EX-99.2 3 dea-ex99_2.htm EX-99.2

Exhibit 99.2

Disclaimers |

Forward-looking Statement

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

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Disclaimers |

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 December 31, 2025 that will be released in our Form 10-K to be filed with the SEC on or about February 23, 2026. Share, share price and per share data have been adjusted for all periods presented to reflect a 1-for-2.5 reverse stock split, effective April 28, 2025, and a reduction in authorized shares of common stock from 200,000,000 to 80,000,000, in proportion to the 1-for 2.5 reverse stock split, effective May 8, 2025.

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Supplemental Definitions |

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

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

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

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

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

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

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

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

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Supplemental Definitions |

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

Net Debt and Adjusted Net Debt Net Debt represents the Company's consolidated debt and its share of unconsolidated debt adjusted to exclude its share of unamortized premiums and discounts and deferred financing fees, less its share of cash and cash equivalents and property acquisition closing escrow, net of deposit. By excluding these items, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding its financial condition. Adjusted Net Debt is Net Debt reduced by 1) for each project under construction or in design, the lesser of i) outstanding lump-sum reimbursement amounts and ii) the cost to date, 2) 40% times the amount by which the cost to date exceeds total lump-sum reimbursement amounts for each project under construction or in design and 3) outstanding lump-sum reimbursement amounts for projects previously completed. These adjustments are made to 1) remove the estimated portion of each project under construction, in design or previously completed that has been financed with debt which may be repaid with outstanding cost reimbursement payments from the US Government and 2) remove the estimated portion of each project under construction or in design, in excess of total lump-sum reimbursements, that has been financed with debt but has not yet produced earnings. See page 27 for further information. The Company’s method of calculating Net Debt and Adjusted Net Debt may be different from methods used by other REITs and may be presented on a pro forma basis. Accordingly, the Company's method may not be comparable to such other REITs.

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

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Table of Contents |

Overview |  |
Corporate Information and Analyst Coverage |  | 7
Executive Summary |  | 8
Corporate Financials |  |
Balance Sheets |  | 9
Income Statements |  | 10
Net Operating Income |  | 11
EBITDA |  | 12
FFO and CAD |  | 13
Unconsolidated Real Estate Venture |  | 14
Debt |  |
Debt Schedules |  | 16
Debt Maturities |  | 18
Properties |  |
Leased Operating Property Overview |  | 19
Tenants |  | 24
Lease Expirations |  | 26
Summary of Re/Development Projects |  | 28

6

Corporate Information and Analyst Coverage |

Corporate Information
Corporate Headquarters | Stock Exchange Listing | Information Requests | Investor Relations
2001 K Street NW | New York Stock Exchange | Please contact ir@easterlyreit.com | Cole Bardawill
Suite 775 North |  | or 202-987-9395 to request an | Director of Investor Relations
Washington, DC 20006 | Ticker | Investor Relations package |
202-595-9500 | DEA |  |

Executive Team |  | Board of Directors |
Darrell Crate, President & CEO | Mark Bauer, EVP Development | William Binnie, Chairman | Emil Henry Jr.
Michael Ibe, Vice-Chairman & EVP | Franklin Logan, EVP GC & Secretary | Darrell Crate | Michael Ibe
Allison Marino, EVP CFO | Christopher Wang, EVP Acquisitions | Cynthia Fisher | Tara Innes
Stuart Burns, EVP Government Relations | Brian Colantuoni, SVP CAO | Scott Freeman |
Nick Nimerala, EVP Portfolio & Asset Management |  |  |

Equity Research Coverage |  |
Citigroup | BMO Capital Markets | RBC Capital Markets
Seth Bergey & Nick Joseph | John P. Kim | Michael Carroll
212-816-2066 & 212-816-1909 | 212-885-4115 | 440-715-2649
Jefferies | Truist Securities | Compass Point Research & Trading, LLC
Joe Dickstein | Michael R. Lewis | Merrill Ross
212-778-8771 | 212-319-5659 | 202-534-1392

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

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

Outstanding Classes of Stock and Partnership Units - Fully Diluted Basis | At December 31, 2025 |  | Earnings | Three months ended December 31, 2025 | Three months ended December 31, 2024
Common shares | 46,242,286 |  | Net income available to Easterly Government Properties, Inc. | $4,592 | $5,453
Unvested restricted shares | 61,183 |  | Net income available to Easterly Government Properties, Inc. |  |
Common partnership and vested LTIP units | 1,624,956 |  | per share: |  |
Total - fully diluted basis | 47,928,425 |  | Basic | $0.10 | $0.13
|  |  | Diluted | $0.10 | $0.13
Market Capitalization | At December 31, 2025 |  | Net income | $4,773 | $5,729
Price of Common Shares | $21.19 |  | Net income, per share - fully diluted basis | $0.10 | $0.13
Total equity market capitalization - fully diluted basis | $1,015,603 |  | Funds From Operations (FFO) | $36,423 | $32,230
Net Debt | $1,650,015 |  | FFO, per share - fully diluted basis | $0.76 | $0.73
Total enterprise value | $2,665,618 |  |  |  |
|  |  | Core FFO | $36,792 | $32,643
|  |  | Core FFO, per share - fully diluted basis | $0.77 | $0.73
Ratios | At December 31, 2025 |  |  |  |
Net debt to total enterprise value | 61.9% |  | Cash Available for Distribution (CAD) | $29,106 | $25,085
Net debt to annualized quarterly EBITDA | 7.5x |  |  |  |
Adjusted Net Debt to annualized quarterly pro forma EBITDA | 7.0x |  | Liquidity | At December 31, 2025
Cash interest coverage ratio | 3.2x |  | Cash and cash equivalents |  | $24,735
Cash fixed charge coverage ratio | 3.0x |  | Available under $400 million senior unsecured 2024 revolving credit facility(1) | $200,825

(1) 2024 revolving credit facility has an accordion feature that provides additional capacity, subject to syndication of the increase and the satisfaction of customary terms and conditions, of up to $300 million, for a total revolving credit facility size of not more than $700 million.

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Balance Sheets (Unaudited, in thousands, except share amounts) |

|  | December 31, 2025 |  | December 31, 2024
Assets |  |  |  |
Real estate properties, net |  | $2,714,650 |  | $2,572,095
Cash and cash equivalents |  | 23,374 |  | 19,353
Restricted cash |  | 10,257 |  | 8,451
Tenant accounts receivable |  | 51,493 |  | 71,172
Investment in unconsolidated real estate venture |  | 304,721 |  | 316,521
Real estate loan receivable, net |  | 34,286 |  | 34,081
Intangible assets, net |  | 183,911 |  | 161,425
Interest rate swaps |  | - |  | 717
Prepaid expenses and other assets |  | 57,078 |  | 39,256
Total assets |  | $3,379,770 |  | $3,223,071
Liabilities |  |  |  |
Revolving credit facility |  | 199,050 |  | 274,550
Term loan facilities, net |  | 297,200 |  | 274,009
Notes payable, net |  | 1,018,884 |  | 894,676
Mortgage notes payable, net |  | 151,191 |  | 155,586
Intangible liabilities, net |  | 11,959 |  | 14,885
Deferred revenue |  | 219,201 |  | 120,977
Interest rate swaps |  | 3,034 |  | -
Accounts payable, accrued expenses and other liabilities |  | 109,686 |  | 101,271
Total liabilities |  | 2,010,205 |  | 1,835,954
Equity |  |  |  |
Common stock, par value $0.01, 80,000,000 shares authorized, 46,303,469 and 43,188,224 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively(1) |  | 463 |  | 432
Additional paid-in capital(1) |  | 1,958,412 |  | 1,874,193
Retained earnings |  | 144,857 |  | 131,854
Cumulative dividends |  | (776,022) |  | (686,044)
Accumulated other comprehensive income (loss) |  | (4,578) |  | 683
Total stockholders' equity |  | 1,323,132 |  | 1,321,118
Non-controlling interest in Operating Partnership |  | 46,433 |  | 65,999
Total equity |  | 1,369,565 |  | 1,387,117
Total liabilities and equity |  | $3,379,770 |  | $3,223,071

(1) As of December 31, 2024, the Company reclassified $0.6 million from Common Stock to Additional Paid-in-Capital due to the reduction in shares outstanding in connection with the Reverse Stock Split effective April 28, 2025.

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

|  | Three Months Ended |  | Twelve Months Ended
|  | December 31, 2025 |  | December 31, 2024 |  | December 31, 2025 |  | December 31, 2024
Revenues |  |  |  |  |  |  |  |
Rental income |  | $83,546 |  | $74,136 |  | $321,669 |  | $289,601
Tenant reimbursements |  | 1,234 |  | 2,050 |  | 5,855 |  | 6,544
Asset management income |  | 677 |  | 622 |  | 2,544 |  | 2,302
Other income |  | 1,582 |  | 1,442 |  | 6,031 |  | 3,605
Total revenues |  | 87,039 |  | 78,250 |  | 336,099 |  | 302,052
Expenses |  |  |  |  |  |  |  |
Property operating |  | 19,772 |  | 18,731 |  | 77,496 |  | 70,151
Real estate taxes |  | 8,658 |  | 6,852 |  | 33,915 |  | 30,924
Depreciation and amortization |  | 29,620 |  | 24,652 |  | 113,897 |  | 96,333
Acquisition costs |  | 458 |  | 451 |  | 1,420 |  | 1,878
Corporate general and administrative |  | 7,211 |  | 6,418 |  | 26,041 |  | 24,450
Provision for (recovery of) credit losses |  | 30 |  | 49 |  | (445) |  | 1,527
Total expenses |  | 65,749 |  | 57,153 |  | 252,324 |  | 225,263
Other income (expense) |  |  |  |  |  |  |  |
Income from unconsolidated real estate venture |  | 1,563 |  | 1,684 |  | 6,781 |  | 6,051
Interest expense, net |  | (18,080) |  | (17,223) |  | (74,454) |  | (62,433)
Gain on the sale of real estate |  | - |  | 171 |  | - |  | 171
Impairment loss |  | - |  | - |  | (2,545) |  | -
Net income |  | 4,773 |  | 5,729 |  | 13,557 |  | 20,578
Non-controlling interest in Operating Partnership |  | (181) |  | (276) |  | (554) |  | (1,025)
Net income available to Easterly Government |  |  |  |  |  |  |  |
Properties, Inc. |  | $4,592 |  | $5,453 |  | $13,003 |  | $19,553
Net income available to Easterly Government |  |  |  |  |  |  |  |
Properties, Inc. per share: |  |  |  |  |  |  |  |
Basic |  | $0.10 |  | $0.13 |  | $0.27 |  | $0.46
Diluted |  | $0.10 |  | $0.13 |  | $0.27 |  | $0.46
Weighted-average common shares outstanding: |  |  |  |  |  |  |  |
Basic |  | 46,081,121 |  | 42,297,947 |  | 44,922,497 |  | 41,377,580
Diluted |  | 46,267,150 |  | 42,444,166 |  | 45,057,895 |  | 41,503,418
Net income, per share - fully diluted basis |  | $0.10 |  | $0.13 |  | $0.29 |  | $0.47
Weighted average common shares outstanding - |  |  |  |  |  |  |  |
fully diluted basis |  | 47,883,280 |  | 44,454,796 |  | 46,886,923 |  | 43,564,214

10

Net Operating Income (Unaudited, in thousands) |

|  | Three Months Ended |  | Twelve Months Ended
|  | December 31, 2025 |  | December 31, 2024 |  | December 31, 2025 |  | December 31, 2024
Net income |  | $4,773 |  | $5,729 |  | $13,557 |  | $20,578
Depreciation and amortization |  | 29,620 |  | 24,652 |  | 113,897 |  | 96,333
Acquisition costs |  | 458 |  | 451 |  | 1,420 |  | 1,878
Corporate general and administrative |  | 7,211 |  | 6,418 |  | 26,041 |  | 24,450
Provision for (recovery of) credit losses |  | 30 |  | 49 |  | (445) |  | 1,527
Interest expense |  | 18,080 |  | 17,223 |  | 74,454 |  | 62,433
Gain on the sale of operating property |  | - |  | (171) |  | - |  | (171)
Impairment loss |  | - |  | - |  | 2,545 |  | -
Unconsolidated real estate venture allocated share of above adjustments |  | 2,426 |  | 2,391 |  | 9,512 |  | 8,585
Net Operating Income |  | 62,598 |  | 56,742 |  | 240,981 |  | 215,613
Adjustments to Net Operating Income: |  |  |  |  |  |  |  |
Straight-line rent and other non-cash adjustments |  | 779 |  | 151 |  | 447 |  | (2,936)
Amortization of above-/below-market leases |  | (403) |  | (471) |  | (1,830) |  | (1,935)
Amortization of deferred revenue |  | (2,221) |  | (1,762) |  | (7,738) |  | (6,887)
Unconsolidated real estate venture allocated share of above adjustments |  | 23 |  | (1) |  | 99 |  | 43
Cash Net Operating Income |  | $60,776 |  | $54,659 |  | $231,959 |  | $203,898

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EBITDA (Unaudited, in thousands) |

|  | Three Months Ended |  | Twelve Months Ended
|  | December 31, 2025 |  | December 31, 2024 |  | December 31, 2025 |  | December 31, 2024
Net income |  | $4,773 |  | $5,729 |  | $13,557 |  | $20,578
Depreciation and amortization |  | 29,620 |  | 24,652 |  | 113,897 |  | 96,333
Interest expense |  | 18,080 |  | 17,223 |  | 74,454 |  | 62,433
Tax expense |  | 130 |  | 102 |  | 565 |  | (356)
Gain on the sale of operating property |  | - |  | (171) |  | - |  | (171)
Impairment loss |  | - |  | - |  | 2,545 |  | -
Unconsolidated real estate venture allocated share of above adjustments |  | 2,313 |  | 2,335 |  | 9,318 |  | 8,489
EBITDA |  | $54,916 |  | $49,870 |  | $214,336 |  | $187,306
Pro forma adjustments(1) |  | 2,661 |  |  |  |  |  |
Pro forma EBITDA |  | $57,577 |  |  |  |  |  |

(1) Pro forma assuming a full quarter of operations from the one property placed in service in the fourth quarter of 2025.

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

|  | Three Months Ended |  | Twelve Months Ended
|  | December 31, 2025 |  | December 31, 2024 |  | December 31, 2025 |  | December 31, 2024
Net income |  | $4,773 |  | $5,729 |  | $13,557 |  | $20,578
Depreciation of real estate assets |  | 29,368 |  | 24,400 |  | 112,891 |  | 95,326
Gain on the sale of operating property |  | - |  | (171) |  | - |  | (171)
Impairment loss |  | - |  | - |  | 2,545 |  | -
Unconsolidated real estate venture allocated share of above adjustments |  | 2,282 |  | 2,272 |  | 9,123 |  | 8,256
FFO |  | $36,423 |  | $32,230 |  | $138,116 |  | $123,989
Adjustments to FFO: |  |  |  |  |  |  |  |
Loss on extinguishment of debt and modification costs |  | $17 |  | $- |  | $1,158 |  | $260
Provision for (recovery of) credit losses |  | 30 |  | 49 |  | (445) |  | 1,527
Natural disaster event expense, net of recovery |  | 54 |  | 96 |  | 168 |  | 95
Depreciation of non-real estate assets |  | 252 |  | 252 |  | 1,006 |  | 1,007
Unconsolidated real estate venture allocated share of above adjustments |  | 16 |  | 16 |  | 65 |  | 66
Core FFO |  | $36,792 |  | $32,643 |  | $140,068 |  | $126,944
FFO, per share - fully diluted basis |  | $0.76 |  | $0.73 |  | $2.95 |  | $2.85
Core FFO, per share - fully diluted basis |  | $0.77 |  | $0.73 |  | $2.99 |  | $2.91
Core FFO |  | $36,792 |  | $32,643 |  | $140,068 |  | $126,944
Straight-line rent and other non-cash adjustments |  | 757 |  | 134 |  | 371 |  | (2,989)
Amortization of above-/below-market leases |  | (402) |  | (471) |  | (1,829) |  | (1,935)
Amortization of deferred revenue |  | (2,221) |  | (1,762) |  | (7,738) |  | (6,887)
Non-cash interest expense |  | 935 |  | 750 |  | 3,405 |  | 2,108
Non-cash compensation |  | 1,595 |  | 1,002 |  | 6,044 |  | 3,211
Natural Disaster event expense, net of recovery |  | (54) |  | (96) |  | (168) |  | (95)
Principal amortization |  | (1,178) |  | (1,115) |  | (4,598) |  | (4,403)
Maintenance capital expenditures |  | (6,099) |  | (5,536) |  | (13,001) |  | (13,745)
Contractual tenant improvements |  | (1,027) |  | (362) |  | (3,699) |  | (1,222)
Unconsolidated real estate venture allocated share of above adjustments |  | 8 |  | (102) |  | (6) |  | (109)
Cash Available for Distribution (CAD) |  | $29,106 |  | $25,085 |  | $118,849 |  | $100,878
Weighted average common shares outstanding - fully diluted basis |  | 47,883,280 |  | 44,454,796 |  | 46,886,923 |  | 43,564,214

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Unconsolidated Real Estate Venture (Unaudited, in thousands) |

Balance Sheet Information | Balance Sheet |  | Easterly's Share(2)
| December 31, 2025 |  | December 31, 2025
Real estate properties - net | $489,816 |  | $259,602
Total assets | 586,521 |  | 310,855
Total liabilities | 12,157 |  | 6,443
Total preferred stockholders' equity | 125 |  | 66
Total common stockholders' equity | 574,239 |  | 304,346
Basis difference(1) | - |  | 375
Total equity | $574,364 |  | $304,721

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

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

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Unconsolidated Real Estate Venture (Cont.) (Unaudited, in thousands) |

Income Statement Information | Three Months Ended |  | Easterly's Share(1) |  | Twelve Months Ended |  | Easterly's Share(1)
| December 31, 2025 |  | December 31, 2025 |  | December 31, 2025 |  | December 31, 2025
Revenues |  |  |  |  |  |  |
Rental income | $12,699 |  | $6,730 |  | $50,563 |  | $26,797
Other income | 56 |  | 30 |  | 178 |  | 95
Total Revenues | 12,755 |  | 6,760 |  | 50,741 |  | 26,892
Operating expenses |  |  |  |  |  |  |
Property operating | 2,580 |  | 1,367 |  | 10,851 |  | 5,751
Real estate taxes | 1,974 |  | 1,046 |  | 6,609 |  | 3,503
Depreciation and amortization | 4,335 |  | 2,300 |  | 17,334 |  | 9,191
Acquisition costs | 2 |  | 1 |  | 7 |  | 4
Asset management fees | 677 |  | 359 |  | 2,543 |  | 1,348
Corporate general and administrative | 191 |  | 102 |  | 426 |  | 226
Total expenses | 9,759 |  | 5,175 |  | 37,770 |  | 20,023
Other expenses |  |  |  |  |  |  |
Interest expense | (41) |  | (22) |  | (161) |  | (88)
Net income | $2,955 |  | $1,563 |  | $12,810 |  | $6,781
Depreciation and amortization | 4,335 |  | 2,300 |  | 17,334 |  | 9,191
Interest expense | 41 |  | 22 |  | 161 |  | 88
Tax expense | (15) |  | (8) |  | 74 |  | 39
EBITDA | $7,316 |  | $3,877 |  | $30,379 |  | $16,099
Net income | $2,955 |  | $1,563 |  | $12,810 |  | $6,781
Depreciation of real estate assets | 4,303 |  | 2,282 |  | 17,210 |  | 9,123
FFO | $7,258 |  | $3,845 |  | $30,020 |  | $15,904
Adjustments to FFO: |  |  |  |  |  |  |
Depreciation of non-real estate assets | 32 |  | 16 |  | 125 |  | 65
Core FFO | $7,290 |  | $3,861 |  | $30,145 |  | $15,969
Adjustments to Core FFO: |  |  |  |  |  |  |
Straight-line rent and other non-cash adjustments | 46 |  | 24 |  | 185 |  | 98
Non-cash interest expense | 41 |  | 22 |  | 164 |  | 87
Maintenance capital expenditures | (71) |  | (38) |  | (306) |  | (163)
Contractual tenant improvements | - |  | - |  | (52) |  | (28)
Cash Available for Distribution (CAD) | $7,306 |  | $3,869 |  | $30,136 |  | $15,963

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

15

Debt Schedules (Unaudited, in thousands) |

Debt Instrument | Maturity Date |  | December 31, 2025 Interest Rate | December 31, 2025 Balance(1) |  | December 31, 2025 Percent of Total Indebtedness
Unsecured debt |  |  |  |  |  |
2024 Revolving Credit facility | 3-Jun-28(2) |  | S + 145 bps(3) |  | 199,050 |  | 11.9%
2016 Term Loan facility | 28-Jan-28(4) |  | 5.31%(5) |  | 100,000 |  | 6.0%
2018 Term Loan facility | 21-Aug-28(6) |  | 5.09%(7) |  | 200,000 |  | 11.9%
2017 Series A Senior Notes | 25-May-27 |  | 4.05% |  | 95,000 |  | 5.7%
2017 Series B Senior Notes | 25-May-29 |  | 4.15% |  | 50,000 |  | 3.0%
2017 Series C Senior Notes | 25-May-32 |  | 4.30% |  | 30,000 |  | 1.8%
2019 Series A Senior Notes | 12-Sep-29 |  | 3.73% |  | 85,000 |  | 5.1%
2019 Series B Senior Notes | 12-Sep-31 |  | 3.83% |  | 100,000 |  | 6.0%
2019 Series C Senior Notes | 12-Sep-34 |  | 3.98% |  | 90,000 |  | 5.4%
2021 Series A Senior Notes | 14-Oct-28 |  | 2.62% |  | 50,000 |  | 3.0%
2021 Series B Senior Notes | 14-Oct-30 |  | 2.89% |  | 200,000 |  | 11.9%
2024 Series A Senior Notes | 28-May-33 |  | 6.56% |  | 150,000 |  | 9.0%
2024 Series B Senior Notes | 13-Aug-33 |  | 6.56% |  | 50,000 |  | 3.0%
2025 Series A Senior Notes | 20-Mar-30 |  | 6.13% |  | 25,000 |  | 1.5%
2025 Series B Senior Notes | 20-Mar-32 |  | 6.33%(8) |  | 100,000 |  | 6.0%
Total unsecured debt | 4.4 years(9) |  | 4.69% | $ | 1,524,050 |  | 91.2%
| (wtd-avg maturity) |  | (wtd-avg rate) |  |  |
Secured mortgage debt |  |  |  |  |  |
USFS II - Albuquerque | 14-Jul-26 |  | 4.46% |  | 7,491 |  | 0.4%
ICE - Charleston | 15-Jan-27 |  | 4.21% |  | 8,920 |  | 0.5%
VA - Loma Linda | 6-Jul-27 |  | 3.59% |  | 127,500 |  | 7.5%
CBP - Savannah | 10-Jul-33 |  | 3.40% |  | 7,789 |  | 0.4%
Total secured mortgage debt | 1.7 years |  | 3.66% | $ | 151,700 |  | 8.8%
| (wtd-avg maturity) |  | (wtd-avg rate) |  |  |

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

(2) 2024 revolving credit facility has two six-month as-of-right extension options, subject to certain conditions and the payment of an extension fee.

(3) At December 31, 2025, the USD SOFR with a five day lookback ("SOFR" or "S") was 3.66%. The spread over the applicable rate for our 2024 revolving credit facility is based on the Company's current consolidated leverage ratio.

(4) 2016 term loan facility has two one-year as-of-right extension options, subject to certain conditions and the payment of an extension fee.

(5) Calculated based on three interest rate swaps with a total notional value of $100.0 million, which effectively fixes the interest rate at 5.31% annually based on the Company’s current consolidated leverage ratio. The interest rate swaps mature on December 23, 2027, which is not coterminous with the maturity date of the 2016 term loan facility.

(6) 2018 term loan facility has two one-year as-of-right extension options, subject to certain conditions and the payment of an extension fee.

(7) Calculated based on three interest rate swaps with an aggregate notional value of $200.0 million, which effectively fixes the interest rate at 5.09% annually based on the Company’s current consolidated leverage ratio. One of the interest rate swaps matures on April 1, 2028 and the other two interest rate swaps mature on July 1, 2028, none of which are coterminous with the maturity date of the 2018 term loan facility.

(8) We entered into two $50.0 million treasury lock agreements to fix the Treasury rate of our 2025 series B senior notes.

(9) Assuming the as-of-right extension options are exercised on our 2024 revolving credit facility, 2016 term loan facility and 2018 term loan facility, the weighted-average maturity of our unsecured debt is 4.9 years.

16

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

Debt Statistics | December 31, 2025 |  |  |  | December 31, 2025
Variable rate debt - unhedged | $199,050 |  | % Variable rate debt - unhedged | 11.9%
Fixed rate debt | 1,476,700 |  | % Fixed rate debt(3) | 88.1%
Total Debt(1) | $1,675,750 |  |  |  |
Less: cash and cash equivalents | (24,735) |  | Weighted average maturity | 4.2 years
Less: property acquisition closing escrow, net of deposit | (1,000) |  | Weighted average interest rate | 4.6%
Net Debt | $1,650,015 |  |  |  |
Less: Adjustment for development(2) | (35,910) |  |  |  |
Adjusted Net Debt | $1,614,105 |  |  |  |

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

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

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

17

Debt Maturities (Unaudited, in thousands) |

|  | Secured Debt |  | Unsecured Debt |  |  |  |  |  |
Year |  | Scheduled Amortization |  | Scheduled Maturities |  | Scheduled Maturities |  | Total |  | Percentage of Debt Maturing |  | Weighted Average Interest Rate of Scheduled Maturities
2026 |  | 3,686 |  | 6,368 |  | - |  | 10,054 |  | 0.4% |  | 4.46%
2027 |  | 1,093 |  | 134,640 |  | 95,000 |  | 230,733 |  | 13.8% |  | 3.80%
2028 |  | 983 |  | - |  | 549,050 |  | 550,033 |  | 33.0% |  | 4.91%
2029 |  | 1,016 |  | - |  | 135,000 |  | 136,016 |  | 8.1% |  | 3.89%
2030 |  | 1,049 |  | - |  | 225,000 |  | 226,049 |  | 13.5% |  | 3.25%
2031 |  | 1,081 |  | - |  | 100,000 |  | 101,081 |  | 6.0% |  | 3.83%
2032 |  | 1,116 |  | - |  | 130,000 |  | 131,116 |  | 7.8% |  | 5.86%
2033 |  | 668 |  | - |  | 200,000 |  | 200,668 |  | 12.0% |  | 6.44%
2034 |  | - |  | - |  | 90,000 |  | 90,000 |  | 5.4% |  | 3.98%
2035 |  | - |  | - |  | - |  | - |  | 0.0% |  | 0.00%
Total |  | $10,692 |  | $141,008 |  | $1,524,050 |  | $1,675,750 |  | 100.0% |  |

18

Leased Operating Property Overview (As of December 31, 2025, unaudited) |

Property Name |  | Location |  | Property Type |  | Tenant Lease Expiration Year |  | Year Built / Renovated |  | Leased Square Feet |  |  | Annualized Lease Income |  |  | Percentage of Total Annualized Lease Income |  |  | Annualized Lease Income per Leased Square Foot |
Wholly Owned U.S. Government Leased Properties |
VA - Loma Linda |  | Loma Linda, CA |  | Outpatient Clinic |  | 2036 |  | 2016 |  |  | 327,614 |  |  | $ | 16,933,040 |  |  |  | 4.5 | % |  | $ | 51.69 |
USCIS - Kansas City |  | Lee's Summit, MO |  | Office |  | 2027 - 2042(1) |  | 1969 / 1999 |  |  | 417,945 |  |  |  | 10,405,359 |  |  |  | 2.8 | % |  |  | 24.90 |
JSC - Suffolk |  | Suffolk, VA |  | Specialized Facility |  | 2028(2) |  | 1993 / 2004 |  |  | 403,737 |  |  |  | 8,556,070 |  |  |  | 2.3 | % |  |  | 21.19 |
Various GSA - Chicago |  | Des Plaines, IL |  | Office |  | 2026 |  | 1971 / 1999 |  |  | 188,768 |  |  |  | 7,925,559 |  |  |  | 2.1 | % |  |  | 41.99 |
IRS - Fresno |  | Fresno, CA |  | Office |  | 2033 |  | 2003 |  |  | 180,481 |  |  |  | 6,825,521 |  |  |  | 1.8 | % |  |  | 37.82 |
FBI - Salt Lake |  | Salt Lake City, UT |  | Specialized Facility |  | 2032 |  | 2012 |  |  | 169,542 |  |  |  | 6,810,941 |  |  |  | 1.8 | % |  |  | 40.17 |
Various GSA - Portland |  | Portland, OR |  | Office |  | 2027 - 2039(3) |  | 2002 |  |  | 175,214 |  |  |  | 5,913,484 |  |  |  | 1.6 | % |  |  | 33.75 |
Various GSA - Buffalo |  | Buffalo, NY |  | Office |  | 2026 - 2039 |  | 2004 |  |  | 251,236 |  |  |  | 5,868,873 |  |  |  | 1.5 | % |  |  | 23.36 |
VA - San Jose |  | San Jose, CA |  | Outpatient Clinic |  | 2038 |  | 2018 |  |  | 90,085 |  |  |  | 5,815,230 |  |  |  | 1.5 | % |  |  | 64.55 |
EPA - Lenexa |  | Lenexa, KS |  | Office |  | 2027(2) |  | 2007 / 2012 |  |  | 169,585 |  |  |  | 5,776,312 |  |  |  | 1.5 | % |  |  | 34.06 |
FBI - Tampa |  | Tampa, FL |  | Specialized Facility |  | 2040 |  | 2005 |  |  | 138,000 |  |  |  | 5,385,768 |  |  |  | 1.4 | % |  |  | 39.03 |
PTO - Arlington |  | Arlington, VA |  | Specialized Facility |  | 2035 |  | 2009 |  |  | 190,546 |  |  |  | 5,351,518 |  |  |  | 1.4 | % |  |  | 28.09 |
FBI - San Antonio |  | San Antonio, TX |  | Specialized Facility |  | 2025 |  | 2007 |  |  | 148,584 |  |  |  | 5,234,538 |  |  |  | 1.4 | % |  |  | 35.23 |
FDA - Alameda |  | Alameda, CA |  | Laboratory |  | 2039 |  | 2019 |  |  | 69,624 |  |  |  | 5,025,603 |  |  |  | 1.3 | % |  |  | 72.18 |
FBI / DEA - El Paso |  | El Paso, TX |  | Specialized Facility |  | 2028 |  | 1998 - 2005 |  |  | 203,683 |  |  |  | 4,919,619 |  |  |  | 1.3 | % |  |  | 24.15 |
USCIS - Lincoln |  | Lincoln, NE |  | Office |  | 2026 |  | 2005 |  |  | 137,671 |  |  |  | 4,901,961 |  |  |  | 1.3 | % |  |  | 35.61 |
FEMA - Tracy |  | Tracy, CA |  | Warehouse |  | 2038 |  | 2018 |  |  | 210,373 |  |  |  | 4,668,336 |  |  |  | 1.2 | % |  |  | 22.19 |
TREAS - Parkersburg |  | Parkersburg, WV |  | Office |  | 2041 |  | 2004 / 2006 |  |  | 182,500 |  |  |  | 4,419,012 |  |  |  | 1.2 | % |  |  | 24.21 |
FBI - Mobile |  | Mobile, AL |  | Specialized Facility |  | 2029(2) |  | 2001 |  |  | 76,112 |  |  |  | 4,350,464 |  |  |  | 1.1 | % |  |  | 57.16 |
FDA - Lenexa |  | Lenexa, KS |  | Laboratory |  | 2040 |  | 2020 |  |  | 59,690 |  |  |  | 4,286,243 |  |  |  | 1.1 | % |  |  | 71.81 |
ICE - Dallas |  | Irvine, TX |  | Specialized Facility |  | 2032 / 2040(4) |  | 2000 / 2020 |  |  | 135,200 |  |  |  | 4,219,659 |  |  |  | 1.1 | % |  |  | 31.21 |
FBI - Pittsburgh |  | Pittsburgh, PA |  | Specialized Facility |  | 2027 |  | 2001 |  |  | 100,054 |  |  |  | 4,153,110 |  |  |  | 1.1 | % |  |  | 41.51 |
VA - South Bend |  | Mishakawa, IN |  | Outpatient Clinic |  | 2032 |  | 2017 |  |  | 86,363 |  |  |  | 4,121,021 |  |  |  | 1.1 | % |  |  | 47.72 |
FBI - New Orleans |  | New Orleans, LA |  | Specialized Facility |  | 2029(5) |  | 1999 / 2006 |  |  | 137,679 |  |  |  | 4,005,179 |  |  |  | 1.1 | % |  |  | 29.09 |
FBI - Omaha |  | Omaha, NE |  | Specialized Facility |  | 2044 |  | 2009 |  |  | 112,196 |  |  |  | 3,981,452 |  |  |  | 1.0 | % |  |  | 35.49 |
VA - Mobile |  | Mobile, AL |  | Outpatient Clinic |  | 2033 |  | 2018 |  |  | 79,212 |  |  |  | 3,875,061 |  |  |  | 1.0 | % |  |  | 48.92 |
FDA - Atlanta |  | Atlanta, GA |  | Laboratory |  | 2045 |  | 2025 |  |  | 162,000 |  |  |  | 3,851,158 |  |  |  | 1.0 | % |  |  | 23.77 |
USFS II - Albuquerque |  | Albuquerque, NM |  | Office |  | 2031 |  | 2011 |  |  | 98,720 |  |  |  | 3,699,413 |  |  |  | 1.0 | % |  |  | 37.47 |
FBI - Albany |  | Albany, NY |  | Specialized Facility |  | 2036 |  | 1998 |  |  | 69,476 |  |  |  | 3,593,055 |  |  |  | 0.9 | % |  |  | 51.72 |
FBI - Birmingham |  | Birmingham, AL |  | Specialized Facility |  | 2042 |  | 2005 |  |  | 96,278 |  |  |  | 3,583,919 |  |  |  | 0.9 | % |  |  | 37.22 |
EPA - Kansas City |  | Kansas City, KS |  | Laboratory |  | 2043 |  | 2003 |  |  | 55,833 |  |  |  | 3,578,198 |  |  |  | 0.9 | % |  |  | 64.09 |
DOT - Lakewood |  | Lakewood, CO |  | Office |  | 2039 |  | 2004 |  |  | 116,046 |  |  |  | 3,402,561 |  |  |  | 0.9 | % |  |  | 29.32 |
VA - Chico |  | Chico, CA |  | Outpatient Clinic |  | 2034 |  | 2019 |  |  | 51,647 |  |  |  | 3,369,589 |  |  |  | 0.9 | % |  |  | 65.24 |
ICE - Charleston |  | North Charleston, SC |  | Specialized Facility |  | 2027 |  | 1994 / 2012 |  |  | 65,124 |  |  |  | 3,367,934 |  |  |  | 0.9 | % |  |  | 51.72 |
FBI - Richmond |  | Richmond, VA |  | Specialized Facility |  | 2041 |  | 2001 |  |  | 96,607 |  |  |  | 3,360,155 |  |  |  | 0.9 | % |  |  | 34.78 |
FBI - Knoxville |  | Knoxville, TN |  | Specialized Facility |  | 2028 |  | 2010 |  |  | 99,130 |  |  |  | 3,330,123 |  |  |  | 0.9 | % |  |  | 33.59 |
DEA - Sterling |  | Sterling, VA |  | Laboratory |  | 2038 |  | 2001 |  |  | 57,692 |  |  |  | 3,282,886 |  |  |  | 0.9 | % |  |  | 56.90 |

19

Leased Operating Property Overview (Cont.) (As of December 31, 2025, unaudited) |

Property Name |  | Location |  | Property Type |  | Tenant Lease Expiration Year |  | Year Built / Renovated |  | Leased Square Feet |  |  | Annualized Lease Income |  |  | Percentage of Total Annualized Lease Income |  |  | Annualized Lease Income per Leased Square Foot |
Wholly Owned U.S. Government Leased Properties (Cont.) |
FBI - Little Rock |  | Little Rock, AR |  | Specialized Facility |  | 2041 |  | 2001 |  |  | 102,377 |  |  |  | 3,262,031 |  |  |  | 0.9 | % |  |  | 31.86 |
JUD - Del Rio |  | Del Rio, TX |  | Federal Courthouse |  | 2041 |  | 1992 / 2004 |  |  | 89,880 |  |  |  | 3,197,759 |  |  |  | 0.8 | % |  |  | 35.58 |
DEA - Vista |  | Vista, CA |  | Laboratory |  | 2035 |  | 2002 |  |  | 52,293 |  |  |  | 3,191,895 |  |  |  | 0.8 | % |  |  | 61.04 |
USCIS - Tustin |  | Tustin, CA |  | Office |  | 2034 |  | 1979 / 2019 |  |  | 66,818 |  |  |  | 3,176,673 |  |  |  | 0.8 | % |  |  | 47.54 |
VA - Orange |  | Orange, CT |  | Outpatient Clinic |  | 2034 |  | 2019 |  |  | 56,330 |  |  |  | 2,978,003 |  |  |  | 0.8 | % |  |  | 52.87 |
VA - Indianapolis |  | Brownsburg, IN |  | Outpatient Clinic |  | 2041 |  | 2021 |  |  | 80,000 |  |  |  | 2,973,092 |  |  |  | 0.8 | % |  |  | 37.16 |
ICE - Albuquerque |  | Albuquerque, NM |  | Specialized Facility |  | 2027 |  | 2011 |  |  | 71,100 |  |  |  | 2,870,422 |  |  |  | 0.8 | % |  |  | 40.37 |
SSA - Charleston |  | Charleston, WV |  | Office |  | 2029 |  | 1959 / 2000 |  |  | 110,000 |  |  |  | 2,852,584 |  |  |  | 0.7 | % |  |  | 25.93 |
JUD - El Centro |  | El Centro, CA |  | Federal Courthouse |  | 2034 |  | 2004 |  |  | 43,345 |  |  |  | 2,843,404 |  |  |  | 0.7 | % |  |  | 65.60 |
DEA - Dallas Lab |  | Dallas, TX |  | Laboratory |  | 2038 |  | 2001 |  |  | 49,723 |  |  |  | 2,823,425 |  |  |  | 0.7 | % |  |  | 56.78 |
DEA - Dallas |  | Dallas, TX |  | Specialized Facility |  | 2041 |  | 2001 |  |  | 71,827 |  |  |  | 2,818,351 |  |  |  | 0.7 | % |  |  | 39.24 |
DEA - Pleasanton |  | Pleasanton, CA |  | Laboratory |  | 2035 |  | 2015 |  |  | 42,480 |  |  |  | 2,796,831 |  |  |  | 0.7 | % |  |  | 65.84 |
DEA - Upper Marlboro |  | Upper Marlboro, MD |  | Laboratory |  | 2037 |  | 2002 |  |  | 50,978 |  |  |  | 2,776,446 |  |  |  | 0.7 | % |  |  | 54.46 |
DHS - Burlington |  | Williston, VT |  | Specialized Facility |  | 2031(2) |  | 2000 |  |  | 74,549 |  |  |  | 2,738,632 |  |  |  | 0.7 | % |  |  | 36.74 |
NARA - Broomfield |  | Broomfield, CO |  | Warehouse |  | 2032 |  | 2012 |  |  | 161,730 |  |  |  | 2,697,002 |  |  |  | 0.7 | % |  |  | 16.68 |
TREAS - Birmingham |  | Birmingham, AL |  | Office |  | 2029 |  | 2014 |  |  | 83,676 |  |  |  | 2,608,152 |  |  |  | 0.7 | % |  |  | 31.17 |
DHS - Atlanta |  | Atlanta, GA |  | Specialized Facility |  | 2031 - 2038(6) |  | 2008 / 2023 |  |  | 91,185 |  |  |  | 2,594,650 |  |  |  | 0.7 | % |  |  | 28.45 |
USAO - Louisville |  | Louisville, KY |  | Specialized Facility |  | 2031 |  | 2011 |  |  | 60,000 |  |  |  | 2,555,102 |  |  |  | 0.7 | % |  |  | 42.59 |
JUD - Charleston |  | Charleston, SC |  | Federal Courthouse |  | 2040 |  | 1999 |  |  | 52,339 |  |  |  | 2,536,155 |  |  |  | 0.7 | % |  |  | 48.46 |
JUD - Jackson |  | Jackson, TN |  | Federal Courthouse |  | 2043 |  | 1998 |  |  | 75,043 |  |  |  | 2,418,462 |  |  |  | 0.6 | % |  |  | 32.23 |
IRS - Ogden |  | Ogden, UT |  | Warehouse |  | 2029(7) |  | 1996 |  |  | 100,000 |  |  |  | 2,373,651 |  |  |  | 0.6 | % |  |  | 23.74 |
Various GSA - Cleveland |  | Brooklyn Heights, OH |  | Office |  | 2028 - 2040(8) |  | 1981 / 2021 |  |  | 61,384 |  |  |  | 2,349,367 |  |  |  | 0.6 | % |  |  | 38.27 |
CBP - Savannah |  | Savannah, GA |  | Laboratory |  | 2033 |  | 2013 |  |  | 35,000 |  |  |  | 2,306,216 |  |  |  | 0.6 | % |  |  | 65.89 |
NWS - Kansas City |  | Kansas City, MO |  | Specialized Facility |  | 2033(2) |  | 1998 / 2020 |  |  | 94,378 |  |  |  | 2,171,933 |  |  |  | 0.6 | % |  |  | 23.01 |
DEA - Santa Ana |  | Santa Ana, CA |  | Specialized Facility |  | 2029 |  | 2004 |  |  | 39,905 |  |  |  | 2,036,945 |  |  |  | 0.5 | % |  |  | 51.04 |
ICE - Orlando |  | Orlando, FL |  | Specialized Facility |  | 2040 |  | 1996 / 2010 |  |  | 49,420 |  |  |  | 2,012,010 |  |  |  | 0.5 | % |  |  | 40.71 |
GSA - Clarksburg |  | Clarksburg, WV |  | Office |  | 2039(2) |  | 1999 |  |  | 70,495 |  |  |  | 1,914,764 |  |  |  | 0.5 | % |  |  | 27.16 |
DEA - North Highlands |  | Sacramento, CA |  | Specialized Facility |  | 2033 |  | 2002 |  |  | 37,975 |  |  |  | 1,891,896 |  |  |  | 0.5 | % |  |  | 49.82 |
JUD - Aberdeen |  | Aberdeen, MS |  | Federal Courthouse |  | 2040 |  | 2005 |  |  | 45,194 |  |  |  | 1,890,909 |  |  |  | 0.5 | % |  |  | 41.84 |
DEA - Riverside |  | Riverside, CA |  | Specialized Facility |  | 2032 |  | 1997 |  |  | 34,354 |  |  |  | 1,881,115 |  |  |  | 0.5 | % |  |  | 54.76 |
NPS - Omaha |  | Omaha, NE |  | Specialized Facility |  | 2029 |  | 2004 |  |  | 62,772 |  |  |  | 1,873,659 |  |  |  | 0.5 | % |  |  | 29.85 |
VA - Golden |  | Golden, CO |  | Warehouse |  | 2036(2) |  | 1996 / 2011 |  |  | 56,753 |  |  |  | 1,793,899 |  |  |  | 0.5 | % |  |  | 31.61 |
JUD - Newport News |  | Newport News, VA |  | Federal Courthouse |  | 2033 |  | 2008 |  |  | 35,005 |  |  |  | 1,685,737 |  |  |  | 0.4 | % |  |  | 48.16 |
USCG - Martinsburg |  | Martinsburg, WV |  | Specialized Facility |  | 2027 |  | 2007 |  |  | 59,547 |  |  |  | 1,641,350 |  |  |  | 0.4 | % |  |  | 27.56 |
VA - Charleston |  | North Charleston, SC |  | Warehouse |  | 2040 |  | 2020 |  |  | 97,718 |  |  |  | 1,525,436 |  |  |  | 0.4 | % |  |  | 15.61 |
USAO - Springfield |  | Springfield, IL |  | Specialized Facility |  | 2038 |  | 2002 |  |  | 43,600 |  |  |  | 1,399,201 |  |  |  | 0.4 | % |  |  | 32.09 |
JUD - Council Bluffs |  | Council Bluffs, IA |  | Federal Courthouse |  | 2041(7) |  | 2021 |  |  | 28,900 |  |  |  | 1,368,583 |  |  |  | 0.4 | % |  |  | 47.36 |

20

Leased Operating Property Overview (Cont.) (As of December 31, 2025, unaudited) |

Property Name |  | Location |  | Property Type |  | Tenant Lease Expiration Year |  | Year Built / Renovated |  | Leased Square Feet |  |  | Annualized Lease Income |  |  | Percentage of Total Annualized Lease Income |  |  | Annualized Lease Income per Leased Square Foot |
Wholly Owned U.S. Government Leased Properties (Cont.) |
DEA - Birmingham |  | Birmingham, AL |  | Specialized Facility |  | 2038 |  | 2005 |  |  | 35,616 |  |  |  | 1,266,291 |  |  |  | 0.3 | % |  |  | 35.55 |
DEA - Albany |  | Albany, NY |  | Specialized Facility |  | 2042 |  | 2004 |  |  | 31,976 |  |  |  | 1,186,491 |  |  |  | 0.3 | % |  |  | 37.11 |
HSI - Orlando |  | Orlando, FL |  | Specialized Facility |  | 2036 |  | 2006 |  |  | 27,840 |  |  |  | 1,117,020 |  |  |  | 0.3 | % |  |  | 40.12 |
SSA - Dallas |  | Dallas, TX |  | Specialized Facility |  | 2035 |  | 2005 |  |  | 27,200 |  |  |  | 1,073,581 |  |  |  | 0.3 | % |  |  | 39.47 |
JUD - South Bend |  | South Bend, IN |  | Federal Courthouse |  | 2027 |  | 1996 / 2011 |  |  | 30,119 |  |  |  | 820,512 |  |  |  | 0.2 | % |  |  | 27.24 |
ICE - Louisville |  | Louisville, KY |  | Specialized Facility |  | 2036 |  | 2011 |  |  | 17,420 |  |  |  | 769,984 |  |  |  | 0.2 | % |  |  | 44.20 |
DEA - San Diego |  | San Diego, CA |  | Warehouse |  | 2032 |  | 1999 |  |  | 16,100 |  |  |  | 565,018 |  |  |  | 0.1 | % |  |  | 35.09 |
DEA - Bakersfield |  | Bakersfield, CA |  | Specialized Facility |  | 2038 |  | 2000 |  |  | 9,800 |  |  |  | 497,530 |  |  |  | 0.1 | % |  |  | 50.77 |
SSA - San Diego |  | San Diego, CA |  | Specialized Facility |  | 2032 |  | 2003 |  |  | 10,059 |  |  |  | 458,334 |  |  |  | 0.1 | % |  |  | 45.56 |
Subtotal |  |  |  |  |  |  |  |  |  |  | 8,054,450 |  |  | $ | 288,728,427 |  |  |  | 75.6 | % |  | $ | 35.85 |
Wholly Owned State and Local Government Leased Property |
DC - Capitol Plaza |  | Washington, DC |  | Office |  | 2026 - 2038(9) |  | 2006 |  |  | 284,688 |  |  |  | 18,600,116 |  |  |  | 5.0 | % |  |  | 65.34 |
Wake County III - Cary |  | Cary, NC |  | Office |  | 2027 / 2034(10) |  | 1997 |  |  | 113,722 |  |  |  | 3,495,842 |  |  |  | 0.9 | % |  |  | 30.74 |
CA - Anaheim |  | Anaheim, CA |  | Office |  | 2033 / 2034 |  | 1991 / 2020 |  |  | 95,273 |  |  |  | 3,364,379 |  |  |  | 0.9 | % |  |  | 35.31 |
Wake County II - Cary |  | Cary, NC |  | Office |  | 2034(11) |  | 1994 |  |  | 98,340 |  |  |  | 2,840,676 |  |  |  | 0.7 | % |  |  | 28.89 |
Wake County I - Cary |  | Cary, NC |  | Office |  | 2034(11) |  | 1991 |  |  | 75,401 |  |  |  | 2,222,073 |  |  |  | 0.6 | % |  |  | 29.47 |
NM - Albuquerque |  | Albuquerque, NM |  | Office |  | 2036(7) |  | 2006 |  |  | 32,534 |  |  |  | 962,059 |  |  |  | 0.3 | % |  |  | 29.57 |
Subtotal |  |  |  |  |  |  |  |  |  |  | 699,958 |  |  | $ | 31,485,145 |  |  |  | 8.4 | % |  | $ | 44.98 |

21

Leased Operating Property Overview (Cont.) (As of December 31, 2025, unaudited) |

Property Name |  | Location |  | Property Type |  | Tenant Lease Expiration Year |  | Year Built / Renovated |  | Leased Square Feet |  |  | Annualized Lease Income |  |  | Percentage of Total Annualized Lease Income |  |  | Annualized Lease Income per Leased Square Foot |
Wholly Owned Privately Leased Property |
York Space Systems - Greenwood Village |  | Greenwood Village, CO |  | Specialized Facility |  | 2031(5) |  | 1982 / 2020 |  |  | 138,125 |  |  |  | 5,012,523 |  |  |  | 1.4 | % |  |  | 36.29 |
Northrop Grumman - Dayton |  | Beavercreek, OH |  | Specialized Facility |  | 2029(7) |  | 2012 |  |  | 99,246 |  |  |  | 2,629,161 |  |  |  | 0.7 | % |  |  | 26.49 |
Northrop Grumman - Aurora |  | Aurora, CO |  | Specialized Facility |  | 2032(7) |  | 2002 |  |  | 104,136 |  |  |  | 2,368,386 |  |  |  | 0.6 | % |  |  | 22.74 |
501 East Hunter Street - Lummus Corporation |  | Lubbock, TX |  | Warehouse |  | 2028(7) |  | 2013 |  |  | 70,078 |  |  |  | 411,207 |  |  |  | 0.1 | % |  |  | 5.87 |
Subtotal |  |  |  |  |  |  |  |  |  |  | 411,585 |  |  | $ | 10,421,277 |  |  |  | 2.8 | % |  | $ | 25.32 |
Wholly Owned Properties Total / Weighted Average |  |  |  |  | 9,165,993 |  |  | $ | 330,634,849 |  |  |  | 86.8 | % |  | $ | 36.07 |
U.S Government Leased to Unconsolidated Real Estate Venture |
VA - Phoenix(12) |  | Phoenix, AZ |  | Outpatient Clinic |  | 2042 |  | 2022 |  |  | 257,294 |  |  |  | 10,836,673 |  |  |  | 2.8 | % |  |  | 42.12 |
VA - San Antonio(12) |  | San Antonio, TX |  | Outpatient Clinic |  | 2041 |  | 2021 |  |  | 226,148 |  |  |  | 9,234,141 |  |  |  | 2.4 | % |  |  | 40.83 |
VA - Jacksonville(12) |  | Jacksonville, FL |  | Outpatient Clinic |  | 2043 |  | 2023 |  |  | 193,100 |  |  |  | 7,684,911 |  |  |  | 2.0 | % |  |  | 39.80 |
VA - Chattanooga(12) |  | Chattanooga, TN |  | Outpatient Clinic |  | 2035 |  | 2020 |  |  | 94,566 |  |  |  | 4,325,285 |  |  |  | 1.1 | % |  |  | 45.74 |
VA - Lubbock(12)(13) |  | Lubbock, TX |  | Outpatient Clinic |  | 2040 |  | 2020 |  |  | 120,916 |  |  |  | 4,261,542 |  |  |  | 1.1 | % |  |  | 35.24 |
VA - Marietta(12) |  | Marietta, GA |  | Outpatient Clinic |  | 2041 |  | 2021 |  |  | 76,882 |  |  |  | 3,862,436 |  |  |  | 1.0 | % |  |  | 50.24 |
VA - Birmingham(12) |  | Irondale, AL |  | Outpatient Clinic |  | 2041 |  | 2021 |  |  | 77,128 |  |  |  | 3,232,824 |  |  |  | 0.8 | % |  |  | 41.92 |
VA - Corpus Christi(12) |  | Corpus Christi, TX |  | Outpatient Clinic |  | 2042 |  | 2022 |  |  | 69,276 |  |  |  | 3,004,175 |  |  |  | 0.8 | % |  |  | 43.37 |
VA - Columbus(12) |  | Columbus, GA |  | Outpatient Clinic |  | 2042 |  | 2022 |  |  | 67,793 |  |  |  | 2,938,600 |  |  |  | 0.8 | % |  |  | 43.35 |
VA - Lenexa(12) |  | Lenexa, KS |  | Outpatient Clinic |  | 2041 |  | 2021 |  |  | 31,062 |  |  |  | 1,336,514 |  |  |  | 0.4 | % |  |  | 43.03 |
Subtotal |  |  |  |  |  |  |  |  |  |  | 1,214,165 |  |  | $ | 50,717,101 |  |  |  | 13.2 | % |  | $ | 41.77 |
Total / Weighted Average |  |  | 10,380,158 |  |  | $ | 381,351,950 |  |  |  | 100.0 | % |  | $ | 36.74 |
Total / Weighted Average at Easterly's Share |  |  |  |  |  |  | 9,809,499 |  |  | $ | 357,514,913 |  |  |  |  |  | $ | 36.45 |

(1) 316,318 square feet leased to U.S. Citizenship and Immigration Services ("USCIS") will expire on February 19, 2042 and contains two five-year renewal options. 62,165 square feet leased to three private tenants will expire between 2027-2030 and each contains renewal options.

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

(3) 33,407 square feet leased to the U.S. Army Corps of Engineers ("ACOE") will expire on February 19, 2030 and contains one five-year renewal options. 21,646 square feet leased to the Federal Bureau of Investigation ("FBI") will expire on December 31, 2029 and contains one five-year renewal option. 11,061 square feet leased to five private tenants will expire between 2027-2036 and each contains renewal options. 4,846 square feet leased to the Department of Energy ("DOE") will expire on April 14, 2033 and contains one ten-year renewal option.

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

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

22

Leased Operating Property Overview (Cont.) (As of December 31, 2025, unaudited) |

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

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

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

(9) 237,118 square feet leased to the District of Columbia Government will expire on February 28, 2038 and contains one five-year renewal option. 16,096 square feet leased to three private tenants will expire between 2027-2031 and each contains renewal options. 26,327 square feet leased to the Internal Revenue Service ("IRS") will expire on December 21, 2029.

(10) 75,864 square feet leased to Wake County Public School System will expire on June 30, 2034 and contains two eight-year renewal options. 37,858 square feet leased to a private tenant will expire on December 31, 2027 and contains one five-year renewal option.

(11) Lease contains two eight-year renewal options.

(12) The Company owns 53.0% of the property through an unconsolidated joint venture.

(13) Asset is subject to a ground lease where the unconsolidated joint venture is the lessee.

23

Tenants (As of December 31, 2025, unaudited) |

Tenant |  | Weighted Average Remaining Lease Term(1) |  | Leased Square Feet |  | Percentage of Leased Square Feet |  | Annualized Lease Income |  | Percentage of Total Annualized Lease Income
U.S. Government |  |  |  |  |  |  |  |  |  |
Department of Veteran Affairs ("VA") |  | 13.4 |  | 2,251,131 |  | 21.7% |  | $96,703,027 |  | 25.3%
Federal Bureau of Investigation ("FBI") |  | 8.2 |  | 1,498,607 |  | 14.4% |  | 54,858,296 |  | 14.4%
Drug Enforcement Administration ("DEA") |  | 9.7 |  | 607,290 |  | 5.9% |  | 29,080,670 |  | 7.6%
Judiciary of the U.S. ("JUD") |  | 13.1 |  | 399,825 |  | 3.9% |  | 16,761,521 |  | 4.4%
U.S. Citizenship and Immigration Services ("USCIS") |  | 11.1 |  | 520,807 |  | 5.0% |  | 16,087,985 |  | 4.2%
Immigration and Customs Enforcement ("ICE") |  | 7.3 |  | 388,386 |  | 3.7% |  | 15,481,464 |  | 4.1%
Food and Drug Administration ("FDA") |  | 17.4 |  | 291,314 |  | 2.8% |  | 13,163,004 |  | 3.5%
Internal Revenue Service ("IRS") |  | 6.1 |  | 359,661 |  | 3.5% |  | 11,875,840 |  | 3.1%
Environmental Protection Agency ("EPA") |  | 5.7 |  | 225,418 |  | 2.2% |  | 9,354,510 |  | 2.5%
U.S. Joint Staff Command ("JSC") |  | 2.4 |  | 403,737 |  | 3.9% |  | 8,556,070 |  | 2.2%
Federal Aviation Administration ("FAA") |  | 0.8 |  | 188,768 |  | 1.8% |  | 7,925,559 |  | 2.1%
Bureau of the Fiscal Service ("BFS") |  | 11.7 |  | 266,176 |  | 2.6% |  | 7,027,164 |  | 1.8%
Social Security Administration ("SSA") |  | 7.0 |  | 192,185 |  | 1.9% |  | 5,604,729 |  | 1.5%
Patent and Trademark Office ("PTO") |  | 9.0 |  | 190,546 |  | 1.8% |  | 5,351,518 |  | 1.4%
Federal Emergency Management Agency ("FEMA") |  | 12.8 |  | 210,373 |  | 2.0% |  | 4,668,336 |  | 1.2%
U.S. Attorney Office ("USAO") |  | 8.9 |  | 110,776 |  | 1.1% |  | 4,149,219 |  | 1.1%
U.S. Forest Service ("USFS") |  | 5.5 |  | 98,720 |  | 1.0% |  | 3,699,413 |  | 1.0%
Department of Transportation ("DOT") |  | 13.4 |  | 116,046 |  | 1.1% |  | 3,402,561 |  | 0.9%
Customs and Border Protection ("CBP") |  | 9.7 |  | 64,737 |  | 0.6% |  | 3,247,340 |  | 0.9%
National Archives and Records Administration ("NARA") |  | 6.4 |  | 161,730 |  | 1.6% |  | 2,697,002 |  | 0.7%
National Weather Service ("NWS") |  | 8.0 |  | 94,378 |  | 0.9% |  | 2,171,933 |  | 0.6%
U.S. Department of Agriculture ("USDA") |  | 2.1 |  | 60,257 |  | 0.6% |  | 1,880,319 |  | 0.5%
National Park Service ("NPS") |  | 3.5 |  | 62,772 |  | 0.6% |  | 1,873,659 |  | 0.5%
U.S. Coast Guard ("USCG") |  | 2.0 |  | 59,547 |  | 0.6% |  | 1,641,350 |  | 0.4%
National Oceanic and Atmospheric Administration ("NOAA") |  | 5.7 |  | 33,403 |  | 0.3% |  | 1,411,161 |  | 0.4%
Transportation Security Administration ("TSA") |  | 8.0 |  | 44,075 |  | 0.4% |  | 1,172,916 |  | 0.3%
Homeland Security Investigations ("HSI") |  | 10.2 |  | 27,840 |  | 0.3% |  | 1,117,020 |  | 0.3%
Small Business Administration ("SBA") |  | 13.6 |  | 44,969 |  | 0.4% |  | 1,022,945 |  | 0.3%
U.S. Army Corps of Engineers ("ACOE") |  | 4.1 |  | 33,407 |  | 0.3% |  | 969,264 |  | 0.3%

24

Tenants (Cont.) (As of December 31, 2025, unaudited) |

Tenant |  | Weighted Average Remaining Lease Term(1) |  | Leased Square Feet |  | Percentage of Leased Square Feet |  | Annualized Lease Income |  | Percentage of Total Annualized Lease Income
U.S. Government (Cont.) |  |  |  |  |  |  |  |  |  |
General Services Administration - Other |  | 9.7 |  | 33,365 |  | 0.3% |  | 831,614 |  | 0.2%
Bureau of Alcohol, Tobacco, Firearms and Explosives ("ATF") |  | 7.2 |  | 23,775 |  | 0.2% |  | 730,282 |  | 0.2%
Department of Energy ("DOE") |  | 7.3 |  | 4,846 |  | 0.0% |  | 277,782 |  | 0.1%
Federal Energy Regulatory Commission ("FERC") |  | 13.6 |  | 6,214 |  | 0.1% |  | 249,641 |  | 0.1%
U.S. Probation Office ("USPO") |  | 13.1 |  | 6,621 |  | 0.1% |  | 179,851 |  | 0.0%
U.S. Marshals Service ("USMS") |  | 1.1 |  | 1,054 |  | 0.0% |  | 48,551 |  | 0.0%
Department of Labor ("DOL") |  | 13.1 |  | 574 |  | 0.0% |  | 15,598 |  | 0.0%
Subtotal |  | 9.8 |  | 9,083,330 |  | 87.6% |  | $335,289,114 |  | 88.1%
State and Local Government |  |  |  |  |  |  |  |  |  |
District of Columbia Government |  | 12.2 |  | 238,062 |  | 2.3% |  | 15,505,639 |  | 4.0%
Wake County Public Schools |  | 8.5 |  | 249,605 |  | 2.4% |  | 7,425,131 |  | 1.9%
State of California Employee Development Department |  | 8.1 |  | 65,133 |  | 0.6% |  | 2,296,631 |  | 0.6%
State of California Department of Industrial Relations |  | 7.8 |  | 30,140 |  | 0.3% |  | 1,067,748 |  | 0.3%
State of New Mexico Health Care Authority |  | 11.0 |  | 32,534 |  | 0.3% |  | 962,059 |  | 0.3%
New York State Court of Claims |  | 0.7 |  | 14,274 |  | 0.1% |  | 390,934 |  | 0.1%
Subtotal |  | 9.8 |  | 629,748 |  | 6.0% |  | $27,648,142 |  | 7.2%
Private Tenants |  |  |  |  |  |  |  |  |  |
York Space Systems |  | 6.0 |  | 138,125 |  | 1.3% |  | 5,012,523 |  | 1.2%
Northrop Grumman Systems Corporation |  | 4.9 |  | 203,382 |  | 2.0% |  | 4,997,547 |  | 1.3%
Other Private Tenants |  | 3.8 |  | 67,081 |  | 0.6% |  | 2,521,521 |  | 0.7%
Caremark, L.L.C |  | 4.6 |  | 41,462 |  | 0.4% |  | 1,397,942 |  | 0.4%
Jacobs Engineering Group, Inc. |  | 2.0 |  | 37,858 |  | 0.4% |  | 1,133,460 |  | 0.3%
HUB International Midwest Limited |  | 6.8 |  | 29,074 |  | 0.3% |  | 849,191 |  | 0.2%
Saint Luke's Health System, Inc. |  | 2.0 |  | 32,043 |  | 0.3% |  | 816,235 |  | 0.2%
Pate Rehabilitation Endeavors, LLC |  | 6.1 |  | 25,603 |  | 0.2% |  | 805,639 |  | 0.2%
University of Central Missouri |  | 6.5 |  | 22,374 |  | 0.2% |  | 469,429 |  | 0.1%
Lummus Corporation |  | 2.6 |  | 70,078 |  | 0.7% |  | 411,207 |  | 0.1%
Subtotal |  | 4.6 |  | 667,080 |  | 6.4% |  | $18,414,694 |  | 4.7%
Total / Weighted Average |  | 9.5 |  | 10,380,158 |  | 100.0% |  | $381,351,950 |  | 100.0%

(1) Weighted based on leased square feet.

25

Lease Expirations (As of December 31, 2025, unaudited) |

Year of Lease Expiration (1) |  | Number of Leases Expiring |  | Leased Square Footage Expiring |  | Percentage of Total Leased Square Footage Expiring |  | Annualized Lease Income Expiring |  | Percentage of Total Annualized Lease Income Expiring |  | Annualized Lease Income per Leased Square Foot Expiring
2026 |  | 4 |  | 344,916 |  | 3.3% |  | 13,784,542 |  | 3.6% |  | 39.96
2027 |  | 11 |  | 570,481 |  | 5.5% |  | 20,821,832 |  | 5.5% |  | 36.50
2028 |  | 13 |  | 906,740 |  | 8.7% |  | 21,451,549 |  | 5.6% |  | 23.66
2029 |  | 10 |  | 757,363 |  | 7.3% |  | 24,918,878 |  | 6.5% |  | 32.90
2030 |  | 5 |  | 68,400 |  | 0.7% |  | 1,855,232 |  | 0.5% |  | 27.12
2031 |  | 7 |  | 438,648 |  | 4.2% |  | 16,745,256 |  | 4.4% |  | 38.17
2032 |  | 11 |  | 712,188 |  | 6.9% |  | 22,196,450 |  | 5.8% |  | 31.17
2033 |  | 10 |  | 566,197 |  | 5.5% |  | 22,157,650 |  | 5.8% |  | 39.13
2034 |  | 10 |  | 507,793 |  | 4.9% |  | 21,206,591 |  | 5.6% |  | 41.76
2035 |  | 7 |  | 440,450 |  | 4.2% |  | 17,570,724 |  | 4.6% |  | 39.89
Thereafter |  | 55 |  | 5,066,982 |  | 48.8% |  | 198,643,246 |  | 52.1% |  | 39.20
Total / Weighted Average |  | 143 |  | 10,380,158 |  | 100.0% |  | $381,351,950 |  | 100.0% |  | $36.74

(1) The year of lease expiration is pursuant to current contract terms. Some tenants have the right to vacate their space during a specified period, or "soft term," before the stated terms of their leases expire. As of December 31, 2025, six tenants occupying approximately 3.8% of our leased square feet and contributing approximately 3.9% of our annualized lease income are currently operating under lease provisions that allow them to exercise their right to terminate their lease before the stated term of their respective lease expires.

26

Lease Expirations (As of December 31, 2025, unaudited) |

27

Summary of Re/Development Projects (As of December 31, 2025, unaudited, in thousands, except square feet) |

Projects Under Construction (1)
Property Name |  | Location |  | Property Type |  | Total Leased Square Feet |  | Lease Term |  | Cost to Date |  | Anticipated Lump-Sum Reimbursement (2) |  | Anticipated Completion Date |  | Anticipated Lease Commencement
JUD - Flagstaff |  | Flagstaff, AZ |  | Courthouse |  | 50,777 |  | 20-Year |  | $29,387 |  | $33,034 |  | 1Q 2027 |  | 1Q 2027
FL - Fort Myers |  | Fort Myers, FL |  | Laboratory |  | 64,000 |  | 25-Year |  | $22,754 |  | $- |  | 4Q 2026 |  | 4Q 2026
JUD - Medford |  | Medford, OR |  | Courthouse |  | 40,035 |  | 20-Year |  | $6,908 |  | $20,290 |  | 2H 2027 |  | 2H 2027
Total |  |  |  |  |  | 154,812 |  |  |  | $59,049 |  | $53,324 |  |  |  |
Projects in Design (3) |  |  |  |
Property Name |  | Location |  | Property Type |  | Total Estimated Leased Square Feet |  | Lease Term |  | Anticipated Completion Date |  | Anticipated Lease Commencement |  |  |  |
N/A |  | - |  | - |  | - |  | - |  | - |  | - |  |  |  |
Projects Previously Completed with Outstanding Lump-Sum Reimbursements |  |
Property Name |  | Location |  | Property Type |  | Total Leased Square Feet |  | Lease Term |  | Outstanding Lump-Sum Reimbursement (2) |  | Completion Date |  | Lease Commencement |  |
FDA - Atlanta (4) |  | Atlanta, GA |  | Laboratory |  | 162,000 |  | 20-Year |  | $15,456 |  | 4Q 2025 |  | 4Q 2025 |  |

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

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

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

(4) Total lump sum reimbursements received for the project as of December 31, 2025 are $138.1 million.

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