Easterly Government Properties : Investor Presentation - May 2026

Published: 2026-05-04 08:29:13 ET DEA

Published on 05/04/2026 at 08:29 am EDT

Investor Presentation

May 2026

1

Premier Real Estate Partner to the Government

3

Easterly's Competitive Advantage

Easterly is the leading owner, manager, acquirer, and developer of mission-critical Government leased real estate

Acquire

Closed over $3.3 billion in Government-leased assets

Expansive relationships, which drive off-market transactions

Bringing underwriting expertise to state & local government and government adjacent acquisitions

Develop

Over 30 years of experience developing nearly 5 million square feet of build-to-suit construction

Thorough understanding of the U.S. Government's procurement process and standards as well as relationships throughout the GSA and agencies

Unparalleled ability to work with and manage the bureaucracy and nuances of transacting with the government

Deep relationships with the GSA leveraged within the Asset Management and Government Relations teams

Demonstrated ability to access secured and unsecured debt markets as well as the public and private equity markets

Growing JV partnership with highly regarded global investor

Drove top execution within the CMBS market

44

Attractive Market Opportunity

The U.S. Government is the largest employer in the world and the largest office tenant in the United States

Favorable Market Dynamics

GSA-leased inventory has grown 23.3% since 1998 (as compared to a 1.1% decline for GSA-owned), and the GSA now rents more than it owns(1)

Given recent federal budget constraints, we believe it is likely that the U.S. Government will continue to grow its leased portfolio of assets

Fragmented Market

The largest owners of federally-leased assets own approximately 26.3% in aggregate, with no single landlord owning more than 5.4%(2)

No national broker or clearing house for GSA-leased properties

High Barriers to Entry

Knowledge of GSA procurement process, protocols and culture

Understanding of mission and hierarchy of tenant agencies

Proven experience in acquiring, developing and managing GSA

properties

Access to capital

Favorable Demand Dynamics

GSA-Leased Inventory has Grown Faster than GSA-Owned Inventory (1)

Growth

since '98

23.3%

(1.1%)

Top Owners of Federally-Leased Real Estate(2)

f(in thousands)

RSF

% Market Ownership

Boyd Watterson

10,062

5.4%

Easterly Government Properties

9,269

4.9%

Office Properties Income Trust

6,273

3.3%

NGP

5,102

2.7%

USAA Real Estate Company

4,736

2.5%

COPT Defense Properties

4,065

2.2%

JBG Smith

2,686

1.4%

MetLife Real Estate Investments 2,551 1.4%

LCOR

Brookfield Property Partners

Top Owners

Total GSA - Leased RSF

2,387

2,300

49,258

187,496

1.3%

1.2%

26.3%

100.0%

Source: Company filings, GSA and Colliers International.

Based on GSA's FY 2018 State of the Portfolio Snapshot. 5

Based on GSA's Lease Inventory from December 2018, Colliers International Top GSA Property Owners (2020 Edition), and the federally leased square footage of the Easterly Portfolio as of

3/31/2026. Reflects 100% of the square footage of VA Portfolio properties owned by our unconsolidated joint venture.

Government Transition to an Asset Lite Model

Traditional Government Owned Real Estate

Asset Lite - Flexible Leasing Model

Transition

High upfront capital requirements

Long-term balance sheet liabilities

Exposure to asset value declines

Higher total lifecycle costs versus

leasing

Faster access to modern, efficient facilities

Greater geographic flexibility

Enhances budget flexibility and

fiscal discipline

Easterly Government Properties is the premier real estate partner for the U.S government as they transition to an asset-lite model. This gives Easterly a growing acquisition pipeline to support growth.

6

Easterly Value Proposition

Government Ownership Creates Deferred Maintenance Risk

Budget cycles and procurement rules structurally limit long-term capital investment

Annual Budgets

Deferred Maintenance

Lifecycle Reinvestment

Preventive

Maintenance

Government Owned Facilities

Mission Risk

Aging Facilities

Preserved Real Estate Value

Extended Asset Life

Why government agencies are beginning to transition to privately leased space:

Predictable facility quality

No capital burden on agency budgets

Faster upgrades for evolving mission needs

Higher operational reliability

Easterly ownership enables higher-quality, better maintained facilities without increasing agency capex - creating win-win outcomes for tenants and taxpayers

7

The Portfolio

8

High Quality Portfolio of Government-Leased Assets

Portfolio Snapshot

U.S. Government Geographic Footprint

Number of Operating Properties

106

Total Leased Square Feet

10.7 million

Average Building Size (RSF)

103.6k square feet

Weighted Average Age

16.9 years(1)

% Leased(2)

97%

Weighted Average Remaining Lease Term (incl. Soft Term)

9.4 years(3)

Weighted Average Remaining Lease Term (exc. Soft Term)

8.2 years(3)

Ann. Lease Income / Leased SF

$36.82

Property Type

(Based on Ann. Lease Income)

Diversified

(see breakdown on next page)

% Backed by the Full Faith and Credit of the US Government (Based on Ann. Lease Income)

86.2%

GSA Regions

Region 10

Region 10

Region 1

Region 8

Region 9

RegRioengio2n 3

Region 3

Region 9 Region 5

Region 6 Region 11

Region 4

Region 4

RReeggiionon 77

Region 10

Region 9

New England

Northeast & Caribbean

Mid-Atlantic

Southeast Sunbelt

Great Lakes

The Heartland

Greater Southwest

Rocky Mountain

Pacific Rim

Northwest / Arctic

National Capital

NOTE: Figures and metrics are as of 3/31/2026. Property-level data for VA Portfolio properties owned by the Company's unconsolidated joint venture is presented at 100%, unless otherwise noted.

Weighted average age is based on rentable square feet. Age is based on the property's original date of construction, or its renovation-to-suit date, if applicable.

For purposes of calculating percentage leased, we exclude from the denominator total square feet that was unleased and to which we attributed no value at the time of acquisition.

Weighted average remaining lease term is based on leased square feet. Some leases include a "soft term" following an initial guaranteed term that allows the tenant the right to terminate the 9

lease before the stated term expires.

Supporting Key Missions of the U.S. Federal Government

Our portfolio is centered around government functions supporting critical delivery of service to the American people

Easterly's Portfolio (based on ALI)

Federal Tenancies within the Portfolio

Defense 2%

Rule of Law

6%

Border Security 11%

Veteran Care 29%

Safety & Security 13%

Federal Infrastructure

13%

Law Enforcement

26%

Veteran Care (13.2 yr. WALT)

Department of Veterans Affairs (VA) Law Enforcement (9.6 yr. WALT)

Federal Bureau of Investigation (FBI)

Drug Enforcement Administration (DEA)

Alcohol, Tobacco & Firearms (ATF)

U.S. Coast Guard (USCG)

Federal Infrastructure (7.9 yr. WALT)

Department of Treasury (TREAS)

Internal Revenue Service (IRS)

Department of Transportation (DOT)

U.S. Forest Services (USFS)

National Parks Service (NPS)

Patent & Trademark Office (PTO)

Social Security Administration (SSA)

National Archives & Records Administration (NARA)

Small Business Administration (SBA) Rule of Law (11.8 yr. WALT)

U.S. Judiciary (Courthouses)

U.S. Attorney's Office (USAO)

Safety & Security (8.9 yr. WALT)

Food & Drug Administration (FDA)

Environmental Protection Agency (EPA)

Federal Aviation Administration (FAA)

Federal Emergency Management Administration (FEMA)

U.S. Department of Agriculture (USDA)

Army Corp of Engineers (ACOE)

National Weather Service (NWS)

National Oceanic & Atmospheric Association (NOAA)

Border Security (9.2 yr. WALT)

Immigration & Customs Enforcement (ICE)

Customs & Border Protection (CBP)

U.S. Citizenship & Immigration Services (USCIS)

Department of Homeland Security (DHS)

Homeland Security Investigations (HSI) Defense (2.2 yr. WALT)

Joint Staff Command (JSC)

NOTE: This diagram represents Easterly's U.S. Government leased portfolio representing at least 0.25% of Ann. Lease Income as of 3/31/2026. JV assets are reflected at 100% (not at the pro rata 10

JV amount).

Focused on Stable, Recurring Cash Flows Backed by the

Full Faith and Credit of the U.S. Government

$3.1b

$6.2b

$7.0

$6.0

Rental Income ($, in billions)

$5.0

$4.0

$3.0

$2.0

$1.0

$0.0

Portfolio Today(1)

(2)

Portfolio Today + 10 Years

Represents aggregate rental income due during the remaining term of existing U.S. Government leases. Figures and metrics are as of 3/31/2026.

In an illustrative example that assumes all current leases with the U.S. Government in the Easterly portfolio are renewed for a 10-year lease term with a 10% increase in rent upon its 11

current lease expiration.

Demonstrated Renewal Track Record

Government Leasing Process Notable 2026-2027 Renewals

Solicitation

Request For Proposal

Negotiations

Lease

Drafting

Execution

Average process can take 6 to 36 months

Property

(Exp. Year)

% Ann. Lease

Income

Leased

SF

USCIS - Lincoln (2026)

1.2%

137,671

EPA - Lenexa (2027)

1.5%

169,585

FBI - Pittsburgh (2027)

1.1%

100,054

ICE - Charleston (2027)

0.8%

65,124

ICE - Albuquerque (2027)

0.7%

71,100

USCG - Martinsburg (2027)

0.4%

59,547

JUD - South Bend (2027)

0.2%

30,119

RENEWAL HIGHLIGHTS SINCE IPO (1)

34 Properties renewed

2.2M Total square feet renewed

Remaining 2026 Subtotal

1.2%

137,671

Remaining 2027 Subtotal

4.7%

495,529

Combined Remaining Total

5.9%

633,200

12.6 Weighted average lease term (exc. soft term) (2)

16.0 Weighted average lease term (incl. soft term) (2)

15% Weighted average net effective rent spread

NOTE: Figures and metrics are as of 3/31/2026.

Renewal highlights include all renewals since IPO (February 2015), with the exception of PTO - Arlington, IRS- Fresno, and three Various GSA - Buffalo leases.

Weighted average lease term is based on leased square feet. Some leases include a "soft term" following an initial guaranteed term that allows the tenant the right to terminate the lease 12

before the stated term expires.

External Growth Drivers

13

Proven Acquisition Platform with Identified Pipeline

Easterly has a demonstrated ability to source transactions

Track Record

Since it's inception, Easterly has grown the portfolio from 2.1 million leased square feet and 29 properties to its current size of 10.7 million leased square feet and 106 operating properties(1)

Longstanding relationships with owners, developers and brokers

Identified Pipeline

Proprietary database tracks target properties

Tracking an estimated $1.5 billion of

properties, actively evaluating ~$500 million

$450M

$400M

Purchase Price (Millions)

$350M

$300M

$250M

$200M

$150M

$100M

$50M

Acquisitions Since IPO (2)

16

Number of Properties Purchased

14

12

10

8

6

4

2

$M 0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Figures and metrics are as of 3/31/2026. Reflects 100% of the leased square footage of properties owned by Easterly's unconsolidated joint venture.

Reflects the Company's 53% joint venture pro rata share of the purchase price for the ten VA Portfolio properties acquired since 2021. 14

Recently Completed Acquisitions

Easterly added six mission critical buildings to its operating portfolio during the 2025-2026 timeframe

SVA Glen Allen

Acquired January 2026

Headquarters for two Commonwealth agencies

297,713 square feet (three building portfolio)

WALT of 7.5 years at the time of acquisition

$44.5M purchase price

DHS Burlington

Acquired May 2025

Building operates 24/7, 365 days per year for ICE's Law Enforcement Support Center

74,549 square feet

WALT of 6.7 years at time of acquisition

$20.0M purchase price

York Space Systems

Acquired August 2025

Produces S-Class satellite buses for the US Space Development Agency (SDA)

138,125 square feet

WALT of 6.3 years at the time of acquisition

$28.9M purchase price

DC Capitol Plaza

Acquired April 2025

Heavily invested, high demand space for the DC Government

289,873 square feet

WALT of 11.6 years at time of acquisition

$118.9M purchase price

15

Non-Speculative Development

Over 30 years of experience developing nearly 5 million square feet of build-to-suit construction

Perfected the ability to construct and deliver mission critical assets for the U.S. Government and other key tenancies

Thorough understanding of the U.S. Government's procurement process and standards as well as relationships throughout the GSA and key agencies of the U.S. Government

Long Term, Non-cancelable Leases

Premium

Yields

Brand New Class A Build-to-Suit Properties

Easterly

Development

Cost overrun risk mitigation

Highly Financeable

No speculation -fully leased

Mission-Critical Facilities

16

Active Development Projects

Easterly has over 30 years of experience delivering nearly 5 million square feet of build-to-suit construction

U.S. Courthouse - Flagstaff

Footprint

50,777 rentable square feet

Key Dates

Land Acquisition: April 2024 Expected Delivery: 1Q 2027

Budget

Gross Dev Cost: $69.9M Expected Lump Sum: $33.0M

Notes

20-year term

Three-story federal courthouse constructed to Level III security requirements

Features three independent paths of travel throughout the entire facility to ensure defendants, judges, and the public never interact with one another outside the District and Magistrate courtrooms

U.S. Courthouse - Medford

Footprint

40,035 rentable square feet

Key Dates

Land Acquisition: June 2025 Expected Delivery: 2H 2027

Budget

Gross Dev Cost: $51.3M Expected Lump Sum: $26.6M

Notes

20-year term lease expected to house offices for both U.S. Senators, U.S. Marshal Service, a Probation Office, and U.S. Attorneys Office

Constructed to Level IV security requirements

Independent paths of travel to ensure defendants, judges,

and the public don't interact

outside the courtrooms

FDLE - Fort Myers

Footprint

64,000 rentable square feet

Key Dates

Land Acquisition: July 2025 Expected Delivery: 4Q 2026

Budget

Gross Dev Cost: $44.9M Expected Lump Sum: N/A

Notes

25-year term lease with the Florida Department of Law Enforcement

Two-story, built-to-suit facility including state-of-the-art laboratories and training center

Crime lab expected to deliver a broad spectrum of forensic examination around the clock to support the state's regional operations center in Fort Myers

1177

NOTE: Square footage, estimated acquisition and lease commencement date, and design rendering are subject to change throughout the development process.

Balance Sheet & Liquidity

18

Easterly's Investment Grade Balance Sheet

PRO FORMA MARKET CAPITALIZATION PRO FORMA DEBT PROFILE

($ in millions)

Common Shares - Fully Diluted Basis

48.1

Closing Price as of 3/31/2026

$21.43

Equity Market Capitalization - Fully Diluted Basis

$1,030.8

Secured Mortgage Debt

$150.5

Revolving Credit Facility

245.1

Term Loan Facilities

300.0

($ in millions)

Balance

Stated Rate

Maturity

ICE - Charleston

$8.5

4.21%

2027

USFS II - Albuquerque

6.9

4.46%

2026

CBP - Savannah

7.6

3.40%

2033

VA - Loma Linda

127.5

3.59%

2027

Total Secured Debt

$150.5

3.66%

2027

Revolving Credit Facility

$245.1

SOFR +1.45%

2028

Term Loan Facilities (1)

300.0

5.09% / 5.31%

2028 / 2028

Senior Unsecured Notes (2)

1,025.0

4.47%

2027 - 2034

Total Debt

$1,720.6

4.60%

2030

Adjusted Net Debt (3)

$1,667.5

Senior Unsecured Notes

1,025.0

Total Debt

$1,720.6

Less: Cash and Cash Equivalents

(4.0)

Net Debt

$1,716.6

Total Enterprise Value

$2,747.4

Credit Metrics:

Net Debt / Total Enterprise Value

62.5%

Adjusted Net Debt to Annualized Quarterly Pro Forma EBITDA

7.3x

Cash Interest Coverage Ratio

3.0x

IG issuer credit rating from Kroll of BBB with stable outlook

PRO FORMA DEBT MATURITY SCHEDULE

Strong balance sheet, ample debt capacity, and long-dated maturities while sitting comfortably

in the middle of our target leverage range

Revolving Credit Facility

$7.6

Term Loan Facility

Senior Unsecured Notes

Secured Debt

$930.0

$300.0

$6.9 $136.0

$95.0

$245.1

2026 2027 Thereafter

NOTE: All amounts and metrics are as of 3/31/2026

The Company's 2016 and 2018 Term Loans have interest rates effectively fixed at 5.31% and 5.09%, respectively, given the Company's execution of interest rate swaps.

4.47% represents a weighted average interest rate among all tranches of the Company's senior unsecured notes.

Adjusted Net Debt is equal to Net Debt less the outstanding lump-sum reimbursement due at completion plus 40% of costs exceeding the lump-sum reimbursement of the FDA - Atlanta and JUD -

Flagstaff projects and 40% of the costs incurred to date of the JUD - Medford and FDLE - Ft. Myers projects. 19

Deleveraging Story

Expecting net debt to pro forma EBITDA to be in the 6.0x-6.75x range by the end of 2027

Using equity strategically to moderate leverage while continuing to invest accretively

Plan To Bring Leverage Ratio Down Over Time

7.5x

7.0x

6.5x

6.0x

5.5x

5.0x

4.5x

4.0x

Current End Of 2027

20

Disclaimer

Easterly Government Properties Inc. published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 12:28 UTC.