Easterly Government Properties, Inc. · NYSE:DEA
Easterly Government Properties — Investor Presentation (September 2026)
27 slides from Easterly Government Properties's investor presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation September 2026 1
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Easterly Government Properties, Inc. (the “Company” or “Easterly”). This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which
Slide 3: Premier Real Estate Partner to the Government
Premier Real Estate Partner to the Government 3
Slide 4: Easterly's Competitive Advantage
Easterly’s Competitive Advantage Easterly is the leading owner, manager, acquirer, and developer of mission-critical Government leased real estate Acquire Develop ▪ Closed over $3.3 billion in Government- ▪ Over 30 years of experience developing leased assets nearly 5 million square feet of build-to
Slide 5: Attractive Market Opportunity
Attractive Market Opportunity The U.S. Government is the largest employer in the world and the largest office tenant in the United States ▪ Favorable Market Dynamics Favorable Demand Dynamics ▪ GSA-leased inventory has grown 23.3% since 1998 (as compared GSA-Leased Inventory has Grown Faster than GS
Slide 6: Government Transition to an Asset Lite Model
Government Transition to an Asset Lite Model Traditional Government Asset Lite – Flexible Owned Real Estate Leasing Model Transition ▪ High upfront capital requirements ▪ Faster access to modern, efficient ▪ Long-term balance sheet liabilities facilities ▪ Exposure to asset value declines ▪ Greater
Slide 7: Easterly Value Proposition
Easterly Value Proposition Government Ownership Creates Deferred Maintenance Risk Budget cycles and procurement rules structurally limit long-term capital investment Annual Budgets Deferred Lifecycle Reinvestment Preventive Maintenance Maintenance Government Owned Facilities Mission Risk Aging Facil
Slide 8: The Portfolio
J Easterly Government Properties |r The Portfolio
Slide 9: High Quality Portfolio of Government-Leased Assets
High Quality Portfolio of Government-Leased Assets Portfolio Snapshot U.S. Government Geographic Footprint Number of Operating Properties 106 GSA Regions Total Leased Square Feet 10.7 million Region 10 Region 10 Region 1 Region 8 Average Building Size (RSF) 103.6k square feet Region Region 2 3 Regio
Slide 10: Supporting Key Missions of the U.S. Federal Government
Supporting Key Missions of the U.S. Federal Government Our portfolio is centered around government functions supporting critical delivery of service to the American people Easterly’s Portfolio (based on ALI) Federal Tenancies within the Portfolio Defense Veteran Care (12.9 yr. WALT) Safety & Securit
Slide 11: Focused on Stable, Recurring Cash Flows Backed by U.S. Government
Focused on Stable, Recurring Cash Flows Backed by the Full Faith and Credit of the U.S. Government $7.0 $6.0 $6.1b Rental Income ($, in billions) $5.0 $4.0 $3.0 $3.1b $2.0 $1.0 $0.0 (2) Portfolio Today(1) Portfolio Today + 10 Years (1) Represents aggregate rental income due during the remaining term
Slide 12: Demonstrated Renewal Track Record
Demonstrated Renewal Track Record Government Leasing Process Upcoming 2027 Renewals Average process can take 6 to 36 months Property % Ann. Lease Leased (Exp. Year) Income SF Lease EPA – Lenexa (2027) 1.5% 169,585 Request For Solicitation Negotiations Execution Proposal Drafting FBI – Pittsburgh (20
Slide 13: External Growth Drivers
J Easterly Government Properties |r External Growth Drivers
Slide 14: Proven Acquisition Platform with Identified Pipeline
Proven Acquisition Platform with Identified Pipeline Easterly has a demonstrated ability to source transactions ▪ Since it’s inception, Easterly has grown the portfolio from 2.1 million leased square feet and 29 properties to its current size of 10.7 ▪ Proprietary database tracks target properties m
Slide 15: Recently Completed Acquisitions
Recently Completed Acquisitions Easterly added six mission critical buildings to its operating portfolio during the 2025-2026 timeframe SVA Glen Allen DHS Burlington Acquired January 2026 Acquired May 2025 ▪ Headquarters for two ▪ Building operates 24/7, 365 Commonwealth agencies days per year for I
Slide 16: Non-Speculative Development
Non-Speculative Development Long Term, Non- ▪ Over 30 years of experience cancelable developing nearly 5 million Leases square feet of build-to-suit Brand New construction Premium Class A Build- Yields to-Suit ▪ Perfected the ability to Properties construct and deliver mission critical assets for th
Slide 17: Active Development Projects
Active Development Projects Easterly has over 30 years of experience delivering nearly 5 million square feet of build-to-suit construction U.S. Courthouse – Flagstaff U.S. Courthouse – Medford FDLE – Fort Myers Footprint 50,777 rentable square feet Footprint 40,035 rentable square feet Footprint 64,
Slide 18: Balance Sheet & Liquidity
A Easterly Government Properties Inc. Balance Sheet & Liquidity
Slide 19: Easterly's Investment Grade Balance Sheet
Easterly’s Investment Grade Balance Sheet PRO FORMA MARKET CAPITALIZATION PRO FORMA DEBT PROFILE (in millions) (in millions) Balance Stated Rate Maturity Common Shares - Fully Diluted Basis 48.9 ICE – Charleston $8.1 4.21% 2027 Closing Price as of 6/30/2026 $24.93 CBP – Savannah 7.3 3.40% 2033 Equit
Slide 20: Deleveraging Story
Deleveraging Story Plan to reduce net debt to pro forma EBITDA to within a 6.0x–6.75x range Adjusted Net Debt To EBITDA Plan To Bring Leverage Ratio Down Over Time Using equity strategically to moderate 7.5x leverage while continuing to invest accretively 7.1x 7.0x 6.0x-6.75x 6.5x 6.0x 5.5x 5.0x 4.5
Slide 21: EBITDA Reconciliation
EBITDA Reconciliation Quarter Ended June 30, 2026 Net income $ 3,158 Depreciation and amortization 32,158 Interest expense 20,423 Tax expense 308 Unconsolidated real estate venture share of above adjustments 2,342 EBITDA $ 58,389 21
Slide 22: Appendix
J Easterly Government Properties |r Appendix
Slide 23: Overview of a Typical U.S. Government Lease
Overview of a Typical U.S. Government Lease Type of Lease ▪ Modified gross lease Tenants ▪ U.S. Government agencies ▪ Initial term of typically 10 - 20 years Lease Term (1) ▪ Renewal leases typically 5 - 10 years Base Rent ▪ Base rent for initial term is generally set at a flat rate for the life of
Slide 24: Summary of Development Project Costs
Summary of Development Project Costs Conceptual Overview ▪ Development projects consist of two types of costs: ▪ Shell & Tenant Improvement (TI) Allowance ▪ TI Lump-Sum Reimbursement ▪ TI Lump-Sum Reimbursements are borne and financed by DEA through the period of construction ▪ Creates “temporary” b
Slide 25: Lease Renewals & Accounting Treatment
Lease Renewals & Accounting Treatment ▪ A GSA lease is comprised of Base Rent and the rent associated with government-dictated Tenant Improvement (TI) Allowance ▪ Upon lease award, Easterly commits to a maximum TI Allowance ▪ Actual TI expenditures can be lower than this maximum (given the incumbent
Slide 26: How Do You Comp Easterly?
How Do You Comp Easterly? Easterly compares favorably when considering key traits that drive value in the context of Net Lease versus Office Office REITs Net Lease REITs Easterly Tenancy Multiple tenants Single tenant Single tenant Lease Structure Full-Service Gross NNN / NN Modified Gross Credit Qu
Slide 27: Experienced Management Team and Board
Experienced Management Team and Board Management Team Board of Directors Name / Position Experience Name / Position Experience Darrell Crate ▪ Co-Founded Easterly Partners in 2011 President & Chief Executive ▪ 27 years of institutional investment experience William Binnie ▪ CEO & President of Carlis
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