Easterly Government Properties, Inc. · NYSE:DEA
Easterly Government Properties — Q4 2025 Earnings Presentation
28 slides from Easterly Government Properties's earnings presentation, Feb 23, 2026
Slide 1: Supplemental Information Package Fourth Quarter 2025
Slide 2: Disclaimers
Disclaimers Forward-looking Statement We make statements in this Supplemental Information Package that are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 193
Slide 3: Disclaimers
Disclaimers Ratings Ratings are not recommendations to buy, sell or hold the Company’s securities. The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended December 31, 2025 that will be
Slide 4: Supplemental Definitions
Supplemental Definitions This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Supplemental Information Package and, where applicable, the reasons why management believes these non-GAAP financial measures provide useful information to
Slide 5: Supplemental Definitions
Supplemental Definitions Fully diluted basis assumes the exchange of all outstanding common units representing limited partnership interests in the Company’s operating partnership, or common units, the full vesting of all shares of restricted stock, and the exchange of all earned and vested LTIP uni
Slide 6: Table of Contents
Table of Contents Overview Corporate Information and Analyst Coverage 7 Executive Summary 8 Corporate Financials Balance Sheets 9 Income Statements 10 Net Operating Income 11 EBITDA 12 FFO and CAD 13 Unconsolidated Real Estate Venture 14 Debt Debt Schedules 16 Debt Maturities 18 Properties Leased Op
Slide 7: Corporate Information and Analyst Coverage
Corporate Information and Analyst Coverage Corporate Information Corporate Headquarters Stock Exchange Listing Information Requests Investor Relations 2001 K Street NW New York Stock Exchange Please contact ir@easterlyreit.com Cole Bardawill Suite 775 North or 202-987-9395 to request an Director of
Slide 8: Executive Summary
Executive Summary (In thousands, except share and per share amounts) Outstanding Classes of Stock and Partnership Units - Fully At December 31, Three months ended Three months ended Diluted Basis 2025 Earnings December 31, 2025 December 31, 2024 Common shares 46,242,286 Net income available to Easte
Slide 9: Balance Sheets
Balance Sheets (Unaudited, in thousands, except share amounts) December 31, 2025 December 31, 2024 Assets Real estate properties, net $2,714,650 $2,572,095 Cash and cash equivalents 23,374 19,353 Restricted cash 10,257 8,451 Tenant accounts receivable 51,493 71,172 Investment in unconsolidated real
Slide 10: Income Statements
Income Statements (Unaudited, in thousands, except share and per share amounts) Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Revenues Rental income $83,546 $74,136 $321,669 $289,601 Tenant reimbursements 1,234 2,050 5,855 6,544 Asset
Slide 11: Net Operating Income
Net Operating Income (Unaudited, in thousands) Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net income $4,773 $5,729 $13,557 $20,578 Depreciation and amortization 29,620 24,652 113,897 96,333 Acquisition costs 458 451 1,420 1,878 Corp
Slide 12: EBITDA
EBITDA (Unaudited, in thousands) Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net income $4,773 $5,729 $13,557 $20,578 Depreciation and amortization 29,620 24,652 113,897 96,333 Interest expense 18,080 17,223 74,454 62,433 Tax expense
Slide 13: FFO and CAD
FFO and CAD (Unaudited, in thousands, except share and per share amounts) Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net income $4,773 $5,729 $13,557 $20,578 Depreciation of real estate assets 29,368 24,400 112,891 95,326 Gain on th
Slide 14: Unconsolidated Real Estate Venture
Unconsolidated Real Estate Venture (Unaudited, in thousands) Balance Sheet Information Balance Sheet Easterly's Share(2) December 31, 2025 December 31, 2025 Real estate properties - net $489,816 $259,602 Total assets 586,521 310,855 Total liabilities 12,157 6,443 Total preferred stockholders' equity
Slide 15: Unconsolidated Real Estate Venture (Cont.)
Unconsolidated Real Estate Venture (Cont.) (Unaudited, in thousands) Income Statement Information Three Months Ended Easterly's Share(1) Twelve Months Ended Easterly's Share(1) December 31, 2025 December 31, 2025 December 31, 2025 December 31, 2025 Revenues Rental income $12,699 $6,730 $50,563 $26,7
Slide 16: Debt Schedules
Debt Schedules (Unaudited, in thousands) December 31, 2025 December 31, 2025 December 31, 2025 Percent of Debt Instrument Maturity Date Interest Rate Balance(1) Total Indebtedness Unsecured debt 2024 Revolving Credit facility 3-Jun-28(2) S + 145 bps(3) 199,050 11.9% 2016 Term Loan facility 28-Jan-28
Slide 17: Debt Schedules (Cont.)
Debt Schedules (Cont.) (Unaudited, in thousands) Debt Statistics December 31, 2025 December 31, 2025 Variable rate debt - unhedged $199,050 % Variable rate debt - unhedged 11.9% Fixed rate debt 1,476,700 % Fixed rate debt(3) 88.1% Total Debt(1) $1,675,750 Less: cash and cash equivalents (24,735) Wei
Slide 18: Debt Maturities
Debt Maturities (Unaudited, in thousands) Secured Debt Unsecured Debt Weighted Average Scheduled Scheduled Scheduled Percentage of Interest Rate of Year Amortization Maturities Maturities Total Debt Maturing Scheduled Maturities 2026 3,686 6,368 - 10,054 0.4% 4.46% 2027 1,093 134,640 95,000 230,733
Slide 19: Leased Operating Property Overview
Leased Operating Property Overview (As of December 31, 2025, unaudited) Percentage Annualized Tenant of Total Lease Lease Leased Annualized Annualized Income per Expiration Year Built / Square Lease Lease Leased Property Name Location Property Type Year Renovated Feet Income Income Square Foot Wholl
Slide 20: Leased Operating Property Overview (Cont.)
Leased Operating Property Overview (Cont.) (As of December 31, 2025, unaudited) Percentage Annualized Tenant of Total Lease Lease Leased Annualized Annualized Income per Expiration Year Built / Square Lease Lease Leased Property Name Location Property Type Year Renovated Feet Income Income Square Fo
Slide 21: Leased Operating Property Overview (Cont.)
Leased Operating Property Overview (Cont.) (As of December 31, 2025, unaudited) Percentage Annualized Tenant of Total Lease Lease Leased Annualized Annualized Income per Expiration Year Built / Square Lease Lease Leased Property Name Location Property Type Year Renovated Feet Income Income Square Fo
Slide 22: Leased Operating Property Overview (Cont.)
Leased Operating Property Overview (Cont.) (As of December 31, 2025, unaudited) Percentage Annualized Tenant of Total Lease Lease Leased Annualized Annualized Income per Expiration Year Built / Square Lease Lease Leased Property Name Location Property Type Year Renovated Feet Income Income Square Fo
Slide 23: Leased Operating Property Overview (Cont.)
Leased Operating Property Overview (Cont.) (As of December 31, 2025, unaudited) 29,737 square feet leased to the U.S. Customs and Border Protection ("CBP") will expire on April 30, 2038. 17,373 square feet leased to a private tenant will expire on December 31, 2031 and contains (6) two five-year ren
Slide 24: Tenants
Tenants (As of December 31, 2025, unaudited) Percentage Weighted of Total Average Percentage Annualized Remaining Leased of Leased Annualized Lease Tenant Lease Term(1) Square Feet Square Feet Lease Income Income U.S. Government Department of Veteran Affairs ("VA") 13.4 2,251,131 21.7% $96,703,027 2
Slide 25: Tenants (Cont.)
Tenants (Cont.) (As of December 31, 2025, unaudited) Percentage Weighted of Total Average Percentage Annualized Remaining Leased of Leased Annualized Lease Tenant Lease Term(1) Square Feet Square Feet Lease Income Income U.S. Government (Cont.) General Services Administration - Other 9.7 33,365 0.3%
Slide 26: Lease Expirations
Lease Expirations (As of December 31, 2025, unaudited) Percentage of Percentage of Annualized Number of Leased Square Total Leased Square Annualized Total Annualized Lease Income Leases Footage Footage Lease Income Lease Income per Leased Year of Lease Expiration (1) Expiring Expiring Expiring Expir
Slide 27: Lease Expirations
Lease Expirations (As of December 31, 2025, unaudited) 27
Slide 28: Summary of Re/Development Projects
Summary of Re/Development Projects (As of December 31, 2025, unaudited, in thousands, except square feet) Projects Under Construction (1) Anticipated Lump- Total Leased Square Sum Anticipated Completion Anticipated Lease Property Name Location Property Type Feet Lease Term Cost to Date Reimbursement
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