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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~March~~June 3130, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-36834

EASTERLY GOVERNMENT PROPERTIES, INC.

(Exact Name of Registrant as Specified in Its Charter)


Maryland		47-2047728
(State of Incorporation)		(IRS Employer Identification No.)
2001 K Street NW, Suite 775 North, Washington, D.C.		20006
(Address of Principal Executive Offices)		(Zip Code)

(202) 595-9500

(Registrant’s telephone number, including area code)

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

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     Common Stock

     DEA

     New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~April~~July 2829, 2025, the registrant had 4445,~~905~~354,~~158~~115 shares of common stock, $0.01 par value per share, outstanding.

INDEX TO FINANCIAL STATEMENTS

	Page
Part I: Financial Information
Item 1: Financial Statements:
Consolidated Financial Statements
Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (unaudited)	1
Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 (unaudited)	1
Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (unaudited)	2
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited)	2
Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2025 and 2024 (unaudited)	3
Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited)	3
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (unaudited)	4
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (unaudited)	4
Notes to the Consolidated Financial Statements	6
Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations	2023
Item 3: Quantitative and Qualitative Disclosures About Market Risk	3741
Item 4: Controls and Procedures	3741
Part II: Other Information
Item 1: Legal Proceedings	3741
Item 1A: Risk Factors	3741
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds	3741
Item 3: Defaults Upon Senior Securities	3741
Item 4: Mine Safety Disclosures	3742
Item 5: Other Information	3842
Item 6: Exhibits	3943
Signatures

Easterly Government Properties, Inc.

Consolidated Balance Sheets (unaudited)

(Amounts in thousands, except share amounts)

	March 31, 2025			December 31, 2024
	June 30, 2025			December 31, 2024
Assets
Real estate properties, net	$	2,~~573~~682,~~509~~915		$	2,572,095
Cash and cash equivalents		84,~~459~~697			19,353
Restricted cash		9,~~030~~354			8,451
Tenant accounts receivable		7075,~~531~~506			71,172
Investment in unconsolidated real estate venture		~~314~~310,~~546~~514			316,521
Real estate loan receivable, net		4331,~~760~~942			34,081
Intangible assets, net		~~155~~188,~~663~~006			161,425
Interest rate swaps		~~145~~—			717
Prepaid expenses and other assets		4856,~~964~~493			39,256
Total assets	$	3,~~224~~359,~~607~~427		$	3,223,071
Liabilities
Revolving credit facility		~~155~~277,~~050~~550			274,550
Term loan facilities, net		273,~~387~~524			274,009
Notes payable, net		1,018,~~187~~398			894,676
Mortgage notes payable, net		~~154~~153,~~508~~420			155,586
Intangible liabilities, net		1413,~~093~~331			14,885
Deferred revenue		118,~~340~~659			120,977
Interest rate swaps		12,~~323~~903			—
Accounts payable, accrued expenses and other liabilities		91115,~~161~~110			101,271
Total liabilities		1,~~826~~972,~~049~~895			1,835,954
Equity
Common stock, par value $0.01, 200,000,000 shares authorized, 44,702,490 and 43,188,224 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		447			432
Common stock, par value $0.01, 80,000,000 shares authorized, 45,354,115 and 43,188,224 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively		453			432
Additional paid-in capital(1)		1,~~915~~934,~~891~~279			1,874,193
Retained earnings		~~134~~139,~~981~~052			131,854
Cumulative dividends		(~~714~~734,~~657~~864	)		(686,044	)
Accumulated other comprehensive income		(2,971	)		683
Accumulated other comprehensive income (loss)		(4,591	)		683
Total stockholders’ equity		1,~~333~~334,~~691~~329			1,321,118
Non-controlling interest in Operating Partnership		6452,~~867~~203			65,999
Total equity		1,~~398~~386,~~558~~532			1,387,117
Total liabilities and equity	$	3,~~224~~359,~~607~~427		$	3,223,071

(1)

As of December 31, 2024 ~~and March 31~~, ~~2025,~~ 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.

Share 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 with the 1 for 2.5 reverse stock split, effective May 8, 2025.

The accompanying notes are an integral part of these consolidated financial statements.

Easterly Government Properties, Inc.

Consolidated Statements of Operations (unaudited)

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

	For the three months ended March 31,
	For the three months ended June 30,						For the six months ended June 30,
	2025			2024			2025			2024
Revenues
Rental income	$	7580,~~546~~367		$	7072,~~746~~183		$	155,913		$	142,929
Tenant reimbursements		1,~~026~~895			12,~~017~~814			2,921			3,831
Asset management income		622			~~550~~551			1,244			1,101
Other income		1,~~481~~350			~~487~~673			2,831			1,160
Total revenues		7884,~~675~~234			7276,~~800~~221			162,909			149,021
Expenses
Property operating		1719,~~799~~210			1618,~~592~~118			37,009			34,710
Real estate taxes		78,~~957~~486			87,~~229~~843			16,443			16,072
Depreciation and amortization		2628,~~797~~534			2324,~~800~~086			55,331			47,886
Acquisition costs		~~307~~362			~~419~~408			669			827
Corporate general and administrative		6,~~215~~807			6,~~455~~910			13,022			13,365
Recovery of credit losses		(238	)		—
Provision for (recovery of) credit losses		(539	)		218			(777	)		218
Total expenses		5862,~~837~~860			5557,~~495~~583			121,697			113,078
Other income (expense)
Income from unconsolidated real estate venture		1,~~822~~840			1,~~415~~377			3,662			2,792
Interest expense, net		(18,~~377~~960	)		(1315,~~836~~165	)		(37,337	)		(29,001	)
Net income		34,~~283~~254			4,~~884~~850			7,537			9,734
Non-controlling interest in Operating Partnership		(~~156~~183	)		(~~258~~239	)		(339	)		(497	)
Net income available to Easterly Government Properties, Inc.	$	34,~~127~~071		$	4,~~626~~611		$	7,198		$	9,237
Net income available to Easterly Government Properties, Inc. per share:
Basic	$	0.0709		$	0.11		$	0.16		$	0.22
Diluted	$	0.0709		$	0.11		$	0.15		$	0.22
Weighted-average common shares outstanding
Basic		4345,~~224~~011,~~145~~585			4041,~~797~~165,~~257~~590			44,122,803			40,981,423
Diluted		4345,~~372~~111,~~207~~753			4041,~~894~~280,~~004~~249			44,230,123			41,091,880
Dividends declared per common share	$	0.6645		$	0.66		$	1.11		$	1.33

The accompanying notes are an integral part of these consolidated financial statements.

Easterly Government Properties, Inc.

Consolidated Statements of Comprehensive Income (Loss) (unaudited)

(Amounts in thousands)

	For the three months ended March 31,
	For the three months ended June 30,						For the six months ended June 30,
	2025			2024			2025			2024
Net income	$	34,~~283~~254		$	4,~~884~~850		$	7,537		$	9,734
Other comprehensive gain (loss):
Unrealized gain (loss) on treasury locks and interest rate swaps, net		(31,~~832~~656	)		~~902~~(431	)		(5,488	)		471
Other comprehensive gain (loss)		(31,~~832~~656	)		~~902~~(431	)		(5,488	)		471
Comprehensive income (loss)		(549	)		5,786
Comprehensive income		2,598			4,419			2,049			10,205
Non-controlling interest in Operating Partnership		(~~156~~183	)		(~~258~~239	)		(339	)		(497	)
Other comprehensive (gain) loss attributable to non-controlling interest		178			(20	)
Other comprehensive loss attributable to non-controlling interest		36			22			214			2
Comprehensive income (loss) attributable to Easterly Government Properties, Inc.	$	(527	)	$	5,508
Comprehensive income attributable to Easterly Government Properties, Inc.	$	2,451		$	4,202		$	1,924		$	9,710

The accompanying notes are an integral part of these consolidated financial statements.

Easterly Government Properties, Inc.

Consolidated Statements of Cash Flows (unaudited)

(Amounts in thousands)

	For the three months ended March 31,
	For the six months ended June 30,
	2025			2024
Cash flows from operating activities
Net income	$	37,~~283~~537		$	49,~~884~~734
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		2655,~~797~~331			2347,~~800~~886
Straight line rent		~~251~~(49	)		(~~856~~1,774	)
Income from unconsolidated real estate venture		(13,~~822~~662	)		(12,~~415~~792	)
Amortization of above- / below-market leases		(~~518~~1,006	)		(~~594~~1,074	)
Amortization of unearned revenue		(13,~~762~~625	)		(13,~~604~~363	)
Amortization of loan premium / discount		(611	)		(~~275~~552	)
Amortization of deferred financing costs		~~757~~1,548			~~582~~1,505
Amortization of lease inducements		~~329~~935			~~258~~516
Amortization of real estate loan receivable origination fees		(3673	)		—
Amortization of treasury lock settlement		878			—
Distributions from investment in unconsolidated real estate venture		39,~~795~~669			37,~~079~~251
Non-cash compensation		12,~~421~~816			12,~~229~~389
Recovery of credit losses		(238	)		—
Provision for (recovery of) credit losses		(777	)		218
Net change in:
Tenant accounts receivable		~~617~~(3,759	)		1(3,~~339~~025	)
Prepaid expenses and other assets		(32,~~312~~035	)		(62,~~458~~840	)
Real estate loan interest receivable		(~~931~~1,657	)		—
Deferred revenue associated with operating leases		~~(875~~1,307	)		~~510~~26,156
Principal payments on operating lease obligations		(~~172~~344	)		(~~166~~332	)
Accounts payable, accrued expenses and other liabilities		~~(3,399~~75	)		~~(422~~1,005	)
Net cash provided by operating activities		2462,~~187~~298			2380,~~891~~908
Cash flows from investing activities
Real estate acquisitions and deposits		(7144,~~307~~847	)		(~~612~~58,215	)
Additions to operating properties		(815,~~598~~686	)		(719,~~906~~595	)
Additions to development properties		(2036,~~793~~033	)		(1243,~~945~~004	)
Investment in real estate loan receivable, net		(8,541	)		(3,440	)
Repayment of (investment in) real estate loan receivable, net		4,639			(5,470	)
Net cash used in investing activities		(45191,~~239~~927	)		(24126,~~903~~284	)
Cash flows from financing activities
Payment of deferred financing costs		(2,~~302~~512	)		(~~350~~7,417	)
Issuance of common shares		4146,~~270~~638			—7,982
Credit facility draws		55216,~~500~~000			73153,~~000~~500
Credit facility repayments		(~~175~~213,000	)		(7160,~~500~~000	)
Issuance of notes payable		125,000			—
Term loan repayments		—			(25,000	)
Issuance of notes payable		125,000			150,000
Treasury lock settlement		(1,945	)		—
Repayments of mortgage notes payable		(12,~~127~~265	)		(110,~~117~~590	)
Dividends and distributions paid		(3051,~~240~~552	)		(2857,~~686~~528	)
Payment of offering costs		(~~419~~488	)		(~~172~~271	)
Net cash provided by (used in) financing activities		10115,~~737~~876			3550,~~175~~676
Net increase (decrease) in Cash and cash equivalents and Restricted cash		(1013,~~315~~753	)		345,~~163~~300
Cash and cash equivalents and Restricted cash, beginning of period		27,804			21,939
Cash and cash equivalents and Restricted cash, end of period	$	1714,~~489~~051		$	5627,~~102~~239

The accompanying notes are an integral part of these consolidated financial statements.

Easterly Government Properties, Inc.

Consolidated Statements of Cash Flows (unaudited)

(Amounts in thousands)

Supplemental disclosure of cash flow information is as follows:

	For the three months ended March 31,
	For the six months ended June 30,
	2025			2024
Cash paid for interest (net of capitalized interest of $2,026 and $672 in 2025 and 2024, respectively)	$	15,640		$	12,276
Cash paid for interest (net of capitalized interest of $4,364 and $1,590 in 2025 and 2024, respectively)	$	33,782		$	27,637
Supplemental disclosure of non-cash information
Additions to operating properties accrued, not paid	$	54,~~075~~864		$	98,~~832~~377
Additions to development properties accrued, not paid		2025,~~663~~843			2232,~~078~~786
Deferred financing costs accrued, not paid		183			—
Offering costs accrued, not paid		15			11
Offering costs accrued, not paid		14			28
Deferred asset acquisition costs accrued, not paid		47			166
Deferred asset acquisition costs accrued, not paid		104			115
Unrealized gain (loss) on treasury locks and interest rate swaps, net		(5,488	)		471
Unrealized gain (loss) on interest rate swaps, net		(3,832	)		902
Exchange of Common Units for Shares of Common Stock
Non-controlling interest in Operating Partnership	$	—(4,836	)	$	(18,~~088~~793	)
Common stock		—4			14
Additional paid-in capital		—4,832			18,~~074~~779
Total	$	—		$	—

The accompanying notes are an integral part of these consolidated financial statements.

Easterly Government Properties, Inc.

Notes to the Consolidated Financial Statements (unaudited)

1. Organization and Basis of Presentation

The information contained in the following notes to the consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2024, and related notes thereto, included in the Annual Report on Form 10-K of Easterly Government Properties, Inc. (the “Company”) for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 25, 2025.

The Company is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2015. The operations of the Company are carried out primarily through Easterly Government Properties LP (the “Operating Partnership”) and the wholly owned subsidiaries of the Operating Partnership. As used herein, the “Company,” “we,” “us,” or “our” refer to Easterly Government Properties, Inc. and its consolidated subsidiaries and partnerships, including the Operating Partnership, except where context otherwise requires.

We are an internally managed REIT, focused primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential functions. We generate ~~over~~approximately 90% of our revenue by leasing our properties to such agencies, either directly or through the U.S. General Services Administration (“GSA”). Our objective is to generate attractive risk-adjusted returns for our stockholders over the long-term through dividends and capital appreciation.

We focus primarily on acquiring, developing and managing U.S. Government leased properties that are essential to supporting the mission of the tenant agency and strive to be a partner of choice for the U.S. Government, working closely with the tenant agency to meet its needs and objectives. We may also consider other potential opportunities to add properties to our portfolio, including acquiring properties leased to state and local governments with strong creditworthiness and other opportunities that directly or indirectly support the mission of select government agencies. As of ~~March~~June 3130, 2025, we wholly owned 9092 operating properties and ten operating properties through an unconsolidated joint venture (the “JV”) in the United States, encompassing approximately 910.71 million leased square feet, including 9293 operating properties that were leased primarily to U.S. Government tenant agencies, ~~four~~five operating properties leased to tenant agencies of a U.S. state or local government and three operating properties that were entirely leased to private tenants. As of ~~March~~June 3130, 2025, our operating properties were 97% leased. 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. In addition, we wholly owned ~~two~~three properties under development that we expect will encompass approximately 0.23 million leased square feet upon completion.

The Operating Partnership holds substantially all of our assets and conducts substantially all of our business. We are the sole general partner of the Operating Partnership and owned approximately 9596.42% of the aggregate limited partnership interests in the Operating Partnership (“common units”) as of ~~March~~June 3130, 2025. We have elected to be taxed as a REIT and believe that we have operated and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015.

Reverse Stock Split and Reduction in Authorized Shares

On April 28, 2025, we effected a 1-for-2.5 reverse stock split of our issued and outstanding common stock, which reverse stock split was previously approved by our Board of Directors (the “Reverse Stock Split”). As a result, every 2.5 shares of issued and outstanding common stock were consolidated into 1 share. ~~The par value of the common stock remained unchanged at $0.01 per share.~~ Concurrently with the Reverse Stock Split, the Operating Partnership completed a corresponding 1-for-2.5 reverse unit split of outstanding common units and LTIP units (the “Reverse Unit Split”). All share and per share amounts, including earnings per share, in these financial statements have been retrospectively adjusted for all periods presented to reflect the Reverse Stock Split. Accordingly, the Reverse Stock Split reduced the number of shares outstanding ason ofApril ~~March 31~~28, 2025 from ~~111~~112,~~756~~263,~~225~~028 to 44,~~702~~905,~~490~~158. On May 8, 2025, we reduced the number of our authorized shares of common stock from 200,000,000 to 80,000,000, in proportion with the 1-for-2.5 Reverse Stock Split effected by us on April 28, 2025. The par value of the common stock remained unchanged at $0.01 per share following both the Reverse Stock Split and the reduction in authorized shares. For additional information, see Note 9 Equity Incentive Plan, Note 10 Equity and Note 11 Earnings Per Share.

Principles of Consolidation

~~Easterly~~Principles ~~Government~~of Properties TRS, LLC, Easterly Government Services, LLC, the Operating Partnership and its other subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.Consolidation

The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, Easterly Government Properties TRS, LLC, Easterly Government Services, LLC, the Operating Partnership and its other subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation

The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to state fairly the consolidated financial position of the Company at ~~March~~June 3130, 2025 and December 31, 2024, the consolidated results of operations for the three and six months ended ~~March~~June 3130, 2025 and 2024, and the consolidated cash flows for the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024. The year-end consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.

The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, including the impact of extraordinary events, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

2. Summary of Significant Accounting Policies

The significant accounting policies used in the preparation of our condensed consolidated financial statements are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

Recent Accounting Pronouncements Not Yet Adopted

In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 adds interim and annual disclosure requirements to GAAP at the request of the Securities and Exchange Commission (the “SEC”). The guidance in ASU 2023-06 is required to be applied prospectively and the GAAP requirements will be effective when the removal of the related SEC disclosure requirements is effective. If the SEC does not act to remove its related requirement by June 30, 2027, any related FASB amendments will be removed from the ASC and will not be effective. We do not anticipate that the adoption of ASU 2023-06 will have a material impact on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard is intended to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. The new standard is effective for annual periods beginning after December 15, 2024. We do not anticipate that the adoption of ASU 2023-09 will have a material impact on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires expanded interim and annual disclosures of certain expense information in the notes to the consolidated financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied on a prospective or retrospective basis. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statement disclosures.

On July 4, 2025, H.R. 1, the One Big Beautiful Bill Act, was signed into law, which includes a broad range of tax reform provisions affecting businesses. The Company will continue to assess the impact of the legislation, however, the Company currently does not expect a material impact on its consolidated financial statements as a result of the legislation.

3. Real Estate and Intangibles

Acquisitions

During the six months ended June 30, 2025, we acquired two operating properties in asset acquisitions, DC - Capitol Plaza and DHS - Burlington for an aggregate purchase price of $140.9 million. We allocated the aggregate purchase price of these acquisitions based on the estimated fair values of the acquired assets and assumed liabilities as follows (amounts in thousands):


	Total
Real estate
Land	$	36,029
Building		51,254
Acquired tenant improvements		13,076
Total real estate		100,359
Other assets
Other assets		1,700
Total other assets		1,700
Intangible assets
In-place leases		27,131
Acquired leasing commissions		11,698
Total intangible assets		38,829
Purchase price	$	140,888

The intangible assets and liabilities of operating properties acquired during the six months ended June 30, 2025 have a weighted average amortization period of 11.1 years as of June 30, 2025. During the six months ended June 30, 2025, these acquisitions contributed $4.4 million of revenues and $1.5 million of net income in our Consolidated Statements of Operations related to the operating properties acquired.

In addition to the above operating property activity, we acquired one land parcel for development, JUD - Medford, during the six months ended June 30, 2025 for $1.9 million.

During the six months ended June 30, 2025, we acquired 100% of the membership interests in an entity that has the sole rights to a development project in Fort Myers, Florida for $1.8 million. On July 2, 2025, we acquired land to develop an approximately 64,000 square foot laboratory in Fort Myers, Florida for $5.8 million. The laboratory will be primarily leased to the Florida Department of Law Enforcement over a 25-year non-cancelable term.

During the three and six months ended June 30, 2025, we incurred $0.4 million and $0.7 million, respectively, of acquisition-related expenses, mainly consisting of internal costs associated with the property acquisitions.

Consolidated Real Estate and Intangibles

Real estate and intangibles consisted of the following as of ~~March~~June 3130, 2025 (amounts in thousands):

	Total
Real estate properties, net
Land	$	~~267~~305,~~543~~604
Building and improvements		2,~~495~~553,~~048~~181
Acquired tenant improvements		94107,~~894~~971
Construction in progress		~~202~~224,~~238~~410
Accumulated depreciation		(~~486~~508,~~214~~251	)
Total Real estate properties, net		2,~~573~~682,~~509~~915
Intangible assets, net
In-place leases		~~302~~329,~~302~~432
Acquired leasing commissions		8193,~~915~~612
Above market leases		14,620
Payment in lieu of taxes		6,394
Accumulated amortization		(~~249~~256,~~568~~052	)
Total Intangible assets, net		~~155~~188,~~663~~006
Intangible liabilities, net
Below market leases		(77,029	)
Accumulated amortization		6263,~~936~~698
Total Intangible liabilities, net		(1413,~~093~~331	)

No operating properties were ~~acquired or~~ disposed of during the ~~three~~six months ended ~~March~~June 3130, 2025.

~~During~~The following table summarizes the ~~three~~scheduled ~~months~~amortization ~~ended~~of ~~March~~our ~~31,~~acquired ~~2025,~~above- weand ~~incurred~~below-market ~~$0.3~~lease ~~million~~intangibles for each of ~~acquisition-related~~the ~~expenses~~five ~~mainly~~succeeding ~~consisting~~years as of ~~internal~~June ~~costs~~30, ~~associated~~2025 ~~with~~(amounts ~~future~~in ~~property acquisitions.~~thousands):

The following table summarizes the scheduled amortization of our acquired above- and below-market lease intangibles for each of the five succeeding years as of March 31, 2025 (amounts in thousands):


	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2025 (1)	$	548	$	(1,372	)
2026		1,096		(2,693	)
2027		1,096		(2,469	)
2028		725		(1,924	)
2029		193		(1,238	)

(1)

	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2025 (1)	$	822	$	(2,134	)
2026		1,096		(2,693	)
2027		1,096		(2,469	)
2028		725		(1,924	)
2029		193		(1,238	)

Represents the six months ending December 31, 2025.

Represents the nine months ending December 31, 2025.

Above-market lease amortization reduces Rental income on our Consolidated Statements of Operations and below-market lease amortization increases Rental income on our Consolidated Statements of Operations.

4. Investment in Unconsolidated Real Estate Venture

The following is a summary of our investment in the JV (dollars in thousands):

		As of March 31,
		As of June 30,
Joint Venture	Ownership Interest	2025
MedBase Venture	53.0%	$	~~314~~310,~~546~~514

On October 13, 2021, we formed an unconsolidated real estate venture, which we refer to as the JV, with a global investor to fund the acquisition of a portfolio of ten properties that encompasses 1,214,165 leased square feet (the “VA Portfolio”). We own a 53.0% interest in the JV, subject to preferred allocations as provided in the JV agreement. We have joint approval rights with our JV partner on major decisions, including those regarding property operations. As such, we hold a non-controlling interest in the joint venture and account for the JV under the equity method of accounting.

5. Real Estate Loan Receivable

On August 6, 2024, we entered into a construction loan agreement to lend up to $52.1 million to a developer (the “Borrower”). The construction loan will accrue interest monthly at a fixed market rate of 9.00% per annum. The construction loan shall be re-paid in full on or before August 31, 2027, the maturity date. Upon completion of the development, we ~~have~~had the option to purchase at fair value all of the issued and outstanding membership interest from the Borrower in a special purpose entity (“SPE”) which solely holds the developed property. We hold a variable interest in the SPE, but we do not consolidate the SPE as we are not the primary beneficiary due to the lack of power to direct significant activities performed by the SPE.

On April 1, 2025, the Borrower repaid $15.0 million of the construction loan outstanding upon substantial completion of the development and receipt of the lump sum reimbursement from the government. On April 15, 2025, we declined the option to purchase, at the stated price, all of the issued and outstanding membership interest from the Borrower.

A summary of our real estate loan receivable consisted of the following (dollars in thousands):

	March 31, 2025			December 31, 2024
	June 30, 2025			December 31, 2024
Real estate loan receivable	$	4532,~~025~~607		$	35,517
Allowance for credit losses		(~~1,265~~665	)		(1,436	)
Real estate loan receivable, net	$	4331,~~760~~942		$	34,081

During the three and six months ended ~~March~~June 3130, 2025, we recognized interest income from our real estate loan receivable of $0.97 million and $1.7 million. No interest income was recognized from real estate loan receivables during the three and six months ended ~~March~~June 3130, 2024. Interest income from our real estate loan receivable is included within Other income on our Consolidated Statements of Operations. As of ~~March~~June 3130, 2025, we recognized an allowance for credit loss liability of ~~less than~~ $0.1 million for the undrawn capacity on the construction loan. Allowance for credit loss liability is included within Accounts payable, accrued expenses and other liabilities on our Consolidated Balance Sheets.

The fair value of this real estate loan receivable was approximately $4532.49 million as of ~~March~~June 3130, 2025.

910

6. Debt

At ~~March~~June 3130, 2025, our consolidated borrowings consisted of the following (amounts in thousands):

	Principal Outstanding			Interest	Current
Loan	~~March~~June 3130, 2025			Rate (1)	Maturity
Revolving credit facility:
2024 revolving credit facility (2)	$	~~155~~277,~~050~~550		SOFR + 145 bps (3)	June 2028 (4)
Total revolving credit facility		~~155~~277,~~050~~550
Term loan facilities:
2016 term loan facility		100,000		5.31% (5)	January 2028 (6)
2018 term loan facility		174,500		5.1109% (67)	July 2026
Total term loan facilities		274,500
Less: Total unamortized deferred financing fees		(~~1,113~~976	)
Total term loan facilities, net		273,~~387~~524
Notes payable:
2017 series A senior notes		95,000		4.05%	May 2027
2017 series B senior notes		50,000		4.15%	May 2029
2017 series C senior notes		30,000		4.30%	May 2032
2019 series A senior notes		85,000		3.73%	September 2029
2019 series B senior notes		100,000		3.83%	September 2031
2019 series C senior notes		90,000		3.98%	September 2034
2021 series A senior notes		50,000		2.62%	October 2028
2021 series B senior notes		200,000		2.89%	October 2030
2024 series A senior notes		150,000		6.56%	May 2033
2024 series B senior notes		50,000		6.56%	August 2033
2025 series A senior notes		25,000		6.13%	March 2030
2025 series B senior notes		100,000		6.33% (78)	March 2032
Total notes payable		1,025,000
Less: Total unamortized deferred financing fees		(6,~~813~~602	)
Total notes payable, net		1,018,~~187~~398
Mortgage notes payable:
USFS II – Albuquerque		98,~~105~~580		4.46%	July 2026
ICE – Charleston		109,~~105~~714		4.21%	January 2027
VA – Loma Linda		127,500		3.59%	July 2027
CBP – Savannah		8,~~462~~240		3.40%	July 2033
Total mortgage notes payable		~~155~~154,~~172~~034
Less: Total unamortized deferred financing fees		(~~524~~469	)
Less: Total unamortized premium/discount		(~~140~~145	)
Total mortgage notes payable, net		~~154~~153,~~508~~420
Total debt	$	1,~~601~~722,~~132~~892

(1)

Effective interest rates are as follows: 2016 term loan facility 5.59%, 2018 term loan facility 5.30%, 2017 series A senior notes 4.15%, 2017 series B senior notes 4.23%, 2017 series C senior notes 4.37%, 2019 series A senior notes 3.82%, 2019 series B senior notes 3.91%, 2019 series C senior notes 4.04%, 2021 series A senior notes 2.74%, 2021 series B senior notes 2.99%, 2024 series A senior notes 6.74%, 2024 series B senior notes 6.73%, 2025 series A senior notes 6.36%, 2025 series B senior notes 6.51%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%.

(2)

Our $400.0 million senior unsecured 2024 revolving credit facility (the “2024 revolving credit facility”) had available capacity of $~~244~~122.83 million at ~~March~~June 3130, 2025, in addition to an accordion feature that provides us with additional capacity of up to $300.0 million, subject to syndication of the increase and the satisfaction of customary terms and conditions.

(3)

1011

interest rate at 5.17% annually. The spread over the secured overnight financing rate (“SOFR”) is based on our consolidated leverage ratio, as defined in our 2024 revolving credit facility agreement. Additionally, at ~~March~~June 3130, 2025, $~~129~~252.61 million of amounts outstanding under our 2024 revolving credit facility had a floating rate of 4.3129% under USD SOFR with a five day lookback. As of ~~March~~ 31June 30, 2025, excludes $4.62 million of net deferred financing costs that were included in "Prepaid expenses and other assets" in our balance sheet and are amortized through the current maturity.

(4)

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

(5)

Our 2016 term loan facility (as amended, our “2016 term loan facility”) is subject to three interest rate swaps with effective dates of December 23, 2024 and a notional value of $100.0 million, which effectively fixes the interest rate at 5.31% annually. The spread over SOFR is based on our consolidated leverage ratio, as defined in our 2016 term loan facility agreement.

(6)

Our ~~2018~~2016 term loan facility ~~(as~~has ~~amended,~~two ~~our~~one-year ~~“2018~~as-of-right ~~term~~extension ~~loan~~options ~~facility”) is~~ subject to ~~two~~certain ~~interest~~conditions ~~rate~~and ~~swaps~~the ~~with~~payment ~~an effective date~~ of ~~September 29, 2023 and March 24, 2025 and~~ an ~~aggregate~~extension ~~notional value of $200~~fee.0 million, of which $174.5 million is associated with our 2018 term loan facility, to effectively fix the interest rate at 5.11% annually. The spread over SOFR is based on our consolidated leverage ratio, as defined in our 2018 term loan facility agreement.

(7)

Our 2018 term loan facility (as amended, our “2018 term loan facility”) is subject to three interest rate swaps, of which two of the swaps have an effective date of June 30, 2025 and one has an effective date of March 24, 2025. The three swaps have an aggregate notional value of $200.0 million, of which $174.5 million is associated with our 2018 term loan facility, to effectively fix the interest rate at 5.09% annually. The spread over SOFR is based on our consolidated leverage ratio, as defined in our 2018 term loan facility agreement.

(8)

We entered into two $50.0 million treasury lock agreements to fix the Treasury rate of our 2025 series B senior notes. For a more complete description of the treasury lock agreements, see Note 7 Derivatives and Hedging Activities.

As of ~~March~~June 3130, 2025, the net carrying value of real estate collateralizing our mortgages payable totaled $~~215~~213.25 million. See Note 8 for the fair value of our debt instruments.

2016 Term Loan Facility

On January 8, 2025, we entered into the ninth amendment to our senior unsecured term loan agreement, dated as of September 29, 2016, to extend the maturity date of our 2016 term loan facility from January 30, 2025 to January 28, 2028.

2025 Senior Note Agreement

On March 20, 2025, we entered into a master note purchase agreement pursuant to which the Operating Partnership agreed to issue and sell an aggregate of up to $125 million of fixed rate, senior unsecured notes (“Senior Notes”) consisting of (i) 6.13% 2025 Series A Senior Notes due March 20, 2030 (“2025 series A senior notes”), in an aggregate principal amount of $25.0 million, and (ii) 6.33% 2025 Series B Senior Notes due March 20, 2032 (“2025 series B senior notes”), in an aggregate principal amount of $100.0 million. The Senior Notes were issued on March 20, 2025. We, together with various subsidiaries of the Operating Partnership, have guaranteed the 2025 series A senior notes and the series B senior notes.

Financial Covenant Considerations

As of ~~March~~June 3130, 2025, we were in compliance with all financial and other covenants related to our debt.

7. Derivatives and Hedging Activities

The following table sets forth the key terms and fair values of our interest rate swap derivatives, each of which was designated as a cash flow hedge as of ~~March~~June 3130, 2025. We entered into these interest rate swap derivatives to reduce our exposure to the variability in future cash flows attributable to changes in our floating rate debt (amounts in thousands):

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Notional Amount		Fixed Rate			Floating Rate Index	Effective Date	Expiration Date	Fair Value
$	~~100~~40,000		3.7085	%	USD-SOFR with -5 Day Lookback	~~September~~December 2923, ~~2023~~2024	~~June~~December 2923, ~~2025~~2027	$	~~145~~(440	)
$	4030,000		3.8586	%	USD-SOFR with -5 Day Lookback	December 23, 2024	December 23, 2027	$	(~~246~~336	)
$	30,000		3.86	%	USD-SOFR with -5 Day Lookback	December 23, 2024	December 23, 2027	$	(~~191~~338	)
$	30100,000		3.8672	%	USD-SOFR with -5 Day Lookback	~~December~~March 2324, ~~2024~~2025	~~December~~April 231, ~~2027~~2028	$	(~~194~~917	)
$	~~100~~50,000		3.7266	%	USD-SOFR with -5 Day Lookback	~~March~~June 2430, 2025	~~April~~July 1, 2028	$	(~~329~~434	)
$	50,000		3.6667	%	USD-SOFR with -5 Day Lookback	June 30, 2025	July 1, 2028	$	(~~180~~438	)
$	50,000		3.67	%	USD-SOFR with -5 Day Lookback	June 30, 2025	July 1, 2028	$	(183	)

The table below sets forth the fair value of our interest rate derivatives as well as their classification on our Consolidated Balance Sheets (amounts in thousands):

Balance Sheet Line Item	As of ~~March~~June 3130, 2025
Interest rate swaps - Asset	$	~~145~~—
Interest rate swaps - Liability		(12,~~323~~903	)

Treasury Locks

On January 29, 2025, we entered into a treasury lock agreement designated as a cash flow hedge to fix the seven-year Treasury rate at 4.43% for $50.0 million of notional value related to the 2025 series B senior notes issued on March 20, 2025. The treasury lock agreement was terminated and settled on March 5, 2025 and we recognized a $1.1 million loss in other comprehensive income. The loss in other comprehensive income is being amortized to interest expense over the life of the 2025 series B senior ~~note~~notes.

On February 6, 2025, we entered into a treasury lock agreement designated as a cash flow hedge to fix the seven-year Treasury rate at 4.36% for $50.0 million of notional value related to the 2025 series B senior notes issued on March 20, 2025. The treasury lock agreement was terminated and settled on March 5, 2025 and we recognized a $0.9 million loss in other comprehensive income. The loss in other comprehensive income is being amortized to interest expense over the life of the 2025 series B senior ~~note~~notes.

Cash Flow Hedges of Interest Rate Risk

The gains or losses on derivatives designated and that qualify as cash flow hedges are recorded in Accumulated other comprehensive income (“AOCI”) and will be reclassified to interest expense in the period that the hedged forecasted transactions affect earnings on our variable rate debt.

We estimate that $0.41 million will be reclassified from AOCI as a net ~~decrease~~increase to interest expense over the next 12 months.

The table below presents the effects of our interest rate derivatives on our Consolidated Statements of Operations and Comprehensive Income (Loss) (amounts in thousands):

	For the three months ended March 31,
	For the three months ended June 30,					For the six months ended June 30,
	2025			2024		2025			2024
Unrealized gain (loss) recognized in AOCI	$	(31,~~447~~299	)	$	~~1,932~~597	$	(4,746	)	$	2,529
Gain reclassified from AOCI into interest expense		~~385~~357			1,~~030~~028		742			2,058

Credit-Risk-Related Contingent Features

We have agreements with each of our derivative counterparties that contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on such indebtedness. As of ~~March~~June 3130, 2025, the net fair value of derivatives in a liability position, which includes accrued interest, related to agreements with our derivative counterparties was $2.9 million. As of June 30, 2025, the Company had not breached any provisions of these agreements and had not posted any collateral related to these agreements. If the Company were to breach any such provisions of these agreements, it would be required to settle its obligations under the agreements at their termination value of $2.9 million.

1213

agreements with our derivative counterparties was $1.2 million. As of March 31, 2025, the Company had not breached any provisions of these agreements and had not posted any collateral related to these agreements. If the Company were to breach any such provisions of these agreements, it would be required to settle its obligations under the agreements at their termination value of $1.2 million.

8. Fair Value Measurements

Accounting standards define fair value as the exit price, or the amount that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standards also establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy of these inputs is broken down into three levels: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Categorization within the valuation hierarchy is based upon the lowest level of input that is most significant to the fair value measurement.

Recurring fair value measurements

The fair values of our interest rate swaps are determined using widely accepted valuation techniques, including discounted cash flow analysis, on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities in such interest rates. While we determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. We have determined that the significance of the impact of the credit valuation adjustments made to our derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of our derivatives held as of ~~March~~June 3130, 2025 were classified as Level 2 of the fair value hierarchy.

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, other assets (excluding our real estate loan receivable) and accounts payable and accrued expenses are reasonable estimates of fair values because of the short maturities of these instruments. The fair value of our real estate loan receivable, as disclosed in Note 5, is based on the discounted estimated future cash flows of the loan (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans with similar maturities and credit quality, and the estimated cash payments include scheduled principal and interest payments. The table below presents our assets measured at fair value on a recurring basis as of ~~March~~June 3130, 2025, aggregated by the level in the fair value hierarchy within which those measurements fall (amounts in thousands):

As of March 31, 2025

As of June 30, 2025

Balance Sheet Line Item

Level 1

Level 2

Level 3

Interest rate swaps - Asset

—

~~145~~—

—

Interest rate swaps - Liability

—

(12,~~323~~903

)

—

For our disclosure of debt fair values, we estimated the fair value of our 2016 term loan facility, our 2018 term loan facility and our 2024 revolving credit facility based on the variable interest rate and credit spreads (categorized within Level 3 of the fair value hierarchy) and estimated the fair value of our other debt based on the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans, or groups of loans, with similar maturities and credit quality, and the estimated future payments included scheduled principal and interest payments. Fair value estimates are made as of a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. Settlement at such fair value amounts may not be possible and may not be a prudent management decision.

1314

Financial assets and liabilities not measured at fair value

The following table summarizes the aggregate principal outstanding under the Company's indebtedness and the corresponding estimate of fair value as of ~~March~~June 3130, 2025:

	As of March 31, 2025
	As of June 30, 2025
Financial liabilities	Carrying Amount (1)		Fair Value (2)
2024 revolving credit facility	$	~~155~~277,~~050~~550	$	~~155~~277,~~050~~550
2016 term loan facility	$	100,000	$	100,000
2018 term loan facility	$	174,500	$	174,500
Notes payable	$	1,025,000	$	~~955~~976,~~884~~374
Mortgages payable	$	~~155~~154,~~172~~034	$	147,~~157~~700

(1)

The carrying amount consists of principal only.

(2)

We consider the fair value measurement of the financial liability instrument a Level 3 measurement.

9. Equity Incentive Plan

The following is a summary of our stock-based compensation expense, net for the three and six months ended ~~March~~June 3130, 2025 and 2024, respectively:

	For the three months ended March 31,
	For the three months ended June 30,				For the six months ended June 30,
	2025		2024		2025		2024
Stock-based compensation expense, net	$	1,~~421~~395	$	1,~~229~~160	$	2,816	$	2,389

Stock-based compensation expense, net is included within corporate general and administrative expenses on our Consolidated Statements of Operations.

Upon the Reverse Stock Split becoming effective on April 28, 2025, the total number of common shares available for issuance under the 2024 Equity Incentive Plan (the “2024 Plan”) was adjusted from 3,600,000 to 1,440,000.

On January 2, 2025, we granted an aggregate of 160,368 performance-based LTIP units (adjusted for the Reverse Unit Split) to members of management pursuant to the 2024 Plan, consisting of (i) 85,372 LTIP units that are subject to us achieving certain total shareholder return performance thresholds (on both an absolute and relative basis) and (ii) 74,996 LTIP units that are subject to us achieving certain operational performance hurdles, in each case through a performance period ending on December 31, 2027. The performance-based LTIP will vest to the extent earned following the end of the performance period on December 31, 2027. On January 2, 2025, we also granted an aggregate of 129,561 service-based LTIP units (adjusted for the Reverse Unit Split) to members of management pursuant to the 2024 Plan, which will vest on December 31, 2027. The LTIP units are subject to the grantee's continued employment and the other terms of the awards.

Pursuant to the 2024 Plan, the significant assumptions used to value the performance-based LTIP units using a Monte Carlo Simulation (risk-neutral approach) include expected volatility (25.0%), dividend yield (7.8%), risk-free interest rate (4.3%) and expected life (3 years).

14On May 13, 2025, we granted an aggregate of 19,120 shares of restricted common stock to members of management pursuant to the 2024 Plan. Of these, 9,560 shares will vest on May 13, 2027, and 9,560 shares will vest on May 13, 2028, in each case subject to the grantee's continued employment and the other terms of the awards.

On June 18, 2025, in connection with our 2025 annual meeting of stockholders, we issued an aggregate of 25,955 shares of restricted stock and 1,747 LTIP units to our non-employee directors pursuant to the 2024 Plan. The grants will vest upon the earlier of the first anniversary of the grant date or the next annual stockholder meeting, so long as the grantee remains a director on such date.

Pursuant to the 2024 Plan, the significant assumptions used to value the service-based LTIP units using a Monte Carlo Simulation (risk-neutral approach) include expected volatility (28.0%), dividend yield (8.3%), risk-free interest rate (4.1%) and expected life (0.9 years).

10. Equity

The following table summarizes the changes in our stockholders’ equity for the three months ended ~~March~~June 3130, 2025 and 2024 and has been retrospectively adjusted to reflect the Reverse Stock Split and Reverse Unit Split, see Note 1 Organization and Basis of Presentation (amounts in thousands, except share amounts):

	Shares			Common Stock Par Value		Additional Paid-in Capital			RetainedEarnings		CumulativeDividends			AccumulatedOtherComprehensiveIncome			Non-controlling Interest in Operating Partnership			Total Equity
Three months ended March 31, 2025
Three months ended June 30, 2025
Balance at December 31, 2024 (1)		43,188,224		$	432	$	1,874,193		$	131,854	$	(686,044	)	$	683		$	65,999		$	1,387,117
Balance at March 31, 2025 (1)		44,702,490		$	447	$	1,915,891		$	134,981	$	(714,657	)	$	(2,971	)	$	64,867		$	1,398,558
Stock based compensation, net		—			—		~~177~~205			—		—			—			1,~~244~~190			1,~~421~~395
Dividends and distributions paid ($0.66 per share)		—			—		—			—		(28,613	)		—			(1,627	)		(30,240	)
Dividends and distributions paid ($0.45 per share)		—			—		—			—		(20,207	)		—			(1,105	)		(21,312	)
Issuance of common stock, net		1,514,266			15		40,794			—		—			—			—			40,809
Grant of unvested restricted stock		43,730			—		—			—		—			—			—			—
Unrealized loss on interest rate swaps		—			—		—			—		—			(3,654	)		(178	)		(3,832	)
Redemption of common units for shares of common stock		405,237			4		4,832			—		—			—			(4,836	)		—
Net income		—			—		—			3,127		—			—			156			3,283
Issuance of common stock, net		202,721			2		5,291			—		—			—			—			5,293
Allocation of non-controlling interest in Operating Partnership		—			—		727			—		—			—			(727	)		—
Fractional shares settled (2)		(63	)		—		—			—		—			—			—			—
Balance at March 31, 2025		44,702,490		$	447	$	1,915,891		$	134,981	$	(714,657	)	$	(2,971	)	$	64,867		$	1,398,558
Unrealized loss on treasury locks and interest rate swaps, net		—			—		—			—		—			(1,620	)		(36	)		(1,656	)
Three months ended March 31, 2024
Net income		—			—		—			4,071		—			—			183			4,254
Balance at December 31, 2023 (1)		40,389,299		$	404	$	1,783,944		$	112,301	$	(576,319	)	$	1,871		$	87,315		$	1,409,516
Allocation of non-controlling interest in Operating Partnership		—			—		8,060			—		—			—			(8,060	)		—
Stock based compensation		—			—		123			—		—			—			1,106			1,229
Balance at June 30, 2025		45,354,115		$	453	$	1,934,279		$	139,052	$	(734,864	)	$	(4,591	)	$	52,203		$	1,386,532
Dividends and distributions paid ($0.66 per share)		—			—		—			—		(27,124	)		—			(1,561	)		(28,685	)
Three months ended June 30, 2024
Redemption of common units for shares of common stock		552,582			6		18,082			—		—			—			(18,088	)		—
Balance at March 31, 2024 (1)		40,941,881		$	410	$	1,801,918		$	116,927	$	(603,443	)	$	2,753		$	69,281		$	1,387,846
Unrealized gain on interest rate swaps		—			—		—			—		—			882			20			902
Stock based compensation		—			—		77			—		—			—			1,083			1,160
Net income		—			—		—			4,626		—			—			258			4,884
Dividends and distributions paid ($0.66 per share)		—			—		—			—		(27,295	)		—			(1,548	)		(28,843	)
Allocation of non-controlling interest in Operating Partnership		—			—		(231	)		—		—			—			231			—
Grant of unvested restricted stock		14,249			—		—			—		—			—			—			—
Balance at March 31, 2024		40,941,881		$	410	$	1,801,918		$	116,927	$	(603,443	)	$	2,753		$	69,281		$	1,387,846
Redemption of common units for shares of common stock		21,852			—		705			—		—			—			(705	)		—
Issuance of common stock, net		235,859			2		7,890			—		—			—			—			7,892
Unrealized loss on interest rate swaps		—			—		—			—		—			(409	)		(22	)		(431	)
Net income		—			—		—			4,611		—			—			239			4,850
Allocation of non-controlling interest in Operating Partnership		—			—		706			—		—			—			(706	)		—
Balance at June 30, 2024		41,213,841		$	412	$	1,811,296		$	121,538	$	(630,738	)	$	2,344		$	67,622		$	1,372,474

(1) As of March 31, 2025 and 2024, the Company reclassified $0.7 million and $0.6 million, respectively, 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.

(2) No fractional shares were issued as a result of the Reverse Stock Split. In lieu of issuing fractional shares, we paid cash to shareholders who would otherwise have been entitled to receive a fractional share. The total cash payment for fractional shares amounted to less than $0.1 million, which was recorded as a reduction to additional paid-in capital in the accompanying consolidated balance sheets.

The following table summarizes the changes in our stockholders’ equity for the six months ended June 30, 2025 and 2024 and has been retrospectively adjusted to reflect the Reverse Stock Split and Reverse Unit Split, see Note 1 Organization and Basis of Presentation (amounts in thousands, except share amounts):


	Shares			Common Stock Par Value		Additional Paid-in Capital		Retained Earnings		Cumulative Dividends			Accumulated Other Comprehensive Income (Loss)			Non- controlling Interest in Operating Partnership			Total Equity
Six months ended June 30, 2025
Balance at December 31, 2024 (1)		43,188,224		$	432	$	1,874,193	$	131,854	$	(686,044	)	$	683		$	65,999		$	1,387,117
Stock based compensation, net		—			—		382		—		—			—			2,434			2,816
Dividends and distributions paid ($1.11 per share)		—			—		—		—		(48,820	)		—			(2,732	)		(51,552	)
Grant of unvested restricted stock		43,730			—		—		—		—			—			—			—
Redemption of common units for shares of common stock		405,237			4		4,832		—		—			—			(4,836	)		—
Issuance of common stock, net		1,716,987			17		46,085		—		—			—			—			46,102
Fractional shares settled (2)		(63	)		—		—		—		—			—			—			—
Unrealized loss on treasury locks and interest rate swaps, net		—			—		—		—		—			(5,274	)		(214	)		(5,488	)
Net income		—			—		—		7,198		—			—			339			7,537
Allocation of non-controlling interest in Operating Partnership		—			—		8,787		—		—			—			(8,787	)		—
Balance at June 30, 2025		45,354,115		$	453	$	1,934,279	$	139,052	$	(734,864	)	$	(4,591	)	$	52,203		$	1,386,532
Six months ended June 30, 2024
Balance at December 31, 2023 (1)		40,389,299		$	404	$	1,783,944	$	112,301	$	(576,319	)	$	1,871		$	87,315		$	1,409,516
Stock based compensation		—			—		200		—		—			—			2,189			2,389
Dividends and distributions paid ($1.33 per share)		—			—		—		—		(54,419	)		—			(3,109	)		(57,528	)
Grant of unvested restricted stock		14,249			—		—		—		—			—			—			—
Redemption of common units for shares of common stock		574,434			6		18,787		—		—			—			(18,793	)		—
Issuance of common stock, net		235,859			2		7,890		—		—			—			—			7,892
Contribution of property for common units		—			—		—		—		—			—			—			—
Unrealized gain (loss) on interest rate swaps		—			—		—		—		—			473			(2	)		471
Net income		—			—		—		9,237		—			—			497			9,734
Allocation of non-controlling interest in Operating Partnership		—			—		475		—		—			—			(475	)		—
Balance at June 30, 2024		41,213,841		$	412	$	1,811,296	$	121,538	$	(630,738	)	$	2,344		$	67,622		$	1,372,474

(1) As of both December 31, 2024 and 2023, 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.

A summary of dividends declared by our Board of Directors per share of common stock and per common unit (as adjusted to reflect the Reverse Stock Split and Reverse Unit Split) at the date of record is as follows:

Quarter	Declaration Date	Record Date	Payment Date	Dividend (1)
Q1 2025	April 9, 2025	May 5, 2025	May 17, 2025	$	0.45
Q2 2025	July 30, 2025	August 13, 2025	August 25, 2025	$	0.45

(1) Prior to the end of the performance period as set forth in the applicable LTIP unit award, holders of performance-based LTIP units are entitled to receive dividends per LTIP unit equal to 10% of the dividend paid per common unit. After the end of the performance period, the number of LTIP units, both vested and unvested, that LTIP award recipients have earned, if any, are entitled to receive dividends in an amount per LTIP unit equal to dividends, both regular and special, payable per common unit. Holders of LTIP units that are not subject to the attainment of performance goals are entitled to receive dividends per LTIP unit equal to 100% of the dividend paid per common unit beginning on the grant date.

During the three months ended June 30, 2025, we issued an aggregate of 331,116 shares of common stock in exchange for an equal number of OP units held by limited partners. These shares were issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). We relied on this exemption based upon factual representations received from the limited partners who received the shares of common stock.

ATM Programs

We entered into separate equity distribution agreements on each of December 20, 2019 (the “2019 ATM Program”) and June 22, 2021 (the “2021 ATM Program” and, together with the 2019 ATM Program, the “ATM Programs”) with various financial institutions pursuant to which we may issue and sell shares of our common stock having an aggregate offering price of up to $300.0 million under each ATM Program from time to time in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act ~~of 1933, as amended (the “Securities Act”)~~. Under each of the ATM Programs, we may enter into one or more forward transactions (each, a “forward sale transaction”) under separate master forward sale confirmations and related supplemental confirmations with each of the various financial institutions party to the respective ATM Program for the sale of shares of our common stock on a forward basis.

The following table sets forth certain information with respect to issuances under the 2021 ATM Program during the ~~three~~six months ended ~~March~~June 3130, 2025 (amounts in thousands except share amounts):


	2021 ATM Program
For the quarter ended	Number of Shares Issued (1)		Net Proceeds
March 31, 2025		1,514,266	$	40,858
June 30, 2025		202,721		5,315
Total		1,716,987	$	46,173

	2021 ATM Program
For the three months ended	Number of Shares Issued (1)		Net Proceeds
March 31, 2025		1,514,266	$	40,858
Total		1,514,266	$	40,858

(1) Share amounts have been retrospectively adjusted for all periods presented to reflect the Reverse Stock Split. Shares issued by us, which were all issued in settlement of forward sale transactions. As of June 30, 2025, we had settled all of our outstanding forward sale transactions under the 2021 ATM Program. We accounted for the forward sale transactions as equity.

~~(1) Share~~As ~~amounts~~of ~~have~~June ~~been~~30, ~~retrospectively~~2025, ~~adjusted~~we ~~for~~had ~~all~~approximately ~~periods~~$253.1 ~~presented~~million toof ~~reflect~~gross ~~the~~sales ~~Reverse~~of ~~Stock~~our ~~Split.~~common ~~Shares~~stock ~~issued~~available byunder ~~us,~~the ~~which~~2021 ~~were~~ATM ~~all~~Program. ~~issued~~The in2019 ~~settlement~~ATM ofProgram ~~forward~~was ~~sale~~terminated ~~transactions.~~on AsApril ~~of March 31~~30, 2025, weand ~~had~~there ~~117,507~~were ~~unsettled~~no ~~shares~~issuances ~~of our outstanding forward sale transactions~~ under the ~~2021~~2019 ATM Program. Weduring ~~accounted~~the ~~for~~three ~~the~~or ~~forward~~six ~~sale~~months ~~transactions~~ended asJune ~~equity~~30, 2025.

As of March 31, 2025, we had approximately $258.5 million of gross sales of our common stock available under the 2021 ATM Program and $15.4 million of gross sales of common stock available under the 2019 ATM Program.

On April 24, 2025, we settled 202,721 shares inclusive of the 117,507 unsettled shares (adjusted for the Reverse Stock Split) as of March 31, 2025 under our 2021 ATM Program and received $5.3 million of net proceeds. We accounted for the forward sale transactions as equity.

Share Repurchase Program

On April 28, 2022, our Board of Directors authorized a share repurchase program whereby we may repurchase up to 1,815,597 shares of our common stock (adjusted for the Reverse Stock Split), or approximately 5% of our outstanding shares as of the original authorization date. We are not required to purchase shares under the share repurchase program, but may choose to do so in the open market or through privately negotiated transactions at times and amounts based on our evaluation of market conditions and other factors.

~~No repurchases of shares of our common stock were made under the share repurchase program during the three months ended March 31, 2025.~~18

No repurchases of shares of our common stock were made under the share repurchase program during the six months ended June 30, 2025.

11. Earnings Per Share

Basic earnings or loss per share of common stock (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted average shares of common stock outstanding for the periods presented. Diluted EPS is computed after adjusting the basic EPS computation for the effect of dilutive common equivalent shares outstanding during the periods presented. Unvested restricted shares of common stock and unvested LTIP units are considered participating securities, which require the use of the two-class method for the computation of basic and diluted earnings per share.

The following table sets forth the computation of our basic and diluted earnings per share of common stock for the three and six months ended ~~March~~June 3130, 2025 and 2024 and has been retroactively adjusted to reflect the Reverse Stock Split, see Note 1 Organization and Basis of Presentation (amounts in thousands, except per share amounts):

	For the three months ended March 31,
	For the three months ended June 30,						For the six months ended June 30,
	2025			2024			2025			2024
Numerator
Net income	$	34,~~283~~254		$	4,~~884~~850		$	7,537		$	9,734
Less: Non-controlling interest in Operating Partnership		(~~156~~183	)		(~~258~~239	)		(339	)		(497	)
Net income available to Easterly Government Properties, Inc.		34,~~127~~071			4,~~626~~611			7,198			9,237
Less: Dividends on participating securities		(~~207~~140	)		(~~148~~135	)		(347	)		(283	)
Net income available to common stockholders	$	23,~~920~~931		$	4,~~478~~476		$	6,851		$	8,954
Denominator for basic EPS		4345,~~224~~011,~~145~~585			4041,~~797~~165,~~257~~590			44,122,803			40,981,423
Dilutive effect of share-based compensation awards		122,~~978~~200			106,~~857~~213			2,484			8,526
Dilutive effect of LTIP units (1)		~~129~~97,~~373~~968			85108,~~890~~446			104,836			101,931
Dilutive effect of shares issuable under forward sale agreements (2)		5,711			—
Denominator for diluted EPS		45,111,753			41,280,249			44,230,123			41,091,880
Denominator for diluted EPS		43,372,207			40,894,004
Basic EPS	$	0.09		$	0.11		$	0.16		$	0.22
Basic EPS	$	0.07		$	0.11
Diluted EPS	$	0.09		$	0.11		$	0.15		$	0.22
Diluted EPS	$	0.07		$	0.11

(1)

16During both the three and six months ended June 30, 2025, there were 254,061 unvested performance-based LTIP units that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period. During the three and six months ended June 30, 2024, there were 168,645 and 182,592 unvested performance-based LTIP units, respectively, that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period.

During the three months ended March 31, 2025 and 2024, there were 163,805 and 196,599 unvested performance-based LTIP units, respectively, that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period.

During the three months ended March 31, 2025, all shares of underlying unsettled forward sale transactions were dilutive and included in the computation of diluted EPS. During the three months ended March 31, 2024, there were 235,859 shares of underlying unsettled forward sale transactions that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period.

12. Leases

Lessor

We lease commercial space to the U.S. Government through the GSA or other federal agencies or nongovernmental tenants. These leases may contain extension options that are predominately at the sole discretion of the tenant. Certain of our leases contain a “soft-term” period of the lease, meaning that the U.S. Government tenant agency has the right to terminate the lease prior to its stated lease end date. While certain of our leases are contractually subject to early termination, we do not believe that our tenant agencies are likely to terminate these leases early given the build-to-suit features at the properties subject to the leases, the weighted average age of these properties based on the date the property was built or renovated-to-suit, where applicable (approximately 19.89 years as of ~~March~~June 3130, 2025), the mission-critical focus of the properties subject to the leases and the current level of operations at such properties. Certain lease agreements include variable lease payments that, in the future, will vary based on changes in inflationary measures, real estate tax rates, usage, or share of expenditures of the leased premises.

The table below sets forth our composition of lease revenue recognized between fixed and variable components (amounts in thousands):

	For the three months ended March 31,
	For the three months ended June 30,				For the six months ended June 30,
	2025		2024		2025		2024
Fixed	$	7075,~~773~~293	$	6567,~~436~~049	$	146,066	$	132,485
Variable		45,~~773~~074		5,~~310~~134		9,847		10,444
Rental income		7580,~~546~~367		7072,~~746~~183		155,913		142,929

On March 12, 2025, the Company was awarded a 20-year non-cancelable lease for a 40,035 square foot Federal District and Federal Magistrate Courthouse in Medford, Oregon (“JUD - Medford”). Closing of the acquisition of the underlying property to be redeveloped is subject to customary closing conditions.

Lessee

We lease corporate office space under operating lease arrangements in Washington, D.C. and San Diego, CA. The leases include variable lease payments that, in the future, will vary based on changes in real estate tax rates, usage, or share of expenditures of the leased premises. We have elected not to separate lease and non-lease components for our corporate office leases.

As of ~~March~~June 3130, 2025, the unamortized ~~balances~~balance associated with our right-of-use operating lease asset was $1.9 million and our operating lease liability ~~were~~was ~~both~~ $2.10 million. We used our incremental borrowing rate, which was arrived at utilizing prevailing market rates and the spread on our revolving credit facility, in order to determine the net present value of the minimum lease payments.

The following table provides quantitative information for our commenced operating leases for the three and six months ended ~~March~~June 3130, 2025 and 2024 (amounts in thousands):

	For the three months ended March 31,
	For the three months ended June 30,				For the six months ended June 30,
	2025		2024		2025		2024
Cash flows from operating lease costs	$	~~197~~199	$	~~191~~190	$	396	$	382

In addition, the maturity of fixed lease payments under our commenced corporate office leases as of ~~March~~June 3130, 2025 is summarized in the table below (amounts in thousands):


Corporate office leases	Payments due by period
2025 (1)		400
2026		661
2027		368
2028		385
2029		333
Thereafter		—
Total future minimum lease payments	$	2,147
Imputed interest		(184	)
Total	$	1,963

(1)

Corporate office leases	Payments due by period
2025 (1)		597
2026		661
2027		368
2028		385
2029		333
Thereafter		—
Total future minimum lease payments	$	2,344
Imputed interest		(208	)
Total	$	2,136

Represents the six months ending December 31, 2025.

~~Represents the nine months ending December 31, 2025.~~20

13. Revenue

The table below sets forth revenue from tenant construction projects and the associated project management income disaggregated by tenant agency for the three and six months ended ~~March~~June 3130, 2025 and 2024 (amounts in thousands):

	For the three months ended March 31,
	For the three months ended June 30,				For the six months ended June 30,
Tenant	2025		2024		2025		2024
U.S. Joint Staff Command (“JSC”)	$	314	$	164
Department of Veteran Affairs (“VA”)	$	1,045	$	1,142	$	1,191	$	1,730
Federal Bureau of Investigation (“FBI”)		~~207~~586		6123		793		84
U.S. Coast Guard (“USCG”)		207		—
U.S. Joint Staff Command (“JSC”)		91		219		405		383
Department of Veteran Affairs (“VA”)		146		588
U.S. Coast Guard (“USCG”)		83		—		290		—
Food and Drug Administration (“FDA”)		55		124
General Services Administration - Other		108		—		150		6
Department of Transportation (“DOT”)		51		3
Homeland Security Investigations (“HSI”)		94		—		94		—
Internal Revenue Service (“IRS”)		5014		1—		64		1
General Services Administration - Other		42		6
Food and Drug Administration (“FDA”)		7		—		62		124
State of California (“CA”)		41		—
Department of Transportation (“DOT”)		6		14		57		17
The Judiciary of the U.S. Government (“JUD”)		38		36
U.S. Citizenship and Immigration Services (“USCIS”)		15		42		43		42
U.S. Citizenship and Immigration Services (“USCIS”)		28		—
State of California (“CA”)		—		—		41		—
Customs and Border Protection (“CBP”)		—		139
The Judiciary of the U.S. Government (“JUD”)		—		53		38		89
	$	1,179	$	1,122
Drug Enforcement Agency (“DEA”)		33		—		33		—
Department of Treasury (“TREAS”)		25		—		25		—
Customs and Border Protection (“CBP”)		—		1,507		—		1,646
Environmental Protection Agency (“EPA”)		—		16		—		16
	$	2,107	$	3,016	$	3,286	$	4,138

As of ~~March~~June 3130, 2025 and December 31, 2024, the balance in Accounts receivable related to tenant construction projects and the associated project management income was $76.16 million and $8.1 million, respectively.

The duration of the majority of tenant construction project reimbursement arrangements is less than a year and payment is typically due once a project is complete and work has been accepted by the tenant. There were no projects on-going as of ~~March~~June 3130, 2025 with a duration of greater than one year.

During the three and six months ended ~~March~~June 3130, 2025, we recognized $0.2 million and $0.4 million, respectively, in parking garage income. During the three and six months ended ~~March~~June 3130, 2024, we recognized $0.1 million and $0.3 million, respectively, in parking garage income. The monthly and transient daily parking revenue falls within the scope of Revenue from Contracts with Customers (“ASC 606”) and is accounted for at the point in time when control of the goods or services transfers to the customer and our performance obligation is satisfied. As of ~~both~~June ~~March 31~~30, 2025 and December 31, 2024, the balance in Accounts receivable related to parking garage income was $0.1 million and less than $0.1 million, respectively.

There were no contract assets or liabilities as of ~~March~~June 3130, 2025 or December 31, 2024.

14. Concentrations Risk

Concentrations of credit risk arise for us when multiple of our tenants are engaged in similar business activities, are located in the same geographic region or have similar economic features that impact in a similar manner their ability to meet contractual obligations, including obligations owed to us. We regularly monitor our tenant base to assess potential concentrations of credit risk.

18As stated in Note 1 above, we lease commercial space to the U.S. Government or non-governmental tenants. At June 30, 2025, the U.S. Government accounted for approximately 89.2% of our total annualized lease income, state and local government tenants accounted for approximately 7.0% of our annualized lease income and non-governmental tenants accounted for the remaining approximately 3.8%.

As stated in Note 1 above, we lease commercial space to the U.S. Government or non-governmental tenants. At March 31, 2025, the U.S. Government accounted for approximately 93.4% of our total annualized lease income, state and local government tenants accounted for approximately 3.2% of our annualized lease income and non-governmental tenants accounted for the remaining approximately 3.4%.21

Eighteen of our ~~100~~102 wholly-owned and unconsolidated operating properties are located in California, accounting for approximately 1413.17% of our total leased square feet and approximately 1817.78% of our total annualized lease income as of ~~March~~June 3130, 2025. To the extent that weak economic or real estate conditions or natural disasters affect California more severely than other areas of the country, our business, financial condition and results of operations could be significantly impacted.

15. Segment Information

During the three and six months ended ~~March~~June 3130, 2025 and 2024, our operations are reported within one reportable and operating segment in the consolidated financial statements and all of our properties are included within this single reportable and operating segment (the “segment”).

Our chief operating decision makers (“CODMs”) include our Chief Executive Officer and Chief Financial Officer as they are responsible for allocating resources, assessing performance and determining appropriate operating segments.

The CODMs assess performance for the segment and decide how to allocate resources based on net income, which is reported on our Consolidated Statements of Operations as Net Income. The Consolidated Statements of Operations, inclusive of significant expenses, are provided to the CODMs for performance assessment. The CODMs use net income to evaluate income generated from our properties when deciding whether to reinvest profits into our assets or into other parts of the entity, such as for acquisitions or dividend payments. Net income is also used to monitor budgeted versus actual results. The CODMs also use net income in competitive analysis by benchmarking to our competitors. The competitive analysis, along with the monitoring of budgeted versus actual results, is used to assess the segment performance and to establish employee and management compensation.

The measure of segment assets is reported on our Consolidated Balance Sheets as Total Assets. The accounting policies of the segment are the same as those described in our Summary of Significant Accounting Policies.

16. Related Parties

We have reimbursement arrangements with entities controlled by our Chief Executive Officer and Vice Chairman, which provide for reimbursement of costs paid on our behalf, or those we pay on their behalf. During ~~both~~ the three and six months ended ~~March~~June 3130, 2025, we were responsible for reimbursing costs of $0.4 million and $0.6 million, respectively, and received reimbursement for costs of less than $0.1 million for both periods. During the three and six months ended June 30, 2024, we were responsible for reimbursing costs of $0.1 million and $0.3 million, respectively, and received reimbursement for costs of less than $0.1 million. for both periods.

We provide asset management services to properties owned by the JV. For the three and six months ended ~~March~~June 3130, 2025, we recognized Asset management income of $0.6 million and $1.2 million, respectively, and reimbursement for certain costs that we paid on their behalf of less than $0.1 million and $0.6 million, respectively. For the three and six months ended ~~March~~June 3130, 2024, we recognized Asset management income of $0.6 million and $1.1 million, respectively, and reimbursement for certain costs that we paid on their behalf of $0.41 million and $0.5 million, respectively.

As of ~~March~~June 3130, 2025, receivables from related parties were $0.32 million which was included within prepaid expenses and other assets on our balance sheet. As of ~~March~~June 3130, 2025, ~~there were no~~ Accounts payable, accrued expenses and other liabilities owed to related parties was $0.3 million.

17. Subsequent Events

For our consolidated financial statements as of ~~March~~June 3130, 2025, we evaluated subsequent events and noted ~~the~~no ~~following~~ significant events not previously disclosed.

~~On April 3, 2025, we acquired a 289,873 square foot facility leased primarily to the District of Columbia Government with a lease through February 2038.~~22

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “potential”, “project”, “result”, “seek”, “should”, “target”, “will”, and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise. Accordingly, investors should use caution in relying on forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

•

the factors included under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and the factors included under the heading “Risk Factors” in our other public filings;

•

risks associated with our dependence on the U.S. Government and its agencies for substantially all of our revenues, including credit risk and risk that the U.S. Government reduces its spending on real estate or that it changes its preference away from leased properties;

•

risks associated with ownership and development of real estate;

•

the risk of decreased rental rates or increased vacancy rates;

•

the loss of key personnel;

•

general volatility of the capital and credit markets and the market price of our common stock;

•

the risk we may lose one or more major tenants;

•

difficulties in completing and successfully integrating acquisitions;

•

failure of acquisitions or development projects to occur at anticipated levels or yield anticipated results;

•

risks associated with actual or threatened terrorist attacks;

•

risks associated with our joint venture activities;

•

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; and

2023

•

adverse impacts from any future pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies and our financial condition and results of operations.

For a further discussion of these and other factors that could affect us and the statements contained herein, see the section entitled “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as may be supplemented or amended from time to time.

Overview

References to “we,” “our,” “us” and “the Company” refer to Easterly Government Properties, Inc., a Maryland corporation, together with our consolidated subsidiaries, including Easterly Government Properties LP, a Delaware limited partnership, which we refer to herein as the “Operating Partnership.” We present certain financial information and metrics “at Easterly Share,” which is calculated on an entity-by-entity basis. “At Easterly 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 accounting principles generally accepted in the United States of America (“GAAP”).

We are an internally managed real estate investment trust (“REIT”), focused primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential functions. We generate ~~over~~approximately 90% of our revenue by leasing our properties to such agencies, either directly or through the U.S. General Services Administration (“GSA”). Our objective is to generate attractive risk-adjusted returns for our stockholders over the long term through dividends and capital appreciation.

We focus primarily on acquiring, developing and managing U.S. Government-leased properties that are essential to supporting the mission of the tenant agency and strive to be a partner of choice for the U.S. Government, working closely with the tenant agency to meet its needs and objectives. We continue to pursue opportunities to add properties to our portfolio, including acquiring properties leased to state and local governments with strong creditworthiness and other opportunities that directly or indirectly support the mission of select government agencies. As of ~~March~~June 3130, 2025, we wholly owned 9092 operating properties and ten operating properties through an unconsolidated joint venture (the “JV”) in the United States, encompassing approximately 910.71 million leased square feet (9.25 million pro rata), including 9293 operating properties that were leased primarily to U.S. Government tenant agencies, ~~four~~five operating properties leased to tenant agencies of a U.S. state or local government and three operating properties that were entirely leased to private tenants. As of ~~March~~June 3130, 2025, our operating properties were 97% leased. 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. In addition, we wholly owned ~~two~~three properties under development that we expect will encompass approximately 0.23 million leased square feet upon completion.

The Operating Partnership holds substantially all of our assets and conducts substantially all of our business. We are the sole general partner of the Operating Partnership and owned approximately 9596.42% of the aggregate limited partnership interests in the Operating Partnership, which we refer to herein as common units, as of ~~March~~June 3130, 2025. We have elected to be taxed as a REIT and believe that we have operated and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015.

Reverse Stock Split and Reduction in Authorized Shares

On April 28, 2025, we effected a 1-for-2.5 reverse stock split of our issued and outstanding common stock, which reverse stock split was previously approved by our Board of Directors (the “Reverse Stock Split”). As a result, every 2.5 shares of issued and outstanding common stock were consolidated into 1 share. ~~The par value of the common stock remained unchanged at $0.01 per share.~~ Concurrently with the Reverse Stock Split, the Operating Partnership completed a corresponding 1-for-2.5 reverse unit split of outstanding common units and LTIP units (the “Reverse Unit Split”). All share and per share amounts, including earnings per share, in these financial statements have been retrospectively adjusted for all periods presented to reflect the Reverse Stock Split. Accordingly, the Reverse Stock Split reduced the number of shares outstanding ason ofApril ~~March 31~~28, 2025 from ~~111~~112,~~756~~263,~~225~~028 to 44,~~702~~905,~~490~~158. On May 8, 2025, we reduced the number of our authorized shares of common stock from 200,000,000 to 80,000,000, in proportion with the 1-for-2.5 Reverse Stock Split effected by us on April 28, 2025. The par value of the common stock remained unchanged at $0.01 per share following both the Reverse Stock Split and the reduction in authorized shares. For additional information, see Note 9, Note 10 and Note 11 to the Consolidated Financial Statements.

2124

2025 Activity

Recent Activity

Acquisitions

On April 3, 2025, we acquired a 289,873 square foot facility leased primarily to the District of Columbia Government with a lease through February 2038.

22On May 7, 2025, we acquired a 74,549 leased square foot Department of Homeland Security (“DHS”) facility near Burlington, Vermont with a 10-year lease that does not expire until May 2031.

Development

On May 19, 2025, we acquired 100% of the membership interests in an entity that has the sole rights to a development project in Fort Myers, Florida for $1.8 million. On July 2, 2025, we acquired land to develop an approximately 64,000 square foot laboratory in Fort Myers, Florida for $5.8 million. The laboratory will be primarily leased to the Florida Department of Law Enforcement over a 25-year non-cancelable term.

On June 11, 2025, we acquired land to develop a 40,035 square foot Federal District and Federal Magistrate Courthouse in Medford, Oregon for $1.9 million. The courthouse will be primarily leased to the GSA for beneficial use of the Judiciary of the U.S. Government (“JUD”) over a 20-year non-cancelable term.

Operating Properties

As of ~~March~~June 3130, 2025, our operating properties were 97% leased with a weighted average annualized lease income per leased square foot of $3536.5950 ($3536.2220 pro rata) and a weighted average age of approximately 1516.93 years based on the date the property was built or renovated-to-suit, where applicable. We calculate annualized lease income as 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.

The table set forth below shows information relating to the properties we owned, or in which we had an ownership interest, at ~~March~~June 3130, 2025, and it includes properties held by the JV:

Property Name	Location	PropertyType (1)	Tenant LeaseExpiration Year (2)		Leased SquareFeet		Annualized Lease Income		Percentage of Total AnnualizedLeaseIncome			Annualized LeaseIncome perLeased SquareFoot
Wholly Owned U.S. Government Leased Properties
VA - Loma Linda	Loma Linda, CA	OC		2036		327,614	$	16,~~791~~793,~~389~~387		4.95	%	$	51.2526
USCIS - Kansas City (3)	Lee's Summit, MO	O	~~2025~~2028 - 2042			~~403~~417,~~178~~945		910,~~978~~344,~~146~~064		32.07	%		24.75
JSC - Suffolk	Suffolk, VA	SF		2028		403,737		8,~~503~~540,~~831~~398		2.62	%		21.0615
Various GSA - Chicago	Des Plaines, IL	O		2026		188,768		7,~~802~~801,~~418~~422		2.30	%		41.33
IRS - Fresno	Fresno, CA	O		2033		180,481		6,~~966~~915,~~712~~832		21.09	%		38.4132
FBI - Salt Lake	Salt Lake City, UT	SF		2032		169,542		6,~~837~~809,~~182~~183		21.08	%		40.3316
Various GSA - Portland (4)	Portland, OR	O	2025-2039			199,565		6,~~702~~674,~~979~~355		1.98	%		33.5944
Various GSA - Buffalo (5)	Buffalo, NY	O	2025-2039			273,678		6,~~479~~489,~~707~~343		1.98	%		23.6871
VA - San Jose	San Jose, CA	OC		2038		90,085		5,815,725		1.76	%		64.56
EPA - Lenexa	Lenexa, KS	O		2027		169,585		5,796,626		1.76	%		34.18
FBI - Tampa	Tampa, FL	SF		2040		138,000		5,314,~~468~~467		1.54	%		38.51
FBI - San Antonio	San Antonio, TX	SF		2025		148,584		5,232,733		1.54	%		35.22
FDA - Alameda	Alameda, CA	L		2039		69,624		4,~~956~~966,~~917~~674		1.43	%		71.2034
PTO - Arlington	Arlington, VA	SF		2035		190,546		4,737,273		1.4	%		24.86
FBI / DEA - El Paso	El Paso, TX	SF		2028		203,683		4,879,899		1.3	%		23.96
FBI / DEA - El Paso	El Paso, TX	SF		2028		203,683		4,727,462		1.4	%		23.21
PTO - Arlington	Arlington, VA	SF		2035		190,546		4,773,566		1.3	%		25.05
FEMA - Tracy	Tracy, CA	W		2038		210,373		4,652,~~866~~865		1.3	%		22.12
TREAS - Parkersburg	Parkersburg, WV	O		2041		182,500		4,~~410~~419,~~370~~159		1.32	%		24.1721
FDA - Lenexa	Lenexa, KS	L		2040		59,690		4,333,~~388~~387		1.32	%		72.60
FBI - Mobile	Mobile, AL	SF		2029		76,112		4,286,~~018~~736		1.2	%		56.3132
ICE - Dallas (6)	Irvine, TX	SF	2032 / 2040			135,200		4,213,496		1.2	%		31.16
FBI - Pittsburgh	Pittsburgh, PA	SF		2027		100,054		4,153,115		1.1	%		41.51
FBI - Pittsburgh	Pittsburgh, PA	SF		2027		100,054		4,125,968		1.2	%		41.24
ICE - Dallas (6)	Irvine, TX	SF	2032 / 2040			135,200		4,135,588		1.1	%		30.59
VA - South Bend	Mishakawa, IN	OC		2032		86,363		4,~~052~~094,~~892~~780		1.21	%		4647.9341
VA - Mobile	Mobile, AL	OC		2033		79,212		3,996,712		1.1	%		50.46
FBI - New Orleans	New Orleans, LA	SF		2029		137,679		3,960,089		1.1	%		28.76
FBI - Omaha	Omaha, NE	SF		2044		112,196		3,959,~~893~~898		1.1	%		35.29
USCIS - Lincoln	Lincoln, NE	O		2025		137,671		3,~~904~~936,~~639~~879		1.1	%		28.3660
VA - Mobile	Mobile, AL	OC		2033		79,212		3,745,362		1.1	%		47.28
FBI - Birmingham	Birmingham, AL	SF		2042		96,278		3,685,768		1.1	%		38.28
FBI - Knoxville	Knoxville, TN	SF		2025		99,130		3,629,035		1.0	%		36.61
FBI - Albany	Albany, NY	SF		2036		69,476		3,613,970		1.0	%		52.02
FBI - Birmingham	Birmingham, AL	SF		2042		96,278		3,583,919		1.0	%		37.22
USFS II - Albuquerque	Albuquerque, NM	O		2026		98,720		3,553,436		1.0	%		36.00
EPA - Kansas City	Kansas City, KS	L		2043		55,833		3,574,923		1.0	%		64.03
EPA - Kansas City	Kansas City, KS	L		2043		55,833		3,523,427		1.0	%		63.11
FBI - Albany	Albany, NY	SF		2036		69,476		3,563,440		1.0	%		51.29
ICE - Charleston	North Charleston, SC	SF		2027		65,124		3,392,940		1.0	%		52.10
USFS II - Albuquerque	Albuquerque, NM	O		2031		98,720		3,497,292		0.9	%		35.43
FBI - Richmond	Richmond, VA	SF		2041		96,607		3,360,154		1.0	%		34.78
DOT - Lakewood	Lakewood, CO	O		2039		116,046		3,396,276		0.9	%		29.27
ICE - Charleston	North Charleston, SC	SF		2027		65,124		3,392,940		0.9	%		52.10

2326

Property Name	Location	PropertyType (1)	Tenant LeaseExpiration Year (2)		LeasedSquareFeet		Annualized Lease Income		Percentage of Total AnnualizedLeaseIncome			Annualized LeaseIncome perLeased SquareFoot
Wholly Owned U.S. Government Leased Properties (Cont.)
VA - Chico	Chico, CA	OC		2034		51,647		3,339,200		1.0	%		64.65
FBI - Richmond	Richmond, VA	SF		2041		96,607		3,366,454		0.9	%		34.85
JUD - Del Rio	Del Rio, TX	C		2041		89,880		3,316,384		1.0	%		36.90
VA - Chico	Chico, CA	OC		2034		51,647		3,343,379		0.9	%		64.74
JUD - Del Rio	Del Rio, TX	C		2041		89,880		3,316,384		0.9	%		36.90
DEA - Sterling	Sterling, VA	L		2038		57,692		3,282,887		0.9	%		56.90
FBI - Little Rock	Little Rock, AR	SF		2041		102,377		3,237,405		0.9	%		31.62
DEA - Sterling	Sterling, VA	L		2038		57,692		3,237,068		0.9	%		56.11
DEA - Vista	Vista, CA	L		2035		52,293		3,147,780		0.9	%		60.20
DOT - Lakewood	Lakewood, CO	O		2039		116,046		3,170,215		0.9	%		27.32
DEA - Vista	Vista, CA	L		2035		52,293		3,147,779		0.9	%		60.20
USCIS - Tustin	Tustin, CA	O		2034		66,818		3,142,255		0.9	%		47.03
VA - Orange	Orange, CT	OC		2034		56,330		2,982,988		0.9	%		52.96
VA - Indianapolis	Brownsburg, IN	OC		2041		80,000		2,973,092		0.8	%		37.16
VA - Indianapolis	Brownsburg, IN	OC		2041		80,000		2,981,475		0.9	%		37.27
VA - Orange	Orange, CT	OC		2034		56,330		2,958,926		0.8	%		52.53
ICE - Albuquerque	Albuquerque, NM	SF		2027		71,100		2,857,704		0.8	%		40.19
SSA - Charleston	Charleston, WV	O		2029		110,000		2,~~823~~822,~~784~~514		0.8	%		25.6766
JUD - El Centro	El Centro, CA	C		2034		43,345		2,815,302		0.8	%		64.95
DEA - Dallas Lab	Dallas, TX	L		2038		49,723		2,805,697		0.8	%		56.43
DHS - Burlington	Williston, VT	SF		2031		74,549		2,814,155		0.8	%		37.75
DEA - Pleasanton	Pleasanton, CA	L		2035		42,480		2,787,337		0.8	%		65.62
DEA - Dallas Lab	Dallas, TX	L		2038		49,723		2,805,696		0.8	%		56.43
DEA - Upper Marlboro	Upper Marlboro, MD	L		2037		50,978		2,762,789		0.8	%		54.20
DEA - Pleasanton	Pleasanton, CA	L		2035		42,480		2,788,150		0.8	%		65.63
NARA - Broomfield	Broomfield, CO	W		2032		161,730		2,689,902		0.8	%		16.63
DEA - Upper Marlboro	Upper Marlboro, MD	L		2037		50,978		2,773,789		0.8	%		54.41
TREAS - Birmingham	Birmingham, AL	O		2029		83,676		2,602,748		0.8	%		31.11
NARA - Broomfield	Broomfield, CO	W		2032		161,730		2,697,002		0.7	%		16.68
DHS - Atlanta (7)	Atlanta, GA	SF	2031 - 2038			91,185		2,584,742		0.7	%		28.35
TREAS - Birmingham	Birmingham, AL	O		2029		83,676		2,602,746		0.7	%		31.11
DHS - Atlanta (7)	Atlanta, GA	SF	2031 - 2038			91,185		2,590,303		0.7	%		28.41
USAO - Louisville	Louisville, KY	SF		2031		60,000		2,549,993		0.7	%		42.50
JUD - Charleston	Charleston, SC	C		2040		52,339		2,536,155		0.7	%		48.46
JUD - Jackson	Jackson, TN	C		2043		75,043		2,403,192		0.7	%		32.02
IRS - Ogden	Ogden, UT	W		2029		100,000		2,373,~~651~~650		0.76	%		23.74
DEA - Dallas	Dallas, TX	SF		2041		71,827		2,~~291~~351,~~636~~827		0.76	%		3132.9074
CBP - Savannah	Savannah, GA	L		2033		35,000		2,~~289~~298,~~518~~792		0.76	%		65.4168
Various GSA - Cleveland (8)	Brooklyn Heights, OH	O	2028 - 2040			61,384		2,245,512		0.6	%		36.58
NWS - Kansas City	Kansas City, MO	SF		2033		94,378		2,163,306		0.6	%		22.92
DEA - Santa Ana	Santa Ana, CA	SF		2029		39,905		2,~~019~~028,~~910~~518		0.6	%		50.6283
GSA - Clarksburg	Clarksburg, WV	O		2039		70,495		1,894,391		0.5	%		26.87
DEA - Riverside	Riverside, CA	SF		2032		34,354		2,024,309		0.5	%		58.92
DEA - North Highlands	Sacramento, CA	SF		2033		37,975		1,~~885~~893,~~075~~238		0.5	%		49.6485
NPS - Omaha	Omaha, NE	SF		2029		62,772		1,862,848		0.5	%		29.68
GSA - Clarksburg	Clarksburg, WV	O		2039		70,495		1,892,566		0.5	%		26.85
VA - Golden	Golden, CO	W		2026		56,753		1,783,515		0.5	%		31.43
JUD - Aberdeen	Aberdeen, MS	C		2040		45,194		1,890,924		0.5	%		41.84
NPS - Omaha	Omaha, NE	SF		2029		62,772		1,866,451		0.5	%		29.73
VA - Golden	Golden, CO	W		2026		56,753		1,781,875		0.5	%		31.40
JUD - Newport News	Newport News, VA	C		2033		35,005		1,684,773		0.5	%		48.13
ICE - Orlando	Orlando, FL	SF		2040		49,420		1,668,211		0.5	%		33.76
USCG - Martinsburg	Martinsburg, WV	SF		2027		59,547		1,629,291		0.54	%		27.36
JUD - Aberdeen	Aberdeen, MS	C		2025		46,979		1,577,104		0.5	%		33.57
VA - Charleston	North Charleston, SC	W		2040		97,718		1,511,163		0.4	%		15.46
USAO - Springfield	Springfield, IL	SF		2038		43,600		1,391,454		0.4	%		31.91
JUD - Council Bluffs	Council Bluffs, IA	C		2041		28,900		1,368,502		0.4	%		47.35
JUD - Council Bluffs	Council Bluffs, IA	C		2041		28,900		1,368,503		0.4	%		47.35
USAO - Springfield	Springfield, IL	SF		2038		43,600		1,356,930		0.4	%		31.12
DEA - Riverside	Riverside, CA	SF		2032		34,354		1,329,318		0.4	%		38.69
DEA - Birmingham	Birmingham, AL	SF		2038		35,616		1,260,657		0.3	%		35.40
DEA - Birmingham	Birmingham, AL	SF		2038		35,616		1,259,203		0.4	%		35.35
DEA - Albany	Albany, NY	SF		2042		31,976		1,186,749		0.3	%		37.11
DEA - Albany	Albany, NY	SF		2042		31,976		1,170,441		0.3	%		36.60
HSI - Orlando	Orlando, FL	SF		2036		27,840		1,082,677		0.3	%		38.89
HSI - Orlando	Orlando, FL	SF		2036		27,840		1,075,437		0.3	%		38.63
SSA - Dallas	Dallas, TX	SF		2035		27,200		1,066,875		0.3	%		39.22
SSA - Dallas	Dallas, TX	SF		2035		27,200		1,066,876		0.3	%		39.22

2427

Property Name	Location	PropertyType (1)	Tenant LeaseExpiration Year (2)		LeasedSquareFeet		Annualized Lease Income		Percentage of Total AnnualizedLeaseIncome			Annualized LeaseIncome perLeased SquareFoot
Wholly Owned U.S. Government Leased Properties (Cont.)
JUD - South Bend	South Bend, IN	C		2027		30,119		~~815~~813,~~249~~135		0.2	%		27.0700
ICE - Louisville	Louisville, KY	SF		2036		17,420		~~657~~662,~~841~~835		0.2	%		3738.7605
DEA - San Diego	San Diego, CA	W		2032		16,100		~~561~~563,~~172~~454		0.2	%		3435.8600
DEA - Bakersfield	Bakersfield, CA	SF		2038		9,800		~~493~~496,~~373~~834		0.1	%		50.3470
SSA - San Diego	San Diego, CA	SF		2032		10,059		~~451~~452,~~684~~860		0.1	%		4445.9002
ICE - Otay	San Diego, CA	O		2027		7,434		~~261~~262,~~222~~497		0.1	%		35.1431
Subtotal						7,~~859~~946,~~146~~677	$	~~278~~283,~~603~~418,~~070~~381		8076.69	%	$	35.4567
Wholly Owned State and Local Government Property
Wake County III - Cary (9)	Cary, NC	O	2027 / 2034			113,722		3,495,017		1.0	%		30.73
DC - Capitol Plaza (9)	Washington, DC	O		2038		284,688		17,599,954		4.8	%		61.82
CA - Anaheim	Anaheim, CA	O	2033 / 2034			95,273		3,364,379		1.0	%		35.31
Wake County III - Cary (10)	Cary, NC	O	2027 / 2034			113,722		3,495,664		0.9	%		30.74
CA - Anaheim	Anaheim, CA	O	2033 / 2034			95,273		3,364,379		0.9	%		35.31
Wake County II - Cary	Cary, NC	O		2034		98,340		2,840,676		0.8	%		28.89
Wake County I - Cary	Cary, NC	O		2034		75,401		2,222,073		0.6	%		29.47
Subtotal						~~382~~667,~~736~~424		1129,~~922~~522,~~145~~746		38.40	%	$	3144.1523
Wholly Owned Privately Leased Property
Northrop Grumman - Dayton	Beavercreek, OH	SF		2029		99,246		2,~~578~~629,~~837~~161		0.7	%		2526.9849
Northrop Grumman - Aurora	Aurora, CO	SF		2032		104,136		2,368,386		0.76	%		22.74
501 East Hunter Street - Lummus Corporation	Lubbock, TX	W		2028		70,078		412,~~025~~024		0.1	%		5.88
Subtotal						273,460	$	5,~~359~~409,~~248~~571		1.54	%	$	19.6078
Wholly Owned Properties Total / Weighted Average						8,~~515~~887,~~342~~561	$	~~295~~318,~~884~~350,~~463~~698		8586.53	%	$	3435.7582
Unconsolidated Real Estate Venture U.S. Government Leased Properties
VA - Phoenix (10)	Phoenix, AZ	OC		2042		257,294		10,798,608		3.1	%		41.97
VA - Phoenix (11)	Phoenix, AZ	OC		2042		257,294		10,798,608		2.9	%		41.97
VA - San Antonio (10)	San Antonio, TX	OC		2041		226,148		9,303,942		2.7	%		41.14
VA - San Antonio (11)	San Antonio, TX	OC		2041		226,148		9,301,800		2.5	%		41.13
VA - Jacksonville (10)	Jacksonville, FL	OC		2043		193,100		7,342,700		2.1	%		38.03
VA - Jacksonville (11)	Jacksonville, FL	OC		2043		193,100		7,342,700		2.0	%		38.03
VA - Chattanooga (10)	Chattanooga, TN	OC		2035		94,566		4,384,496		1.3	%		46.36
VA - Chattanooga (11)	Chattanooga, TN	OC		2035		94,566		4,383,594		1.2	%		46.35
VA - Lubbock (10) (11)	Lubbock, TX	OC		2040		120,916		4,259,993		1.2	%		35.23
VA - Lubbock (11) (12)	Lubbock, TX	OC		2040		120,916		4,259,993		1.2	%		35.23
VA - Marietta (10)	Marietta, GA	OC		2041		76,882		3,880,314		1.1	%		50.47
VA - Marietta (11)	Marietta, GA	OC		2041		76,882		3,843,098		1.0	%		49.99
VA - Birmingham (10)	Irondale, AL	OC		2041		77,128		3,192,361		0.9	%		41.39
VA - Birmingham (11)	Irondale, AL	OC		2041		77,128		3,192,361		0.9	%		41.39
VA - Corpus Christi (10)	Corpus Christi, TX	OC		2042		69,276		2,947,358		0.9	%		42.55
VA - Corpus Christi (11)	Corpus Christi, TX	OC		2042		69,276		2,974,771		0.8	%		42.94
VA - Columbus (10)	Columbus, GA	OC		2042		67,793		2,925,752		0.8	%		43.16
VA - Columbus (11)	Columbus, GA	OC		2042		67,793		2,925,752		0.8	%		43.16
VA - Lenexa (10)	Lenexa, KS	OC		2041		31,062		1,349,757		0.4	%		43.45
VA - Lenexa (11)	Lenexa, KS	OC		2041		31,062		1,355,340		0.4	%		43.63
Subtotal						1,214,165	$	50,~~385~~378,~~281~~017		1413.57	%	$	41.5049
Total / Weighted Average						910,~~729~~101,~~507~~726	$	~~346~~368,~~269~~728,~~744~~715		100.0	%	$	3536.5950
Total / Weighted Average at Easterly's Share						9,~~158~~531,~~848~~067	$	~~322~~345,~~588~~051,~~661~~047				$	3536.2220

(1)

OC=Outpatient Clinic; SF=Specialized Facility; O=Office; C=Courthouse; L=Laboratory; W=Warehouse.

(2)

The year of lease expiration does not include renewal options.

(3)

Private tenants occupy 86109,~~860~~234 leased square feet.

2528

(4)

Private tenants occupy 36,610 leased square feet.

(5)

A state government tenant occupies 14,274 leased square feet.

(6)

Private tenants occupy 4854,~~523~~677 leased square feet.

(7)

A private tenant occupies 17,373 leased square feet.

(8)

A private tenant occupies 11,402 leased square feet.

(9)

Private tenants occupy 20,299 leased square feet.

(10)

A private tenant occupies 37,858 leased square feet.

(11)

We own 53.0% of the property through an unconsolidated joint venture.

(12)

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

Certain of our leases are currently in the “soft-term” period of the lease, meaning that the U.S. Government tenant agency has the right to terminate the lease prior to its stated lease end date. We believe that, from the U.S. Government’s perspective, leases with such provisions are helpful for budgetary purposes. While some of our leases are contractually subject to early termination, we do not believe that our tenant agencies are likely to terminate these leases early given the build-to-suit features at the properties subject to the leases, the weighted average age of these properties based on the date the property was built or renovated-to-suit, where applicable (approximately 19.89 years as of ~~March~~June 3130, 2025), the mission-critical focus of the properties subject to the leases and the current level of operations at such properties.

The following table sets forth a schedule of lease expirations for leases in place (including for wholly owned properties and properties held by the JV) as of ~~March~~June 3130, 2025:

Year of Lease Expiration (1)	Number of Leases Expiring		Leased Square Footage Expiring		Percentage of Portfolio Leased Square Footage Expiring			Annualized Lease IncomeExpiring		Percentage of Total Annualized Lease IncomeExpiring			AnnualizedLease Incomeper LeasedSquare FootExpiring
2025		98		~~521~~466,~~327~~741		5.4.6	%	$	1715,~~042~~272,~~939~~598		4.91	%	$	32.6972
2026		65		~~394~~296,~~832~~112		42.19	%		1411,~~622~~102,~~123~~918		43.20	%		37.0350
2027		1011		~~544~~545,~~368~~872		5.64	%		20,~~143~~280,~~128~~347		5.85	%		37.0015
2028		1112		~~802~~807,~~397~~610		8.20	%		1718,~~621~~092,~~498~~114		54.19	%		2122.9640
2029		910		~~731~~757,~~036~~363		7.5	%		2324,~~196~~733,~~819~~328		6.7	%		3132.7366
2030		4		67,202		0.7	%		1,~~580~~808,~~205~~571		0.5	%		2326.5191
2031		37		~~117~~304,~~875~~726		13.20	%		411,~~559~~762,~~806~~560		1.3.2	%		38.6860
2032		1011		~~689~~712,~~814~~188		7.1	%		2021,~~999~~952,~~291~~563		6.10	%		30.4482
2033		10		566,197		5.86	%		22,~~039~~349,~~285~~592		6.41	%		3839.9347
2034		10		507,793		5.20	%		21,~~118~~098,~~022~~786		65.17	%		41.5955
Thereafter		5355		45,~~786~~069,~~666~~922		4950.2	%		~~183~~200,~~346~~275,~~628~~338		5254.93	%		3839.3050
Total / Weighted Average		~~135~~143		910,~~729~~101,~~507~~726		100.0	%	$	~~346~~368,~~269~~728,~~744~~715		100.0	%	$	3536.5950

(1)

The year of lease expiration is pursuant to current contract terms. Some tenants have the right to vacate their space during a specified period, or “soft term,” before the stated terms of their leases expire. As of ~~March~~June 3130, 2025, ~~seven~~nine tenants occupying approximately 5.43% of our leased square feet and contributing approximately 4.97% 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.

2629

Information about our development properties as of ~~March~~June 3130, 2025 is set forth in the table below:

Property Name

Location

Tenant

PropertyType

Lease Term

Estimated Leased SquareFeet

FDA - Atlanta

Atlanta, GA

Food and Drug Administration

L (1)

20-year

162,000

JUD - Flagstaff

Flagstaff, AZ

Judiciary of the U.S. Government

C (2)

20-year

50,777

Total

212,777

JUD - Medford

Medford, OR

Judiciary of the U.S. Government

C (2)

20-year

40,035

Total

252,812

(1)

L=Laboratory

(2)

C=Courthouse

Results of Operations

Comparison of Results of Operations for the three months ended ~~March~~June 3130, 2025 and 2024

The financial information presented below summarizes our results of operations for the three months ended ~~March~~June 3130, 2025 and 2024 (amounts in thousands).

For the three months ended March 31,

For the three months ended June 30,

2025

2024

Change

Revenues

Rental income

7580,~~546~~367

7072,~~746~~183

48,~~800~~184

Tenant reimbursements

1,~~026~~895

12,~~017~~814

9(919

)

Asset management income

622

~~550~~551

7271

Other income

1,~~481~~350

~~487~~673

~~994~~677

Total revenues

7884,~~675~~234

7276,~~800~~221

58,~~875~~013

Expenses

Property operating

1719,~~799~~210

1618,~~592~~118

1,~~207~~092

Real estate taxes

78,~~957~~486

87,~~229~~843

~~(272~~643

)

Depreciation and amortization

2628,~~797~~534

2324,~~800~~086

24,~~997~~448

Acquisition costs

~~307~~362

~~419~~408

(~~112~~46

)

Corporate general and administrative

6,~~215~~807

6,~~455~~910

(~~240~~103

)

Recovery of credit losses

(238

)

—

(238

)

Provision for (recovery of) credit losses

(539

)

218

(757

)

Total expenses

5862,~~837~~860

5557,~~495~~583

35,~~342~~277

Other income (expense)

Income from unconsolidated real estate venture

1,~~822~~840

1,~~415~~377

~~407~~463

Interest expense, net

(18,~~377~~960

)

(1315,~~836~~165

)

(43,~~541~~795

)

Net income

34,~~283~~254

4,~~884~~850

(~~1,601~~596

)

Revenues

Total revenues increased $58.90 million to $7884.72 million for the three months ended ~~March~~June 3130, 2025 compared to $7276.82 million for the three months ended ~~March~~June 3130, 2024.

The $4.8.2 million increase in Rental income is primarily attributable to the ~~nine~~eight operating properties acquired since ~~March~~June 3130, 2024 and a full period of operations from the three operating properties acquired during the quarter ended June 30, 2024.

The ~~less than~~ $0.19 million ~~increase~~decrease in tenant reimbursements is primarily attributable to ana ~~increase~~decrease in tenant project reimbursement.

The $0.1 million increase in Asset management income is primarily attributable to the fee earned by us for asset management of the JV from the one property acquired since ~~March~~June 3130, 2024.

The $1.0.7 million increase in Other income is primarily attributable to an increase in interest income.

2730

Expenses

Total expenses increased $35.3 million to $5862.89 million for the three months ended ~~March~~June 3130, 2025 compared to $5557.56 million for the three months ended ~~March~~June 3130, 2024.

The $1.21 million increase in Property operating expenses is primarily attributable to the ~~nine~~eight operating properties acquired since ~~March~~June 3130, 2024 and a full period of operations from the three operating properties acquired during the quarter ended June 30, 2024.

The $0.36 million ~~decrease~~increase in Real estate taxes is primarily attributable to athe ~~decrease~~eight inoperating ~~real~~properties ~~estate~~acquired ~~taxes~~since ~~for~~June ~~various~~30, ~~properties~~2024 ~~within~~and ~~our~~a ~~portfolio~~full ~~offset~~period byof operations from the ~~nine~~three operating properties acquired ~~since~~during ~~March~~the 31quarter ended June 30, 2024.

The $34.04 million increase in Depreciation and amortization is primarily attributable to the ~~nine~~eight operating properties acquired since ~~March~~June 3130, 2024 and a full period of operations from the three operating properties acquired during the quarter ended June 30, 2024.

The $0.21 million decrease in Corporate general and administrative is primarily due to a decrease in employee costs and non-cash compensation.

The $0.28 million decrease in ~~Recovery~~provision for (recovery of) credit losses is primarily due to a downward adjustment to our credit loss allowance for a $15.0 million paydown of Real estate loan receivable and change in market conditions.

Income from unconsolidated real estate venture

The $0.45 million increase in Income from unconsolidated real estate venture is primarily attributable to the one operating property acquired by the JV since ~~March~~June 3130, 2024.

Interest expense, net

The $43.58 million increase in Interest expense, net is primarily attributable to the fixed rate senior unsecured notes ~~entered~~issued ~~into~~ since ~~March~~June 3130, 2024.

Comparison of Results of Operations for the six months ended June 30, 2025 and 2024

The financial information presented below summarizes our results of operations for the six months ended June 30, 2025 and 2024 (amounts in thousands).


	For the six months ended June 30,
	2025			2024			Change
Revenues
Rental income	$	155,913		$	142,929		$	12,984
Tenant reimbursements		2,921			3,831			(910	)
Asset management income		1,244			1,101			143
Other income		2,831			1,160			1,671
Total revenues		162,909			149,021			13,888
Expenses
Property operating		37,009			34,710			2,299
Real estate taxes		16,443			16,072			371
Depreciation and amortization		55,331			47,886			7,445
Acquisition costs		669			827			(158	)
Corporate general and administrative		13,022			13,365			(343	)
Provision for (recovery of) credit losses		(777	)		218			(995	)
Total expenses		121,697			113,078			8,619
Other income (expense)
Income from unconsolidated real estate venture		3,662			2,792			870
Interest expense, net		(37,337	)		(29,001	)		(8,336	)
Net income	$	7,537		$	9,734		$	(2,197	)

Revenues

Total revenues increased $13.9 million to $162.9 million for the six months ended June 30, 2025 compared to $149.0 million for the six months ended June 30, 2024.

The $13.0 million increase in Rental income is primarily attributable to the eight operating properties acquired since June 30, 2024 and a full period of operations from the three operating properties acquired during the six months ended June 30, 2024.

The $0.9 million decrease in tenant reimbursements is primarily attributable to a decrease in tenant project reimbursement.

The $0.1 million increase in Asset management income is primarily attributable to the fee earned by us for asset management of the JV from the one property acquired since June 30, 2024.

The $1.7 million increase in Other income is primarily attributable to an increase in interest income.

Expenses

Total expenses increased $8.6 million to $121.7 million for the six months ended June 30, 2025 compared to $113.1 million for the six months ended June 30, 2024.

The $2.3 million increase in Property operating expenses is primarily attributable to the eight operating properties acquired since June 30, 2024 and a full period of operations from the three operating properties acquired during the six months ended June 30, 2024.

The $0.4 million increase in Real estate taxes is primarily attributable to the eight operating properties acquired since June 30, 2024 and a full period of operations from the three operating properties acquired during the six months ended June 30, 2024.

The $7.4 million increase in Depreciation and amortization is primarily attributable to the eight operating properties acquired since June 30, 2024 and a full period of operations from the three operating properties acquired during the six months ended June 30, 2024.

The $0.3 million decrease in Corporate general and administrative is primarily due to a decrease in employee costs and non-cash compensation.

The $1.0 million decrease in Provision for (recovery of) credit losses is primarily due to a downward adjustment to our credit loss allowance for a $15.0 million paydown of Real estate loan receivable and change in market conditions.

Income from unconsolidated real estate venture

The $0.9 million increase in Income from unconsolidated real estate venture is primarily attributable to the one operating property acquired by the JV since June 30, 2024.

Interest expense, net

The $8.3 million increase in Interest expense, net is primarily attributable to the fixed rate senior unsecured notes issued since June 30, 2024.

Liquidity and Capital Resources

We anticipate that our cash flows from the sources listed below will provide adequate capital for the next 12 months for all anticipated uses, including all scheduled principal and interest payments on our outstanding indebtedness, current and anticipated tenant improvements, development activities at FDA – Atlanta, JUD – Flagstaff and JUD – ~~Flagstaff~~Medford, planned and possible acquisitions of properties, stockholder distributions to maintain our qualification as a REIT, potential repurchases of common stock under our share repurchase program and other capital obligations associated with conducting our business. At ~~March~~June 3130, 2025, we had approximately $84.57 million available in cash and cash equivalents, $9.04 million of restricted cash and there was approximately $~~244~~122.83 million available under our 2024 revolving credit facility.

Our primary expected sources of capital are as follows:

•

existing cash balances;

•

operating cash flow;

•

distribution of cash flows from the JV;

•

available borrowings under our 2024 revolving credit facility;

•

issuance of long-term debt;

•

issuance of equity, including under our 2021 ATM Program (as described below); and

•

asset sales.

Our short-term liquidity requirements consist primarily of funds to pay for the following:

•

development and redevelopment activities, including major redevelopment, renovation or expansion programs at FDA - Atlanta, JUD - Flagstaff and JUD - ~~Flagstaff~~Medford and other individual properties;

•

property acquisitions ~~under contract~~;

•

tenant improvements, allowances and leasing costs;

•

recurring maintenance and capital expenditures;

•

debt repayment requirements;

•

commitments to fund advancements through loan receivables;

•

corporate and administrative costs;

•

interest payments on our outstanding indebtedness;

•

interest swap payments;

•

distribution payments; and

•

potential repurchases of common stock under our share repurchase program.

Our long-term liquidity needs, in addition to recurring short-term liquidity needs as discussed above, consist primarily of funds necessary to pay for acquisitions, non-recurring capital expenditures, and scheduled debt maturities. Although we may be able to anticipate and plan for certain of our liquidity needs, unexpected increases in uses of cash that are beyond our control and which affect our financial condition and results of operations may arise, or our sources of liquidity may be fewer than, and the funds available from such sources may be less than, anticipated or required. As of the date of this filing, there were no known commitments or events that would have a material impact on our liquidity.

Equity

ATM Programs

We entered into separate equity distribution agreements on each of December 20, 2019 (the “2019 ATM Program”) and June 22, 2021 (the “2021 ATM Program” and, together with the 2019 ATM Program, the “ATM Programs”) with various financial institutions pursuant to which we may issue and sell shares of our common stock having an aggregate offering price of up to $300.0 million under each ATM Program from time to time in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act. Under each of the ATM Programs, we may enter into one or more forward transactions (each, a “forward sale transaction”) under separate master forward sale confirmations and related supplemental confirmations with each of the various financial institutions party to the respective ATM Program for the sale of shares of our common stock on a forward basis.

	2021 ATM Program
For the three months ended	Number of Shares Issued (1)		Net Proceeds
For the quarter ended	Number of Shares Issued (1)		Net Proceeds
March 31, 2025		1,514,266	$	40,858
Total		1,514,266	$	40,858
June 30, 2025		202,721		5,315
Total		1,716,987	$	46,173

(1) Share amounts have been retrospectively adjusted for all periods presented to reflect the Reverse Stock Split. Shares issued by us, which were all issued in settlement of forward sale transactions. As of ~~March~~June 3130, 2025, we had ~~117,507~~settled ~~unsettled~~all ~~shares~~ of our outstanding forward sale transactions under the 2021 ATM Program. We accounted for the forward sale transactions as equity.

As of ~~March~~June 3130, 2025, we had approximately $~~258~~253.51 million of gross sales of our common stock available under the 2021 ATM Program. ~~and~~The ~~$15.4~~2019 ~~million~~ATM ofProgram ~~gross~~was ~~sales~~terminated ofon ~~common~~April ~~stock~~30, ~~available~~2025 and there were no issuances under the 2019 ATM Program during the three or six months ended June 30, 2025.

Share Repurchase Program

On April 28, 2022, our Board of Directors authorized a share repurchase program whereby we may repurchase up to 1,815,597 shares of our common stock (adjusted for the Reverse Stock Split), or approximately 5% of our outstanding shares as of the original authorization date. We are not required to purchase shares under the share repurchase program but may choose to do so in the open market or through privately negotiated transactions at times and amounts based on our evaluation of market conditions and other factors.

No repurchases of shares of our common stock were made under the share repurchase program during the ~~three~~six months ended ~~March~~June 3130, 2025.

3034

Debt

Indebtedness Outstanding

The following table sets forth certain information with respect to our outstanding indebtedness as of ~~March~~June 3130, 2025 (amounts in thousands):

	Principal Outstanding			Interest	Current
Loan	~~March~~June 3130, 2025			Rate (1)	Maturity
Revolving credit facility:
2024 revolving credit facility (2)	$	~~155~~277,~~050~~550		SOFR + 145 bps (3)	June 2028 (4)
Total revolving credit facility		~~155~~277,~~050~~550
Term loan facilities:
2016 term loan facility		100,000		5.31% (5)	January 2028 (6)
2018 term loan facility		174,500		5.1109% (67)	July 2026
Total term loan facilities		274,500
Less: Total unamortized deferred financing fees		(~~1,113~~976	)
Total term loan facilities, net		273,~~387~~524
Notes payable:
2017 series A senior notes		95,000		4.05%	May 2027
2017 series B senior notes		50,000		4.15%	May 2029
2017 series C senior notes		30,000		4.30%	May 2032
2019 series A senior notes		85,000		3.73%	September 2029
2019 series B senior notes		100,000		3.83%	September 2031
2019 series C senior notes		90,000		3.98%	September 2034
2021 series A senior notes		50,000		2.62%	October 2028
2021 series B senior notes		200,000		2.89%	October 2030
2024 series A senior notes		150,000		6.56%	May 2033
2024 series B senior notes		50,000		6.56%	August 2033
2025 series A senior notes		25,000		6.13%	March 2030
2025 series B senior notes		100,000		6.33% (78)	March 2032
Total notes payable		1,025,000
Less: Total unamortized deferred financing fees		(6,~~813~~602	)
Total notes payable, net		1,018,~~187~~398
Mortgage notes payable:
USFS II – Albuquerque		98,~~105~~580		4.46%	July 2026
ICE – Charleston		109,~~105~~714		4.21%	January 2027
VA – Loma Linda		127,500		3.59%	July 2027
CBP – Savannah		8,~~462~~240		3.40%	July 2033
Total mortgage notes payable		~~155~~154,~~172~~034
Less: Total unamortized deferred financing fees		(~~524~~469	)
Less: Total unamortized premium/discount		(~~140~~145	)
Total mortgage notes payable, net		~~154~~153,~~508~~420
Total debt	$	1,~~601~~722,~~132~~892

(1)

(2)

Our $400.0 million senior unsecured revolving credit facility (the “2024 revolving credit facility”) had available capacity of $~~244~~122.83 million at ~~March~~June 3130, 2025, in addition to an accordion feature that provides us with additional capacity of up to $300.0 million, subject to syndication of the increase and the satisfaction of customary terms and conditions.

3135

(3)

Our 2024 revolving credit facility is subject to one interest rate swap with an effective date of March 24, 2025 and a notional value of $100.0 million, of which $25.5 million is associated with our 2024 revolving credit facility, to effectively fix the interest rate at 5.17% annually. The spread over the secured overnight financing rate (“SOFR”) is based on our consolidated leverage ratio, as defined in our 2024 revolving credit facility agreement. Additionally, at ~~March~~June 3130, 2025, $~~129~~252.61 million of amounts outstanding under our 2024 revolving credit facility had a floating rate of 4.3129% under USD SOFR with a five day lookback. As of ~~March~~ 31June 30, 2025, excludes $4.62 million of net deferred financing costs that were included in "Prepaid expenses and other assets" in our balance sheet and are amortized through the current maturity.

(4)

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

(5)

Our 2016 term loan facility (as amended, our “2016 term loan facility”) is subject to three interest rate swap with an effective date of December 23, 2024 and a notional value of $100.0 million, which effectively fixes the interest rate at 5.31% annually. The spread over SOFR is based on our consolidated leverage ratio, as defined in our 2016 term loan facility agreement.

(6)

(7)

(8)

2016 Term Loan Facility

2025 Senior Note Agreement

On March 20, 2025, we entered into a master note purchase agreement pursuant to which the Operating Partnership agreed to issue and sell an aggregate of up to $125 million of fixed rate, senior unsecured notes (“Senior Notes”) consisting of (i) 6.13% 2025 Series A Senior Notes due March 20, 2030 (“2025 series A senior notes”), in an aggregate principal amount of $25.0 million, and (ii) 6.33% 2025 Series B Senior Notes due March 20, 2032 (“2025 series B senior notes”), in an aggregate principal amount of $100.0 million. The Senior Notes were issued on March 20, 2025. We, together with various subsidiaries of the Operating Partnership, have guaranteed the series A senior notes and the series B senior notes.

Our 2024 revolving credit facility, term loan facilities, notes payable, and mortgage notes payable are subject to ongoing compliance with a number of financial and other covenants. As of ~~March~~June 3130, 2025, we were in compliance with all applicable financial covenants.

The chart below details our debt capital structure as of ~~March~~June 3130, 2025 (dollar amounts in thousands):

Debt Capital Structure	~~March~~June 3130, 2025
Total principal outstanding	$	1,~~609~~731,~~722~~084
Weighted average maturity	4.84 years
Weighted average interest rate		4.67	%
% Variable debt		814.06	%
% Fixed debt (1)		9285.04	%
% Secured debt		98.79	%

(1)

Our 2016 term loan facility, 2018 term loan facility and $25.5 million of our 2024 revolving credit facility are swapped to be fixed and as such are included as fixed rate debt in the table above.

3236

Material Cash Commitments

AsOn ofApril ~~March 31~~1, 2025, wethe ~~have~~Borrower aof ~~commitment~~the ~~through~~Real aestate loan receivable ofpaid off approximately $5215.10 million of ~~which~~ the outstanding balance of the loan reducing our total commitment. As of the date of this filing the net funded amount of the outstanding loan receivable was $4332.28 million and our remaining obligation to fund was $3.9 million. We expect to fund the remaining commitment through the anticipated maturity of the loan on August 31, 2027, dependent on the borrower's election to use the commitments. For a more complete description of the real estate loan receivable, see Note 5 to the Consolidated Financial Statements.

OnOther ~~April~~than 1,as ~~2025~~described above, ~~the~~during ~~Borrower of~~ the ~~Real~~six ~~estate~~months ~~loan~~ended ~~receivable~~June ~~paid~~30, ~~off~~2025, ~~approximately~~there ~~$15.0~~were ~~million~~no ofmaterial ~~the~~changes ~~outstanding~~to ~~balance of~~ the ~~loan~~cash ~~reducing our total~~ commitment. Asinformation ofpresented ~~the~~in ~~date~~Item 7 of ~~this~~Part ~~filing~~II ~~the net funded amount~~ of ~~the outstanding loan receivable was $29.8 million and~~ our ~~remaining~~Annual ~~obligation~~Report toon ~~fund~~Form ~~was~~10-K ~~$7.3~~for ~~million. We expect to fund~~ the ~~remaining~~year ~~commitment~~ended ~~through~~December ~~the anticipated maturity of the loan on August~~ 31, ~~2027, dependent on the borrower's election to use the commitments~~2024. ~~For a more complete description of the real estate loan receivable, see Note 5 to the Consolidated Financial Statements.~~

Other than as described above, during the three months ended March 31, 2025, there were no material changes to the cash commitment information presented in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2024.

Unconsolidated Real Estate Venture

We consolidate entities in which we have a controlling interest or are the primary beneficiary in a variable interest entity. From time to time, we may have off-balance sheet unconsolidated real estate ventures and other unconsolidated arrangements with varying structures.

As of ~~March~~June 3130, 2025, we had invested $~~314~~310.5 million in the JV. As of ~~March~~June 3130, 2025, we had committed capital, net of return of over committed capital, to the JV totaling $332.9 million and had a remaining commitment of $8.5 million available. None of the properties owned by the JV are encumbered by mortgage indebtedness.

For a more complete description of the JV, see Note 4 to the Consolidated Financial Statements.

Dividend Policy

In order to qualify as a REIT, we are required to distribute to our stockholders, on an annual basis, at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. We anticipate distributing all of our taxable income. We expect to make quarterly distributions to our stockholders in a manner intended to satisfy this requirement. Prior to making any distributions for U.S. federal tax purposes or otherwise, we must first satisfy our operating and debt service obligations. It is possible that it would be necessary to utilize cash reserves, liquidate assets at unfavorable prices or incur additional indebtedness in order to make required distributions. It is also possible that our Board of Directors could decide to make required distributions in part by using shares of our common stock.

A summary of dividends declared by the Board of Directors per share of common stock and per common unit (as adjusted to reflect the Reverse Stock Split and Reverse Unit Split) at the date of record is as follows:

Quarter	Declaration Date	Record Date	Payment Date	Dividend (1)
Q1 2025	April 9, 2025	May 5, 2025	May 17, 2025	$	0.45
Q2 2025	July 30, 2025	August 13, 2025	August 25, 2025	$	0.45

(1)

Prior to the end of the performance period as set forth in the applicable LTIP unit award, holders of performance-based LTIP units are entitled to receive dividends per LTIP unit equal to 10% of the dividend paid per common unit. After the end of the performance period, the number of LTIP units, both vested and unvested, that LTIP award recipients have earned, if any, are entitled to receive dividends in an amount per LTIP unit equal to dividends, both regular and special, payable per common unit. Holders of LTIP units that are not subject to the attainment of performance goals are entitled to receive dividends per LTIP unit equal to 100% of the dividend paid per common unit beginning on the grant date.

Inflation

Substantially all of our leases provide for operating expense escalations. We believe inflationary increases in expenses may be at least partially offset by the operating expenses that are passed through to our tenants and by contractual rent increases. We do not believe inflation has had a material impact on our historical financial position or results of operations.

3337

Cash Flows

The following table sets forth a summary of cash flows for the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024 (amounts in thousands):

	For the three months ended March 31,
	For the six months ended June 30,
	2025			2024
Net cash provided by (used in):
Operating activities	$	2462,~~187~~298		$	2380,~~891~~908
Investing activities		(45191,~~239~~927	)		(24126,~~903~~284	)
Financing activities		10115,~~737~~876			3550,~~175~~676

Operating Activities

We generated $2462.23 million and $2380.9 million of cash from operating activities during the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, respectively. Net cash provided by operating activities for the ~~three~~six months ended ~~March~~June 3130, 2025 includes $2859.50 million in net cash from rental activities net of expenses and $39.87 million related to distributions from investment in unconsolidated real estate venture, offset by $86.14 million related to the change in tenant accounts receivable, prepaid expenses and other assets, real estate loan interest receivable, deferred revenue associated with operating leases, principal payments on operating lease obligations, and accounts payable, accrued expenses and other liabilities. Net cash provided by operating activities for the ~~three~~six months ended ~~March~~June 3130, 2024 includes $2652.07 million in net cash from rental activities net of expenses, $321.10 million related to ~~distributions from investment in unconsolidated real estate venture, offset by $5.2 million related to~~ the change in tenant accounts receivable, prepaid expenses and other assets, deferred revenue associated with operating leases, principal payments on operating lease obligations, and accounts payable, accrued expenses and other liabilities and $7.3 million related to distributions from investment in unconsolidated real estate venture.

Investing Activities

We used $45191.29 million and $24126.93 million in cash for investing activities during the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, respectively. Net cash used in investing activities for the ~~three~~six months ended ~~March~~June 3130, 2025 includes $20144.8 million in ~~additions~~real toestate ~~development~~acquisitions ~~properties~~and deposits, $836.60 million in additions to ~~operating~~development properties, $815.57 million in ~~investment~~additions into ~~real~~operating ~~estate loan receivable~~properties, ~~net~~offset ~~and~~by $74.36 million in repayment of (investment in) real estate ~~acquisitions~~loan ~~and~~receivable, ~~deposits~~net. Net cash used in investing activities for the ~~three~~six months ended ~~March~~June 3130, 2024 includes $1258.92 million in ~~additions~~real toestate ~~development~~acquisitions ~~properties~~and deposits, $743.90 million in additions to ~~operating~~development properties, $319.46 million in ~~investment~~additions into ~~real~~operating ~~estate~~properties ~~loan receivable, net~~ and $05.65 million in investment in real estate ~~acquisitions~~loan ~~and~~receivable, ~~deposits~~net.

Financing Activities

We generated $10115.79 million and $3550.27 million in cash from financing activities during the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, respectively. Net cash generated in financing activities for the ~~three~~six months ended ~~March~~June 3130, 2025 includes $125.0 million in note payable issuances, ~~and~~ $4146.36 million in gross proceeds from issuance of shares of our common stock, ~~offset~~and by $~~119~~3.50 million in net ~~paydowns~~draws under our 2024 revolving credit facility, offset by $3051.26 million in dividend payments, $2.35 million in deferred financing costs, $12.93 million in ~~treasury~~mortgage ~~lock~~notes ~~settlement~~payable repayment, $1.19 million in ~~mortgage~~treasury ~~notes~~lock ~~payable~~settlement ~~repayment~~ and $0.45 million in the payment of offering costs. Net cash generated by financing activities for the ~~three~~six months ended ~~March~~June 3130, 2024 includes $65150.50 million in ~~net~~note ~~draws~~payable ~~under~~issuances ~~our~~and ~~revolving~~$8.0 ~~credit~~million ~~facility~~in gross proceeds from issuance of our common stock, offset by $2857.75 million in dividend payments, $125.10 million in term loan repayments, $10.6 million in mortgage notes payable repayment, $07.4 million in deferred financing costs, $6.5 million in net paydowns under our revolving credit facility and $0.23 million in the payment of offering costs.

Non-GAAP Financial Measures

We use and present Funds From Operations (“FFO”) and Core FFO as supplemental measures of our performance. The summary below describes our use of FFO and Core FFO and provides information regarding why we believe these measures are meaningful supplemental measures of our performance and reconciles these measures from net income, presented in accordance with GAAP.

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Funds From Operations and Core Funds From Operations

FFO is a supplemental measure of our performance. We present FFO calculated in accordance with the current National Association of Real Estate Investment Trusts (“Nareit”) definition set forth in the Nareit FFO White Paper – Restatement 2018. FFO includes the REIT’s share of FFO generated by unconsolidated affiliates. In addition, we present Core FFO for certain other adjustments that we believe enhance the comparability of our FFO across periods and to the FFO reported by other publicly traded REITs. FFO is a supplemental performance measure that is commonly used in the real estate industry to assist investors and analysts in comparing results of REITs.

FFO is defined by Nareit as net income (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.

•

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.

We present FFO because we consider it an important supplemental measure of our operating performance, and we believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting results.

We adjust FFO to present Core FFO as an alternative measure of our operating performance, which, when applicable, excludes items which we believe 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, recovery of credit losses and the unconsolidated real estate venture's allocated share of these adjustments. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results. We believe Core FFO more accurately reflects the ongoing operational and financial performance of our core business.

FFO and Core FFO are presented as supplemental financial measures and do not fully represent our operating performance. Other REITs may use different methodologies for calculating FFO and Core FFO or use other definitions of FFO and Core FFO and, accordingly, our presentation of these measures may not be comparable to other REITs. Neither FFO nor Core FFO is intended to be a measure of cash flow or liquidity. Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations and cash flows.

The following table sets forth a reconciliation of our net income to FFO and Core FFO for the three and six months ended ~~March~~June 3130, 2025 and 2024 (amounts in thousands):

	For the three months ended March 31,
	For the three months ended June 30,						For the six months ended June 30,
	2025			2024			2025			2024
Net income	$	34,~~283~~254		$	4,~~884~~850		$	7,537		$	9,734
Depreciation of real estate assets		2628,~~546~~282			23,~~549~~834			54,828			47,383
Unconsolidated real estate venture allocated share of above adjustments		2,~~279~~280			2,~~002~~006			4,559			4,008
FFO		3234,~~108~~816			30,~~435~~690			66,924			61,125
Adjustments to FFO:
Loss on extinguishment of debt and modification costs		~~900~~—			—258			900			258
Recovery of credit losses		(238	)		—
Provision for (recovery of) credit losses		(539	)		218			(777	)		218
Natural disaster event expense, net of recovery		2347			53(61	)		70			(8	)
Depreciation of non-real estate assets		~~251~~252			~~251~~252			503			503
Unconsolidated real estate venture allocated share of above adjustments		1716			1716			33			33
Core FFO		3334,~~061~~592			3031,~~756~~373			67,653			62,129

Critical Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to use judgment in the application of accounting policies, including making estimates and assumptions. We base these estimates, judgments, and assumptions on historical experience, current trends, and various other factors that we believe to be reasonable under the circumstances. If our judgment or interpretation of the facts and circumstances relating to various transactions had been different, or different assumptions were made, it is possible that different accounting policies would have been applied, resulting in different financial results or a different presentation of our financial statements.

35Our Annual Report on Form 10-K for the year ended December 31, 2024 contains a discussion of our significant accounting policies, which utilize relevant critical accounting estimates. During the six months ended June 30, 2025, there were no material changes to the discussion of our significant accounting policies included in our Annual Report on Form 10-K for the year ended December 31, 2024.

~~experience,~~Supplemental ~~current trends, and various other factors that we believe to be reasonable under the circumstances~~U.S. IfFederal ~~our~~Income ~~judgment~~Tax or interpretation of the facts and circumstances relating to various transactions had been different, or different assumptions were made, it is possible that different accounting policies would have been applied, resulting in different financial results or a different presentation of our financial statements.Considerations

~~Our~~The ~~Annual~~following ~~Report~~discussion onsupplements ~~Form~~and ~~10-K~~updates ~~for~~the disclosures under the ~~year~~heading ~~ended~~“Certain ~~December~~United ~~31,~~States ~~2024~~Federal ~~contains~~Income aTax ~~discussion~~Considerations” ofin ~~our~~the ~~significant~~prospectus ~~accounting~~dated ~~policies~~February 28, ~~which~~2024, ~~utilize~~contained ~~relevant~~in ~~critical~~our ~~accounting~~Registration ~~estimates.~~Statement ~~During~~on ~~the~~Form ~~three~~S-3 ~~months~~(File ~~ended~~No. ~~March~~333-277434) ~~31,~~filed ~~2025,~~with ~~there~~the ~~were~~SEC noon ~~material~~February ~~changes~~28, to2024 (the ~~discussion~~“Existing ofTax ~~our~~Disclosure”). ~~significant~~Capitalized ~~accounting~~terms ~~policies~~herein ~~included~~that inare ~~our~~not ~~Annual~~otherwise ~~Report~~defined onshall ~~Form~~have ~~10-K~~the ~~for~~same ~~the~~meaning ~~year~~as ~~ended~~when ~~December~~used ~~31,~~in ~~2024~~the Existing Tax Disclosure.

36On July 4, 2025, H.R. 1, informally known as the One Big Beautiful Bill Act (the “OBBB”), was enacted. The OBBB makes major changes to the Code, including some provisions of the Code that affect the taxation of REITs and their investors. In particular,

•

For taxable years beginning on or after January 1, 2026, the OBBB relaxed the REIT asset test requirement with respect to taxable REIT subsidiaries, providing that not more than 25% (relaxed from 20%) of the gross value of a REIT's assets may be represented by securities of one or more taxable REIT subsidiaries.

•

The OBBB permanently extended the pass-through qualified business income deduction, generally allowing individuals to deduct 20% of the aggregate amount of ordinary REIT dividends distributed by a REIT. This deduction was due to expire for tax years beginning after December 31, 2025.

•

While itemized deductions for individuals for state and local income, property and sales taxes remain subject to limitations on deductibility, the OBBB temporarily increased the limitation on such deductions for taxable years beginning prior to 2030, subject to certain phase outs.

To the extent the information set forth in the Existing Tax Disclosure is inconsistent with this supplemental information, this supplemental information supersedes the information in the Existing Tax Disclosure. This supplemental information is provided on the same basis and subject to the same qualifications as are set forth in the first five paragraphs of the Existing Tax Disclosure as if those paragraphs were set forth in this Quarterly Report on Form 10-Q.

The OBBB contains complex revisions to the U.S. federal income tax laws. Holders of our Common Stock are urged to consult with their tax advisors with respect to the OBBB and its potential effect on the acquisition, ownership and disposition of our Common Stock.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market risk is the risk of loss from adverse changes in market prices and interest rates. Our future earnings, cash flows and fair values relevant to financial instruments are dependent upon prevailing market interest rates. Our primary market risk results from our indebtedness, which bears interest at both fixed and variable rates. We manage and may continue to manage our market risk on variable rate debt by entering into swap arrangements to, in effect, fix the rate on all or a portion of the debt for varying periods up to maturity. This in turn, reduces the risks of variability of cash flows created by variable rate debt and mitigates the risk of increases in interest rates. Our objective when undertaking such arrangements is to reduce our floating rate exposure and we do not intend to enter into hedging arrangements for speculative purposes. For more information on our interest rate swaps, see Note 7 to the Consolidated Financial Statements.

As of ~~March~~June 3130, 2025, $1.5 billion, or 9285.04% of our debt, excluding unamortized premiums and discounts, had fixed interest rates and $~~129~~252.61 million, or 814.06%, had variable interest rates based on SOFR. If market interest rates on our variable rate debt fluctuate by 25 basis points, our interest expense would increase or decrease, depending on rate movement, by $0.36 million annually.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We carried out an evaluation required by the Exchange Act, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13a -15(e) and Rule 15d-15 of the Exchange Act, as of ~~March~~June 3130, 2025. Based on this evaluation, our principal executive officer and principal financial officer concluded that, as of ~~March~~June 3130, 2025, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and to provide reasonable assurance that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the quarter ended ~~March~~June 3130, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Part II

Item 1. Legal Proceedings

We are not currently involved in any material litigation nor, to our knowledge, is any material litigation currently threatened against us.

Item 1A. Risk Factors

Except to the extent additional factual information disclosed elsewhere in this Quarterly Report on Form 10-Q relates to such risk factors (including, without limitation, the matters discussed in Part I, “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations”), there were no material changes to the risk factors disclosed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

~~None~~During the three months ended June 30, 2025, we issued an aggregate of 331,116 shares of common stock in exchange for an equal number of OP units held by limited partners. These shares were issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). We relied on this exemption based upon factual representations received from the limited partners who received the shares of common stock.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended ~~March~~June 3130, 2025, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

3842

Item 6. Exhibits

The following exhibits are included, or incorporated by reference, in this Quarterly Report on Form 10-Q:

Exhibit		Exhibit Description
3.1		Amended and Restated Articles of Amendment and Restatement of Easterly Government Properties, Inc. (previously filed as Exhibit 3.1 to Amendment No. 2 to the Company's Registration Statement on Form S-11 on January 30, 2015 and incorporated herein by reference)
3.2		Articles of Amendment to the Amended and Restated Articles of Amendment and Restatement of Easterly Government Properties, Inc. (previously filed as Exhibit 3.1 to the Company's Current Report on Form 8-K on April 28, 2025 and incorporated herein by reference)
3.3		Articles of Amendment to the Amended and Restated Articles of Amendment and Restatement of Easterly Government Properties, Inc. (previously filed as Exhibit 3.2 to the Company's Current Report on Form 8-K on April 28, 2025 and incorporated herein by reference)
3.4		Articles of Amendment to the Amended and Restated ~~Bylaws~~Articles of Amendment and Restatement of Easterly Government Properties, Inc. (previously filed as Exhibit 3.21 to ~~Amendment No. 2 to~~ the Company's ~~Registration~~Current ~~Statement~~Report on Form S8-11K on ~~January~~May 308, ~~2015~~2025 and incorporated herein by reference)
3.5		~~First Amendment to~~ Amended and Restated Bylaws of Easterly Government Properties, Inc. (previously filed as Exhibit 3.12 to Amendment No. 2 to the Company’'s ~~Current~~Registration ~~Report~~Statement on Form 8S-K11 on ~~February~~January 2730, ~~2019~~2015 and incorporated herein by reference)
3.6		~~Second~~First Amendment to Amended and Restated Bylaws of Easterly Government Properties, Inc. (previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K on ~~May~~February 2027, ~~2021~~2019 and incorporated herein by reference)
3.7		Second Amendment to Amended and Restated Bylaws of Easterly Government Properties, Inc. (previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K on May 20, 2021 and incorporated herein by reference)
4.1		Specimen Certificate of Common Stock of Easterly Government Properties, Inc. (previously filed as Exhibit 4.1 to Amendment No. 2 to the Company’s Registration Statement on Form S-11 on January 30, 2015 and incorporated herein by reference)
10.1		Ninth Amendment to Term Loan Agreement, dated as of January 8, 2025, by and among Easterly Government Properties Inc., Easterly Government Properties LP, the Guarantors named therein, PNC Bank, National Association, as Administrative Agent and a Lender, and U.S. Bank National Association and Truist Bank, as Lenders (previously filed as Exhibit 10.1 to the Company's Current Report on Form 8-K on January 14, 2025 and incorporated herein by reference)
10.2*		Easterly Government Properties, Inc. 2024 Equity Incentive Plan
31.1*		Certification of Chief Executive Officer Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended
31.2*		Certification of Chief Financial Officer Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended
32.1**		Certification of Chief Executive Officer and Chief Financial Officer Required by Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended
101.INS*		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document.
101.SCH*		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104*		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith

** Furnished herewith

3943

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 thereunto duly authorized.

	Easterly Government Properties, Inc.
Date: April 29, 2025		/s/ Darrell W. Crate
Date: August 5, 2025		/s/ Darrell W. Crate
		Darrell W. Crate
		President and Chief Executive Officer(Principal Executive Officer)
Date: April 29, 2025		/s/ Allison E. Marino
Date: August 5, 2025		/s/ Allison E. Marino
		Allison E. Marino
		Executive Vice President, Chief Financial Officer(Principal Financial and Accounting Officer)
		Executive Vice President, Chief Financial Officer(Principal Financial Officer)

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