,041.15000001 0.32634901210535061 3.6881908902317022 Debt Statistics September 30, 2015 0.25664072259937837 2.7703135535384953 Variable rate debt - unhedged $50,167 Weighted Interest of Debt 0.23090332441869785 4.107548727261932 Fixed rate debt 68,188 Credit Facility 800.76055336000002 0.18610694087657317 1.869737403272312 Total debt (excluding unamortized premiums & discounts) $,118,355 ICE - Charleston 936.86470421900003 USFS II - Albuquerque 780.5 Weighted Secured Debt Maturity 12.435790574304441 % Variable rate debt - unhedged 0.42386886908030924 CBP - Savannah 535.33000000000004 % Fixed rate debt 0.57613113091969081 MEPCOM - Jacksonville 559.64630307599998 Total 3,613.101560655 Weighted average maturity 8.6 years Weighted average interest rate 3.5% Weighted Avg. Interest Rate 3.0527394508539626E-2 Weighted Avg. Interest Rate of Secured Debt 4.1243498760460143E-2 *Credit facility has available capacity of $349832.6696 Tenant Number of Properties Number of Leases Weighted Average Remaining Lease Term Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Percentage of Leased Square Feet Percentage of Total Annualized Lease Income U.S. Government Drug Enforcement Administration 8 8 4.8176538112746865 ,313,003 0.13600000000000001 $12,368,725.43058969 0.16600000000000001 0.13600000000000001 0.16600000000000001 Federal Bureau of Investigation 3 3 6.8189029366841698 ,362,757 0.159 11,684,742 0.158 0.159 0.158 Internal Revenue Service 1 1 3.1698630136986301 ,180,481 7.9% 7,383,918 0.1 7.9% 0.1 Administrative Office of the U.S. Courts 3 3 7.6010882114454166 ,183,672 0.08 7,148,829 9.7% 0.08 9.7% U.S. Patent and Trademark Office 1 2 3.5884606585451708 ,189,871 8.3% 6,478,209 8.7% 8.3% 8.7% Bureau of Customs and Border Protection 3 3 9.4745482168189383 ,127,397 5.5% 5,424,956 7.3% 5.5% 7.3% U.S. Forest Service 2 2 8.3635330893483157 ,191,175 8.3% 5,400,061 7.3% 8.3% 7.3% U.S. Immigration and Customs Enforcement 2 4 8.5596935063363944 ,111,422 4.8% 4,867,549.9569410319 6.6% 4.8% 6.6% Department of Transportation 1 2 8.5856002684385935 ,129,659 5.6% 3,560,790 4.8% 5.6% 4.8% U.S. Military Entrance Processing Command 1 1 10.002739726027396 30,000 1.3% 2,161,861 2.9% 1.3% 2.9% Department of Energy 1 1 14.106849315068493 ,115,650 0.05 2,058,570 2.8% 0.05 2.8% U.S. Coast Guard 1 1 12.210958904109589 59,547 2.6% 1,569,666 2.1% 2.6% 2.1% Social Security Administration 2 2 3.6791513459977017 23,333 0.01 ,962,602 1.3% 0.01 1.3% U.S. Department of Agriculture 0 1 10.263013698630138 1,538 1.1% 48,563 1.1% 1.1% 1.1% Subtotal 29 34 7.063244712787851 2,019,505 0.87900000000000023 $71,119,042 0.96 0.87900000000000023 0.96 0.0% 0.0% Private Tenants Parbel of Florida 1 1 7.1726027397260275 81,721 3.6% $1,476,569 1.9938558620977882 3.6% 0.02 United Technologies / P&W 1 1 8.257534246575343 ,105,641 4.6% ,545,028 .7% 4.6% .7% LifePoint, Inc. 0 1 4.0027397260273974 21,609 .9% ,497,441 .7% .9% .7% Lummus Corporation 1 1 12.843835616438357 70,078 3.5% ,417,875 .6% 0.03 .6% Subtotal 3 4 8.7620882314722852 ,279,049 0.12140197706906168 $2,936,913 3.9658026150631645 0.12099999999999998 0.04 40197706906169861.4% .-34197384936835579 Total / Weighted Average 32 38 7.2694876746871024 2,298,554 1.000401977069062 $74,055,955 0.9996580261506316 September 30, 2015 Assets Real estate properties, net $,668,034 Cash and cash equivalents 4,466 Restricted cash 1,810 Rents receivable 5,632 Accounts receivable 2,856 Deferred financing, net 2,856 Intangible assets, net ,104,657 Prepaid expenses and other assets 2,869 Total assets $,793,180 Liabilities Revolving credit facility 50,167 Mortgage notes payable 68,756 Intangible liabilities, net 39,690 Accounts payable and accrued liabilities 6,982 Total liabilities ,165,595 Equity Common stock, par value $0.01, 200,000,000 shares authorized, 24,168,379 shares issued and outstanding 241 Additional paid-in capital ,391,357 Retained (deficit) -1,799 Cumulative dividends -7,734 Total stockholders' equity ,382,065 Non-controlling interest in operating partnership ,245,520 Total equity ,627,585 Total liabilities and equity $,793,180 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Rentable Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Percentage of Total Annualized Lease Income U.S Government Leased Properties IRS - Fresno Fresno, CA Office 2018 2003 ,180,481 $7,383,918 0.1 $40.912439536571718 0.1 PTO - Arlington Arlington, VA Office 2019 / 2020 2009 ,189,871 6,478,209 8.9% 34.11900184862354 8.9% FBI - San Antonio San Antonio, TX Office 2021 2007 ,148,584 4,980,626 6.7% 33.52060787164163 6.7% FBI - Omaha Omaha, NE Office 2024 2009 ,112,196 4,568,474 6.2% 40.718688723305647 6.2% ICE - Charleston North Charleston, SC Office 2019 / 2027 1994 / 2012 86,733 3,617,320 4.9% 41.706386265896484 4.9% DOT - Lakewood Lakewood, CO Office 2024 2004 ,122,225 3,345,895 4.5% 27.374882389036614 4.5% AOC - El Centro El Centro, CA Courthouse/Office 2019 2004 46,813 3,037,113 4.1% 64.877555379915833 4.1% USFS II - Albuquerque Albuquerque, NM Office 2026 2011 98,720 2,771,855 3.7% 28.07794773095624 3.7% DEA - Vista Vista, CA Laboratory 2020 2002 54,119 2,752,688 3.7% 50.863615366137587 3.7% AOC - Del Rio Del Rio, TX Courthouse/Office 2024 1992 / 2004 89,880 2,658,810 3.6% 29.581775700934578 3.6% USFS I - Albuquerque Albuquerque, NM Office 2021 2006 92,455 2,628,206 3.5% 28.426867124547076 3.5% MEPCOM - Jacksonville Jacksonville, FL Office 2025 2010 30,000 2,161,861 2.9% 72.062033333333332 2.9% FBI - Little Rock Little Rock, AR Office 2021 2001 ,101,977 2,135,642 2.9% 20.942388970061877 2.9% CBP - Savannah Savannah, GA Laboratory 2033 2013 35,000 2,107,714 2.8% 60.220399999999998 2.8% DEA - Santa Ana Santa Ana, CA Office 2024 2004 39,905 2,091,509 2.8% 52.412203984463098 2.8% DOE - Lakewood Lakewood, CO Office 2029 1999 ,115,650 2,058,570 2.8% 17.8 2.8% ICE - Otay San Diego, CA Office 2017 - 2026 2001 52,881 1,785,842 2.4% 33.770957432726313 2.4% DEA - Dallas Dallas, TX Office 2021 2001 71,827 1,771,987 2.4% 24.670207582107007 2.4% CBP - Chula Vista Chula Vista, CA Office 2018 1998 59,397 1,748,955 2.4% 29.445173998686801 2.4% DEA - North Highlands Sacramento, CA Office 2017 2002 37,975 1,709,309 2.3% 45.011428571428574 2.3% USCG - Martinsburg Martinsburg, WV Office 2027 2007 59,547 1,569,666 2.1% 26.360118897677467 2.1% CBP - Sunburst Sunburst, MT Office 2028 2008 33,000 1,568,287 2.1% 47.523848484848486 2.1% AOC - Aberdeen Aberdeen, MS Courthouse/Office 2025 2005 46,979 1,452,906 0.02 30.926711935119947 0.02 DEA - Albany Albany, NY Office 2025 2004 31,976 1,331,405 1.8% 41.637634475856892 1.8% DEA - Riverside Riverside, CA Office 2017 1997 34,354 1,275,320 1.7% 37.122896897013447 1.7% DEA - Otay San Diego, CA Office 2017 1997 32,560 1,261,886 1.7% 38.755712530712529 1.7% SSA - Mission Viejo Mission Viejo, CA Office 2020 2005 11,590 ,533,129 .7% 45.999050905953411 .7% SSA - San Diego San Diego, CA Office 2017 2003 11,743 ,429,473 .6% 36.572681597547472 .6% DEA - San Diego San Diego, CA Warehouse 2016 1999 16,100 ,399,908 .5% 24.839006211180124 ..5% Subtotal 2,044,538 $71,616,483 0.9670000000000003 $35.028198546566507 0.9670000000000003 0.0% Privately Leased Properties 2650 SW 145th Avenue - Parbel of Florida Miramar, FL Warehouse/Distribution 2022 2007 81,721 1,476,569 0.02 18.068415707100989 0.02 5998 Osceola Court - United Technologies Midland, GA Manufacturing/Warehouse 2023 2014 ,105,641 ,545,028 .7% 5.1592468833123499 .7% 501 East Hunter Street - Lummus Corporation Lubbock, TX Warehouse/Distribution 2028 2013 70,078 ,417,875 .6% 5.9629983732412457 .6% Subtotal ,257,440 $2,439,472 3.3% $9.4758856432566816 3.3% 0.0% Total / Weighted Average 2,301,978 $74,055,955 1.0000000000000002 $32.170574610183067 1.0000000000000002 0.0% Price of Common Shares Three months ended September 30, 2015 Earnings Three months ended September 30, 2015 Pro forma nine months ended September 30, 2015 High closing price during period $16.2 Net income available to Easterly Government Properties, Inc. $498 Interest Expense (Not including Deferred Financing) Low closing price during period $15.29 Net income available to Easterly Government Properties, Inc. per share: Total per Income Statement $1,341 End of period closing price $15.95 Basic $1.9634067376828952E-2 Less: Non-Cash Interest $191 Diluted $1.8797055096309922E-2 Interest Total $1,150 Outstanding Classes of Stock and Net income $818 $3,289 Partnership Units - Fully Diluted Basis At September 30, 2015 Net income, per share - fully diluted basis $2.0604888025319134E-2 $8.2847771045568008E-2 Common shares 24,141,712 Unvested restricted shares 26,667 Funds From Operations $10,162 $30,785 Common partnership units outstanding 15,530,938.89946384 Funds From Operations, per share - fully diluted basis $0.25597417128764427 $0.77545412941253 Total - fully diluted basis 39699317.89946384 Funds From Operations, as Adjusted $9,802 $29,106 Market Capitalization At September 30, 2015 Funds From Operations, as Adjusted, per share - fully diluted basis $0.24690600540853075 $0.73316121132633094 Total equity market capitalization - fully diluted basis $,633,204.12049644813 Consolidated debt (excluding unamortized premiums & discounts) ,118,355 Cash Available for Distribution $8,810 $26,336 Cash and cash equivalents -4,466 Cash Available for Distribution, per share - fully diluted basis $0.22191817054164006 $0.66338671275648498 Total enterprise value $,747,093.12049644813 Cash Balance per TB Liquidity At September 30, 2015 4,465,747.1499999994 Ratios At September 30, 2015 Cash and cash equivalents $4,466 Net debt to total enterprise value 0.15244284397147176 Net debt to total equity market capitalization 0.17986143221984741 Unsecured revolving credit facility Net debt to annualized quarterly EBITDA 2.4752021211857778 Total current facility size $,400,000 Cash interest coverage ratio 10.002608695652174 Less: outstanding balance ,-50,167 Cash fixed charge coverage ratio 6.6033295063145809 Available under unsecured revolving credit facility $,349,833 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Interest expense 1,341 2,608 3,949 EBITDA $11,503 23,231 $34,734 Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Funds From Operations (FFO) $10,162 $20,623 $30,785 Adjustments to FFO: Acquisition costs 235 418 653 Straight-line rent -66 -,131 -,197 SLR includes corporate Above-/below-market leases -1,383 -2,541 -3,924 Non-cash interest expense 191 377 568 Non-cash compensation 663 558 1,221 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 FFO, per share - fully diluted basis $0.25597417128764427 $0.51947995812488568 $0.77545412941253 FFO, as Adjusted, per share - fully diluted basis $0.24690600540853075 $0.48625520591780019 $0.73316121132633094 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 Acquisition costs -,235 -,418 -,653 Principal amortization -,592 -1,200 -1,792 Maintenance capital expenditures -,149 -,126 -,275 Contractual tenant improvements -16 -34 -50 Cash Available for Distribution (CAD) $8,810 $17,526 $26,336 CAD, per share - fully diluted basis $0.22191817054164006 $0.44146854221484488 $0.66338671275648498 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenue Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 Operating Expenses Property operating 3,838 6,691 10,529 Real estate taxes 1,980 3,517 5,497 Total expenses 5,818 10,208 16,026 Net Operating Income $14,039 27,584 $41,623 Adjustments to Net Operating Income: Straight-line rent -67 -,131 -,198 SLR for properties only Above-/below-market leases -1,383 -2,541 -3,924 Cash Net Operating Income $12,589 $24,912 $37,501 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenues Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 No. of Shares Operating Expenses Entity OPUs Shares Total Property operating 3,838 6,691 10,529 0.39121425164911411 0.60878574835088595 Real estate taxes 1,980 3,517 5,497 Depreciation and amortization 9,344 18,152 27,496 Acquisition costs 235 418 653 Corporate general and administrative 2,301 3,935 6,236 Total expenses 17,698 32,713 50,411 Operating income 2,159 5,079 7,238 Other (expenses) Interest expense, net -1,341 -2,608 -3,949 Net income 818 2,471 3,289 Non-controlling interest in operating partnership -,320 -,967 -1,287 Net income available to Easterly Government Properties, Inc. $498 $1,504 $2,002 Net income available to Easterly Government Properties, Inc. per share: Basic $1.9634067376828952E-2 Diluted $1.8797055096309922E-2 Weighted-average common shares outstanding: Basic 24,141,712 Diluted 25,216,716 Net income, per share - fully diluted basis $2.0604888025319134E-2 0 6.2242883020248871E-2 $8.2847771045568008E-2 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Dividends Variance Check Three months ended September 30, 2015 Numerator Net Income (loss) 818 Less: Non-controlling interest in predecessor 0 Less: Non-controlling interest in operating partnership -,320 Net Income (loss) available to Easterly Government Properties, Inc. 498 Less: Dividends on participating securities -24 Income available to common stockholders $474 Denominator for basic EPS 24,141,712 Dilutive effect of share-based compensation awards 12,072 Dilutive effect of LTIP units 1,062,932 Denominator for basic and diluted EPS 25,216,716 Basic EPS $1.9634067376828952E-2 Diluted EPS $1.8797055096309922E-2 Variance $0 Debt Maturities (Unaudited, in thousands) Secured Debt Unsecured Debt Year Scheduled Amortization Balloon Payments Credit Facility Total Percent of Debt Maturing Weighted Average Interest Rate of Maturing Debt 2015 $ 650 $ - $ - $ 650 .5% 4.1% 2016 2857 - - 2857 2.4% 4.1% 2017 2977 - - 2977 2.5% 4.1% 2018 3100 - - 3100 2.6% 4.1% 2019 3229 - 50167 53396 0.45100000000000001 1.7% 2020 3395 - - 3395 2.9% 4.1% 2021 4054 - - 4054 3.4% 4.2% 2022 5109 - - 5109 4.3% 4.2% 2023 5388 - - 5388 4.6% 4.2% 2024 5679 - - 5679 4.8% 4.2% 2025 5633 1917 - 7550 6.4% 4.3% 2026 3686 6368 - 10054 8.5% 4.3% 2027 1093 7140 - 8233 7.7% 4.1% 2028 983 - - 983 .8% 3.4% 2029 1016 - - 1016 .9% 3.4% 2030 1049 - - 1049 .9% 3.4% 2031 1081 - - 1081 .9% 3.4% 2032 1116 - - 1116 .9% 3.4% 2033 668 - - 668 .6% 3.4% Total $ 52763 $ 15425 $ 50167 $ 118355 100.0% Year of Lease Expiration Number of Leases Expiring Square Footage Expiring Percent of Square Footage Expiring Annualized Lease Income Expiring Percentage of Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring Percent of Portfolio Square Footage of Leases Expiring Percentage of Total Annualized Lease Income Signed leases not commenced 0 N/A N/A N/A N/A N/A 2015 0 N/A N/A N/A N/A N/A 2016 1 16,100 0.7 $,399,908 0.5 $24.839006211180124 0.7 0.5 2017 5 ,129,276 5.6 5,159,115 700.000000000000000000000000000000000000% 39.907755499860762 5.6 700.000000000000000000000000000000000000% 2018 2 ,239,878 10.5 9,132,873 12.3 38.072991270562532 10.5 12.3 2019 3 ,236,890 10.3 9,250,091 12.5 39.048043395668877 10.3 12.5 2020 3 87,112 3.8 4,048,489 5.5 46.47452704564239 3.8 5.5 2021 5 ,426,398 18.600000000000001 11,934,024 16.2 27.987992438988925 18.600000000000001 16.2 2022 3 ,105,441 4.5999999999999996 2,313,158 3.1 21.937936855682324 4.5999999999999996 3.1 2023 1 ,105,641 4.5999999999999996 ,545,028 0.7 5.1592468833123499 4.5999999999999996 0.7 2024 4 ,364,206 15.8 12,664,688 17.100000000000001 34.773419438449672 15.8 17.100000000000001 2025 3 ,108,955 4.7 4,946,172 6.7 45.396466431095405 4.7 6.7 Thereafter 8 ,478,657 20.8 13,662,409 18.399999999999999 28.543213616430972 20.8 18.399999999999999 Total / Weighted Average 38 2,298,554 10000.000000000000000000000000000000000000% $74,055,955 10000.000000000000000000000000000000000000% $32.218496933289366 10000.000000000000000000000000000000000000% 10000.000000000000000000000000000000000000% 0 0
Debt Schedules (Unaudited, in thousands) (1)Credit facility has available capacity of $349,833. Debt Schedules (Unaudited, in thousands) Date 42277 Debt Instrument Maturity Date Stated Rate September 30, 2015 Balance September 30, 2015 Percent of Total Indebtedness Debt Inputs Credit Facility Availability Unsecured revolving credit facility ICE - Charleston 22,253,318.390000001 Total Credit Facility ,400,000 Unsecured revolving credit facility(1) 43507 LIBOR + 1.40% $50,167 0.42386886908030924 USFS II - Albuquerque 17,500,000 Used Capacity ,-50,167.330399999999 Total unsecured revolving credit facility 3.4 years $50,167 0.42386886908030924 CBP - Savannah 15,745,000 Remaining Capacity ,349,832.66960000002 (wtd-avg maturity) MEPCOM - Jacksonville 12,690,392.359999999 Maturity of Debt Calculation Secured mortgage debt Credit Facility Rate Outstanding 0.42386793198346173 1.4283768666839944 ICE - Charleston 46402 4.2099999999999999E-2 $22,253 0.18801909509526424 Piece 1 1.5900000000000001E-2 2,500,000 0.18802013123940992 2.1248850448289476 USFS II - Albuquerque 46217 4.4600000000000001E-2 17,500 0.14786025093996874 Piece 2 1.5900000000000001E-2 20,000,000 0.14785895024843859 1.5960664766543784 CBP - Savannah 48770 3.4000000000000002E-2 15,745 0.13303198005998901 Piece 3 1.5900000000000001E-2 10,917,330.4 0.13303080980923804 2.3664905427161167 MEPCOM - Jacksonville 45944 4.41E-2 12,690 0.10721980482446876 Piece 4 1.6E-2 2,500,000 0.10722217671945171 1.0772156767951491 Total secured mortgage debt 12.4 years 4.1243498760460143E-2 $68,188 0.57613113091969081 Piece 5 1.61E-2 14,250,000 (wtd-avg maturity) (wtd-avg rate) 50,167,330.399999999 Weighted Debt Maturity 8.593034607678586 Total Debt ,118,356,041.15000001 0.32634901210535061 3.6881908902317022 Debt Statistics September 30, 2015 0.25664072259937837 2.7703135535384953 Variable rate debt - unhedged $50,167 Weighted Interest of Debt 0.23090332441869785 4.107548727261932 Fixed rate debt 68,188 Credit Facility 800.76055336000002 0.18610694087657317 1.869737403272312 Total debt (excluding unamortized premiums & discounts) $,118,355 ICE - Charleston 936.86470421900003 USFS II - Albuquerque 780.5 Weighted Secured Debt Maturity 12.435790574304441 % Variable rate debt - unhedged 0.42386886908030924 CBP - Savannah 535.33000000000004 % Fixed rate debt 0.57613113091969081 MEPCOM - Jacksonville 559.64630307599998 Total 3,613.101560655 Weighted average maturity 8.6 years Weighted average interest rate 3.5% Weighted Avg. Interest Rate 3.0527394508539626E-2 Weighted Avg. Interest Rate of Secured Debt 4.1243498760460143E-2 *Credit facility has available capacity of $349832.6696 Tenant Number of Properties Number of Leases Weighted Average Remaining Lease Term Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Percentage of Leased Square Feet Percentage of Total Annualized Lease Income U.S. Government Drug Enforcement Administration 8 8 4.8176538112746865 ,313,003 0.13600000000000001 $12,368,725.43058969 0.16600000000000001 0.13600000000000001 0.16600000000000001 Federal Bureau of Investigation 3 3 6.8189029366841698 ,362,757 0.159 11,684,742 0.158 0.159 0.158 Internal Revenue Service 1 1 3.1698630136986301 ,180,481 7.9% 7,383,918 0.1 7.9% 0.1 Administrative Office of the U.S. Courts 3 3 7.6010882114454166 ,183,672 0.08 7,148,829 9.7% 0.08 9.7% U.S. Patent and Trademark Office 1 2 3.5884606585451708 ,189,871 8.3% 6,478,209 8.7% 8.3% 8.7% Bureau of Customs and Border Protection 3 3 9.4745482168189383 ,127,397 5.5% 5,424,956 7.3% 5.5% 7.3% U.S. Forest Service 2 2 8.3635330893483157 ,191,175 8.3% 5,400,061 7.3% 8.3% 7.3% U.S. Immigration and Customs Enforcement 2 4 8.5596935063363944 ,111,422 4.8% 4,867,549.9569410319 6.6% 4.8% 6.6% Department of Transportation 1 2 8.5856002684385935 ,129,659 5.6% 3,560,790 4.8% 5.6% 4.8% U.S. Military Entrance Processing Command 1 1 10.002739726027396 30,000 1.3% 2,161,861 2.9% 1.3% 2.9% Department of Energy 1 1 14.106849315068493 ,115,650 0.05 2,058,570 2.8% 0.05 2.8% U.S. Coast Guard 1 1 12.210958904109589 59,547 2.6% 1,569,666 2.1% 2.6% 2.1% Social Security Administration 2 2 3.6791513459977017 23,333 0.01 ,962,602 1.3% 0.01 1.3% U.S. Department of Agriculture 0 1 10.263013698630138 1,538 1.1% 48,563 1.1% 1.1% 1.1% Subtotal 29 34 7.063244712787851 2,019,505 0.87900000000000023 $71,119,042 0.96 0.87900000000000023 0.96 0.0% 0.0% Private Tenants Parbel of Florida 1 1 7.1726027397260275 81,721 3.6% $1,476,569 1.9938558620977882 3.6% 0.02 United Technologies / P&W 1 1 8.257534246575343 ,105,641 4.6% $,545,028 .7% 4.6% .7% LifePoint, Inc. 0 1 4.0027397260273974 21,609 .9% $,497,441 .7% .9% .7% Lummus Corporation 1 1 12.843835616438357 70,078 3.5% $,417,875 .6% 0.03 .6% Subtotal 3 4 8.7620882314722852 ,279,049 0.12140197706906168 $2,936,913 3.9658026150631645 0.12099999999999998 0.04 40197706906169861.4% ..-34197384936835579 Total / Weighted Average 32 38 7.2694876746871024 2,298,554 1.000401977069062 $74,055,955 0.9996580261506316 September 30, 2015 Assets Real estate properties, net $,668,034 Cash and cash equivalents 4,466 Restricted cash 1,810 Deposits on investments 1,500 Rents receivable 5,632 Accounts receivable 2,856 Deferred financing, net 2,856 Intangible assets, net ,104,657 Prepaid expenses and other assets 1,369 Total assets $,793,180 Liabilities Revolving credit facility 50,167 Mortgage notes payable 68,756 Intangible liabilities, net 39,690 Accounts payable and accrued liabilities 6,982 Total liabilities ,165,595 Equity Common stock, par value $0.01, 200,000,000 shares authorized, 24,168,379 shares issued and outstanding 241 Additional paid-in capital ,389,159 Retained (deficit) -1,799 Cumulative dividends -7,734 Total stockholders' equity ,379,867 Non-controlling interest in operating partnership ,247,718 Total equity ,627,585 Total liabilities and equity $,793,180 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Rentable Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Percentage of Total Annualized Lease Income U.S Government Leased Properties IRS - Fresno Fresno, CA Office 2018 2003 ,180,481 $7,383,918 0.1 40.912439536571718 0.1 PTO - Arlington Arlington, VA Office 2019 / 2020 2009 ,189,871 6,478,209 8.9% 34.11900184862354 8.9% FBI - San Antonio San Antonio, TX Office 2021 2007 ,148,584 4,980,626 6.7% 33.52060787164163 6.7% FBI - Omaha Omaha, NE Office 2024 2009 ,112,196 4,568,474 6.2% 40.718688723305647 6.2% ICE - Charleston North Charleston, SC Office 2019 / 2027 1994 / 2012 86,733 3,617,320 4.9% 41.706386265896484 4.9% DOT - Lakewood Lakewood, CO Office 2024 2004 ,122,225 3,345,895 4.5% 27.374882389036614 4.5% AOC - El Centro El Centro, CA Courthouse/Office 2019 2004 46,813 3,037,113 4.1% 64.877555379915833 4.1% USFS II - Albuquerque Albuquerque, NM Office 2026 2011 98,720 2,771,855 3.7% 28.07794773095624 3.7% DEA - Vista Vista, CA Laboratory 2020 2002 54,119 2,752,688 3.7% 50.863615366137587 3.7% AOC - Del Rio Del Rio, TX Courthouse/Office 2024 1992 / 2004 89,880 2,658,810 3.6% 29.581775700934578 3.6% USFS I - Albuquerque Albuquerque, NM Office 2021 2006 92,455 2,628,206 3.5% 28.426867124547076 3.5% MEPCOM - Jacksonville Jacksonville, FL Office 2025 2010 30,000 2,161,861 2.9% 72.062033333333332 2.9% FBI - Little Rock Little Rock, AR Office 2021 2001 ,101,977 2,135,642 2.9% 20.942388970061877 2.9% CBP - Savannah Savannah, GA Laboratory 2033 2013 35,000 2,107,714 2.8% 60.220399999999998 2.8% DEA - Santa Ana Santa Ana, CA Office 2024 2004 39,905 2,091,509 2.8% 52.412203984463098 2.8% DOE - Lakewood Lakewood, CO Office 2029 1999 ,115,650 2,058,570 2.8% 17.8 2.8% ICE - Otay San Diego, CA Office 2017 - 2026 2001 52,881 1,785,842 2.4% 33.770957432726313 2.4% DEA - Dallas Dallas, TX Office 2021 2001 71,827 1,771,987 2.4% 24.670207582107007 2.4% CBP - Chula Vista Chula Vista, CA Office 2018 1998 59,397 1,748,955 2.4% 29.445173998686801 2.4% DEA - North Highlands Sacramento, CA Office 2017 2002 37,975 1,709,309 2.3% 45.011428571428574 2.3% USCG - Martinsburg Martinsburg, WV Office 2027 2007 59,547 1,569,666 2.1% 26.360118897677467 2.1% CBP - Sunburst Sunburst, MT Office 2028 2008 33,000 1,568,287 2.1% 47.523848484848486 2.1% AOC - Aberdeen Aberdeen, MS Courthouse/Office 2025 2005 46,979 1,452,906 0.02 30.926711935119947 0.02 DEA - Albany Albany, NY Office 2025 2004 31,976 1,331,405 1.8% 41.637634475856892 1.8% DEA - Riverside Riverside, CA Office 2017 1997 34,354 1,275,320 1.7% 37.122896897013447 1.7% DEA - Otay San Diego, CA Office 2017 1997 32,560 1,261,886 1.7% 38.755712530712529 1.7% SSA - Mission Viejo Mission Viejo, CA Office 2020 2005 11,590 ,533,129 .7% 45.999050905953411 .7% SSA - San Diego San Diego, CA Office 2017 2003 11,743 ,429,473 .6% 36.572681597547472 ..6% DEA - San Diego San Diego, CA Warehouse 2016 1999 16,100 ,399,908 .5% 24.839006211180124 .5% Subtotal 2,044,538 $71,616,483 0.9670000000000003 35.028198546566507 0.9670000000000003 0.0% Privately Leased Properties 2650 SW 145th Avenue - Parbel of Florida Miramar, FL Warehouse/Distribution 2022 2007 81,721 1,476,569 0.02 18.068415707100989 0.02 5998 Osceola Court - United Technologies Midland, GA Manufacturing/Warehouse 2023 2014 ,105,641 ,545,028 .7% 5.1592468833123499 .7% 501 East Hunter Street - Lummus Corporation Lubbock, TX Warehouse/Distribution 2028 2013 70,078 ,417,875 .6% 5.9629983732412457 .6% Subtotal ,257,440 $2,439,472 3.3% 9.4758856432566816 3.3% 0.0% Total / Weighted Average 2,301,978 $74,055,955 1.0000000000000002 32.170574610183067 1.0000000000000002 0.0% Price of Common Shares Three months ended September 30, 2015 Earnings Three months ended September 30, 2015 Pro forma nine months ended September 30, 2015 High closing price during period $16.2 Net income available to Easterly Government Properties, Inc. $498 Interest Expense (Not including Deferred Financing) Low closing price during period $15.29 Net income available to Easterly Government Properties, Inc. per share: Total per Income Statement $1,341 End of period closing price $15.95 Basic $1.9634067376828952E-2 Less: Non-Cash Interest $191 Diluted $1.8798209823476481E-2 Interest Total $1,150 Outstanding Classes of Stock and Partnership Units - Fully Diluted Basis At September 30, 2015 Net income $818 $3,289 Common shares 24,141,712 Net income, per share - fully diluted basis $2.0604888025319134E-2 $8.2847771045568008E-2 Unvested restricted shares 26,667 Common partnership units outstanding 15,530,938.89946384 Funds From Operations $10,162 $30,785 Total - fully diluted basis 39699317.89946384 Funds From Operation, per share - fully diluted basis $0.25597417128764433 $0.77545412941253 Market Capitalization At September 30, 2015 Cash Available for Distribution $8,810 $26,336 Total equity market capitalization - fully diluted basis $,633,204.12049644813 Cash Available for Distribution, per share - fully diluted basis $0.22191817054164006 $0.66338671275648498 Consolidated debt (excluding unamortized premiums & discounts) ,118,355 Cash and cash equivalents -4,466 Total enterprise value $,747,093.12049644813 Cash Balance per TB Liquidity At September 30, 2015 4,465,747.1499999994 Ratios At September 30, 2015 Cash and cash equivalents $4,466 Net debt to total enterprise value 0.15244284397147176 Net debt to total equity market capitalization 0.17986143221984741 Unsecured revolving credit facility Net debt to annualized quarterly EBITDA 2.4752021211857778 Total current facility size $,400,000 Cash interest coverage ratio 10.002608695652174 Less: outstanding balance ,-50,167 Cash fixed charge coverage ratio 6.6033295063145809 Available under unsecured revolving credit facility $,349,833 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Interest expense 1,341 2,608 3,949 EBITDA $11,503 23,231 $34,734 Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Funds From Operations (FFO) $10,162 $20,623 $30,785 Adjustments to FFO: Acquisition costs 235 418 653 Straight-line rent -67 -,131 -,198 Above-/below-market leases -1,382 -2,541 -3,923 Non-cash interest expense 191 377 568 Non-cash compensation 663 558 1,221 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 FFO, per share - fully diluted basis $0.25597417128764427 $0.51947995812488568 $0.77545412941253 FFO, as Adjusted, per share - fully diluted basis $0.24690600540853075 $0.48625520591780019 $0.73316121132633094 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 Acquisition costs -,235 -,418 -,653 Principal amortization -,592 -1,200 -1,792 Maintenance capital expenditures -,149 -,126 -,275 Contractual tenant improvements -16 -34 -50 Cash Available for Distribution (CAD) $8,810 $17,526 $26,336 CAD, per share - fully diluted basis $0.22191817054164006 $0.44146854221484488 $0.66338671275648498 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenue Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 Operating Expenses Property operating 3,838 6,691 10,529 Real estate taxes 1,980 3,517 5,497 Total expenses 5,818 10,208 16,026 Net Operating Income $14,039 27,584 $41,623 Adjustments to Net Operating Income: Straight-line rent -67 -,131 -,198 Above-/below-market leases -1,382 -2,541 -3,923 Cash Net Operating Income $12,590 $24,912 $37,502 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenues Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 No. of Shares Operating Expenses Entity OPUs Shares Total Property operating 3,838 6,691 10,529 0.39121425164911411 0.60878574835088595 Real estate taxes 1,980 3,517 5,497 Depreciation and amortization 9,344 18,152 27,496 Acquisition costs 235 418 653 Corporate general and administrative 2,301 3,935 6,236 Total expenses 17,698 32,713 50,411 Operating income 2,159 5,079 7,238 Other (expenses) Interest expense, net -1,341 -2,608 -3,949 Net income 818 2,471 3,289 Non-controlling interest in operating partnership -,320 -,967 -1,287 Net income available to Easterly Government Properties, Inc. $498 $1,504 $2,002 Net income available to Easterly Government Properties, Inc. per share: Basic $1.9634067376828952E-2 Diluted $1.8798209823476481E-2 Weighted-average common shares outstanding: Basic 24,141,712 Diluted 25,215,167 Net income, per share - fully diluted basis $2.0604888025319134E-2 0 6.2242883020248871E-2 $8.2847771045568008E-2 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Dividends Variance Check Three months ended September 30, 2015 Numerator Net Income (loss) 818 Less: Non-controlling interest in predecessor 0 Less: Non-controlling interest in operating partnership -,320 Net Income (loss) available to Easterly Government Properties, Inc. 498 Less: Dividends on participating securities -24 Income available to common stockholders $474 Denominator for basic EPS 24,141,712 Dilutive effect of share-based compensation awards 12,072 Dilutive effect of LTIP units 1,061,383 Denominator for basic and diluted EPS 25,215,167 Basic EPS $1.9634067376828952E-2 Diluted EPS $1.8798209823476481E-2 Variance $0 Debt Maturities (Unaudited, in thousands) Secured Debt Unsecured Debt Year Scheduled Amortization Balloon Payments Credit Facility Total Percent of Debt Maturing Weighted Average Interest Rate of Maturing Debt 2015 $ 650 $ - $ - $ 650 .5% 4.1% 2016 2857 - - 2857 2.4% 4.1% 2017 2977 - - 2977 2.5% 4.1% 2018 3100 - - 3100 2.6% 4.1% 2019 3229 - 50167 53396 0.45100000000000001 1.7% 2020 3395 - - 3395 2.9% 4.1% 2021 4054 - - 4054 3.4% 4.2% 2022 5109 - - 5109 4.3% 4.2% 2023 5388 - - 5388 4.6% 4.2% 2024 5679 - - 5679 4.8% 4.2% 2025 5633 1917 - 7550 6.4% 4.3% 2026 3686 6368 - 10054 8.5% 4.3% 2027 1093 7140 - 8233 7.7% 4.1% 2028 983 - - 983 .8% 3.4% 2029 1016 - - 1016 .9% 3.4% 2030 1049 - - 1049 .9% 3.4% 2031 1081 - - 1081 .9% 3.4% 2032 1116 - - 1116 .9% 3.4% 2033 668 - - 668 .6% 3.4% Total $ 52763 $ 15425 $ 50167 $ 118355 100.0% Year of Lease Expiration Number of Leases Expiring Square Footage Expiring Percent of Square Footage Expiring Annualized Lease Income Expiring Percentage of Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring Percent of Portfolio Square Footage of Leases Expiring Percentage of Total Annualized Lease Income Signed leases not commenced 0 N/A N/A N/A N/A N/A 2015 0 N/A N/A N/A N/A N/A 2016 1 16,100 0.7 $,399,908 0.5 $24.839006211180124 0.7 0.5 2017 5 ,129,276 5.6 5,159,115 700.000000000000000000000000000000000000% 39.907755499860762 5.6 700.000000000000000000000000000000000000% 2018 2 ,239,878 10.5 9,132,873 12.3 38.072991270562532 10.5 12.3 2019 3 ,236,890 10.3 9,250,091 12.5 39.048043395668877 10.3 12.5 2020 3 87,112 3.8 4,048,489 5.5 46.47452704564239 3.8 5.5 2021 5 ,426,398 18.600000000000001 11,934,024 16.2 27.987992438988925 18.600000000000001 16.2 2022 3 ,105,441 4.5999999999999996 2,313,158 3.1 21.937936855682324 4.5999999999999996 3.1 2023 1 ,105,641 4.5999999999999996 ,545,028 0.7 5.1592468833123499 4.5999999999999996 0.7 2024 4 ,364,206 15.8 12,664,688 17.100000000000001 34.773419438449672 15.8 17.100000000000001 2025 3 ,108,955 4.7 4,946,172 6.7 45.396466431095405 4.7 6.7 Thereafter 8 ,478,657 20.8 13,662,409 18.399999999999999 28.543213616430972 20.8 18.399999999999999 Total / Weighted Average 38 2,298,554 10000.000000000000000000000000000000000000% $74,055,955 10000.000000000000000000000000000000000000% $32.218496933289366 10000.000000000000000000000000000000000000% 10000.000000000000000000000000000000000000% 0 0 Debt Schedules (Unaudited, in thousands) Date 42277 Debt Instrument Maturity Date Stated Rate September 30, 2015 Balance September 30, 2015 Percent of Total Indebtedness Debt Inputs Credit Facility Availability Unsecured revolving credit facility ICE - Charleston 22,253,318.390000001 Total Credit Facility ,400,000 Unsecured revolving credit facility(1) 43507 LIBOR + 1.40% $50,167 0.42386886908030924 USFS II - Albuquerque 17,500,000 Used Capacity ,-50,167.330399999999 Total unsecured revolving credit facility 3.4 years $50,167 0.42386886908030924 CBP - Savannah 15,745,000 Remaining Capacity ,349,832.66960000002 (wtd-avg maturity) MEPCOM - Jacksonville 12,690,392.359999999 Maturity of Debt Calculation Secured mortgage debt Credit Facility Rate Outstanding 0.42386793198346173 1.4283768666839944 ICE - Charleston 46402 4.2099999999999999E-2 $22,253 0.18801909509526424 Piece 1 1.5900000000000001E-2 2,500,000 0.18802013123940992 2.1248850448289476 USFS II - Albuquerque 46217 4.4600000000000001E-2 17,500 0.14786025093996874 Piece 2 1.5900000000000001E-2 20,000,000 0.14785895024843859 1.5960664766543784 CBP - Savannah 48770 3.4000000000000002E-2 15,745 0.13303198005998901 Piece 3 1.5900000000000001E-2 10,917,330.4 0.13303080980923804 2.3664905427161167 MEPCOM - Jacksonville 45944 4.41E-2 12,690 0.10721980482446876 Piece 4 1.6E-2 2,500,000 0.10722217671945171 1.0772156767951491 Total secured mortgage debt 12.4 years 4.1243498760460143E-2 $68,188 0.57613113091969081 Piece 5 1.61E-2 14,250,000 (wtd-avg maturity) (wtd-avg rate) 50,167,330.399999999 Weighted Debt Maturity 8.593034607678586 Total Debt ,118,356,041.15000001 0.32634901210535061 3.6881908902317022 Debt Statistics September 30, 2015 0.25664072259937837 2.7703135535384953 Variable rate debt - unhedged $50,167 Weighted Interest of Debt 0.23090332441869785 4.107548727261932 Fixed rate debt 68,188 Credit Facility 800.76055336000002 0.18610694087657317 1.869737403272312 Total debt (excluding unamortized premiums & discounts) $,118,355 ICE - Charleston 936.86470421900003 USFS II - Albuquerque 780.5 Weighted Secured Debt Maturity 12.435790574304441 % Variable rate debt - unhedged 0.42386886908030924 CBP - Savannah 535.33000000000004 % Fixed rate debt 0.57613113091969081 MEPCOM - Jacksonville 559.64630307599998 Total 3,613.101560655 Weighted average maturity 8.6 years Weighted average interest rate 3.5% Weighted Avg. Interest Rate 3.0527394508539626E-2 Weighted Avg. Interest Rate of Secured Debt 4.1243498760460143E-2 *Credit facility has available capacity of $349832.6696 Tenant Number of Properties Number of Leases Weighted Average Remaining Lease Term Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Percentage of Leased Square Feet Percentage of Total Annualized Lease Income U.S. Government Drug Enforcement Administration 8 8 4.8176538112746865 ,313,003 0.13600000000000001 $12,368,725.43058969 0.16600000000000001 0.13600000000000001 0.16600000000000001 Federal Bureau of Investigation 3 3 6.8189029366841698 ,362,757 0.159 11,684,742 0.158 0.159 0.158 Internal Revenue Service 1 1 3.1698630136986301 ,180,481 7.9% 7,383,918 0.1 7.9% 0.1 Administrative Office of the U.S. Courts 3 3 7.6010882114454166 ,183,672 0.08 7,148,829 9.7% 0.08 9.7% U.S. Patent and Trademark Office 1 2 3.5884606585451708 ,189,871 8.3% 6,478,209 8.7% 8.3% 8.7% Bureau of Customs and Border Protection 3 3 9.4745482168189383 ,127,397 5.5% 5,424,956 7.3% 5.5% 7.3% U.S. Forest Service 2 2 8.3635330893483157 ,191,175 8.3% 5,400,061 7.3% 8.3% 7.3% U.S. Immigration and Customs Enforcement 2 4 8.5596935063363944 ,111,422 4.8% 4,867,549.9569410319 6.6% 4.8% 6.6% Department of Transportation 1 2 8.5856002684385935 ,129,659 5.6% 3,560,790 4.8% 5.6% 4.8% U.S. Military Entrance Processing Command 1 1 10.002739726027396 30,000 1.3% 2,161,861 2.9% 1.3% 2.9% Department of Energy 1 1 14.106849315068493 ,115,650 0.05 2,058,570 2.8% 0.05 2.8% U.S. Coast Guard 1 1 12.210958904109589 59,547 2.6% 1,569,666 2.1% 2.6% 2.1% Social Security Administration 2 2 3.6791513459977017 23,333 0.01 ,962,602 1.3% 0.01 1.3% U.S. Department of Agriculture 0 1 10.263013698630138 1,538 1.1% 48,563 1.1% 1.1% 1.1% Subtotal 29 34 7.063244712787851 2,019,505 0.87900000000000023 $71,119,042 0.96 0.87900000000000023 0.96 0.0% 0.0% Private Tenants Parbel of Florida 1 1 7.1726027397260275 81,721 3.6% $1,476,569 1.9938558620977882 3.6% 0.02 United Technologies / P&W 1 1 8.257534246575343 ,105,641 4.6% $,545,028 .7% 4.6% .7% LifePoint, Inc. 0 1 4.0027397260273974 21,609 .9% $,497,441 .7% .9% .7% Lummus Corporation 1 1 12.843835616438357 70,078 3.5% $,417,875 .6% 0.03 .6% Subtotal 3 4 8.7620882314722852 ,279,049 0.12140197706906168 $2,936,913 3.9658026150631645 0.12099999999999998 0.04 40197706906169861.4% .-34197384936835579 Total / Weighted Average 32 38 7.2694876746871024 2,298,554 1.000401977069062 $74,055,955 0.9996580261506316 September 30, 2015 Assets Real estate properties, net $,668,034 Cash and cash equivalents 4,466 Restricted cash 1,810 Deposits on investments 1,500 Rents receivable 5,632 Accounts receivable 2,856 Deferred financing, net 2,856 Intangible assets, net ,104,657 Prepaid expenses and other assets 1,369 Total assets $,793,180 Liabilities Revolving credit facility 50,167 Mortgage notes payable 68,756 Intangible liabilities, net 39,690 Accounts payable and accrued liabilities 6,982 Total liabilities ,165,595 Equity Common stock, par value $0.01, 200,000,000 shares authorized, 24,168,379 shares issued and outstanding 241 Additional paid-in capital ,389,159 Retained (deficit) -1,799 Cumulative dividends -7,734 Total stockholders' equity ,379,867 Non-controlling interest in operating partnership ,247,718 Total equity ,627,585 Total liabilities and equity $,793,180 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Rentable Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Percentage of Total Annualized Lease Income U.S Government Leased Properties IRS - Fresno Fresno, CA Office 2018 2003 ,180,481 $7,383,918 0.1 40.912439536571718 0.1 PTO - Arlington Arlington, VA Office 2019 / 2020 2009 ,189,871 6,478,209 8.9% 34.11900184862354 8.9% FBI - San Antonio San Antonio, TX Office 2021 2007 ,148,584 4,980,626 6.7% 33.52060787164163 6.7% FBI - Omaha Omaha, NE Office 2024 2009 ,112,196 4,568,474 6.2% 40.718688723305647 6.2% ICE - Charleston North Charleston, SC Office 2019 / 2027 1994 / 2012 86,733 3,617,320 4.9% 41.706386265896484 4.9% DOT - Lakewood Lakewood, CO Office 2024 2004 ,122,225 3,345,895 4.5% 27.374882389036614 4.5% AOC - El Centro El Centro, CA Courthouse/Office 2019 2004 46,813 3,037,113 4.1% 64.877555379915833 4.1% USFS II - Albuquerque Albuquerque, NM Office 2026 2011 98,720 2,771,855 3.7% 28.07794773095624 3.7% DEA - Vista Vista, CA Laboratory 2020 2002 54,119 2,752,688 3.7% 50.863615366137587 3.7% AOC - Del Rio Del Rio, TX Courthouse/Office 2024 1992 / 2004 89,880 2,658,810 3.6% 29.581775700934578 3.6% USFS I - Albuquerque Albuquerque, NM Office 2021 2006 92,455 2,628,206 3.5% 28.426867124547076 3.5% MEPCOM - Jacksonville Jacksonville, FL Office 2025 2010 30,000 2,161,861 2.9% 72.062033333333332 2.9% FBI - Little Rock Little Rock, AR Office 2021 2001 ,101,977 2,135,642 2.9% 20.942388970061877 2.9% CBP - Savannah Savannah, GA Laboratory 2033 2013 35,000 2,107,714 2.8% 60.220399999999998 2.8% DEA - Santa Ana Santa Ana, CA Office 2024 2004 39,905 2,091,509 2.8% 52.412203984463098 2.8% DOE - Lakewood Lakewood, CO Office 2029 1999 ,115,650 2,058,570 2.8% 17.8 2.8% ICE - Otay San Diego, CA Office 2017 - 2026 2001 52,881 1,785,842 2.4% 33.770957432726313 2.4% DEA - Dallas Dallas, TX Office 2021 2001 71,827 1,771,987 2.4% 24.670207582107007 2.4% CBP - Chula Vista Chula Vista, CA Office 2018 1998 59,397 1,748,955 2.4% 29.445173998686801 2.4% DEA - North Highlands Sacramento, CA Office 2017 2002 37,975 1,709,309 2.3% 45.011428571428574 2.3% USCG - Martinsburg Martinsburg, WV Office 2027 2007 59,547 1,569,666 2.1% 26.360118897677467 2.1% CBP - Sunburst Sunburst, MT Office 2028 2008 33,000 1,568,287 2.1% 47.523848484848486 2.1% AOC - Aberdeen Aberdeen, MS Courthouse/Office 2025 2005 46,979 1,452,906 0.02 30.926711935119947 0.02 DEA - Albany Albany, NY Office 2025 2004 31,976 1,331,405 1.8% 41.637634475856892 1.8% DEA - Riverside Riverside, CA Office 2017 1997 34,354 1,275,320 1.7% 37.122896897013447 1.7% DEA - Otay San Diego, CA Office 2017 1997 32,560 1,261,886 1.7% 38.755712530712529 1.7% SSA - Mission Viejo Mission Viejo, CA Office 2020 2005 11,590 ,533,129 .7% 45.999050905953411 .7% SSA - San Diego San Diego, CA Office 2017 2003 11,743 ,429,473 .6% 36.572681597547472 ..6% DEA - San Diego San Diego, CA Warehouse 2016 1999 16,100 ,399,908 .5% 24.839006211180124 .5% Subtotal 2,044,538 $71,616,483 0.9670000000000003 35.028198546566507 0.9670000000000003 0.0% Privately Leased Properties 2650 SW 145th Avenue - Parbel of Florida Miramar, FL Warehouse/Distribution 2022 2007 81,721 1,476,569 0.02 18.068415707100989 0.02 5998 Osceola Court - United Technologies Midland, GA Manufacturing/Warehouse 2023 2014 ,105,641 ,545,028 .7% 5.1592468833123499 .7% 501 East Hunter Street - Lummus Corporation Lubbock, TX Warehouse/Distribution 2028 2013 70,078 ,417,875 .6% 5.9629983732412457 .6% Subtotal ,257,440 $2,439,472 3.3% 9.4758856432566816 3.3% 0.0% Total / Weighted Average 2,301,978 $74,055,955 1.0000000000000002 32.170574610183067 1.0000000000000002 0.0% Price of Common Shares Three months ended September 30, 2015 Earnings Three months ended September 30, 2015 Pro forma nine months ended September 30, 2015 High closing price during period $16.2 Net income available to Easterly Government Properties, Inc. $498 Interest Expense (Not including Deferred Financing) Low closing price during period $15.29 Net income available to Easterly Government Properties, Inc. per share: Total per Income Statement $1,341 End of period closing price $15.95 Basic $1.9634067376828952E-2 Less: Non-Cash Interest $191 Diluted $1.8798209823476481E-2 Interest Total $1,150 Outstanding Classes of Stock and Partnership Units - Fully Diluted Basis At September 30, 2015 Net income $818 $3,289 Common shares 24,141,712 Net income, per share - fully diluted basis $2.0604888025319134E-2 $8.2847771045568008E-2 Unvested restricted shares 26,667 Common partnership units outstanding 15,530,938.89946384 Funds From Operations $10,162 $30,785 Total - fully diluted basis 39699317.89946384 Funds From Operation, per share - fully diluted basis $0.25597417128764433 $0.77545412941253 Market Capitalization At September 30, 2015 Cash Available for Distribution $8,810 $26,336 Total equity market capitalization - fully diluted basis $,633,204.12049644813 Cash Available for Distribution, per share - fully diluted basis $0.22191817054164006 $0.66338671275648498 Consolidated debt (excluding unamortized premiums & discounts) ,118,355 Cash and cash equivalents -4,466 Total enterprise value $,747,093.12049644813 Cash Balance per TB Liquidity At September 30, 2015 4,465,747.1499999994 Ratios At September 30, 2015 Cash and cash equivalents $4,466 Net debt to total enterprise value 0.15244284397147176 Net debt to total equity market capitalization 0.17986143221984741 Unsecured revolving credit facility Net debt to annualized quarterly EBITDA 2.4752021211857778 Total current facility size $,400,000 Cash interest coverage ratio 10.002608695652174 Less: outstanding balance ,-50,167 Cash fixed charge coverage ratio 6.6033295063145809 Available under unsecured revolving credit facility $,349,833 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Interest expense 1,341 2,608 3,949 EBITDA $11,503 23,231 $34,734 Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Funds From Operations (FFO) $10,162 $20,623 $30,785 Adjustments to FFO: Acquisition costs 235 418 653 Straight-line rent -67 -,131 -,198 Above-/below-market leases -1,382 -2,541 -3,923 Non-cash interest expense 191 377 568 Non-cash compensation 663 558 1,221 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 FFO, per share - fully diluted basis $0.25597417128764427 $0.51947995812488568 $0.77545412941253 FFO, as Adjusted, per share - fully diluted basis $0.24690600540853075 $0.48625520591780019 $0.73316121132633094 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 Acquisition costs -,235 -,418 -,653 Principal amortization -,592 -1,200 -1,792 Maintenance capital expenditures -,149 -,126 -,275 Contractual tenant improvements -16 -34 -50 Cash Available for Distribution (CAD) $8,810 $17,526 $26,336 CAD, per share - fully diluted basis $0.22191817054164006 $0.44146854221484488 $0.66338671275648498 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenue Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 Operating Expenses Property operating 3,838 6,691 10,529 Real estate taxes 1,980 3,517 5,497 Total expenses 5,818 10,208 16,026 Net Operating Income $14,039 27,584 $41,623 Adjustments to Net Operating Income: Straight-line rent -67 -,131 -,198 Above-/below-market leases -1,382 -2,541 -3,923 Cash Net Operating Income $12,590 $24,912 $37,502 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenues Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 No. of Shares Operating Expenses Entity OPUs Shares Total Property operating 3,838 6,691 10,529 0.39121425164911411 0.60878574835088595 Real estate taxes 1,980 3,517 5,497 Depreciation and amortization 9,344 18,152 27,496 Acquisition costs 235 418 653 Corporate general and administrative 2,301 3,935 6,236 Total expenses 17,698 32,713 50,411 Operating income 2,159 5,079 7,238 Other (expenses) Interest expense, net -1,341 -2,608 -3,949 Net income 818 2,471 3,289 Non-controlling interest in operating partnership -,320 -,967 -1,287 Net income available to Easterly Government Properties, Inc. $498 $1,504 $2,002 Net income available to Easterly Government Properties, Inc. per share: Basic $1.9634067376828952E-2 Diluted $1.8798209823476481E-2 Weighted-average common shares outstanding: Basic 24,141,712 Diluted 25,215,167 Net income, per share - fully diluted basis $2.0604888025319134E-2 0 6.2242883020248871E-2 $8.2847771045568008E-2 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Dividends Variance Check Three months ended September 30, 2015 Numerator Net Income (loss) 818 Less: Non-controlling interest in predecessor 0 Less: Non-controlling interest in operating partnership -,320 Net Income (loss) available to Easterly Government Properties, Inc. 498 Less: Dividends on participating securities -24 Income available to common stockholders $474 Denominator for basic EPS 24,141,712 Dilutive effect of share-based compensation awards 12,072 Dilutive effect of LTIP units 1,061,383 Denominator for basic and diluted EPS 25,215,167 Basic EPS $1.9634067376828952E-2 Diluted EPS $1.8798209823476481E-2 Variance $0 Debt Maturities (Unaudited, in thousands) Secured Debt Unsecured Debt Year Scheduled Amortization Balloon Payments Credit Facility Total Percent of Debt Maturing Weighted Average Interest Rate of Maturing Debt 2015 $ 650 $ - $ - $ 650 .5% 4.1% 2016 2857 - - 2857 2.4% 4.1% 2017 2977 - - 2977 2.5% 4.1% 2018 3100 - - 3100 2.6% 4.1% 2019 3229 - 50167 53396 0.45100000000000001 1.7% 2020 3395 - - 3395 2.9% 4.1% 2021 4054 - - 4054 3.4% 4.2% 2022 5109 - - 5109 4.3% 4.2% 2023 5388 - - 5388 4.6% 4.2% 2024 5679 - - 5679 4.8% 4.2% 2025 5633 1917 - 7550 6.4% 4.3% 2026 3686 6368 - 10054 8.5% 4.3% 2027 1093 7140 - 8233 7.7% 4.1% 2028 983 - - 983 .8% 3.4% 2029 1016 - - 1016 .9% 3.4% 2030 1049 - - 1049 .9% 3.4% 2031 1081 - - 1081 .9% 3.4% 2032 1116 - - 1116 .9% 3.4% 2033 668 - - 668 .6% 3.4% Total $ 52763 $ 15425 $ 50167 $ 118355 100.0% Year of Lease Expiration Number of Leases Expiring Square Footage Expiring Percent of Square Footage Expiring Annualized Lease Income Expiring Percentage of Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring Percent of Portfolio Square Footage of Leases Expiring Percentage of Total Annualized Lease Income Signed leases not commenced 0 N/A N/A N/A N/A N/A 2015 0 N/A N/A N/A N/A N/A 2016 1 16,100 0.7 $,399,908 0.5 $24.839006211180124 0.7 0.5 2017 5 ,129,276 5.6 5,159,115 700.000000000000000000000000000000000000% 39.907755499860762 5.6 700.000000000000000000000000000000000000% 2018 2 ,239,878 10.5 9,132,873 12.3 38.072991270562532 10.5 12.3 2019 3 ,236,890 10.3 9,250,091 12.5 39.048043395668877 10.3 12.5 2020 3 87,112 3.8 4,048,489 5.5 46.47452704564239 3.8 5.5 2021 5 ,426,398 18.600000000000001 11,934,024 16.2 27.987992438988925 18.600000000000001 16.2 2022 3 ,105,441 4.5999999999999996 2,313,158 3.1 21.937936855682324 4.5999999999999996 3.1 2023 1 ,105,641 4.5999999999999996 ,545,028 0.7 5.1592468833123499 4.5999999999999996 0.7 2024 4 ,364,206 15.8 12,664,688 17.100000000000001 34.773419438449672 15.8 17.100000000000001 2025 3 ,108,955 4.7 4,946,172 6.7 45.396466431095405 4.7 6.7 Thereafter 8 ,478,657 20.8 13,662,409 18.399999999999999 28.543213616430972 20.8 18.399999999999999 Total / Weighted Average 38 2,298,554 10000.000000000000000000000000000000000000% $74,055,955 10000.000000000000000000000000000000000000% $32.218496933289366 10000.000000000000000000000000000000000000% 10000.000000000000000000000000000000000000% 0 0
Debt Maturities (Unaudited, in thousands) Unsecured Debt Year Scheduled Amortization Balloon Payments Credit Facility Total Percent of Debt Maturing Weighted Average Interest Rate of Maturing Debt 2015 $ 650 $ - $ - $ 650 0.5% 4.1% 2016 2,857 - - 2,857 2.4% 4.1% 2017 2,977 - - 2,977 2.5% 4.1% 2018 3,100 - - 3,100 2.6% 4.1% 2019 3,229 - 50,167 53,396 45.1% 1.7% 2020 3,395 - - 3,395 2.9% 4.1% 2021 4,054 - - 4,054 3.4% 4.2% 2022 5,109 - - 5,109 4.3% 4.2% 2023 5,388 - - 5,388 4.6% 4.2% 2024 5,679 - - 5,679 4.8% 4.2% 2025 5,633 1,917 - 7,550 6.4% 4.3% 2026 3,686 6,368 - 10,054 8.5% 4.3% 2027 1,093 7,140 - 8,233 7.0% 4.1% 2028 983 - - 983 0.8% 3.4% 2029 1,016 - - 1,016 0.9% 3.4% 2030 1,049 - - 1,049 0.9% 3.4% 2031 1,081 - - 1,081 0.9% 3.4% 2032 1,116 - - 1,116 0.9% 3.4% 2033 668 - - 668 0.6% 3.4% Total $ 52,763 $ 15,425 $ 50,167 $ 118,355 100.0% Secured Debt
Property Overview Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Rentable Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot U.S Government Leased Properties IRS - Fresno Fresno, CA Office 2018 2003 180,481 7,383,918 $ 10.0% 40.91 $ PTO - Arlington Arlington, VA Office 2019 / 2020 2009 189,871 6,478,209 8.9% 34.12 FBI - San Antonio San Antonio, TX Office 2021 2007 148,584 4,980,626 6.7% 33.52 FBI - Omaha Omaha, NE Office 2024 2009 112,196 4,568,474 6.2% 40.72 ICE - Charleston North Charleston, SC Office 2019 / 2027 1994 / 2012 86,733 3,617,320 4.9% 41.71 DOT - Lakewood Lakewood, CO Office 2024 2004 122,225 3,345,895 4.5% 27.37 AOC - El Centro El Centro, CA Courthouse/Office 2019 2004 46,813 3,037,113 4.1% 64.88 USFS II - Albuquerque Albuquerque, NM Office 2026 2011 98,720 2,771,855 3.7% 28.08 DEA - Vista Vista, CA Laboratory 2020 2002 54,119 2,752,688 3.7% 50.86 AOC - Del Rio Del Rio, TX Courthouse/Office 2024 1992 / 2004 89,880 2,658,810 3.6% 29.58 USFS I - Albuquerque Albuquerque, NM Office 2021 2006 92,455 2,628,206 3.5% 28.43 MEPCOM - Jacksonville Jacksonville, FL Office 2025 2010 30,000 2,161,861 2.9% 72.06 FBI - Little Rock Little Rock, AR Office 2021 2001 101,977 2,135,642 2.9% 20.94 CBP - Savannah Savannah, GA Laboratory 2033 2013 35,000 2,107,714 2.8% 60.22 DEA - Santa Ana Santa Ana, CA Office 2024 2004 39,905 2,091,509 2.8% 52.41 DOE - Lakewood Lakewood, CO Office 2029 1999 115,650 2,058,570 2.8% 17.80 ICE - Otay San Diego, CA Office 2017 - 2026 2001 52,881 1,785,842 2.4% 33.77 DEA - Dallas Dallas, TX Office 2021 2001 71,827 1,771,987 2.4% 24.67 CBP - Chula Vista Chula Vista, CA Office 2018 1998 59,397 1,748,955 2.4% 29.45 DEA - North Highlands Sacramento, CA Office 2017 2002 37,975 1,709,309 2.3% 45.01 USCG - Martinsburg Martinsburg, WV Office 2027 2007 59,547 1,569,666 2.1% 26.36 CBP - Sunburst Sunburst, MT Office 2028 2008 33,000 1,568,287 2.1% 47.52 AOC - Aberdeen Aberdeen, MS Courthouse/Office 2025 2005 46,979 1,452,906 2.0% 30.93 DEA - Albany Albany, NY Office 2025 2004 31,976 1,331,405 1.8% 41.64 DEA - Riverside Riverside, CA Office 2017 1997 34,354 1,275,320 1.7% 37.12 DEA - Otay San Diego, CA Office 2017 1997 32,560 1,261,886 1.7% 38.76 SSA - Mission Viejo Mission Viejo, CA Office 2020 2005 11,590 533,129 0.7% 46.00 SSA - San Diego San Diego, CA Office 2017 2003 11,743 429,473 0.6% 36.57 DEA - San Diego San Diego, CA Warehouse 2016 1999 16,100 399,908 0.5% 24.84 Subtotal 2,044,538 71,616,483 $ 96.7% 35.03 $ Privately Leased Properties 2650 SW 145th Avenue - Parbel of Florida Miramar, FL Warehouse/Distribution 2022 2007 81,721 1,476,569 2.0% 18.07 5998 Osceola Court - United Technologies Midland, GA Manufacturing/Warehouse 2023 2014 105,641 545,028 0.7% 5.16 501 East Hunter Street - Lummus Corporation Lubbock, TX Warehouse/Distribution 2028 2013 70,078 417,875 0.6% 5.96 Subtotal 257,440 2,439,472 $ 3.3% 9.48 $ Total / Weighted Average 2,301,978 74,055,955 $ 100.0% 32.17 $
Tenants Debt Schedules (Unaudited, in thousands) Date 42277 Debt Instrument Maturity Date Stated Rate September 30, 2015 Balance September 30, 2015 Percent of Total Indebtedness Debt Inputs Credit Facility Availability Unsecured revolving credit facility ICE - Charleston 22,253,318.390000001 Total Credit Facility ,400,000 Unsecured revolving credit facility(1) 43507 LIBOR + 1.40% $50,167 0.42386886908030924 USFS II - Albuquerque 17,500,000 Used Capacity ,-50,167.330399999999 Total unsecured revolving credit facility 3.4 years $50,167 0.42386886908030924 CBP - Savannah 15,745,000 Remaining Capacity ,349,832.66960000002 (wtd-avg maturity) MEPCOM - Jacksonville 12,690,392.359999999 Maturity of Debt Calculation Secured mortgage debt Credit Facility Rate Outstanding 0.42386793198346173 1.4283768666839944 ICE - Charleston 46402 4.2099999999999999E-2 $22,253 0.18801909509526424 Piece 1 1.5900000000000001E-2 2,500,000 0.18802013123940992 2.1248850448289476 USFS II - Albuquerque 46217 4.4600000000000001E-2 17,500 0.14786025093996874 Piece 2 1.5900000000000001E-2 20,000,000 0.14785895024843859 1.5960664766543784 CBP - Savannah 48770 3.4000000000000002E-2 15,745 0.13303198005998901 Piece 3 1.5900000000000001E-2 10,917,330.4 0.13303080980923804 2.3664905427161167 MEPCOM - Jacksonville 45944 4.41E-2 12,690 0.10721980482446876 Piece 4 1.6E-2 2,500,000 0.10722217671945171 1.0772156767951491 Total secured mortgage debt 12.4 years 4.1243498760460143E-2 $68,188 0.57613113091969081 Piece 5 1.61E-2 14,250,000 (wtd-avg maturity) (wtd-avg rate) 50,167,330.399999999 Weighted Debt Maturity 8.593034607678586 Total Debt ,118,356,041.15000001 0.32634901210535061 3.6881908902317022 Debt Statistics September 30, 2015 0.25664072259937837 2.7703135535384953 Variable rate debt - unhedged $50,167 Weighted Interest of Debt 0.23090332441869785 4.107548727261932 Fixed rate debt 68,188 Credit Facility 800.76055336000002 0.18610694087657317 1.869737403272312 Total debt (excluding unamortized premiums & discounts) $,118,355 ICE - Charleston 936.86470421900003 USFS II - Albuquerque 780.5 Weighted Secured Debt Maturity 12.435790574304441 % Variable rate debt - unhedged 0.42386886908030924 CBP - Savannah 535.33000000000004 % Fixed rate debt 0.57613113091969081 MEPCOM - Jacksonville 559.64630307599998 Total 3,613.101560655 Weighted average maturity 8.6 years Weighted average interest rate 3.5% Weighted Avg. Interest Rate 3.0527394508539626E-2 Weighted Avg. Interest Rate of Secured Debt 4.1243498760460143E-2 *Credit facility has available capacity of $349832.6696 Tenant Number of Properties Number of Leases Weighted Average Remaining Lease Term Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Percentage of Leased Square Feet Percentage of Total Annualized Lease Income U.S. Government Drug Enforcement Administration 8 8 4.8176538112746865 ,313,003 0.13600000000000001 $12,368,725.43058969 0.16600000000000001 0.13600000000000001 0.16600000000000001 Federal Bureau of Investigation 3 3 6.8189029366841698 ,362,757 0.159 11,684,742 0.158 0.159 0.158 Internal Revenue Service 1 1 3.1698630136986301 ,180,481 7.9% 7,383,918 0.1 7.9% 0.1 Administrative Office of the U.S. Courts 3 3 7.6010882114454166 ,183,672 0.08 7,148,829 9.7% 0.08 9.7% U.S. Patent and Trademark Office 1 2 3.5884606585451708 ,189,871 8.3% 6,478,209 8.7% 8.3% 8.7% Bureau of Customs and Border Protection 3 3 9.4745482168189383 ,127,397 5.5% 5,424,956 7.3% 5.5% 7.3% U.S. Forest Service 2 2 8.3635330893483157 ,191,175 8.3% 5,400,061 7.3% 8.3% 7.3% U.S. Immigration and Customs Enforcement 2 4 8.5596935063363944 ,111,422 4.8% 4,867,549.9569410319 6.6% 4.8% 6.6% Department of Transportation 1 2 8.5856002684385935 ,129,659 5.6% 3,560,790 4.8% 5.6% 4.8% U.S. Military Entrance Processing Command 1 1 10.002739726027396 30,000 1.3% 2,161,861 2.9% 1.3% 2.9% Department of Energy 1 1 14.106849315068493 ,115,650 0.05 2,058,570 2.8% 0.05 2.8% U.S. Coast Guard 1 1 12.210958904109589 59,547 2.6% 1,569,666 2.1% 2.6% 2.1% Social Security Administration 2 2 3.6791513459977017 23,333 0.01 ,962,602 1.3% 0.01 1.3% U.S. Department of Agriculture 0 1 10.263013698630138 1,538 1.1% 48,563 1.1% 1.1% 1.1% Subtotal 29 34 7.063244712787851 2,019,505 0.87900000000000023 $71,119,042 0.96 0.87900000000000023 0.96 0.0% 0.0% Private Tenants Parbel of Florida 1 1 7.1726027397260275 81,721 3.6% $1,476,569 1.9938558620977882 3.6% 0.02 United Technologies / P&W 1 1 8.257534246575343 ,105,641 4.6% ,545,028 .7% 4.6% .7% LifePoint, Inc. 0 1 4.0027397260273974 21,609 .9% ,497,441 .7% .9% .7% Lummus Corporation 1 1 12.843835616438357 70,078 3.5% ,417,875 .6% 0.03 .6% Subtotal 3 4 8.7620882314722852 ,279,049 0.12140197706906168 $2,936,913 3.9658026150631645 0.12099999999999998 0.04 40197706906169861.4% .-34197384936835579 Total / Weighted Average 32 38 7.2694876746871024 2,298,554 1.000401977069062 $74,055,955 0.9996580261506316 September 30, 2015 Assets Real estate properties, net $,668,034 Cash and cash equivalents 4,466 Restricted cash 1,810 Rents receivable 5,632 Accounts receivable 2,856 Deferred financing, net 2,856 Intangible assets, net ,104,657 Prepaid expenses and other assets 2,869 Total assets $,793,180 Liabilities Revolving credit facility 50,167 Mortgage notes payable 68,756 Intangible liabilities, net 39,690 Accounts payable and accrued liabilities 6,982 Total liabilities ,165,595 Equity Common stock, par value $0.01, 200,000,000 shares authorized, 24,168,379 shares issued and outstanding 241 Additional paid-in capital ,389,159 Retained (deficit) -1,799 Cumulative dividends -7,734 Total stockholders' equity ,379,867 Non-controlling interest in operating partnership ,247,718 Total equity ,627,585 Total liabilities and equity $,793,180 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Rentable Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Percentage of Total Annualized Lease Income U.S Government Leased Properties IRS - Fresno Fresno, CA Office 2018 2003 ,180,481 $7,383,918 0.1 $40.912439536571718 0.1 PTO - Arlington Arlington, VA Office 2019 / 2020 2009 ,189,871 6,478,209 8.9% 34.11900184862354 8.9% FBI - San Antonio San Antonio, TX Office 2021 2007 ,148,584 4,980,626 6.7% 33.52060787164163 6.7% FBI - Omaha Omaha, NE Office 2024 2009 ,112,196 4,568,474 6.2% 40.718688723305647 6.2% ICE - Charleston North Charleston, SC Office 2019 / 2027 1994 / 2012 86,733 3,617,320 4.9% 41.706386265896484 4.9% DOT - Lakewood Lakewood, CO Office 2024 2004 ,122,225 3,345,895 4.5% 27.374882389036614 4.5% AOC - El Centro El Centro, CA Courthouse/Office 2019 2004 46,813 3,037,113 4.1% 64.877555379915833 4.1% USFS II - Albuquerque Albuquerque, NM Office 2026 2011 98,720 2,771,855 3.7% 28.07794773095624 3.7% DEA - Vista Vista, CA Laboratory 2020 2002 54,119 2,752,688 3.7% 50.863615366137587 3.7% AOC - Del Rio Del Rio, TX Courthouse/Office 2024 1992 / 2004 89,880 2,658,810 3.6% 29.581775700934578 3.6% USFS I - Albuquerque Albuquerque, NM Office 2021 2006 92,455 2,628,206 3.5% 28.426867124547076 3.5% MEPCOM - Jacksonville Jacksonville, FL Office 2025 2010 30,000 2,161,861 2.9% 72.062033333333332 2.9% FBI - Little Rock Little Rock, AR Office 2021 2001 ,101,977 2,135,642 2.9% 20.942388970061877 2.9% CBP - Savannah Savannah, GA Laboratory 2033 2013 35,000 2,107,714 2.8% 60.220399999999998 2.8% DEA - Santa Ana Santa Ana, CA Office 2024 2004 39,905 2,091,509 2.8% 52.412203984463098 2.8% DOE - Lakewood Lakewood, CO Office 2029 1999 ,115,650 2,058,570 2.8% 17.8 2.8% ICE - Otay San Diego, CA Office 2017 - 2026 2001 52,881 1,785,842 2.4% 33.770957432726313 2.4% DEA - Dallas Dallas, TX Office 2021 2001 71,827 1,771,987 2.4% 24.670207582107007 2.4% CBP - Chula Vista Chula Vista, CA Office 2018 1998 59,397 1,748,955 2.4% 29.445173998686801 2.4% DEA - North Highlands Sacramento, CA Office 2017 2002 37,975 1,709,309 2.3% 45.011428571428574 2.3% USCG - Martinsburg Martinsburg, WV Office 2027 2007 59,547 1,569,666 2.1% 26.360118897677467 2.1% CBP - Sunburst Sunburst, MT Office 2028 2008 33,000 1,568,287 2.1% 47.523848484848486 2.1% AOC - Aberdeen Aberdeen, MS Courthouse/Office 2025 2005 46,979 1,452,906 0.02 30.926711935119947 0.02 DEA - Albany Albany, NY Office 2025 2004 31,976 1,331,405 1.8% 41.637634475856892 1.8% DEA - Riverside Riverside, CA Office 2017 1997 34,354 1,275,320 1.7% 37.122896897013447 1.7% DEA - Otay San Diego, CA Office 2017 1997 32,560 1,261,886 1.7% 38.755712530712529 1.7% SSA - Mission Viejo Mission Viejo, CA Office 2020 2005 11,590 ,533,129 .7% 45.999050905953411 .7% SSA - San Diego San Diego, CA Office 2017 2003 11,743 ,429,473 .6% 36.572681597547472 .6% DEA - San Diego San Diego, CA Warehouse 2016 1999 16,100 ,399,908 .5% 24.839006211180124 ..5% Subtotal 2,044,538 $71,616,483 0.9670000000000003 $35.028198546566507 0.9670000000000003 0.0% Privately Leased Properties 2650 SW 145th Avenue - Parbel of Florida Miramar, FL Warehouse/Distribution 2022 2007 81,721 1,476,569 0.02 18.068415707100989 0.02 5998 Osceola Court - United Technologies Midland, GA Manufacturing/Warehouse 2023 2014 ,105,641 ,545,028 .7% 5.1592468833123499 .7% 501 East Hunter Street - Lummus Corporation Lubbock, TX Warehouse/Distribution 2028 2013 70,078 ,417,875 .6% 5.9629983732412457 .6% Subtotal ,257,440 $2,439,472 3.3% $9.4758856432566816 3.3% 0.0% Total / Weighted Average 2,301,978 $74,055,955 1.0000000000000002 $32.170574610183067 1.0000000000000002 0.0% Price of Common Shares Three months ended September 30, 2015 Earnings Three months ended September 30, 2015 Pro forma nine months ended September 30, 2015 High closing price during period $16.2 Net income available to Easterly Government Properties, Inc. $498 Interest Expense (Not including Deferred Financing) Low closing price during period $15.29 Net income available to Easterly Government Properties, Inc. per share: Total per Income Statement $1,341 End of period closing price $15.95 Basic $1.9634067376828952E-2 Less: Non-Cash Interest $191 Diluted $1.8798209823476481E-2 Interest Total $1,150 Outstanding Classes of Stock and Partnership Units - Fully Diluted Basis At September 30, 2015 Net income $818 $3,289 Common shares 24,141,712 Net income, per share - fully diluted basis $2.0604888025319134E-2 $8.2847771045568008E-2 Unvested restricted shares 26,667 Common partnership units outstanding 15,530,938.89946384 Funds From Operations $10,162 $30,785 Total - fully diluted basis 39699317.89946384 Funds From Operation, per share - fully diluted basis $0.25597417128764433 $0.77545412941253 Market Capitalization At September 30, 2015 Cash Available for Distribution $8,810 $26,336 Total equity market capitalization - fully diluted basis $,633,204.12049644813 Cash Available for Distribution, per share - fully diluted basis $0.22191817054164006 $0.66338671275648498 Consolidated debt (excluding unamortized premiums & discounts) ,118,355 Cash and cash equivalents -4,466 Total enterprise value $,747,093.12049644813 Cash Balance per TB Liquidity At September 30, 2015 4,465,747.1499999994 Ratios At September 30, 2015 Cash and cash equivalents $4,466 Net debt to total enterprise value 0.15244284397147176 Net debt to total equity market capitalization 0.17986143221984741 Unsecured revolving credit facility Net debt to annualized quarterly EBITDA 2.4752021211857778 Total current facility size $,400,000 Cash interest coverage ratio 10.002608695652174 Less: outstanding balance ,-50,167 Cash fixed charge coverage ratio 6.6033295063145809 Available under unsecured revolving credit facility $,349,833 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Interest expense 1,341 2,608 3,949 EBITDA $11,503 23,231 $34,734 Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Funds From Operations (FFO) $10,162 $20,623 $30,785 Adjustments to FFO: Acquisition costs 235 418 653 Straight-line rent -67 -,131 -,198 Above-/below-market leases -1,382 -2,541 -3,923 Non-cash interest expense 191 377 568 Non-cash compensation 663 558 1,221 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 FFO, per share - fully diluted basis $0.25597417128764427 $0.51947995812488568 $0.77545412941253 FFO, as Adjusted, per share - fully diluted basis $0.24690600540853075 $0.48625520591780019 $0.73316121132633094 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 Acquisition costs -,235 -,418 -,653 Principal amortization -,592 -1,200 -1,792 Maintenance capital expenditures -,149 -,126 -,275 Contractual tenant improvements -16 -34 -50 Cash Available for Distribution (CAD) $8,810 $17,526 $26,336 CAD, per share - fully diluted basis $0.22191817054164006 $0.44146854221484488 $0.66338671275648498 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenue Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 Operating Expenses Property operating 3,838 6,691 10,529 Real estate taxes 1,980 3,517 5,497 Total expenses 5,818 10,208 16,026 Net Operating Income $14,039 27,584 $41,623 Adjustments to Net Operating Income: Straight-line rent -67 -,131 -,198 Above-/below-market leases -1,382 -2,541 -3,923 Cash Net Operating Income $12,590 $24,912 $37,502 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenues Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 No. of Shares Operating Expenses Entity OPUs Shares Total Property operating 3,838 6,691 10,529 0.39121425164911411 0.60878574835088595 Real estate taxes 1,980 3,517 5,497 Depreciation and amortization 9,344 18,152 27,496 Acquisition costs 235 418 653 Corporate general and administrative 2,301 3,935 6,236 Total expenses 17,698 32,713 50,411 Operating income 2,159 5,079 7,238 Other (expenses) Interest expense, net -1,341 -2,608 -3,949 Net income 818 2,471 3,289 Non-controlling interest in operating partnership -,320 -,967 -1,287 Net income available to Easterly Government Properties, Inc. $498 $1,504 $2,002 Net income available to Easterly Government Properties, Inc. per share: Basic $1.9634067376828952E-2 Diluted $1.8798209823476481E-2 Weighted-average common shares outstanding: Basic 24,141,712 Diluted 25,215,167 Net income, per share - fully diluted basis $2.0604888025319134E-2 0 6.2242883020248871E-2 $8.2847771045568008E-2 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Dividends Variance Check Three months ended September 30, 2015 Numerator Net Income (loss) 818 Less: Non-controlling interest in predecessor 0 Less: Non-controlling interest in operating partnership -,320 Net Income (loss) available to Easterly Government Properties, Inc. 498 Less: Dividends on participating securities -24 Income available to common stockholders $474 Denominator for basic EPS 24,141,712 Dilutive effect of share-based compensation awards 12,072 Dilutive effect of LTIP units 1,061,383 Denominator for basic and diluted EPS 25,215,167 Basic EPS $1.9634067376828952E-2 Diluted EPS $1.8798209823476481E-2 Variance $0 Debt Maturities (Unaudited, in thousands) Secured Debt Unsecured Debt Year Scheduled Amortization Balloon Payments Credit Facility Total Percent of Debt Maturing Weighted Average Interest Rate of Maturing Debt 2015 $ 650 $ - $ - $ 650 .5% 4.1% 2016 2857 - - 2857 2.4% 4.1% 2017 2977 - - 2977 2.5% 4.1% 2018 3100 - - 3100 2.6% 4.1% 2019 3229 - 50167 53396 0.45100000000000001 1.7% 2020 3395 - - 3395 2.9% 4.1% 2021 4054 - - 4054 3.4% 4.2% 2022 5109 - - 5109 4.3% 4.2% 2023 5388 - - 5388 4.6% 4.2% 2024 5679 - - 5679 4.8% 4.2% 2025 5633 1917 - 7550 6.4% 4.3% 2026 3686 6368 - 10054 8.5% 4.3% 2027 1093 7140 - 8233 7.7% 4.1% 2028 983 - - 983 .8% 3.4% 2029 1016 - - 1016 .9% 3.4% 2030 1049 - - 1049 .9% 3.4% 2031 1081 - - 1081 .9% 3.4% 2032 1116 - - 1116 .9% 3.4% 2033 668 - - 668 .6% 3.4% Total $ 52763 $ 15425 $ 50167 $ 118355 100.0% Year of Lease Expiration Number of Leases Expiring Square Footage Expiring Percent of Square Footage Expiring Annualized Lease Income Expiring Percentage of Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring Percent of Portfolio Square Footage of Leases Expiring Percentage of Total Annualized Lease Income Signed leases not commenced 0 N/A N/A N/A N/A N/A 2015 0 N/A N/A N/A N/A N/A 2016 1 16,100 0.7 $,399,908 0.5 $24.839006211180124 0.7 0.5 2017 5 ,129,276 5.6 5,159,115 700.000000000000000000000000000000000000% 39.907755499860762 5.6 700.000000000000000000000000000000000000% 2018 2 ,239,878 10.5 9,132,873 12.3 38.072991270562532 10.5 12.3 2019 3 ,236,890 10.3 9,250,091 12.5 39.048043395668877 10.3 12.5 2020 3 87,112 3.8 4,048,489 5.5 46.47452704564239 3.8 5.5 2021 5 ,426,398 18.600000000000001 11,934,024 16.2 27.987992438988925 18.600000000000001 16.2 2022 3 ,105,441 4.5999999999999996 2,313,158 3.1 21.937936855682324 4.5999999999999996 3.1 2023 1 ,105,641 4.5999999999999996 ,545,028 0.7 5.1592468833123499 4.5999999999999996 0.7 2024 4 ,364,206 15.8 12,664,688 17.100000000000001 34.773419438449672 15.8 17.100000000000001 2025 3 ,108,955 4.7 4,946,172 6.7 45.396466431095405 4.7 6.7 Thereafter 8 ,478,657 20.8 13,662,409 18.399999999999999 28.543213616430972 20.8 18.399999999999999 Total / Weighted Average 38 2,298,554 10000.000000000000000000000000000000000000% $74,055,955 10000.000000000000000000000000000000000000% $32.218496933289366 10000.000000000000000000000000000000000000% 10000.000000000000000000000000000000000000% 0 0 Debt Schedules (Unaudited, in thousands) Date 42277 Debt Instrument Maturity Date Stated Rate September 30, 2015 Balance September 30, 2015 Percent of Total Indebtedness Debt Inputs Credit Facility Availability Unsecured revolving credit facility ICE - Charleston 22,253,318.390000001 Total Credit Facility ,400,000 Unsecured revolving credit facility(1) 43507 LIBOR + 1.40% $50,167 0.42386886908030924 USFS II - Albuquerque 17,500,000 Used Capacity ,-50,167.330399999999 Total unsecured revolving credit facility 3.4 years $50,167 0.42386886908030924 CBP - Savannah 15,745,000 Remaining Capacity ,349,832.66960000002 (wtd-avg maturity) MEPCOM - Jacksonville 12,690,392.359999999 Maturity of Debt Calculation Secured mortgage debt Credit Facility Rate Outstanding 0.42386793198346173 1.4283768666839944 ICE - Charleston 46402 4.2099999999999999E-2 $22,253 0.18801909509526424 Piece 1 1.5900000000000001E-2 2,500,000 0.18802013123940992 2.1248850448289476 USFS II - Albuquerque 46217 4.4600000000000001E-2 17,500 0.14786025093996874 Piece 2 1.5900000000000001E-2 20,000,000 0.14785895024843859 1.5960664766543784 CBP - Savannah 48770 3.4000000000000002E-2 15,745 0.13303198005998901 Piece 3 1.5900000000000001E-2 10,917,330.4 0.13303080980923804 2.3664905427161167 MEPCOM - Jacksonville 45944 4.41E-2 12,690 0.10721980482446876 Piece 4 1.6E-2 2,500,000 0.10722217671945171 1.0772156767951491 Total secured mortgage debt 12.4 years 4.1243498760460143E-2 $68,188 0.57613113091969081 Piece 5 1.61E-2 14,250,000 (wtd-avg maturity) (wtd-avg rate) 50,167,330.399999999 Weighted Debt Maturity 8.593034607678586 Total Debt ,118,356,041.15000001 0.32634901210535061 3.6881908902317022 Debt Statistics September 30, 2015 0.25664072259937837 2.7703135535384953 Variable rate debt - unhedged $50,167 Weighted Interest of Debt 0.23090332441869785 4.107548727261932 Fixed rate debt 68,188 Credit Facility 800.76055336000002 0.18610694087657317 1.869737403272312 Total debt (excluding unamortized premiums & discounts) $,118,355 ICE - Charleston 936.86470421900003 USFS II - Albuquerque 780.5 Weighted Secured Debt Maturity 12.435790574304441 % Variable rate debt - unhedged 0.42386886908030924 CBP - Savannah 535.33000000000004 % Fixed rate debt 0.57613113091969081 MEPCOM - Jacksonville 559.64630307599998 Total 3,613.101560655 Weighted average maturity 8.6 years Weighted average interest rate 3.5% Weighted Avg. Interest Rate 3.0527394508539626E-2 Weighted Avg. Interest Rate of Secured Debt 4.1243498760460143E-2 *Credit facility has available capacity of $349832.6696 Tenant Number of Properties Number of Leases Weighted Average Remaining Lease Term Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Percentage of Leased Square Feet Percentage of Total Annualized Lease Income U.S. Government Drug Enforcement Administration 8 8 4.8176538112746865 ,313,003 0.13600000000000001 $12,368,725.43058969 0.16600000000000001 0.13600000000000001 0.16600000000000001 Federal Bureau of Investigation 3 3 6.8189029366841698 ,362,757 0.159 11,684,742 0.158 0.159 0.158 Internal Revenue Service 1 1 3.1698630136986301 ,180,481 7.9% 7,383,918 0.1 7.9% 0.1 Administrative Office of the U.S. Courts 3 3 7.6010882114454166 ,183,672 0.08 7,148,829 9.7% 0.08 9.7% U.S. Patent and Trademark Office 1 2 3.5884606585451708 ,189,871 8.3% 6,478,209 8.7% 8.3% 8.7% Bureau of Customs and Border Protection 3 3 9.4745482168189383 ,127,397 5.5% 5,424,956 7.3% 5.5% 7.3% U.S. Forest Service 2 2 8.3635330893483157 ,191,175 8.3% 5,400,061 7.3% 8.3% 7.3% U.S. Immigration and Customs Enforcement 2 4 8.5596935063363944 ,111,422 4.8% 4,867,549.9569410319 6.6% 4.8% 6.6% Department of Transportation 1 2 8.5856002684385935 ,129,659 5.6% 3,560,790 4.8% 5.6% 4.8% U.S. Military Entrance Processing Command 1 1 10.002739726027396 30,000 1.3% 2,161,861 2.9% 1.3% 2.9% Department of Energy 1 1 14.106849315068493 ,115,650 0.05 2,058,570 2.8% 0.05 2.8% U.S. Coast Guard 1 1 12.210958904109589 59,547 2.6% 1,569,666 2.1% 2.6% 2.1% Social Security Administration 2 2 3.6791513459977017 23,333 0.01 ,962,602 1.3% 0.01 1.3% U.S. Department of Agriculture 0 1 10.263013698630138 1,538 1.1% 48,563 1.1% 1.1% 1.1% Subtotal 29 34 7.063244712787851 2,019,505 0.87900000000000023 $71,119,042 0.96 0.87900000000000023 0.96 0.0% 0.0% Private Tenants Parbel of Florida 1 1 7.1726027397260275 81,721 3.6% $1,476,569 1.9938558620977882 3.6% 0.02 United Technologies / P&W 1 1 8.257534246575343 ,105,641 4.6% ,545,028 .7% 4.6% .7% LifePoint, Inc. 0 1 4.0027397260273974 21,609 .9% ,497,441 .7% .9% .7% Lummus Corporation 1 1 12.843835616438357 70,078 3.5% ,417,875 .6% 0.03 .6% Subtotal 3 4 8.7620882314722852 ,279,049 0.12140197706906168 $2,936,913 3.9658026150631645 0.12099999999999998 0.04 40197706906169861.4% .-34197384936835579 Total / Weighted Average 32 38 7.2694876746871024 2,298,554 1.000401977069062 $74,055,955 0.9996580261506316 September 30, 2015 Assets Real estate properties, net $,668,034 Cash and cash equivalents 4,466 Restricted cash 1,810 Rents receivable 5,632 Accounts receivable 2,856 Deferred financing, net 2,856 Intangible assets, net ,104,657 Prepaid expenses and other assets 2,869 Total assets $,793,180 Liabilities Revolving credit facility 50,167 Mortgage notes payable 68,756 Intangible liabilities, net 39,690 Accounts payable and accrued liabilities 6,982 Total liabilities ,165,595 Equity Common stock, par value $0.01, 200,000,000 shares authorized, 24,168,379 shares issued and outstanding 241 Additional paid-in capital ,389,159 Retained (deficit) -1,799 Cumulative dividends -7,734 Total stockholders' equity ,379,867 Non-controlling interest in operating partnership ,247,718 Total equity ,627,585 Total liabilities and equity $,793,180 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Rentable Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Percentage of Total Annualized Lease Income U.S Government Leased Properties IRS - Fresno Fresno, CA Office 2018 2003 ,180,481 $7,383,918 0.1 $40.912439536571718 0.1 PTO - Arlington Arlington, VA Office 2019 / 2020 2009 ,189,871 6,478,209 8.9% 34.11900184862354 8.9% FBI - San Antonio San Antonio, TX Office 2021 2007 ,148,584 4,980,626 6.7% 33.52060787164163 6.7% FBI - Omaha Omaha, NE Office 2024 2009 ,112,196 4,568,474 6.2% 40.718688723305647 6.2% ICE - Charleston North Charleston, SC Office 2019 / 2027 1994 / 2012 86,733 3,617,320 4.9% 41.706386265896484 4.9% DOT - Lakewood Lakewood, CO Office 2024 2004 ,122,225 3,345,895 4.5% 27.374882389036614 4.5% AOC - El Centro El Centro, CA Courthouse/Office 2019 2004 46,813 3,037,113 4.1% 64.877555379915833 4.1% USFS II - Albuquerque Albuquerque, NM Office 2026 2011 98,720 2,771,855 3.7% 28.07794773095624 3.7% DEA - Vista Vista, CA Laboratory 2020 2002 54,119 2,752,688 3.7% 50.863615366137587 3.7% AOC - Del Rio Del Rio, TX Courthouse/Office 2024 1992 / 2004 89,880 2,658,810 3.6% 29.581775700934578 3.6% USFS I - Albuquerque Albuquerque, NM Office 2021 2006 92,455 2,628,206 3.5% 28.426867124547076 3.5% MEPCOM - Jacksonville Jacksonville, FL Office 2025 2010 30,000 2,161,861 2.9% 72.062033333333332 2.9% FBI - Little Rock Little Rock, AR Office 2021 2001 ,101,977 2,135,642 2.9% 20.942388970061877 2.9% CBP - Savannah Savannah, GA Laboratory 2033 2013 35,000 2,107,714 2.8% 60.220399999999998 2.8% DEA - Santa Ana Santa Ana, CA Office 2024 2004 39,905 2,091,509 2.8% 52.412203984463098 2.8% DOE - Lakewood Lakewood, CO Office 2029 1999 ,115,650 2,058,570 2.8% 17.8 2.8% ICE - Otay San Diego, CA Office 2017 - 2026 2001 52,881 1,785,842 2.4% 33.770957432726313 2.4% DEA - Dallas Dallas, TX Office 2021 2001 71,827 1,771,987 2.4% 24.670207582107007 2.4% CBP - Chula Vista Chula Vista, CA Office 2018 1998 59,397 1,748,955 2.4% 29.445173998686801 2.4% DEA - North Highlands Sacramento, CA Office 2017 2002 37,975 1,709,309 2.3% 45.011428571428574 2.3% USCG - Martinsburg Martinsburg, WV Office 2027 2007 59,547 1,569,666 2.1% 26.360118897677467 2.1% CBP - Sunburst Sunburst, MT Office 2028 2008 33,000 1,568,287 2.1% 47.523848484848486 2.1% AOC - Aberdeen Aberdeen, MS Courthouse/Office 2025 2005 46,979 1,452,906 0.02 30.926711935119947 0.02 DEA - Albany Albany, NY Office 2025 2004 31,976 1,331,405 1.8% 41.637634475856892 1.8% DEA - Riverside Riverside, CA Office 2017 1997 34,354 1,275,320 1.7% 37.122896897013447 1.7% DEA - Otay San Diego, CA Office 2017 1997 32,560 1,261,886 1.7% 38.755712530712529 1.7% SSA - Mission Viejo Mission Viejo, CA Office 2020 2005 11,590 ,533,129 .7% 45.999050905953411 .7% SSA - San Diego San Diego, CA Office 2017 2003 11,743 ,429,473 .6% 36.572681597547472 .6% DEA - San Diego San Diego, CA Warehouse 2016 1999 16,100 ,399,908 .5% 24.839006211180124 .5% Subtotal 2,044,538 $71,616,483 0.9670000000000003 $35.028198546566507 0.9670000000000003 0.0% Privately Leased Properties 2650 SW 145th Avenue - Parbel of Florida Miramar, FL Warehouse/Distribution 2022 2007 81,721 1,476,569 0.02 18.068415707100989 0.02 5998 Osceola Court - United Technologies Midland, GA Manufacturing/Warehouse 2023 2014 ,105,641 ,545,028 .7% 5.1592468833123499 .7% 501 East Hunter Street - Lummus Corporation Lubbock, TX Warehouse/Distribution 2028 2013 70,078 ,417,875 .6% 5.9629983732412457 .6% Subtotal ,257,440 $2,439,472 3.3% $9.4758856432566816 3.3% 0.0% Total / Weighted Average 2,301,978 $74,055,955 1.0000000000000002 $32.170574610183067 1.0000000000000002 0.0% Price of Common Shares Three months ended September 30, 2015 Earnings Three months ended September 30, 2015 Pro forma nine months ended September 30, 2015 High closing price during period $16.2 Net income available to Easterly Government Properties, Inc. $498 Interest Expense (Not including Deferred Financing) Low closing price during period $15.29 Net income available to Easterly Government Properties, Inc. per share: Total per Income Statement $1,341 End of period closing price $15.95 Basic $1.9634067376828952E-2 Less: Non-Cash Interest $191 Diluted $1.8798209823476481E-2 Interest Total $1,150 Outstanding Classes of Stock and Partnership Units - Fully Diluted Basis At September 30, 2015 Net income $818 $3,289 Common shares 24,141,712 Net income, per share - fully diluted basis $2.0604888025319134E-2 $8.2847771045568008E-2 Unvested restricted shares 26,667 Common partnership units outstanding 15,530,938.89946384 Funds From Operations $10,162 $30,785 Total - fully diluted basis 39699317.89946384 Funds From Operation, per share - fully diluted basis $0.25597417128764433 $0.77545412941253 Market Capitalization At September 30, 2015 Cash Available for Distribution $8,810 $26,336 Total equity market capitalization - fully diluted basis $,633,204.12049644813 Cash Available for Distribution, per share - fully diluted basis $0.22191817054164006 $0.66338671275648498 Consolidated debt (excluding unamortized premiums & discounts) ,118,355 Cash and cash equivalents -4,466 Total enterprise value $,747,093.12049644813 Cash Balance per TB Liquidity At September 30, 2015 4,465,747.1499999994 Ratios At September 30, 2015 Cash and cash equivalents $4,466 Net debt to total enterprise value 0.15244284397147176 Net debt to total equity market capitalization 0.17986143221984741 Unsecured revolving credit facility Net debt to annualized quarterly EBITDA 2.4752021211857778 Total current facility size $,400,000 Cash interest coverage ratio 10.002608695652174 Less: outstanding balance ,-50,167 Cash fixed charge coverage ratio 6.6033295063145809 Available under unsecured revolving credit facility $,349,833 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Interest expense 1,341 2,608 3,949 EBITDA $11,503 23,231 $34,734 Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Funds From Operations (FFO) $10,162 $20,623 $30,785 Adjustments to FFO: Acquisition costs 235 418 653 Straight-line rent -67 -,131 -,198 Above-/below-market leases -1,382 -2,541 -3,923 Non-cash interest expense 191 377 568 Non-cash compensation 663 558 1,221 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 FFO, per share - fully diluted basis $0.25597417128764427 $0.51947995812488568 $0.77545412941253 FFO, as Adjusted, per share - fully diluted basis $0.24690600540853075 $0.48625520591780019 $0.73316121132633094 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 Acquisition costs -,235 -,418 -,653 Principal amortization -,592 -1,200 -1,792 Maintenance capital expenditures -,149 -,126 -,275 Contractual tenant improvements -16 -34 -50 Cash Available for Distribution (CAD) $8,810 $17,526 $26,336 CAD, per share - fully diluted basis $0.22191817054164006 $0.44146854221484488 $0.66338671275648498 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenue Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 Operating Expenses Property operating 3,838 6,691 10,529 Real estate taxes 1,980 3,517 5,497 Total expenses 5,818 10,208 16,026 Net Operating Income $14,039 27,584 $41,623 Adjustments to Net Operating Income: Straight-line rent -67 -,131 -,198 Above-/below-market leases -1,382 -2,541 -3,923 Cash Net Operating Income $12,590 $24,912 $37,502 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenues Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 No. of Shares Operating Expenses Entity OPUs Shares Total Property operating 3,838 6,691 10,529 0.39121425164911411 0.60878574835088595 Real estate taxes 1,980 3,517 5,497 Depreciation and amortization 9,344 18,152 27,496 Acquisition costs 235 418 653 Corporate general and administrative 2,301 3,935 6,236 Total expenses 17,698 32,713 50,411 Operating income 2,159 5,079 7,238 Other (expenses) Interest expense, net -1,341 -2,608 -3,949 Net income 818 2,471 3,289 Non-controlling interest in operating partnership -,320 -,967 -1,287 Net income available to Easterly Government Properties, Inc. $498 $1,504 $2,002 Net income available to Easterly Government Properties, Inc. per share: Basic $1.9634067376828952E-2 Diluted $1.8798209823476481E-2 Weighted-average common shares outstanding: Basic 24,141,712 Diluted 25,215,167 Net income, per share - fully diluted basis $2.0604888025319134E-2 0 6.2242883020248871E-2 $8.2847771045568008E-2 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Dividends Variance Check Three months ended September 30, 2015 Numerator Net Income (loss) 818 Less: Non-controlling interest in predecessor 0 Less: Non-controlling interest in operating partnership -,320 Net Income (loss) available to Easterly Government Properties, Inc. 498 Less: Dividends on participating securities -24 Income available to common stockholders $474 Denominator for basic EPS 24,141,712 Dilutive effect of share-based compensation awards 12,072 Dilutive effect of LTIP units 1,061,383 Denominator for basic and diluted EPS 25,215,167 Basic EPS $1.9634067376828952E-2 Diluted EPS $1.8798209823476481E-2 Variance $0 Debt Maturities (Unaudited, in thousands) Secured Debt Unsecured Debt Year Scheduled Amortization Balloon Payments Credit Facility Total Percent of Debt Maturing Weighted Average Interest Rate of Maturing Debt 2015 $ 650 $ - $ - $ 650 .5% 4.1% 2016 2857 - - 2857 2.4% 4.1% 2017 2977 - - 2977 2.5% 4.1% 2018 3100 - - 3100 2.6% 4.1% 2019 3229 - 50167 53396 0.45100000000000001 1.7% 2020 3395 - - 3395 2.9% 4.1% 2021 4054 - - 4054 3.4% 4.2% 2022 5109 - - 5109 4.3% 4.2% 2023 5388 - - 5388 4.6% 4.2% 2024 5679 - - 5679 4.8% 4.2% 2025 5633 1917 - 7550 6.4% 4.3% 2026 3686 6368 - 10054 8.5% 4.3% 2027 1093 7140 - 8233 7.7% 4.1% 2028 983 - - 983 .8% 3.4% 2029 1016 - - 1016 .9% 3.4% 2030 1049 - - 1049 .9% 3.4% 2031 1081 - - 1081 .9% 3.4% 2032 1116 - - 1116 .9% 3.4% 2033 668 - - 668 .6% 3.4% Total $ 52763 $ 15425 $ 50167 $ 118355 100.0% Year of Lease Expiration Number of Leases Expiring Square Footage Expiring Percent of Square Footage Expiring Annualized Lease Income Expiring Percentage of Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring Percent of Portfolio Square Footage of Leases Expiring Percentage of Total Annualized Lease Income Signed leases not commenced 0 N/A N/A N/A N/A N/A 2015 0 N/A N/A N/A N/A N/A 2016 1 16,100 0.7 $,399,908 0.5 $24.839006211180124 0.7 0.5 2017 5 ,129,276 5.6 5,159,115 700.000000000000000000000000000000000000% 39.907755499860762 5.6 700.000000000000000000000000000000000000% 2018 2 ,239,878 10.5 9,132,873 12.3 38.072991270562532 10.5 12.3 2019 3 ,236,890 10.3 9,250,091 12.5 39.048043395668877 10.3 12.5 2020 3 87,112 3.8 4,048,489 5.5 46.47452704564239 3.8 5.5 2021 5 ,426,398 18.600000000000001 11,934,024 16.2 27.987992438988925 18.600000000000001 16.2 2022 3 ,105,441 4.5999999999999996 2,313,158 3.1 21.937936855682324 4.5999999999999996 3.1 2023 1 ,105,641 4.5999999999999996 ,545,028 0.7 5.1592468833123499 4.5999999999999996 0.7 2024 4 ,364,206 15.8 12,664,688 17.100000000000001 34.773419438449672 15.8 17.100000000000001 2025 3 ,108,955 4.7 4,946,172 6.7 45.396466431095405 4.7 6.7 Thereafter 8 ,478,657 20.8 13,662,409 18.399999999999999 28.543213616430972 20.8 18.399999999999999 Total / Weighted Average 38 2,298,554 10000.000000000000000000000000000000000000% $74,055,955 10000.000000000000000000000000000000000000% $32.218496933289366 10000.000000000000000000000000000000000000% 10000.000000000000000000000000000000000000% 0 0
Lease Expirations Debt Schedules (Unaudited, in thousands) Date 42277 Debt Instrument Maturity Date Stated Rate September 30, 2015 Balance September 30, 2015 Percent of Total Indebtedness Debt Inputs Credit Facility Availability Unsecured revolving credit facility ICE - Charleston 22,253,318.390000001 Total Credit Facility ,400,000 Unsecured revolving credit facility(1) 43507 LIBOR + 1.40% $50,167 0.42386886908030924 USFS II - Albuquerque 17,500,000 Used Capacity ,-50,167.330399999999 Total unsecured revolving credit facility 3.4 years $50,167 0.42386886908030924 CBP - Savannah 15,745,000 Remaining Capacity ,349,832.66960000002 (wtd-avg maturity) MEPCOM - Jacksonville 12,690,392.359999999 Maturity of Debt Calculation Secured mortgage debt Credit Facility Rate Outstanding 0.42386793198346173 1.4283768666839944 ICE - Charleston 46402 4.2099999999999999E-2 $22,253 0.18801909509526424 Piece 1 1.5900000000000001E-2 2,500,000 0.18802013123940992 2.1248850448289476 USFS II - Albuquerque 46217 4.4600000000000001E-2 17,500 0.14786025093996874 Piece 2 1.5900000000000001E-2 20,000,000 0.14785895024843859 1.5960664766543784 CBP - Savannah 48770 3.4000000000000002E-2 15,745 0.13303198005998901 Piece 3 1.5900000000000001E-2 10,917,330.4 0.13303080980923804 2.3664905427161167 MEPCOM - Jacksonville 45944 4.41E-2 12,690 0.10721980482446876 Piece 4 1.6E-2 2,500,000 0.10722217671945171 1.0772156767951491 Total secured mortgage debt 12.4 years 4.1243498760460143E-2 $68,188 0.57613113091969081 Piece 5 1.61E-2 14,250,000 (wtd-avg maturity) (wtd-avg rate) 50,167,330.399999999 Weighted Debt Maturity 8.593034607678586 Total Debt ,118,356,041.15000001 0.32634901210535061 3.6881908902317022 Debt Statistics September 30, 2015 0.25664072259937837 2.7703135535384953 Variable rate debt - unhedged $50,167 Weighted Interest of Debt 0.23090332441869785 4.107548727261932 Fixed rate debt 68,188 Credit Facility 800.76055336000002 0.18610694087657317 1.869737403272312 Total debt (excluding unamortized premiums & discounts) $,118,355 ICE - Charleston 936.86470421900003 USFS II - Albuquerque 780.5 Weighted Secured Debt Maturity 12.435790574304441 % Variable rate debt - unhedged 0.42386886908030924 CBP - Savannah 535.33000000000004 % Fixed rate debt 0.57613113091969081 MEPCOM - Jacksonville 559.64630307599998 Total 3,613.101560655 Weighted average maturity 8.6 years Weighted average interest rate 3.5% Weighted Avg. Interest Rate 3.0527394508539626E-2 Weighted Avg. Interest Rate of Secured Debt 4.1243498760460143E-2 *Credit facility has available capacity of $349832.6696 Tenant Number of Properties Number of Leases Weighted Average Remaining Lease Term Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Percentage of Leased Square Feet Percentage of Total Annualized Lease Income U.S. Government Drug Enforcement Administration 8 8 4.8176538112746865 ,313,003 0.13600000000000001 $12,368,725.43058969 0.16600000000000001 0.13600000000000001 0.16600000000000001 Federal Bureau of Investigation 3 3 6.8189029366841698 ,362,757 0.159 11,684,742 0.158 0.159 0.158 Internal Revenue Service 1 1 3.1698630136986301 ,180,481 7.9% 7,383,918 0.1 7.9% 0.1 Administrative Office of the U.S. Courts 3 3 7.6010882114454166 ,183,672 0.08 7,148,829 9.7% 0.08 9.7% U.S. Patent and Trademark Office 1 2 3.5884606585451708 ,189,871 8.3% 6,478,209 8.7% 8.3% 8.7% Bureau of Customs and Border Protection 3 3 9.4745482168189383 ,127,397 5.5% 5,424,956 7.3% 5.5% 7.3% U.S. Forest Service 2 2 8.3635330893483157 ,191,175 8.3% 5,400,061 7.3% 8.3% 7.3% U.S. Immigration and Customs Enforcement 2 4 8.5596935063363944 ,111,422 4.8% 4,867,549.9569410319 6.6% 4.8% 6.6% Department of Transportation 1 2 8.5856002684385935 ,129,659 5.6% 3,560,790 4.8% 5.6% 4.8% U.S. Military Entrance Processing Command 1 1 10.002739726027396 30,000 1.3% 2,161,861 2.9% 1.3% 2.9% Department of Energy 1 1 14.106849315068493 ,115,650 0.05 2,058,570 2.8% 0.05 2.8% U.S. Coast Guard 1 1 12.210958904109589 59,547 2.6% 1,569,666 2.1% 2.6% 2.1% Social Security Administration 2 2 3.6791513459977017 23,333 0.01 ,962,602 1.3% 0.01 1.3% U.S. Department of Agriculture 0 1 10.263013698630138 1,538 1.1% 48,563 1.1% 1.1% 1.1% Subtotal 29 34 7.063244712787851 2,019,505 0.87900000000000023 $71,119,042 0.96 0.87900000000000023 0.96 0.0% 0.0% Private Tenants Parbel of Florida 1 1 7.1726027397260275 81,721 3.6% $1,476,569 1.9938558620977882 3.6% 0.02 United Technologies / P&W 1 1 8.257534246575343 ,105,641 4.6% $,545,028 .7% 4.6% .7% LifePoint, Inc. 0 1 4.0027397260273974 21,609 .9% $,497,441 .7% .9% .7% Lummus Corporation 1 1 12.843835616438357 70,078 3.5% $,417,875 .6% 0.03 .6% Subtotal 3 4 8.7620882314722852 ,279,049 0.12140197706906168 $2,936,913 3.9658026150631645 0.12099999999999998 0.04 40197706906169861.4% .-34197384936835579 Total / Weighted Average 32 38 7.2694876746871024 2,298,554 1.000401977069062 $74,055,955 0.9996580261506316 September 30, 2015 Assets Real estate properties, net $,668,034 Cash and cash equivalents 4,466 Restricted cash 1,810 Deposits on investments 1,500 Rents receivable 5,632 Accounts receivable 2,856 Deferred financing, net 2,856 Intangible assets, net ,104,657 Prepaid expenses and other assets 1,369 Total assets $,793,180 Liabilities Revolving credit facility 50,167 Mortgage notes payable 68,756 Intangible liabilities, net 39,690 Accounts payable and accrued liabilities 6,982 Total liabilities ,165,595 Equity Common stock, par value $0.01, 200,000,000 shares authorized, 24,168,379 shares issued and outstanding 241 Additional paid-in capital ,389,159 Retained (deficit) -1,799 Cumulative dividends -7,734 Total stockholders' equity ,379,867 Non-controlling interest in operating partnership ,247,718 Total equity ,627,585 Total liabilities and equity $,793,180 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Rentable Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Percentage of Total Annualized Lease Income U.S Government Leased Properties IRS - Fresno Fresno, CA Office 2018 2003 ,180,481 $7,383,918 0.1 40.912439536571718 0.1 PTO - Arlington Arlington, VA Office 2019 / 2020 2009 ,189,871 6,478,209 8.9% 34.11900184862354 8.9% -0.2 FBI - San Antonio San Antonio, TX Office 2021 2007 ,148,584 4,980,626 6.7% 33.52060787164163 6.7% FBI - Omaha Omaha, NE Office 2024 2009 ,112,196 4,568,474 6.2% 40.718688723305647 6.2% ICE - Charleston North Charleston, SC Office 2019 / 2027 1994 / 2012 86,733 3,617,320 4.9% 41.706386265896484 4.9% DOT - Lakewood Lakewood, CO Office 2024 2004 ,122,225 3,345,895 4.5% 27.374882389036614 4.5% AOC - El Centro El Centro, CA Courthouse/Office 2019 2004 46,813 3,037,113 4.1% 64.877555379915833 4.1% USFS II - Albuquerque Albuquerque, NM Office 2026 2011 98,720 2,771,855 3.7% 28.07794773095624 3.7% DEA - Vista Vista, CA Laboratory 2020 2002 54,119 2,752,688 3.7% 50.863615366137587 3.7% AOC - Del Rio Del Rio, TX Courthouse/Office 2024 1992 / 2004 89,880 2,658,810 3.6% 29.581775700934578 3.6% USFS I - Albuquerque Albuquerque, NM Office 2021 2006 92,455 2,628,206 3.5% 28.426867124547076 3.5% MEPCOM - Jacksonville Jacksonville, FL Office 2025 2010 30,000 2,161,861 2.9% 72.062033333333332 2.9% FBI - Little Rock Little Rock, AR Office 2021 2001 ,101,977 2,135,642 2.9% 20.942388970061877 2.9% CBP - Savannah Savannah, GA Laboratory 2033 2013 35,000 2,107,714 2.8% 60.220399999999998 2.8% DEA - Santa Ana Santa Ana, CA Office 2024 2004 39,905 2,091,509 2.8% 52.412203984463098 2.8% DOE - Lakewood Lakewood, CO Office 2029 1999 ,115,650 2,058,570 2.8% 17.8 2.8% ICE - Otay San Diego, CA Office 2017 / 2021 2001 52,881 1,785,842 2.4% 33.770957432726313 2.4% DEA - Dallas Dallas, TX Office 2021 2001 71,827 1,771,987 2.4% 24.670207582107007 2.4% CBP - Chula Vista Chula Vista, CA Office 2018 1998 59,397 1,748,955 2.4% 29.445173998686801 2.4% DEA - North Highlands Sacramento, CA Office 2017 2002 37,975 1,709,309 2.3% 45.011428571428574 2.3% USCG - Martinsburg Martinsburg, WV Office 2027 2007 59,547 1,569,666 2.1% 26.360118897677467 2.1% CBP - Sunburst Sunburst, MT Office 2028 2008 33,000 1,568,287 2.1% 47.523848484848486 2.1% AOC - Aberdeen Aberdeen, MS Courthouse/Office 2025 2005 46,979 1,452,906 0.02 30.926711935119947 0.02 DEA - Albany Albany, NY Office 2025 2004 31,976 1,331,405 1.8% 41.637634475856892 1.8% DEA - Riverside Riverside, CA Office 2017 1997 34,354 1,275,320 1.7% 37.122896897013447 1.7% DEA - Otay San Diego, CA Office 2017 1997 32,560 1,261,886 1.7% 38.755712530712529 1.7% SSA - Mission Viejo Mission Viejo, CA Office 2020 2005 11,590 ,533,129 .7% 45.999050905953411 .7% SSA - San Diego San Diego, CA Office 2017 2003 11,743 ,429,473 .6% 36.572681597547472 .6% DEA - San Diego San Diego, CA Warehouse 2016 1999 16,100 ,399,908 .5% 24.839006211180124 .5% Subtotal 2,044,538 $71,616,483 0.9670000000000003 35.028198546566507 0.9670000000000003 0.0% Privately Leased Properties 2650 SW 145th Avenue - Parbel of Florida Miramar, FL Warehouse/Distribution 2022 2007 81,721 1,476,569 0.02 18.068415707100989 0.02 5998 Osceola Court - United Technologies Midland, GA Manufacturing/Warehouse 2023 2014 ,105,641 ,545,028 .7% 5.1592468833123499 .7% 501 East Hunter Street - Lummus Corporation Lubbock, TX Warehouse/Distribution 2028 2013 70,078 ,417,875 .6% 5.9629983732412457 .6% Subtotal ,257,440 $2,439,472 3.3% 9.4758856432566816 3.3% 0.0% Total / Weighted Average 2,301,978 $74,055,955 1.0000000000000002 32.170574610183067 1.0000000000000002 0.0% Price of Common Shares Three months ended September 30, 2015 Earnings Three months ended September 30, 2015 Pro forma nine months ended September 30, 2015 High closing price during period $16.2 Net income available to Easterly Government Properties, Inc. $498 Interest Expense (Not including Deferred Financing) Low closing price during period $15.29 Net income available to Easterly Government Properties, Inc. per share: Total per Income Statement $1,341 End of period closing price $15.95 Basic $1.9634067376828952E-2 Less: Non-Cash Interest $191 Diluted $1.8798209823476481E-2 Interest Total $1,150 Outstanding Classes of Stock and Partnership Units - Fully Diluted Basis At September 30, 2015 Net income $818 $3,289 Common shares 24,141,712 Net income, per share - fully diluted basis $2.0604888025319134E-2 $8.2847771045568008E-2 Unvested restricted shares 26,667 Common partnership units outstanding 15,530,938.89946384 Funds From Operations $10,162 $30,785 Total - fully diluted basis 39699317.89946384 Funds From Operation, per share - fully diluted basis $0.25597417128764433 $0.77545412941253 Market Capitalization At September 30, 2015 Cash Available for Distribution $8,810 $26,336 Total equity market capitalization - fully diluted basis $,633,204.12049644813 Cash Available for Distribution, per share - fully diluted basis $0.22191817054164006 $0.66338671275648498 Consolidated debt (excluding unamortized premiums & discounts) ,118,355 Cash and cash equivalents -4,466 Total enterprise value $,747,093.12049644813 Cash Balance per TB Liquidity At September 30, 2015 4,465,747.1499999994 Ratios At September 30, 2015 Cash and cash equivalents $4,466 Net debt to total enterprise value 0.15244284397147176 Net debt to total equity market capitalization 0.17986143221984741 Unsecured revolving credit facility Net debt to annualized quarterly EBITDA 2.4752021211857778 Total current facility size $,400,000 Cash interest coverage ratio 10.002608695652174 Less: outstanding balance ,-50,167 Cash fixed charge coverage ratio 6.6033295063145809 Available under unsecured revolving credit facility $,349,833 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Interest expense 1,341 2,608 3,949 EBITDA $11,503 23,231 $34,734 Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Funds From Operations (FFO) $10,162 $20,623 $30,785 Adjustments to FFO: Acquisition costs 235 418 653 Straight-line rent -67 -,131 -,198 Above-/below-market leases -1,382 -2,541 -3,923 Non-cash interest expense 191 377 568 Non-cash compensation 663 558 1,221 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 FFO, per share - fully diluted basis $0.25597417128764427 $0.51947995812488568 $0.77545412941253 FFO, as Adjusted, per share - fully diluted basis $0.24690600540853075 $0.48625520591780019 $0.73316121132633094 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 Acquisition costs -,235 -,418 -,653 Principal amortization -,592 -1,200 -1,792 Maintenance capital expenditures -,149 -,126 -,275 Contractual tenant improvements -16 -34 -50 Cash Available for Distribution (CAD) $8,810 $17,526 $26,336 CAD, per share - fully diluted basis $0.22191817054164006 $0.44146854221484488 $0.66338671275648498 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenue Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 Operating Expenses Property operating 3,838 6,691 10,529 Real estate taxes 1,980 3,517 5,497 Total expenses 5,818 10,208 16,026 Net Operating Income $14,039 27,584 $41,623 Adjustments to Net Operating Income: Straight-line rent -67 -,131 -,198 Above-/below-market leases -1,382 -2,541 -3,923 Cash Net Operating Income $12,590 $24,912 $37,502 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenues Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 No. of Shares Operating Expenses Entity OPUs Shares Total Property operating 3,838 6,691 10,529 0.39121425164911411 0.60878574835088595 Real estate taxes 1,980 3,517 5,497 Depreciation and amortization 9,344 18,152 27,496 Acquisition costs 235 418 653 Corporate general and administrative 2,301 3,935 6,236 Total expenses 17,698 32,713 50,411 Operating income 2,159 5,079 7,238 Other (expenses) Interest expense, net -1,341 -2,608 -3,949 Net income 818 2,471 3,289 Non-controlling interest in operating partnership -,320 -,967 -1,287 Net income available to Easterly Government Properties, Inc. $498 $1,504 $2,002 Net income available to Easterly Government Properties, Inc. per share: Basic $1.9634067376828952E-2 Diluted $1.8798209823476481E-2 Weighted-average common shares outstanding: Basic 24,141,712 Diluted 25,435,010 Net income, per share - fully diluted basis $2.0604888025319134E-2 0 6.2242883020248871E-2 $8.2847771045568008E-2 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Dividends Variance Check Three months ended September 30, 2015 Numerator Net Income (loss) 818 Less: Non-controlling interest in predecessor 0 Less: Non-controlling interest in operating partnership -,320 Net Income (loss) available to Easterly Government Properties, Inc. 498 Less: Dividends on participating securities -24 Income available to common stockholders $474 Denominator for basic EPS 24,141,712 Dilutive effect of share-based compensation awards 12,072 Dilutive effect of LTIP units 1,061,383 Denominator for basic and diluted EPS 25,215,167 Basic EPS $1.9634067376828952E-2 Diluted EPS $1.8798209823476481E-2 Variance $0 Debt Maturities (Unaudited, in thousands) Secured Debt Unsecured Debt Year Scheduled Amortization Balloon Payments Credit Facility Total Percent of Debt Maturing Weighted Average Interest Rate of Maturing Debt 2015 $ 650 $ - $ - $ 650 .5% 4.1% 2016 2857 - - 2857 2.4% 4.1% 2017 2977 - - 2977 2.5% 4.1% 2018 3100 - - 3100 2.6% 4.1% 2019 3229 - 50167 53396 0.45100000000000001 1.7% 2020 3395 - - 3395 2.9% 4.1% 2021 4054 - - 4054 3.4% 4.2% 2022 5109 - - 5109 4.3% 4.2% 2023 5388 - - 5388 4.6% 4.2% 2024 5679 - - 5679 4.8% 4.2% 2025 5633 1917 - 7550 6.4% 4.3% 2026 3686 6368 - 10054 8.5% 4.3% 2027 1093 7140 - 8233 7.7% 4.1% 2028 983 - - 983 .8% 3.4% 2029 1016 - - 1016 .9% 3.4% 2030 1049 - - 1049 .9% 3.4% 2031 1081 - - 1081 .9% 3.4% 2032 1116 - - 1116 .9% 3.4% 2033 668 - - 668 .6% 3.4% Total $ 52763 $ 15425 $ 50167 $ 118355 100.0% Year of Lease Expiration Number of Leases Expiring Square Footage Expiring Percent of Square Footage Expiring Annualized Lease Income Expiring Percentage of Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring Percent of Portfolio Square Footage of Leases Expiring Percentage of Total Annualized Lease Income Signed leases not commenced 0 N/A N/A N/A N/A N/A 2015 0 N/A N/A N/A N/A N/A 2016 1 16,100 0.7 $,399,908 0.5 $24.839006211180124 0.7 0.5 2017 5 ,129,276 5.6 5,159,115 700.000000000000000000000000000000000000% 39.907755499860762 5.6 700.000000000000000000000000000000000000% 2018 2 ,239,878 10.5 9,132,873 12.3 38.072991270562532 10.5 12.3 2019 3 ,236,890 10.3 9,250,091 12.5 39.048043395668877 10.3 12.5 2020 3 87,112 3.8 4,048,489 5.5 46.47452704564239 3.8 5.5 2021 5 ,426,398 18.600000000000001 11,934,024 16.2 27.987992438988925 18.600000000000001 16.2 2022 3 ,105,441 4.5999999999999996 2,313,158 3.1 21.937936855682324 4.5999999999999996 3.1 2023 1 ,105,641 4.5999999999999996 ,545,028 0.7 5.1592468833123499 4.5999999999999996 0.7 2024 4 ,364,206 15.8 12,664,688 17.100000000000001 34.773419438449672 15.8 17.100000000000001 2025 3 ,108,955 4.7 4,946,172 6.7 45.396466431095405 4.7 6.7 Thereafter 8 ,478,657 20.8 13,662,409 18.399999999999999 28.543213616430972 20.8 18.399999999999999 Total / Weighted Average 38 2,298,554 10000.000000000000000000000000000000000000% $74,055,955 10000.000000000000000000000000000000000000% $32.218496933289366 10000.000000000000000000000000000000000000% 10000.000000000000000000000000000000000000% 0 0 Debt Schedules (Unaudited, in thousands) Date 42277 Debt Instrument Maturity Date Stated Rate September 30, 2015 Balance September 30, 2015 Percent of Total Indebtedness Debt Inputs Credit Facility Availability Unsecured revolving credit facility ICE - Charleston 22,253,318.390000001 Total Credit Facility ,400,000 Unsecured revolving credit facility(1) 43507 LIBOR + 1.40% $50,167 0.42386886908030924 USFS II - Albuquerque 17,500,000 Used Capacity ,-50,167.330399999999 Total unsecured revolving credit facility 3.4 years $50,167 0.42386886908030924 CBP - Savannah 15,745,000 Remaining Capacity ,349,832.66960000002 (wtd-avg maturity) MEPCOM - Jacksonville 12,690,392.359999999 Maturity of Debt Calculation Secured mortgage debt Credit Facility Rate Outstanding 0.42386793198346173 1.4283768666839944 ICE - Charleston 46402 4.2099999999999999E-2 $22,253 0.18801909509526424 Piece 1 1.5900000000000001E-2 2,500,000 0.18802013123940992 2.1248850448289476 USFS II - Albuquerque 46217 4.4600000000000001E-2 17,500 0.14786025093996874 Piece 2 1.5900000000000001E-2 20,000,000 0.14785895024843859 1.5960664766543784 CBP - Savannah 48770 3.4000000000000002E-2 15,745 0.13303198005998901 Piece 3 1.5900000000000001E-2 10,917,330.4 0.13303080980923804 2.3664905427161167 MEPCOM - Jacksonville 45944 4.41E-2 12,690 0.10721980482446876 Piece 4 1.6E-2 2,500,000 0.10722217671945171 1.0772156767951491 Total secured mortgage debt 12.4 years 4.1243498760460143E-2 $68,188 0.57613113091969081 Piece 5 1.61E-2 14,250,000 (wtd-avg maturity) (wtd-avg rate) 50,167,330.399999999 Weighted Debt Maturity 8.593034607678586 Total Debt ,118,356,041.15000001 0.32634901210535061 3.6881908902317022 Debt Statistics September 30, 2015 0.25664072259937837 2.7703135535384953 Variable rate debt - unhedged $50,167 Weighted Interest of Debt 0.23090332441869785 4.107548727261932 Fixed rate debt 68,188 Credit Facility 800.76055336000002 0.18610694087657317 1.869737403272312 Total debt (excluding unamortized premiums & discounts) $,118,355 ICE - Charleston 936.86470421900003 USFS II - Albuquerque 780.5 Weighted Secured Debt Maturity 12.435790574304441 % Variable rate debt - unhedged 0.42386886908030924 CBP - Savannah 535.33000000000004 % Fixed rate debt 0.57613113091969081 MEPCOM - Jacksonville 559.64630307599998 Total 3,613.101560655 Weighted average maturity 8.6 years Weighted average interest rate 3.5% Weighted Avg. Interest Rate 3.0527394508539626E-2 Weighted Avg. Interest Rate of Secured Debt 4.1243498760460143E-2 *Credit facility has available capacity of $349832.6696 Tenant Number of Properties Number of Leases Weighted Average Remaining Lease Term Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Percentage of Leased Square Feet Percentage of Total Annualized Lease Income U.S. Government Drug Enforcement Administration 8 8 4.8176538112746865 ,313,003 0.13600000000000001 $12,368,725.43058969 0.16600000000000001 0.13600000000000001 0.16600000000000001 Federal Bureau of Investigation 3 3 6.8189029366841698 ,362,757 0.159 11,684,742 0.158 0.159 0.158 Internal Revenue Service 1 1 3.1698630136986301 ,180,481 7.9% 7,383,918 0.1 7.9% 0.1 Administrative Office of the U.S. Courts 3 3 7.6010882114454166 ,183,672 0.08 7,148,829 9.7% 0.08 9.7% U.S. Patent and Trademark Office 1 2 3.5884606585451708 ,189,871 8.3% 6,478,209 8.7% 8.3% 8.7% Bureau of Customs and Border Protection 3 3 9.4745482168189383 ,127,397 5.5% 5,424,956 7.3% 5.5% 7.3% U.S. Forest Service 2 2 8.3635330893483157 ,191,175 8.3% 5,400,061 7.3% 8.3% 7.3% U.S. Immigration and Customs Enforcement 2 4 8.5596935063363944 ,111,422 4.8% 4,867,549.9569410319 6.6% 4.8% 6.6% Department of Transportation 1 2 8.5856002684385935 ,129,659 5.6% 3,560,790 4.8% 5.6% 4.8% U.S. Military Entrance Processing Command 1 1 10.002739726027396 30,000 1.3% 2,161,861 2.9% 1.3% 2.9% Department of Energy 1 1 14.106849315068493 ,115,650 0.05 2,058,570 2.8% 0.05 2.8% U.S. Coast Guard 1 1 12.210958904109589 59,547 2.6% 1,569,666 2.1% 2.6% 2.1% Social Security Administration 2 2 3.6791513459977017 23,333 0.01 ,962,602 1.3% 0.01 1.3% U.S. Department of Agriculture 0 1 10.263013698630138 1,538 1.1% 48,563 1.1% 1.1% 1.1% Subtotal 29 34 7.063244712787851 2,019,505 0.87900000000000023 $71,119,042 0.96 0.87900000000000023 0.96 0.0% 0.0% Private Tenants Parbel of Florida 1 1 7.1726027397260275 81,721 3.6% $1,476,569 1.9938558620977882 3.6% 0.02 United Technologies / P&W 1 1 8.257534246575343 ,105,641 4.6% $,545,028 .7% 4.6% .7% LifePoint, Inc. 0 1 4.0027397260273974 21,609 .9% $,497,441 .7% .9% .7% Lummus Corporation 1 1 12.843835616438357 70,078 3.5% $,417,875 .6% 0.03 .6% Subtotal 3 4 8.7620882314722852 ,279,049 0.12140197706906168 $2,936,913 3.9658026150631645 0.12099999999999998 0.04 40197706906169861.4% .-34197384936835579 Total / Weighted Average 32 38 7.2694876746871024 2,298,554 1.000401977069062 $74,055,955 0.9996580261506316 September 30, 2015 Assets Real estate properties, net $,668,034 Cash and cash equivalents 4,466 Restricted cash 1,810 Deposits on investments 1,500 Rents receivable 5,632 Accounts receivable 2,856 Deferred financing, net 2,856 Intangible assets, net ,104,657 Prepaid expenses and other assets 1,369 Total assets $,793,180 Liabilities Revolving credit facility 50,167 Mortgage notes payable 68,756 Intangible liabilities, net 39,690 Accounts payable and accrued liabilities 6,982 Total liabilities ,165,595 Equity Common stock, par value $0.01, 200,000,000 shares authorized, 24,168,379 shares issued and outstanding 241 Additional paid-in capital ,389,159 Retained (deficit) -1,799 Cumulative dividends -7,734 Total stockholders' equity ,379,867 Non-controlling interest in operating partnership ,247,718 Total equity ,627,585 Total liabilities and equity $,793,180 Property Name Location Property Type Tenant Lease Expiration Year Year Built / Renovated Rentable Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Percentage of Total Annualized Lease Income U.S Government Leased Properties IRS - Fresno Fresno, CA Office 2018 2003 ,180,481 $7,383,918 0.1 40.912439536571718 0.1 PTO - Arlington Arlington, VA Office 2019 / 2020 2009 ,189,871 6,478,209 8.9% 34.11900184862354 8.9% -0.2 FBI - San Antonio San Antonio, TX Office 2021 2007 ,148,584 4,980,626 6.7% 33.52060787164163 6.7% FBI - Omaha Omaha, NE Office 2024 2009 ,112,196 4,568,474 6.2% 40.718688723305647 6.2% ICE - Charleston North Charleston, SC Office 2019 / 2027 1994 / 2012 86,733 3,617,320 4.9% 41.706386265896484 4.9% DOT - Lakewood Lakewood, CO Office 2024 2004 ,122,225 3,345,895 4.5% 27.374882389036614 4.5% AOC - El Centro El Centro, CA Courthouse/Office 2019 2004 46,813 3,037,113 4.1% 64.877555379915833 4.1% USFS II - Albuquerque Albuquerque, NM Office 2026 2011 98,720 2,771,855 3.7% 28.07794773095624 3.7% DEA - Vista Vista, CA Laboratory 2020 2002 54,119 2,752,688 3.7% 50.863615366137587 3.7% AOC - Del Rio Del Rio, TX Courthouse/Office 2024 1992 / 2004 89,880 2,658,810 3.6% 29.581775700934578 3.6% USFS I - Albuquerque Albuquerque, NM Office 2021 2006 92,455 2,628,206 3.5% 28.426867124547076 3.5% MEPCOM - Jacksonville Jacksonville, FL Office 2025 2010 30,000 2,161,861 2.9% 72.062033333333332 2.9% FBI - Little Rock Little Rock, AR Office 2021 2001 ,101,977 2,135,642 2.9% 20.942388970061877 2.9% CBP - Savannah Savannah, GA Laboratory 2033 2013 35,000 2,107,714 2.8% 60.220399999999998 2.8% DEA - Santa Ana Santa Ana, CA Office 2024 2004 39,905 2,091,509 2.8% 52.412203984463098 2.8% DOE - Lakewood Lakewood, CO Office 2029 1999 ,115,650 2,058,570 2.8% 17.8 2.8% ICE - Otay San Diego, CA Office 2017 / 2021 2001 52,881 1,785,842 2.4% 33.770957432726313 2.4% DEA - Dallas Dallas, TX Office 2021 2001 71,827 1,771,987 2.4% 24.670207582107007 2.4% CBP - Chula Vista Chula Vista, CA Office 2018 1998 59,397 1,748,955 2.4% 29.445173998686801 2.4% DEA - North Highlands Sacramento, CA Office 2017 2002 37,975 1,709,309 2.3% 45.011428571428574 2.3% USCG - Martinsburg Martinsburg, WV Office 2027 2007 59,547 1,569,666 2.1% 26.360118897677467 2.1% CBP - Sunburst Sunburst, MT Office 2028 2008 33,000 1,568,287 2.1% 47.523848484848486 2.1% AOC - Aberdeen Aberdeen, MS Courthouse/Office 2025 2005 46,979 1,452,906 0.02 30.926711935119947 0.02 DEA - Albany Albany, NY Office 2025 2004 31,976 1,331,405 1.8% 41.637634475856892 1.8% DEA - Riverside Riverside, CA Office 2017 1997 34,354 1,275,320 1.7% 37.122896897013447 1.7% DEA - Otay San Diego, CA Office 2017 1997 32,560 1,261,886 1.7% 38.755712530712529 1.7% SSA - Mission Viejo Mission Viejo, CA Office 2020 2005 11,590 ,533,129 .7% 45.999050905953411 .7% SSA - San Diego San Diego, CA Office 2017 2003 11,743 ,429,473 .6% 36.572681597547472 ..6% DEA - San Diego San Diego, CA Warehouse 2016 1999 16,100 ,399,908 .5% 24.839006211180124 .5% Subtotal 2,044,538 $71,616,483 0.9670000000000003 35.028198546566507 0.9670000000000003 0.0% Privately Leased Properties 2650 SW 145th Avenue - Parbel of Florida Miramar, FL Warehouse/Distribution 2022 2007 81,721 1,476,569 0.02 18.068415707100989 0.02 5998 Osceola Court - United Technologies Midland, GA Manufacturing/Warehouse 2023 2014 ,105,641 ,545,028 .7% 5.1592468833123499 .7% 501 East Hunter Street - Lummus Corporation Lubbock, TX Warehouse/Distribution 2028 2013 70,078 ,417,875 .6% 5.9629983732412457 .6% Subtotal ,257,440 $2,439,472 3.3% 9.4758856432566816 3.3% 0.0% Total / Weighted Average 2,301,978 $74,055,955 1.0000000000000002 32.170574610183067 1.0000000000000002 0.0% Price of Common Shares Three months ended September 30, 2015 Earnings Three months ended September 30, 2015 Pro forma nine months ended September 30, 2015 High closing price during period $16.2 Net income available to Easterly Government Properties, Inc. $498 Interest Expense (Not including Deferred Financing) Low closing price during period $15.29 Net income available to Easterly Government Properties, Inc. per share: Total per Income Statement $1,341 End of period closing price $15.95 Basic $1.9634067376828952E-2 Less: Non-Cash Interest $191 Diluted $1.8798209823476481E-2 Interest Total $1,150 Outstanding Classes of Stock and Partnership Units - Fully Diluted Basis At September 30, 2015 Net income $818 $3,289 Common shares 24,141,712 Net income, per share - fully diluted basis $2.0604888025319134E-2 $8.2847771045568008E-2 Unvested restricted shares 26,667 Common partnership units outstanding 15,530,938.89946384 Funds From Operations $10,162 $30,785 Total - fully diluted basis 39699317.89946384 Funds From Operation, per share - fully diluted basis $0.25597417128764433 $0.77545412941253 Market Capitalization At September 30, 2015 Cash Available for Distribution $8,810 $26,336 Total equity market capitalization - fully diluted basis $,633,204.12049644813 Cash Available for Distribution, per share - fully diluted basis $0.22191817054164006 $0.66338671275648498 Consolidated debt (excluding unamortized premiums & discounts) ,118,355 Cash and cash equivalents -4,466 Total enterprise value $,747,093.12049644813 Cash Balance per TB Liquidity At September 30, 2015 4,465,747.1499999994 Ratios At September 30, 2015 Cash and cash equivalents $4,466 Net debt to total enterprise value 0.15244284397147176 Net debt to total equity market capitalization 0.17986143221984741 Unsecured revolving credit facility Net debt to annualized quarterly EBITDA 2.4752021211857778 Total current facility size $,400,000 Cash interest coverage ratio 10.002608695652174 Less: outstanding balance ,-50,167 Cash fixed charge coverage ratio 6.6033295063145809 Available under unsecured revolving credit facility $,349,833 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Interest expense 1,341 2,608 3,949 EBITDA $11,503 23,231 $34,734 Net income $818 $2,471 $3,289 Depreciation and amortization 9,344 18,152 27,496 Funds From Operations (FFO) $10,162 $20,623 $30,785 Adjustments to FFO: Acquisition costs 235 418 653 Straight-line rent -67 -,131 -,198 Above-/below-market leases -1,382 -2,541 -3,923 Non-cash interest expense 191 377 568 Non-cash compensation 663 558 1,221 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 FFO, per share - fully diluted basis $0.25597417128764427 $0.51947995812488568 $0.77545412941253 FFO, as Adjusted, per share - fully diluted basis $0.24690600540853075 $0.48625520591780019 $0.73316121132633094 Funds From Operations, as Adjusted $9,802 $19,304 $29,106 Acquisition costs -,235 -,418 -,653 Principal amortization -,592 -1,200 -1,792 Maintenance capital expenditures -,149 -,126 -,275 Contractual tenant improvements -16 -34 -50 Cash Available for Distribution (CAD) $8,810 $17,526 $26,336 CAD, per share - fully diluted basis $0.22191817054164006 $0.44146854221484488 $0.66338671275648498 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenue Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 Operating Expenses Property operating 3,838 6,691 10,529 Real estate taxes 1,980 3,517 5,497 Total expenses 5,818 10,208 16,026 Net Operating Income $14,039 27,584 $41,623 Adjustments to Net Operating Income: Straight-line rent -67 -,131 -,198 Above-/below-market leases -1,382 -2,541 -3,923 Cash Net Operating Income $12,590 $24,912 $37,502 Three months ended September 30, 2015 Pro forma six months ended 6/30/15* Pro forma nine months ended September 30, 2015 *Tied back to 2015 Q2 Supplement Revenues Rental income $18,126 $34,716 $52,842 Tenant reimbursements 1,689 2,998 4,687 Other income 42 78 120 Total revenues 19,857 $37,792 57,649 No. of Shares Operating Expenses Entity OPUs Shares Total Property operating 3,838 6,691 10,529 0.39121425164911411 0.60878574835088595 Real estate taxes 1,980 3,517 5,497 Depreciation and amortization 9,344 18,152 27,496 Acquisition costs 235 418 653 Corporate general and administrative 2,301 3,935 6,236 Total expenses 17,698 32,713 50,411 Operating income 2,159 5,079 7,238 Other (expenses) Interest expense, net -1,341 -2,608 -3,949 Net income 818 2,471 3,289 Non-controlling interest in operating partnership -,320 -,967 -1,287 Net income available to Easterly Government Properties, Inc. $498 $1,504 $2,002 Net income available to Easterly Government Properties, Inc. per share: Basic $1.9634067376828952E-2 Diluted $1.8798209823476481E-2 Weighted-average common shares outstanding: Basic 24,141,712 Diluted 25,435,010 Net income, per share - fully diluted basis $2.0604888025319134E-2 0 6.2242883020248871E-2 $8.2847771045568008E-2 Weighted average common shares outstanding - fully diluted basis 39,699,318 39,699,318 Dividends Variance Check Three months ended September 30, 2015 Numerator Net Income (loss) 818 Less: Non-controlling interest in predecessor 0 Less: Non-controlling interest in operating partnership -,320 Net Income (loss) available to Easterly Government Properties, Inc. 498 Less: Dividends on participating securities -24 Income available to common stockholders $474 Denominator for basic EPS 24,141,712 Dilutive effect of share-based compensation awards 12,072 Dilutive effect of LTIP units 1,061,383 Denominator for basic and diluted EPS 25,215,167 Basic EPS $1.9634067376828952E-2 Diluted EPS $1.8798209823476481E-2 Variance $0 Debt Maturities (Unaudited, in thousands) Secured Debt Unsecured Debt Year Scheduled Amortization Balloon Payments Credit Facility Total Percent of Debt Maturing Weighted Average Interest Rate of Maturing Debt 2015 $ 650 $ - $ - $ 650 .5% 4.1% 2016 2857 - - 2857 2.4% 4.1% 2017 2977 - - 2977 2.5% 4.1% 2018 3100 - - 3100 2.6% 4.1% 2019 3229 - 50167 53396 0.45100000000000001 1.7% 2020 3395 - - 3395 2.9% 4.1% 2021 4054 - - 4054 3.4% 4.2% 2022 5109 - - 5109 4.3% 4.2% 2023 5388 - - 5388 4.6% 4.2% 2024 5679 - - 5679 4.8% 4.2% 2025 5633 1917 - 7550 6.4% 4.3% 2026 3686 6368 - 10054 8.5% 4.3% 2027 1093 7140 - 8233 7.7% 4.1% 2028 983 - - 983 .8% 3.4% 2029 1016 - - 1016 .9% 3.4% 2030 1049 - - 1049 .9% 3.4% 2031 1081 - - 1081 .9% 3.4% 2032 1116 - - 1116 .9% 3.4% 2033 668 - - 668 .6% 3.4% Total $ 52763 $ 15425 $ 50167 $ 118355 100.0% Year of Lease Expiration Number of Leases Expiring Square Footage Expiring Percent of Square Footage Expiring Annualized Lease Income Expiring Percentage of Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring Percent of Portfolio Square Footage of Leases Expiring Percentage of Total Annualized Lease Income Signed leases not commenced 0 N/A N/A N/A N/A N/A 2015 0 N/A N/A N/A N/A N/A 2016 1 16,100 0.7 $,399,908 0.5 $24.839006211180124 0.7 0.5 2017 5 ,129,276 5.6 5,159,115 700.000000000000000000000000000000000000% 39.907755499860762 5.6 700.000000000000000000000000000000000000% 2018 2 ,239,878 10.5 9,132,873 12.3 38.072991270562532 10.5 12.3 2019 3 ,236,890 10.3 9,250,091 12.5 39.048043395668877 10.3 12.5 2020 3 87,112 3.8 4,048,489 5.5 46.47452704564239 3.8 5.5 2021 5 ,426,398 18.600000000000001 11,934,024 16.2 27.987992438988925 18.600000000000001 16.2 2022 3 ,105,441 4.5999999999999996 2,313,158 3.1 21.937936855682324 4.5999999999999996 3.1 2023 1 ,105,641 4.5999999999999996 ,545,028 0.7 5.1592468833123499 4.5999999999999996 0.7 2024 4 ,364,206 15.8 12,664,688 17.100000000000001 34.773419438449672 15.8 17.100000000000001 2025 3 ,108,955 4.7 4,946,172 6.7 45.396466431095405 4.7 6.7 Thereafter 8 ,478,657 20.8 13,662,409 18.399999999999999 28.543213616430972 20.8 18.399999999999999 Total / Weighted Average 38 2,298,554 10000.000000000000000000000000000000000000% $74,055,955 10000.000000000000000000000000000000000000% $32.218496933289366 10000.000000000000000000000000000000000000% 10000.000000000000000000000000000000000000% 0 0