Easterly Government Properties (DEA) Investor presentation summary

Business model and competitive position

• Positioned as a specialist owner, manager, acquirer and developer of mission-critical government-leased real estate, with capabilities spanning acquisitions, build-to-suit development, asset management and financing.

• Acquisition track record includes more than $3.3B in government-leased assets; development experience spans nearly 5M square feet of build-to-suit construction.

• Government leasing can replace ownership costs and deferred maintenance with privately funded, maintained facilities, offering agencies budget flexibility, faster upgrades and improved operational reliability.

• Typical U.S. government leases are modified gross, usually have initial terms of 10–20 years, and generally use flat base rent during the initial term; renewal base rent resets based on inflation, replacement cost and property enhancements.

Market opportunity

• GSA-leased inventory grew 23.3% from 1998, while GSA-owned inventory declined 1.1%; the presentation cites federal budget constraints as a potential driver of continued leasing.

• The top owners held 26.3% of federally leased real estate in aggregate, with no single landlord above 5.4%, indicating a fragmented market.

• Barriers to entry include GSA procurement expertise, understanding agency missions and protocols, relevant operating experience and access to capital.

Portfolio and lease profile

• At June 30, 2026, the portfolio comprised 106 operating properties and 10.7M leased square feet; 98% leased, with an average building size of 103.6K square feet.

• Weighted average building age was 17.1 years; weighted average remaining lease term was 9.2 years including soft terms and 8.0 years excluding them.

• Annual lease income was $36.72 per leased square foot; 86.3% of annual lease income was backed by the full faith and credit of the U.S. Government.

• Portfolio annual lease income allocation included veteran care 29%, law enforcement 26%, safety and security 13%, federal infrastructure 13%, border security 11%, rule of law 6% and defense 2%.

• Existing U.S. Government leases represented $3.1B of aggregate rental income over their remaining terms; an illustrative case of 10-year renewals with a 10% rent increase showed $6.1B.