Easterly Government Properties, Inc. · NYSE:DEA
Easterly Government Properties — Q1 2026 Earnings Presentation
28 slides from Easterly Government Properties's earnings presentation, Apr 27, 2026
Slide 1: Supplemental Information Package First Quarter 2026
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements 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 19
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 March 31, 2026 that will be re
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 Three months ended Three months ended Diluted Basis At March 31, 2026 Earnings March 31, 2026 March 31, 2025 Common shares 46,370,407 Net income available to Easterly Gover
Slide 9: Balance Sheets
Balance Sheets (Unaudited, in thousands, except share amounts) March 31, 2026 December 31, 2025 Assets Real estate properties, net $2,738,755 $2,714,650 Cash and cash equivalents 2,017 23,374 Restricted cash 10,661 10,257 Tenant accounts receivable 73,041 51,493 Investment in unconsolidated real est
Slide 10: Income Statements
Income Statements (Unaudited, in thousands, except share and per share amounts) Three Months Ended March 31, 2026 March 31, 2025 Revenues Rental income $88,593 $75,546 Tenant reimbursements 804 1,026 Asset management income 646 622 Other income 1,502 1,481 Total revenues 91,545 78,675 Expenses Prope
Slide 11: Net Operating Income
Net Operating Income (Unaudited, in thousands) Three Months Ended March 31, 2026 March 31, 2025 Net income $1,414 $3,283 Depreciation and amortization 33,221 26,797 Acquisition costs 649 307 Corporate general and administrative 8,495 6,215 Provision for (recovery of) credit losses 196 (238) Interest
Slide 12: EBITDA
EBITDA (Unaudited, in thousands) Three Months Ended March 31, 2026 March 31, 2025 Net income $1,414 $3,283 Depreciation and amortization 33,221 26,797 Interest expense 20,166 18,377 Tax expense 111 163 Unconsolidated real estate venture allocated share of above adjustments 2,340 2,341 EBITDA $57,252
Slide 13: FFO and CAD
FFO and CAD (Unaudited, in thousands, except share and per share amounts) Three Months Ended March 31, 2026 March 31, 2025 Net income $1,414 $3,283 Depreciation of real estate assets 32,955 26,546 Unconsolidated real estate venture allocated share of above adjustments 2,281 2,279 FFO $36,650 $32,108
Slide 14: Unconsolidated Real Estate Venture
Unconsolidated Real Estate Venture (Unaudited, in thousands) Balance Sheet Information Balance Sheet Easterly's Share(2) March 31, 2026 March 31, 2026 Real estate properties - net $486,725 $257,964 Total assets 584,537 309,804 Total liabilities 11,402 6,043 Total preferred stockholders' equity 125 6
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) March 31, 2026 March 31, 2026 Revenues Rental income $12,667 $6,714 Other income 41 22 Total Revenues 12,708 6,736 Operating expenses Property operating 2,707 1,43
Slide 16: Debt Schedules
Debt Schedules (Unaudited, in thousands) March 31, 2026 March 31, 2026 March 31, 2026 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) 245,050 14.2% 2016 Term Loan facility 28-Jan-28(4) 5.31%
Slide 17: Debt Schedules (Cont.)
Debt Schedules (Cont.) (Unaudited, in thousands) Debt Statistics March 31, 2026 March 31, 2026 Variable rate debt - unhedged $245,050 % Variable rate debt - unhedged 14.2% Fixed rate debt 1,475,510 % Fixed rate debt(3) 85.8% Total Debt(1) $1,720,560 Less: cash and cash equivalents (3,964) Weighted a
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 2,496 6,368 - 8,864 0.4% 4.46% 2027 1,093 134,640 95,000 230,733 1
Slide 19: Leased Operating Property Overview
Leased Operating Property Overview (As of March 31, 2026, 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 Wholly O
Slide 20: Leased Operating Property Overview (Cont.)
Leased Operating Property Overview (Cont.) (As of March 31, 2026, 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
Slide 21: Leased Operating Property Overview (Cont.)
Leased Operating Property Overview (Cont.) (As of March 31, 2026, 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
Slide 22: Leased Operating Property Overview (Cont.)
Leased Operating Property Overview (Cont.) (As of March 31, 2026, 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
Slide 23: Leased Operating Property Overview (Cont.)
Leased Operating Property Overview (Cont.) (As of March 31, 2026, unaudited) (5) Lease contains one ten-year renewal option. 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 Decembe
Slide 24: Tenants
Tenants (As of March 31, 2026, 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") 13.2 2,251,131 21.1% $96,644,400 24.5
Slide 25: Tenants (Cont.)
Tenants (Cont.) (As of March 31, 2026, 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.) Department of Energy ("DOE") 7.0 4,846 0.0% 277,782 0.1% F
Slide 26: Lease Expirations
Lease Expirations (As of March 31, 2026, 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 Expiring
Slide 27: Lease Expirations
Lease Expirations (As of March 31, 2026, unaudited) 27
Slide 28: Summary of Re/Development Projects
Summary of Re/Development Projects (As of March 31, 2026, 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 (2
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