Easterly Government Properties (DEA) Investor presentation summary

Competitive positioning and market opportunity

• Leading owner, manager, acquirer, and developer of mission-critical government-leased real estate, with over $3.3 billion in closed government-leased assets and nearly 5 million square feet developed over 30 years.

• U.S. government is the largest office tenant in the U.S., with GSA-leased inventory growing 23.3% since 1998, outpacing GSA-owned inventory.

• High barriers to entry due to specialized knowledge of GSA procurement, tenant agency hierarchy, and capital access.

• Fragmented market with the top owners holding only 26.3% of federally-leased assets; no single landlord owns more than 5.4%.

• Asset-lite transition by the government increases leasing demand, providing a robust acquisition pipeline.

Portfolio characteristics and tenant profile

• Portfolio includes 106 operating properties totaling 10.7 million leased square feet, with a 97% occupancy rate and a weighted average lease term of 9.4 years (including soft term).

• 88% of annual lease income is backed by the full faith and credit of the U.S. government.

• Tenant mix is diversified across federal functions: veteran care (29%), law enforcement (26%), federal infrastructure (13%), border security (11%), safety & security (12%), rule of law (6%), and defense (3%).

• Portfolio supports critical government missions, including VA, FBI, DHS, IRS, and more.

Financial performance and stability

• Aggregate rental income due during the remaining term of existing leases is $3.1 billion, with a potential increase to $6.2 billion if all leases are renewed for 10 years at a 10% rent increase.

• Demonstrated renewal track record: 33 properties renewed since IPO, covering 2.1 million square feet, with a 14% weighted average net effective rent spread.

• Non-speculative development approach with long-term, non-cancelable leases and premium yields.