dea-ex992

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 1934, as amended, or the Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement in this Supplemental Information Package for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation: risks associated with our dependence on the U.S. Government and its agencies for substantially all of our revenues; risks associated with ownership and development of real estate; the risk of decreased rental rates or increased vacancy rates; loss of key personnel; the continuing adverse impact of the novel coronavirus (COVID-19) on the U.S., regional and global economies and the financial condition and results of operations of the Company; 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 to yield anticipated results; risks associated with our joint venture activities; risks associated with actual or threatened terrorist attacks; 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; and other risks and uncertainties detailed in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission, or the SEC, on February 28, 2022 and the factors included under the heading “Risk Factors” in our other public filings. In addition, our qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, or the Code, and depends on our ability to meet the various requirements imposed by the Code through actual operating results, distribution levels and diversity of stock ownership. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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, 2022 that will be released in our Form 10-Q to be filed with the SEC on or about May 3, 2022.

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 investors about the Company’s financial condition and results of operations and the other purposes for which management uses the measures. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. Additional detail can be found in the Company’s most recent quarterly report on Form 10-Q and the Company’s most recent annual report on Form 10-K, as well as other documents filed with or furnished to the SEC from time to time. We present certain financial information and metrics “at Easterly’s Share,” which is calculated on an entity-by-entity basis. “At Easterly’s 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 GAAP.

Annualized lease income is defined as the 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.

Cash Available for Distribution (CAD) is a non-GAAP financial measure that is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined under GAAP. CAD is calculated in accordance with the current Nareit definition as FFO minus normalized recurring real estate-related expenditures and other non-cash items, nonrecurring expenditures and the unconsolidated real estate venture’s allocated share of these adjustments. CAD is presented solely as a supplemental disclosure because the Company believes it provides useful information regarding the Company’s ability to fund its dividends. Because all companies do not calculate CAD the same way, the presentation of CAD may not be comparable to similarly titled measures of other companies.

Cash fixed charge coverage ratio is calculated as EBITDA divided by the sum of principal amortization and interest expense, excluding amortization of premiums / discounts and deferred financing fees, for the most recent quarter.

Cash interest coverage ratio is calculated as EBITDA divided by interest expense, excluding amortization of premiums / discounts and deferred financing fees, for the most recent quarter.

EBITDA is calculated as the sum of net income (loss) before interest expense, taxes, depreciation and amortization, (gain) loss on the sale of operating properties, and the unconsolidated real estate venture’s allocated share of these adjustments. EBITDA is not intended to represent cash flow for the period, is not presented as an alternative to operating income as an indicator of operating performance, should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP, is not indicative of operating income or cash provided by operating activities as determined under GAAP and may be presented on a pro forma basis. EBITDA is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company's ability to service or incur debt. Because all companies do not calculate EBITDA the same way, the presentation of EBITDA may not be comparable to similarly titled measures of other companies.

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 units in the Company’s operating partnership for shares of common stock on a one-for-one basis, which is not the same as the meaning of “fully diluted” under GAAP.

Funds From Operations (FFO) is defined, in accordance with the Nareit FFO White Paper - 2018 Restatement, as net income (loss), 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 and 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. FFO includes the Company’s share of FFO generated by unconsolidated affiliates. FFO

is a widely recognized measure of REIT performance. Although FFO is a non-GAAP financial measure, the Company believes that information regarding FFO is helpful to shareholders and potential investors.

Funds From Operations, as Adjusted (FFO, as Adjusted) adjusts FFO to present an alternative measure of our operating performance, which, when applicable, excludes the impact of acquisition costs, straight-line rent, amortization of above-/below-market leases, amortization of deferred revenue (which results from landlord assets funded by tenants), non-cash interest expense, non-cash compensation, depreciation of non-real estate assets, other non-cash items, and the unconsolidated real estate venture’s allocated share of these adjustments. By excluding these income and expense items from FFO, as Adjusted, the Company believes it provides useful information as these items have no cash impact. In addition, by excluding acquisition related costs the Company believes FFO, as Adjusted provides useful information that is comparable across periods and more accurately reflects the operating performance of the Company’s properties. Certain prior year amounts have been updated to conform to the current year FFO, as Adjusted definition.

Net Operating Income (NOI) and Cash NOI. NOI is calculated as net income adjusted to exclude depreciation and amortization, acquisition costs, corporate general and administrative costs, interest expense, gains or losses from sales of property, and the unconsolidated real estate venture’s allocated share of these adjustments. Cash NOI excludes from NOI straight-line rent, amortization of above-/below-market leases, amortization of deferred revenue (which results from landlord assets funded by tenants), and the unconsolidated real estate venture’s allocated share of these adjustments. NOI and Cash NOI presented by the Company may not be comparable to NOI and Cash NOI reported by other REITs that define NOI and Cash NOI differently. The Company believes that NOI and Cash NOI provide investors with useful measures of the operating performance of our properties. NOI and Cash NOI should not be considered an alternative to net income as an indication of our performance or to cash flows as a measure of the Company's liquidity or its ability to make distributions. Certain prior year amounts have been updated to conform to the current year Cash NOI definition.

Net Debt and Adjusted Net Debt. Net Debt represents our consolidated debt and our share of unconsolidated debt adjusted to exclude our share of unamortized premiums and discounts and deferred financing fees, less our share of cash and cash equivalents and property acquisition closing escrow, net of deposit. By excluding these items, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding its financial condition. Adjusted Net Debt is Net Debt reduced by 1) for each project under construction or in design, the lesser of i) outstanding lump-sum reimbursement amounts and ii) the cost to date, 2) 40% times the amount by which the cost to date exceeds total lump-sum reimbursement amounts for each project under construction or in design and 3) outstanding lump-sum reimbursement amounts for projects previously completed. These adjustments are made to 1) remove the estimated portion of each project under construction, in design or previously completed that has been financed with debt which may be repaid with outstanding cost reimbursement payments from the US Government and 2) remove the estimated portion of each project under construction or in design, in excess of total lump-sum reimbursements, that has been financed with debt but has not yet produced earnings. See page 22 for further information. The Company’s method of calculating Net Debt and Adjusted Net Debt may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Any opinions, estimates, forecasts or predictions regarding Easterly Government Properties, Inc.’s performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Easterly Government Properties, Inc. or its management. Easterly Government Properties, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such opinions, estimates, forecasts or predictions.


Outstanding Classes of Stock and Partnership Units - Fully Diluted Basis	At March 31, 2022			Earnings	Three months ended March 31, 2022		Three months ended March 31, 2021
Common shares		90,734,946		Net income available to Easterly Government Properties, Inc.	$	7,341	$	6,991
Unvested restricted shares		44,951		Net income available to Easterly Government Properties, Inc.
Common partnership and vested LTIP units		11,212,580		per share:
Total - fully diluted basis		101,992,477		Basic	$	0.08	$	0.08
				Diluted	$	0.08	$	0.08

Market Capitalization	At March 31, 2022			Net income	$	8,263	$	7,880
Price of Common Shares	$	21.14		Net income, per share - fully diluted basis	$	0.08	$	0.09
Total equity market capitalization - fully diluted basis	$	2,156,121		Funds From Operations (FFO)	$	33,053	$	30,198
Net Debt		1,205,517		FFO, per share - fully diluted basis	$	0.33	$	0.33
Total enterprise value	$	3,361,638
				FFO, as Adjusted	$	31,977	$	28,269
				FFO, as Adjusted, per share - fully diluted basis	$	0.31	$	0.31
Ratios	At March 31, 2022
Net debt to total enterprise value		35.9	%	Cash Available for Distribution (CAD)	$	28,764	$	24,430
Net debt to annualized quarterly EBITDA		6.8	x
Adjusted Net Debt to annualized quarterly EBITDA		6.7	x	Liquidity			At March 31, 2022
Cash interest coverage ratio		4.2	x	Cash and cash equivalents			$	8,038
Cash fixed charge coverage ratio		3.7	x
				Available under $450 million senior unsecured revolving credit facility⁽¹⁾			$	414,875

⁽¹⁾Revolving credit facility has an accordion feature that provides additional capacity, subject to the satisfaction of customary terms and conditions, of up to $250 million, for a total revolving credit facility size of not more than $700 million.

	March 31, 2022			December 31, 2021
Assets
Real estate properties, net	$	2,388,592		$	2,399,188
Cash and cash equivalents		7,793			11,132
Restricted cash		9,545			9,011
Tenant accounts receivable		58,643			58,733
Investment in unconsolidated real estate venture		152,374			131,840
Intangible assets, net		179,609			186,307
Interest rate swaps		1,136			-
Prepaid expenses and other assets		34,642			29,901
Total assets	$	2,832,334		$	2,826,112

Liabilities
Revolving credit facility		35,000			14,500
Term loan facilities, net		248,679			248,579
Notes payable, net		695,703			695,589
Mortgage notes payable, net		250,945			252,421
Intangible liabilities, net		18,491			19,718
Deferred revenue		85,910			87,134
Interest rate swaps		1,330			5,700
Accounts payable, accrued expenses and other liabilities		56,931			60,890
Total liabilities		1,392,989			1,384,531

Equity
Common stock, par value $0.01, 200,000,000 shares authorized,
90,779,897 and 90,147,868 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively.		908			901
Additional paid-in capital		1,614,798			1,604,712
Retained earnings		69,364			62,023
Cumulative dividends		(403,788	)		(379,895	)
Accumulated other comprehensive loss		(172	)		(5,072	)
Total stockholders' equity		1,281,110			1,282,669
Non-controlling interest in Operating Partnership		158,235			158,912
Total equity		1,439,345			1,441,581
Total liabilities and equity	$	2,832,334		$	2,826,112

	Three Months Ended
	March 31, 2022			March 31, 2021
Revenues
Rental income	$	70,439		$	64,179
Tenant reimbursements		1,144			320
Asset management income		248			-
Other income		471			502
Total revenues		72,302			65,001

Expenses
Property operating		15,458			12,094
Real estate taxes		7,826			7,286
Depreciation and amortization		24,159			22,325
Acquisition costs		362			487
Corporate general and administrative		5,983			5,808
Total expenses		53,788			48,000

Other income (expense)
Income from unconsolidated real estate venture		631			-
Interest expense, net		(10,882	)		(9,121	)
Net income		8,263			7,880

Non-controlling interest in Operating Partnership		(922	)		(889	)
Net income available to Easterly Government
Properties, Inc.	$	7,341		$	6,991

Net income available to Easterly Government
Properties, Inc. per share:
Basic	$	0.08		$	0.08
Diluted	$	0.08		$	0.08

Weighted-average common shares outstanding:
Basic		90,150,518			82,120,353
Diluted		90,571,571			82,596,597

Net income, per share - fully diluted basis	$	0.08		$	0.09

Weighted average common shares outstanding -
fully diluted basis		101,538,051			92,649,090

	Three Months Ended
	March 31, 2022			March 31, 2021
Net income	$	8,263		$	7,880
Depreciation and amortization		24,159			22,325
Interest expense		10,882			9,121
Tax expense		51			134
Unconsolidated real estate venture allocated share of above adjustments		928			-
EBITDA	$	44,283		$	39,460

Net income	$	8,263		$	7,880
Depreciation of real estate assets		23,912			22,318
Unconsolidated real estate venture allocated share of above adjustments		878			-
FFO	$	33,053		$	30,198
Adjustments to FFO:
Acquisition costs		362			487
Straight-line rent and other non-cash adjustments		(982	)		(1,413	)
Amortization of above-/below-market leases		(860	)		(1,286	)
Amortization of deferred revenue		(1,398	)		(1,421	)
Non-cash interest expense		225			363
Non-cash compensation		1,629			1,334
Depreciation of non-real estate assets		247			7
Unconsolidated real estate venture allocated share of above adjustments		(299	)		-
FFO, as Adjusted	$	31,977		$	28,269


FFO, per share - fully diluted basis	$	0.33		$	0.33
FFO, as Adjusted, per share - fully diluted basis	$	0.31		$	0.31

FFO, as Adjusted	$	31,977		$	28,269
Acquisition costs		(362	)		(487	)
Principal amortization		(1,300	)		(940	)
Maintenance capital expenditures		(934	)		(1,250	)
Contractual tenant improvements		(617	)		(1,162	)
Unconsolidated real estate venture allocated share of above adjustments		-			-
Cash Available for Distribution (CAD)	$	28,764		$	24,430

Weighted average common shares outstanding - fully diluted basis		101,538,051			92,649,090

Income Statement Information	Three Months Ended			Easterly's Share
	March 31, 2022			March 31, 2022
Revenues
Rental income	$	4,697		$	2,489
Other income		1			1
Total Revenues		4,698			2,490
Operating expenses
Property operating		711			377
Real estate taxes		821			435
Depreciation and amortization		1,688			895
Asset management fees		247			130
Total expenses		3,467			1,837

Other expenses
Interest expense - net		(41	)		(22	)
Net income	$	1,190		$	631

Depreciation and amortization		1,688			895
Interest expense - net		41			22
Tax expense		21			11
EBITDA	$	2,940		$	1,559

Net income	$	1,190		$	631
Depreciation of real estate assets		1,657			878
FFO	$	2,847		$	1,509
Adjustments to FFO:
Straight-line rent and other non-cash adjustments	$	(637	)	$	(338	)
Non-cash interest expense		41			22
Depreciation of non-real estate assets		31			17
FFO, as Adjusted	$	2,282		$	1,210
Cash Available for Distribution (CAD)	$	2,282		$	1,210

⁽¹⁾This amount represents the aggregate difference between the Company’s historical cost basis and basis reflected at the joint venture level.

⁽²⁾We own 53.0% of the properties through the unconsolidated joint venture.

Debt Instrument	Maturity Date			March 31, 2022 Interest Rate	March 31, 2022 Balance⁽¹⁾		March 31, 2022 Percent of Total Indebtedness
Unsecured debt
Revolving Credit facility	23-Jul-25⁽²⁾			LIBOR + 120bps	$	35,000	2.8%
2016 Term Loan facility	29-Mar-24			2.62%⁽³⁾		100,000	8.1%
2018 Term Loan facility	23-Jul-26			3.91%⁽⁴⁾		150,000	12.1%
2017 Series A Senior Notes	25-May-27			4.05%		95,000	7.7%
2017 Series B Senior Notes	25-May-29			4.15%		50,000	4.0%
2017 Series C Senior Notes	25-May-32			4.30%		30,000	2.4%
2019 Series A Senior Notes	12-Sep-29			3.73%		85,000	6.9%
2019 Series B Senior Notes	12-Sep-31			3.83%		100,000	8.1%
2019 Series C Senior Notes	12-Sep-34			3.98%		90,000	7.3%
2021 Series A Senior Notes	14-Oct-28			2.62%		50,000	4.0%
2021 Series B Senior Notes	14-Oct-30			2.89%		200,000	16.2%
Total unsecured debt	7 years			3.45%	$	985,000	79.6%
	(wtd-avg maturity)			(wtd-avg rate)
Secured mortgage debt
DEA - Pleasanton	18-Oct-23			LIBOR + 150bps	$	15,700	1.3%
VA - Golden	1-Apr-24			5.00%		8,784	0.7%
MEPCOM - Jacksonville	14-Oct-25			4.41%		6,465	0.5%
USFS II - Albuquerque	14-Jul-26			4.46%		14,723	1.2%
ICE - Charleston	15-Jan-27			4.21%		14,484	1.2%
VA - Loma Linda	6-Jul-27			3.59%		127,500	10.3%
CBP - Savannah	10-Jul-33			3.40%		11,002	1.0%
USCIS - Kansas City	6-Aug-24			3.68%		51,500	4.2%
Total secured mortgage debt	4.5 years			3.64%	$	250,158	20.4%
	(wtd-avg maturity)			(wtd-avg rate)
Debt Statistics	March 31, 2022						March 31, 2022
Variable rate debt - unhedged	$	50,700		% Variable rate debt - unhedged				4.1	%
Fixed rate debt		1,184,458		% Fixed rate debt				95.9	%
Total Debt⁽¹⁾	$	1,235,158
Less: cash and cash equivalents		(8,038	)	Weighted average maturity			6.5 years
Less: property acquisition closing escrow, net of deposit		(21,603	)	Weighted average interest rate				3.5	%
Net Debt	$	1,205,517
Less: adjustment for development projects⁽⁵⁾		(12,254	)
Adjusted Net Debt	$	1,193,263

⁽²⁾Revolving credit facility has two six-month as-of-right extension options, subject to certain conditions and the payment of an extension fee.

⁽³⁾Calculated based on two interest rate swaps with an aggregate notional value of $100.0 million, which effectively fix the interest rate at 2.62% annually based on the Company’s current consolidated leverage ratio.

⁽⁴⁾Calculated based on four interest rate swaps with an aggregate notional value of $150.0 million, which effectively fix the interest rate at 3.91% annually based on the Company’s current consolidated leverage ratio. The four interest rate swaps mature on June 19, 2023, which is not coterminous with the maturity date of 2018 term loan facility.

	Secured Debt				Unsecured Debt
Year	Scheduled Amortization		Scheduled Maturities		Scheduled Maturities		Total		Percentage of Debt Maturing			Weighted Average Interest Rate of Scheduled Maturities
2022		3,997		-		-		3,997		0.3	%		-
2023		5,585		15,700		-		21,285		1.7	%		1.73	%
2024		5,731		59,895		100,000		165,626		13.4	%		3.09	%
2025		5,633		1,917		35,000		42,550		3.4	%		2.08	%
2026		3,686		6,368		150,000		160,054		13.0	%		3.96	%
2027		1,093		134,640		95,000		230,733		18.7	%		3.81	%
2028		983		-		50,000		50,983		4.1	%		2.62	%
2029		1,016		-		135,000		136,016		11.0	%		3.89	%
2030		1,049		-		200,000		201,049		16.3	%		2.89	%
2031		1,081		-		100,000		101,081		8.2	%		3.83	%
2032		1,116		-		30,000		31,116		2.5	%		4.30	%
2033		668		-		-		668		0.1	%		-
2034		-		-		90,000		90,000		7.3	%		3.98	%
Total	$	31,638	$	218,520	$	985,000	$	1,235,158		100.0	%

Property Name	Location	Property Type	Tenant Lease Expiration Year	Year Built / Renovated	Leased Square Feet		Annualized Lease Income		Percentage of Total Annualized Lease Income			Annualized Lease Income per Leased Square Foot

Wholly Owned U.S. Government Leased Properties
VA - Loma Linda	Loma Linda, CA	Outpatient Clinic	2036	2016		327,614	$	16,475,732		5.7	%	$	50.29
USCIS - Kansas City	Lee's Summit, MO	Office/Warehouse	2042⁽¹⁾	1969 / 1999		489,316		11,562,444		4.0	%		23.63
JSC - Suffolk	Suffolk, VA	Office	2028⁽²⁾	1993 / 2004		403,737		8,176,525		2.8	%		20.25
Various GSA - Buffalo	Buffalo, NY	Office	2036	2004		270,809		7,079,104		2.4	%		26.14
IRS - Fresno	Fresno, CA	Office	2033	2003		180,481		7,034,675		2.4	%		38.98
FBI - Salt Lake	Salt Lake City, UT	Office	2032	2012		169,542		6,817,719		2.3	%		40.21
Various GSA - Chicago	Des Plaines, IL	Office	2023	1971 / 1999		202,185		6,812,395		2.3	%		33.69
Various GSA - Portland	Portland, OR	Office	2025⁽³⁾	2002		210,239		6,603,668		2.2	%		31.41
PTO - Arlington	Arlington, VA	Office	2035	2009		190,546		6,389,014		2.2	%		33.53
VA - San Jose	San Jose, CA	Outpatient Clinic	2038	2018		90,085		5,719,246		1.9	%		63.49
EPA - Lenexa	Lenexa, KS	Office	2027⁽²⁾	2007 / 2012		169,585		5,603,247		1.9	%		33.04
FBI - San Antonio	San Antonio, TX	Office	2025	2007		148,584		5,189,147		1.8	%		34.92
FDA - Alameda	Alameda, CA	Laboratory	2039	2019		69,624		4,667,346		1.6	%		67.04
FEMA - Tracy	Tracy, CA	Warehouse	2038	2018		210,373		4,644,079		1.6	%		22.08
FBI - Omaha	Omaha, NE	Office	2024	2009		112,196		4,391,661		1.5	%		39.14
TREAS - Parkersburg	Parkersburg, WV	Office	2041	2004 / 2006		182,500		4,278,888		1.5	%		23.45
EPA - Kansas City	Kansas City, KS	Laboratory	2042	2003		71,979		4,239,672		1.4	%		58.90
FBI / DEA - El Paso	El Paso, TX	Office/Warehouse	2028	1998 - 2005		203,683		4,175,129		1.4	%		20.50
ICE - Charleston	North Charleston, SC	Office	2022	1994 / 2012		86,733		4,044,329		1.4	%		46.63
VA - South Bend	Mishakawa, IN	Outpatient Clinic	2032	2017		86,363		4,020,301		1.4	%		46.55
FDA - Lenexa	Lenexa, KS	Laboratory	2040	2020		59,690		3,966,225		1.4	%		66.45
USCIS - Lincoln	Lincoln, NE	Office	2025	2005		137,671		3,809,481		1.3	%		27.67
DOI - Billings	Billings, MT	Office/Warehouse	2033	2013		149,110		3,768,201		1.3	%		25.27
FBI - Pittsburgh	Pittsburgh, PA	Office	2027	2001		100,054		3,693,747		1.3	%		36.92
FBI - Birmingham	Birmingham, AL	Office	2042	2005		96,278		3,683,969		1.3	%		38.26
FBI - New Orleans	New Orleans, LA	Office	2029⁽⁴⁾	1999 / 2006		137,679		3,667,889		1.2	%		26.64
DOT - Lakewood	Lakewood, CO	Office	2024	2004		122,225		3,579,204		1.2	%		29.28
VA - Mobile	Mobile, AL	Outpatient Clinic	2033	2018		79,212		3,520,213		1.2	%		44.44
FBI - Knoxville	Knoxville, TN	Office	2025	2010		99,130		3,504,570		1.2	%		35.35
FBI - Richmond	Richmond, VA	Office	2041	2001		96,607		3,252,338		1.1	%		33.67
VA - Chico	Chico, CA	Outpatient Clinic	2034	2019		51,647		3,243,060		1.1	%		62.79
USFS II - Albuquerque	Albuquerque, NM	Office	2026⁽²⁾	2011		98,720		3,141,254		1.1	%		31.82
DEA - Vista	Vista, CA	Laboratory	2035	2002		52,293		3,067,840		1.0	%		58.67
FDA - College Park	College Park, MD	Laboratory	2029	2004		80,677		3,060,351		1.0	%		37.93
USCIS - Tustin	Tustin, CA	Office	2034	1979 / 2019		66,818		3,059,690		1.0	%		45.79
OSHA - Sandy	Sandy, UT	Laboratory	2024⁽⁵⁾	2003		75,000		3,039,951		1.0	%		40.53
USFS I - Albuquerque	Albuquerque, NM	Office	2026	2006		92,455		3,000,837		1.0	%		32.46

Property Name	Location	Property Type	Tenant Lease Expiration Year	Year Built / Renovated	Leased Square Feet		Annualized Lease Income		Percentage of Total Annualized Lease Income			Annualized Lease Income per Leased Square Foot

Wholly Owned U.S. Government Leased Properties (Cont.)
VA - Orange	Orange, CT	Outpatient Clinic	2034	2019		56,330		2,925,702		1.0	%		51.94
VA - Midwest	Brownsburg, IN	Outpatient Clinic	2041	2021		80,000		2,913,917		1.0	%		36.42
JUD - Del Rio	Del Rio, TX	Courthouse/Office	2024	1992 / 2004		89,880		2,791,775		1.0	%		31.06
ICE - Albuquerque	Albuquerque, NM	Office	2027	2011		71,100		2,789,429		1.0	%		39.23
DEA - Upper Marlboro	Upper Marlboro, MD	Laboratory	2037	2002		50,978		2,745,468		0.9	%		53.86
DEA - Pleasanton	Pleasanton, CA	Laboratory	2035	2015		42,480		2,714,017		0.9	%		63.89
JUD - El Centro	El Centro, CA	Courthouse/Office	2034	2004		43,345		2,701,669		0.9	%		62.33
FBI - Mobile	Mobile, AL	Office	2029⁽²⁾	2001		76,112		2,681,926		0.9	%		35.24
SSA - Charleston	Charleston, WV	Office	2024⁽²⁾	1959 / 2000		110,000		2,648,946		0.9	%		24.08
FBI - Albany	Albany, NY	Office	2036	1998		69,476		2,611,361		0.9	%		37.59
DEA - Sterling	Sterling, VA	Laboratory	2037	2001		49,692		2,589,287		0.9	%		52.11
USAO - Louisville	Louisville, KY	Office	2031	2011		60,000		2,506,169		0.9	%		41.77
TREAS - Birmingham	Birmingham, AL	Office	2029	2014		83,676		2,489,513		0.8	%		29.75
DEA - Dallas Lab	Dallas, TX	Laboratory	2022	2001		49,723		2,356,701		0.8	%		47.40
JUD - Charleston	Charleston, SC	Courthouse/Office	2040	1999		52,339		2,333,282		0.8	%		44.58
DHA - Aurora	Aurora, CO	Office	2034	1998 / 2018		101,285		2,328,334		0.8	%		22.99
FBI - Little Rock	Little Rock, AR	Office	2022	2001		102,377		2,316,507		0.8	%		22.63
DEA - Dallas	Dallas, TX	Office	2041	2001		71,827		2,256,089		0.8	%		31.41
Various GSA - Cleveland	Brooklyn Heights, OH	Office	2031	1981 / 2021		61,384		2,229,291		0.8	%		36.32
MEPCOM - Jacksonville	Jacksonville, FL	Office	2025	2010		30,000		2,215,072		0.8	%		73.84
CBP - Savannah	Savannah, GA	Laboratory	2033	2013		35,000		2,191,933		0.7	%		62.63
DOE - Lakewood	Lakewood, CO	Office	2029	1999		115,650		2,126,332		0.7	%		18.39
NWS - Kansas City	Kansas City, MO	Office	2033⁽²⁾	1998 / 2020		94,378		2,114,806		0.7	%		22.41
JUD - Jackson	Jackson, TN	Courthouse/Office	2023⁽²⁾	1998		73,397		2,071,774		0.7	%		28.23
DEA - Santa Ana	Santa Ana, CA	Office	2024	2004		39,905		1,900,432		0.6	%		47.62
DEA - North Highlands	Sacramento, CA	Office	2033	2002		37,975		1,864,151		0.6	%		49.09
ICE - Otay	San Diego, CA	Office	2022	2001		49,457		1,813,841		0.6	%		36.68
NPS - Omaha	Omaha, NE	Office	2024	2004		62,772		1,788,348		0.6	%		28.49
VA - Golden	Golden, CO	Office/Warehouse	2026	1996 / 2011		56,753		1,735,882		0.6	%		30.59
CBP - Sunburst	Sunburst, MT	Office	2028	2008		33,000		1,649,287		0.6	%		49.98
USCG - Martinsburg	Martinsburg, WV	Office	2027	2007		59,547		1,640,946		0.6	%		27.56
JUD - Aberdeen	Aberdeen, MS	Courthouse/Office	2025	2005		46,979		1,522,812		0.5	%		32.41
GSA - Clarksburg	Clarksburg, WV	Office	2024⁽²⁾	1999		63,750		1,498,199		0.5	%		23.50
VA - Charleston	North Charleston, SC	Warehouse	2040	2020		97,718		1,434,707		0.5	%		14.68
DEA - Birmingham	Birmingham, AL	Office	2023	2005		35,616		1,392,673		0.5	%		39.10
DEA - Albany	Albany, NY	Office	2025	2004		31,976		1,379,851		0.5	%		43.15
USAO - Springfield	Springfield, IL	Office	2038	2002		43,600		1,357,401		0.5	%		31.13

Property Name	Location	Property Type	Tenant Lease Expiration Year	Year Built / Renovated	Leased Square Feet		Annualized Lease Income		Percentage of Total Annualized Lease Income			Annualized Lease Income per Leased Square Foot

Wholly Owned U.S. Government Leased Properties (Cont.)
DEA - Riverside	Riverside, CA	Office	2032	1997		34,354		1,283,654		0.4	%		37.37
SSA - Dallas	Dallas, TX	Office	2035	2005		27,200		1,036,871		0.4	%		38.12
HRSA - Baton Rouge	Baton Rouge, LA	Office	2040	1981 / 2020		27,569		945,283		0.3	%		34.29
VA - Baton Rouge	Baton Rouge, LA	Outpatient Clinic	2024	2004		30,000		804,727		0.3	%		26.82
ICE - Pittsburgh	Pittsburgh, PA	Office	2032	2004		25,369		803,239		0.3	%		31.66
JUD - South Bend	South Bend, IN	Courthouse/Office	2027	1996 / 2011		30,119		789,781		0.3	%		26.22
ICE - Louisville	Louisville, KY	Office	2022	2011		17,420		715,988		0.2	%		41.10
DEA - San Diego	San Diego, CA	Warehouse	2032	1999		16,100		543,354		0.2	%		33.75
SSA - San Diego	San Diego, CA	Office	2032	2003		10,059		433,098		0.1	%		43.06
DEA - Bakersfield	Bakersfield, CA	Office	2038	2000		9,800		389,559		0.1	%		39.75
Subtotal						8,028,907	$	274,356,525		93.6	%	$	34.17

Wholly Owned Privately Leased Property
501 East Hunter Street - Lummus Corporation	Lubbock, TX	Warehouse/Distribution	2028⁽⁵⁾	2013		70,078		410,344		0.1	%		5.86
Subtotal						70,078	$	410,344		0.1	%	$	5.86

Wholly Owned Properties Total / Weighted Average						8,098,985	$	274,766,869		93.7	%	$	33.93

Property Name	Location	Property Type	Tenant Lease Expiration Year	Year Built / Renovated	Leased Square Feet		Annualized Lease Income		Percentage of Total Annualized Lease Income			Annualized Lease Income per Leased Square Foot

U.S Government Leased to Unconsolidated Real Estate Venture
VA - San Antonio⁽⁶⁾	San Antonio, TX	Outpatient Clinic	2041	2021		226,148		9,413,858		3.2	%		41.63
VA - Chattanooga⁽⁶⁾	Chattanooga, TN	Outpatient Clinic	2035	2020		94,566		4,154,710		1.4	%		43.93
VA - Lubbock⁽⁶⁾⁽⁷⁾	Lubbock, TX	Outpatient Clinic	2040	2020		120,916		3,961,655		1.3	%		32.76
VA - Lenexa⁽⁶⁾	Lenexa, KS	Outpatient Clinic	2041	2021		31,062		1,277,946		0.4	%		41.14
Subtotal						472,692	$	18,808,169		6.3	%	$	39.79

Total / Weighted Average						8,571,677	$	293,575,038		100.0	%	$	34.25

Total / Weighted Average at Easterly's Share						8,349,511	$	284,735,198				$	34.10

⁽¹⁾316,318 square feet leased to U.S. Citizenship and Immigration Services ("USCIS") will expire on February 19, 2042 and contains two five-year renewal options.

⁽³⁾37,811 square feet leased to the U.S. Army Corps of Engineers ("ACOE") will expire on February 19, 2025 and contains two five-year renewal options. 21,646 square feet leased to the Federal Bureau of Investigation ("FBI") will expire on December 31, 2024 and contains two five-year renewal options. 4,846 square feet leased to the Department of Energy ("DOE") will expire on April 14, 2023 and contains two five-year renewal options.

Tenant	Weighted Average Remaining Lease Term⁽¹⁾		Leased Square Feet		Percentage of Leased Square Feet			Annualized Lease Income		Percentage of Total Annualized Lease Income

U.S. Government
Department of Veteran Affairs ("VA")		15.0		1,539,658		18.1	%	$	64,174,167		21.8	%
Federal Bureau of Investigation ("FBI")		7.8		1,363,720		15.9	%		45,195,023		15.4	%
Drug Enforcement Administration ("DEA")		9.9		601,497		7.0	%		26,222,649		8.9	%
U.S. Citizenship and Immigration Services ("USCIS")		14.6		520,807		6.1	%		14,594,697		5.0	%
Judiciary of the U.S. ("JUD")		6.2		336,059		3.9	%		12,211,093		4.2	%
Food and Drug Administration ("FDA")		13.9		209,991		2.4	%		11,693,922		4.0	%
Immigration and Customs Enforcement ("ICE")		5.0		245,894		2.9	%		10,067,318		3.4	%
Environmental Protection Agency ("EPA")		9.9		241,564		2.8	%		9,842,919		3.4	%
Internal Revenue Service ("IRS")		11.4		233,387		2.7	%		8,397,299		2.9	%
U.S. Joint Staff Command ("JSC")		6.2		403,737		4.7	%		8,176,525		2.8	%
Bureau of the Fiscal Service ("BFS")		15.4		266,176		3.1	%		6,768,401		2.3	%
Federal Aviation Administration ("FAA")		1.6		194,540		2.3	%		6,547,118		2.2	%
Patent and Trademark Office ("PTO")		12.8		190,546		2.2	%		6,389,014		2.2	%
U.S. Forest Service ("USFS")		4.2		191,175		2.2	%		6,142,091		2.1	%
Social Security Administration ("SSA")		4.5		189,276		2.2	%		5,106,365		1.7	%
Federal Emergency Management Agency ("FEMA")		16.5		210,373		2.5	%		4,644,079		1.6	%
U.S. Attorney Office ("USAO")		11.8		110,008		1.3	%		4,014,155		1.4	%
Customs and Border Protection ("CBP")		9.0		68,000		0.8	%		3,841,220		1.3	%
Department of Transportation ("DOT")		2.4		129,659		1.5	%		3,830,604		1.3	%
Occupational Safety and Health Administration ("OSHA")		1.8		75,000		0.9	%		3,039,951		1.0	%
Defense Health Agency ("DHA")		12.1		101,285		1.2	%		2,328,334		0.8	%
Department of Energy ("DOE")		7.3		120,496		1.4	%		2,246,152		0.8	%
Military Entrance Processing Command ("MEPCOM")		3.5		30,000		0.3	%		2,215,072		0.8	%
U.S. Department of Agriculture ("USDA")		5.3		69,440		0.8	%		2,188,758		0.7	%
National Weather Service ("NWS")		11.7		94,378		1.1	%		2,114,806		0.7	%
Bureau of Indian Affairs ("BIA")		10.3		78,184		0.9	%		2,036,133		0.7	%
National Park Service ("NPS")		2.2		62,772		0.7	%		1,788,348		0.6	%
Bureau of Reclamation ("BOR")		11.1		69,518		0.8	%		1,756,809		0.6	%
General Services Administration - Other		3.5		54,803		0.6	%		1,710,797		0.6	%

Tenant	Weighted Average Remaining Lease Term⁽¹⁾		Leased Square Feet		Percentage of Leased Square Feet			Annualized Lease Income		Percentage of Total Annualized Lease Income

U.S. Government (Cont.)
U.S. Coast Guard ("USCG")		5.7		59,547		0.7	%	$	1,640,946		0.6	%
National Oceanic and Atmospheric Administration ("NOAA")		5.8		33,403		0.4	%		1,243,659		0.4	%
Small Business Administration ("SBA")		15.5		42,835		0.5	%		1,176,349		0.4	%
U.S. Army Corps of Engineers ("ACOE")		2.9		39,320		0.5	%		1,120,690		0.4	%
Health Resources and Services Administration ("HRSA")		18.3		27,569		0.3	%		945,283		0.3	%
Bureau of Alcohol, Tobacco, Firearms and Explosives ("ATF")		4.2		21,342		0.2	%		758,248		0.3	%
Office of the Field Solicitor ("OFC")		11.1		4,526		0.1	%		114,378		0.0	%
Office of the Special Trustee for American Indians ("OST")		11.1		3,359		0.0	%		84,886		0.0	%
U.S. Marshals Service ("USMS")		4.8		1,054		0.0	%		49,293		0.0	%
Department of Labor ("DOL")		1.8		1,004		0.0	%		23,592		0.0	%
U.S. Probation Office ("USPO")		1.8		452		0.0	%		10,630		0.0	%
Subtotal		10.1		8,236,354		96.0	%	$	286,451,773		97.6	%

Private Tenants
Other Private Tenants		2.9		79,521		0.9	%		1,994,860		0.7	%
CVS Health		3.2		60,324		0.7	%		1,324,317		0.5	%
ExamOne		2.2		50,105		0.6	%		999,705		0.3	%
St. Luke's Health System		4.8		32,043		0.4	%		926,018		0.3	%
We Are Sharing Hope SC		0.0		21,609		0.3	%		742,699		0.3	%
Providence Health & Services		3.4		21,643		0.3	%		725,322		0.2	%
Lummus Corporation		6.3		70,078		0.8	%		410,344		0.1	%
Subtotal		3.6		335,323		4.0	%	$	7,123,265		2.4	%

Total / Weighted Average		9.8		8,571,677		100.0	%	$	293,575,038		100.0	%

Year of Lease Expiration	Number of Leases Expiring	Leased Square Footage Expiring		Percentage of Total Leased Square Footage Expiring			Annualized Lease Income Expiring		Percentage of Total Annualized Lease Income Expiring			Annualized Lease Income per Leased Square Foot Expiring
2022	7		234,014		2.7	%	$	7,699,690		2.6	%	$	32.90
2023	12		375,974		4.4	%		12,153,264		4.1	%		32.32
2024	12		790,700		9.2	%		24,323,429		8.3	%		30.76
2025	15		679,124		7.9	%		22,827,474		7.8	%		33.61
2026	6		295,783		3.5	%		9,240,909		3.1	%		31.24
2027	7		502,963		5.9	%		18,070,180		6.2	%		35.93
2028	9		794,819		9.3	%		16,988,032		5.8	%		21.37
2029	5		493,794		5.8	%		14,026,011		4.8	%		28.40
2030	0		-		0.0	%		-		0.0	%		-
2031	2		100,502		1.2	%		4,022,326		1.4	%		40.02
Thereafter	49		4,304,004		50.1	%		164,223,723		55.9	%		38.16
Total / Weighted Average	124		8,571,677		100.0	%	$	293,575,038		100.0	%	$	34.25

Projects Under Construction⁽¹⁾
Property Name	Location		Property Type		Total Leased Square Feet		Lease Term		Anticipated Total Cost		Cost to Date		Total Lump-Sum Reimbursement		Anticipated Completion Date		Anticipated Lease Commencement
N/A		-		-		-		-	$	-	$	-	$	-		-		-



Projects in Design⁽²⁾
Property Name	Location		Property Type		Total Estimated Leased Square Feet		Lease Term		Cost to Date		Anticipated Completion Date		Anticipated Lease Commencement
FDA - Atlanta	Atlanta, GA		Laboratory			162,000	20-Year		$	30,634	2Q 2024		2Q 2024
Total						162,000			$	30,634



Projects Previously Completed with Outstanding Lump-Sum Reimbursements
Property Name	Location		Property Type		Total Leased Square Feet		Lease Term		Outstanding Lump-Sum Reimbursement⁽³⁾		Completion Date		Lease Commencement
N/A		-		-		-		-	$	-		-		-

⁽²⁾Includes projects in the design phase for which project scope is not fully determined.

⁽³⁾Includes reimbursement of lump-sum tenant improvement costs and development fees.

Corporate Information

Corporate Headquarters	Stock Exchange Listing	Information Requests	Investor Relations
2001 K Street NW	New York Stock Exchange	Please contact ir@easterlyreit.com	Lindsay Winterhalter,
Suite 775 North		or 202-596-3947 to request an	Supervisory VP,
Washington, DC 20006	Ticker	Investor Relations package	Investor Relations
202-595-9500	DEA		& Operations

Executive Team		Board of Directors
William Trimble III, CEO	Darrell Crate, Chairman	William Binnie, Lead Independent Director	Emil Henry Jr.
Michael Ibe, Vice-Chairman and EVP	Meghan Baivier, CFO & COO	Darrell Crate	Michael Ibe
Mark Bauer, EVP	Ronald Kendall, EVP	Cynthia Fisher	Tara Innes
Andrew Pulliam, EVP	Allison Marino, CAO	Scott Freeman	William Trimble III

Equity Research Coverage

Citigroup	Raymond James & Associates	RBC Capital Markets
Michael Bilerman / Emmanuel Korchman	Bill Crow	Michael Carroll
212-816-1383 / 212-816-1382	727-567-2594	440-715-2649

Jefferies	Truist Securities	Compass Point Research & Trading, LLC
Jonathan Petersen / Peter Abramowitz	Michael R. Lewis	Merrill Ross
212-284-1705 / 212-336-7241	212-319-5659	202-534-1392

BMO Capital Markets
John P. Kim
212-885-4115

Balance Sheet Information	Balance Sheet		Easterly's Share
	March 31, 2022		March 31, 2022
Real estate properties - net	$	199,815	$	105,902
Total assets		293,208		155,400
Total liabilities		6,334		3,357
Total preferred stockholders' equity		83		44
Total common stockholders' equity		286,791		151,999
Basis difference⁽¹⁾		-		375
Total equity	$	286,874	$	152,374

Overview

Corporate Information and Analyst Coverage		6

Executive Summary		7

Corporate Financials

Balance Sheets		8

Income Statements		9

Net Operating Income		10

EBITDA, FFO and CAD		11

Unconsolidated Real Estate Venture		12

Debt

Debt Schedules		13

Debt Maturities		14

Properties

Leased Operating Property Overview		15

Tenants		19

Lease Expirations		21

Summary of Re/Development Projects		22


Disclaimers


Supplemental Definitions


Supplemental Definitions


Table of Contents