Exhibit 99.2


Disclaimers

Forward-looking Statement

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, including credit risk and risk that the U.S. Government reduces its spending on real estate or that it changes its preference away from leased properties; risks associated with ownership and development of real estate; the risk of decreased rental rates or increased vacancy rates; the loss of key personnel; 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 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, including failure to refinance current or future indebtedness on favorable terms, or at all, failure to meet the restrictive covenants and requirements in our existing and new debt agreements, fluctuations in interest rates and increased costs to refinance or issue new debt; risks associated with derivatives or hedging activity; risks associated with mortgage debt or unsecured financing or the unavailability thereof, which could make it difficult to finance or refinance properties and could subject us to foreclosure; adverse impacts from any future pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies and the financial condition and results of operations of the Company; and other risks and uncertainties detailed in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission, or the SEC, on February 25, 2025 and 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.


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 June 30, 2025 that will be released in our Form 10-Q to be filed with the SEC on or about August 5, 2025. Share, share price and per share data have been adjusted for all periods presented to reflect a 1-for-2.5 reverse stock split, effective April 28, 2025, and a reduction in authorized shares of common stock from 200,000,000 to 80,000,000, in proportion to the 1-for 2.5 reverse stock split, effective May 8, 2025.


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 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.

Core Funds from Operations (Core FFO) adjusts FFO to present an alternative measure of the Company's operating performance, which, when applicable, excludes items which it believes are not representative of ongoing operating results, such as liability management related costs (including losses on extinguishment of debt and modification costs), catastrophic event charges, depreciation of non-real estate assets, provision for (recovery of) credit losses, and the unconsolidated real estate venture's allocated share of these adjustments. In future periods, the Company may also exclude other items from Core FFO that it believes may help investors compare its results. The Company believes Core FFO more accurately reflects the ongoing operational and financial performance of the Company's core business.

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, impairment loss, 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.


Supplemental Definitions

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.

Net Debt and Adjusted Net Debt Net Debt represents the Company's consolidated debt and its share of unconsolidated debt adjusted to exclude its share of unamortized premiums and discounts and deferred financing fees, less its 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 25 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 may be presented on a pro forma basis. Accordingly, the Company's method may not be comparable to such other REITs.

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, recovery of credit losses, interest expense, gains or losses from sales of property, impairment loss, 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 its properties. NOI and Cash NOI should not be considered an alternative to net income as an indication of the Company's performance or to cash flows as a measure of the Company's liquidity or its ability to make distributions.


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 Operating Property Overview		19

Tenants		23

Lease Expirations		25

Summary of Re/Development Projects		27


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	Allison Marino
Suite 775 North		or 202-830-3349 to request an	EVP, CFO
Washington, DC 20006	Ticker	Investor Relations package
202-595-9500	DEA


Executive Team		Board of Directors
Darrell Crate, President & CEO	Mark Bauer, EVP Development	William Binnie, Chairman	Emil Henry Jr.
Michael Ibe, Vice-Chairman & EVP	Franklin Logan, GC	Darrell Crate	Michael Ibe
Allison Marino, CFO	Andrew Pulliam, EVP Acquisitions	Cynthia Fisher	Tara Innes
Stuart Burns, EVP Government Relations	Brian Colantuoni, CAO	Scott Freeman
Nick Nimerala, SVP Chief Asset Officer	Christopher Wang, EVP Acquisitions


Equity Research Coverage

Citigroup	Raymond James & Associates	RBC Capital Markets
Seth Bergey & Nick Joseph	Jonathan Hughes	Michael Carroll
212-816-2066 & 212-816-1909	727-567-2438	440-715-2649

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

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

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.

     Executive Summary
(In thousands, except share and per share amounts)


Outstanding Classes of Stock and Partnership Units - Fully Diluted Basis	At June 30, 2025			Earnings	Three months ended June 30, 2025		Three months ended June 30, 2024
Common shares		45,295,422		Net income available to Easterly Government Properties, Inc.	$	4,071	$	4,611
Unvested restricted shares		58,693		Net income available to Easterly Government Properties, Inc.
Common partnership and vested LTIP units		1,774,405		per share:
Total - fully diluted basis		47,128,520		Basic	$	0.09	$	0.11
				Diluted	$	0.09	$	0.11

Market Capitalization	At June 30, 2025			Net income	$	4,254	$	4,850
Price of Common Shares	$	22.20		Net income, per share - fully diluted basis	$	0.09	$	0.11
Total equity market capitalization - fully diluted basis	$	1,046,253		Funds From Operations (FFO)	$	34,816	$	30,690
Net Debt	$	1,725,005		FFO, per share - fully diluted basis	$	0.74	$	0.71
Total enterprise value	$	2,771,258
				Core FFO	$	34,592	$	31,373
				Core FFO, per share - fully diluted basis	$	0.74	$	0.72
Ratios	At June 30, 2025
Net debt to total enterprise value		62.2	%	Cash Available for Distribution (CAD)	$	29,298	$	24,806
Net debt to annualized quarterly EBITDA		7.9	x
Adjusted Net Debt to annualized quarterly pro forma EBITDA		7.2	x	Liquidity	At June 30, 2025
Cash interest coverage ratio		3.0	x	Cash and cash equivalents			$	5,789
Cash fixed charge coverage ratio		2.8	x	Available under $400 million senior unsecured 2024 revolving credit facility(1)			$	122,325

(1) 2024 revolving credit facility has an accordion feature that provides additional capacity, subject to syndication of the increase and the satisfaction of customary terms and conditions, of up to $300 million, for a total revolving credit facility size of not more than $700 million.

     Balance Sheets
(Unaudited, in thousands, except share amounts)


	June 30, 2025			December 31, 2024
Assets
Real estate properties, net	$	2,682,915		$	2,572,095
Cash and cash equivalents		4,697			19,353
Restricted cash		9,354			8,451
Tenant accounts receivable		75,506			71,172
Investment in unconsolidated real estate venture		310,514			316,521
Real estate loan receivable, net		31,942			34,081
Intangible assets, net		188,006			161,425
Interest rate swaps		-			717
Prepaid expenses and other assets		56,493			39,256
Total assets	$	3,359,427		$	3,223,071

Liabilities
Revolving credit facility		277,550			274,550
Term loan facilities, net		273,524			274,009
Notes payable, net		1,018,398			894,676
Mortgage notes payable, net		153,420			155,586
Intangible liabilities, net		13,331			14,885
Deferred revenue		118,659			120,977
Interest rate swaps		2,903			-
Accounts payable, accrued expenses and other liabilities		115,110			101,271
Total liabilities		1,972,895			1,835,954

Equity
Common stock, par value $0.01, 80,000,000 shares authorized, 45,354,115 and 43,188,224 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively		453			432
Additional paid-in capital(1)		1,934,279			1,874,193
Retained earnings		139,052			131,854
Cumulative dividends		(734,864	)		(686,044	)
Accumulated other comprehensive income (loss)		(4,591	)		683
Total stockholders' equity		1,334,329			1,321,118
Non-controlling interest in Operating Partnership		52,203			65,999
Total equity		1,386,532			1,387,117
Total liabilities and equity	$	3,359,427		$	3,223,071

(1) As of December 31, 2024 and June 30, 2025, the Company reclassified $0.6 million from Common Stock to Additional Paid-in-Capital due to the reduction in shares outstanding in connection with the Reverse Stock Split effective April 28, 2025.

      Income Statements
 (Unaudited, in thousands, except share and per share amounts)


	Three Months Ended						Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Revenues
Rental income	$	80,367		$	72,183		$	155,913		$	142,929
Tenant reimbursements		1,895			2,814			2,921			3,831
Asset management income		622			551			1,244			1,101
Other income		1,350			673			2,831			1,160
Total revenues		84,234			76,221			162,909			149,021

Expenses
Property operating		19,210			18,118			37,009			34,710
Real estate taxes		8,486			7,843			16,443			16,072
Depreciation and amortization		28,534			24,086			55,331			47,886
Acquisition costs		362			408			669			827
Corporate general and administrative		6,807			6,910			13,022			13,365
Provision for (recovery of) credit losses		(539	)		218			(777	)		218
Total expenses		62,860			57,583			121,697			113,078

Other income (expense)
Income from unconsolidated real estate venture		1,840			1,377			3,662			2,792
Interest expense, net		(18,960	)		(15,165	)		(37,337	)		(29,001	)
Net income		4,254			4,850			7,537			9,734

Non-controlling interest in Operating Partnership		(183	)		(239	)		(339	)		(497	)
Net income available to Easterly Government
Properties, Inc.	$	4,071		$	4,611		$	7,198		$	9,237

Net income available to Easterly Government
Properties, Inc. per share:
Basic	$	0.09		$	0.11		$	0.16		$	0.22
Diluted	$	0.09		$	0.11		$	0.15		$	0.22

Weighted-average common shares outstanding:
Basic		45,011,585			41,165,590			44,122,803			40,981,423
Diluted		45,111,753			41,280,249			44,230,123			41,091,880

Net income, per share - fully diluted basis	$	0.09		$	0.11		$	0.16		$	0.23

Weighted average common shares outstanding -
fully diluted basis		47,043,923			43,312,045			46,236,779			43,199,342

      Net Operating Income
 (Unaudited, in thousands)


	Three Months Ended						Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024

Net income	$	4,254		$	4,850		$	7,537		$	9,734
Depreciation and amortization		28,534			24,086			55,331			47,886
Acquisition costs		362			408			669			827
Corporate general and administrative		6,807			6,910			13,022			13,365
Provision for (recovery of) credit losses		(539	)		218			(777	)		218
Interest expense		18,960			15,165			37,337			29,001
Unconsolidated real estate venture allocated share of above adjustments		2,340			2,070			4,720			4,156
Net Operating Income		60,718			53,707			117,839			105,187
Adjustments to Net Operating Income:
Straight-line rent and other non-cash adjustments		(283	)		(907	)		(15	)		(1,751	)
Amortization of above-/below-market leases		(488	)		(480	)		(1,006	)		(1,074	)
Amortization of deferred revenue		(1,863	)		(1,759	)		(3,625	)		(3,363	)
Unconsolidated real estate venture allocated share of above adjustments		24			24			50			48
Cash Net Operating Income	$	58,108		$	50,585		$	113,243		$	99,047

      EBITDA
(Unaudited, in thousands)


	Three Months Ended					Six Months Ended
	June 30, 2025		June 30, 2024			June 30, 2025		June 30, 2024
Net income	$	4,254	$	4,850		$	7,537	$	9,734
Depreciation and amortization		28,534		24,086			55,331		47,886
Interest expense		18,960		15,165			37,337		29,001
Tax expense		193		(293	)		356		(27	)
Unconsolidated real estate venture allocated share of above adjustments		2,341		2,081			4,682		4,155
EBITDA	$	54,282	$	45,889		$	105,243	$	90,749

Pro forma adjustments(1)		260
Pro forma EBITDA	$	54,542

(1) Pro forma assuming a full quarter of operations from the two operating properties acquired in the second quarter of 2025.

     FFO and CAD
(Unaudited, in thousands, except share and per share amounts)


	Three Months Ended						Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024

Net income	$	4,254		$	4,850		$	7,537		$	9,734
Depreciation of real estate assets		28,282			23,834			54,828			47,383
Unconsolidated real estate venture allocated share of above adjustments		2,280			2,006			4,559			4,008
FFO	$	34,816		$	30,690		$	66,924		$	61,125
Adjustments to FFO:
Loss on extinguishment of debt and modification costs	$	-		$	258		$	900		$	258
Provision for (recovery of) credit losses		(539	)		218			(777	)		218
Natural disaster event expense, net of recovery		47			(61	)		70			(8	)
Depreciation of non-real estate assets		252			252			503			503
Unconsolidated real estate venture allocated share of above adjustments		16			16			33			33
Core FFO	$	34,592		$	31,373		$	67,653		$	62,129

FFO, per share - fully diluted basis	$	0.74		$	0.71		$	1.45		$	1.41
Core FFO, per share - fully diluted basis	$	0.74		$	0.72		$	1.46		$	1.44

Core FFO	$	34,592		$	31,373		$	67,653		$	62,129
Straight-line rent and other non-cash adjustments		(300	)		(918	)		(49	)		(1,774	)
Amortization of above-/below-market leases		(488	)		(480	)		(1,006	)		(1,074	)
Amortization of deferred revenue		(1,863	)		(1,759	)		(3,625	)		(3,363	)
Non-cash interest expense		855			389			1,614			696
Non-cash compensation		1,395			1,160			2,816			2,389
Natural Disaster event expense, net of recovery		(47	)		61			(70	)		8
Principal amortization		(1,137	)		(1,078	)		(2,264	)		(2,195	)
Maintenance capital expenditures		(3,720	)		(3,813	)		(4,005	)		(5,537	)
Contractual tenant improvements		-			(129	)		(612	)		(573	)
Unconsolidated real estate venture allocated share of above adjustments		11			-			(9	)		(15	)
Cash Available for Distribution (CAD)	$	29,298		$	24,806		$	60,443		$	50,691

Weighted average common shares outstanding - fully diluted basis		47,043,923			43,312,045			46,236,779			43,199,342

Unconsolidated Real Estate Venture

(Unaudited, in thousands)


Balance Sheet Information	Balance Sheet		Easterly's Share(2)
	June 30, 2025		June 30, 2025
Real estate properties - net	$	495,900	$	262,827
Total assets		596,539		316,165
Total liabilities		11,246		5,960
Total preferred stockholders' equity		125		66
Total common stockholders' equity		585,168		310,139
Basis difference(1)		-		375
Total equity	$	585,293	$	310,514

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

(2) The Company owns 53.0% of the properties through the unconsolidated joint venture.

      Unconsolidated Real Estate Venture (Cont.)
(Unaudited, in thousands)


Income Statement Information	Three Months Ended			Easterly's Share(1)			Six Months Ended			Easterly's Share(1)
	June 30, 2025			June 30, 2025			June 30, 2025			June 30, 2025
Revenues
Rental income	$	12,632		$	6,695		$	25,217		$	13,365
Other income		42			22			79			42
Total Revenues		12,674			6,717			25,296			13,407
Operating expenses
Property operating		2,631			1,395			5,169			2,740
Real estate taxes		1,533			813			3,067			1,626
Depreciation and amortization		4,332			2,296			8,663			4,592
Acquisition costs		-			-			5			3
Asset management fees		621			329			1,243			659
Corporate general and administrative		44			22			155			81
Total expenses		9,161			4,855			18,302			9,701
Other expenses
Interest expense		(41	)		(22	)		(82	)		(44	)
Net income	$	3,472		$	1,840		$	6,912		$	3,662

Depreciation and amortization		4,332			2,296			8,663			4,592
Interest expense		41			22			82			44
Tax expense		43			23			87			46
EBITDA	$	7,888		$	4,181		$	15,744		$	8,344

Net income	$	3,472		$	1,840		$	6,912		$	3,662
Depreciation of real estate assets		4,301			2,280			8,601			4,559
FFO	$	7,773		$	4,120		$	15,513		$	8,221
Adjustments to FFO:
Depreciation of non-real estate assets		31			16			62			33
Core FFO	$	7,804		$	4,136		$	15,575		$	8,254
Adjustments to Core FFO:
Straight-line rent and other non-cash adjustments		46			24			92			49
Non-cash interest expense		41			21			82			43
Maintenance capital expenditures		(66	)		(35	)		(139	)		(74	)
Contractual tenant improvements		-			-			(52	)		(28	)
Cash Available for Distribution (CAD)	$	7,825		$	4,146		$	15,558		$	8,244

(1) The Company owns 53.0% of the properties through the unconsolidated joint venture.

     Debt Schedules
(Unaudited, in thousands)


Debt Instrument	Maturity Date	June 30, 2025 Interest Rate	June 30, 2025 Balance(1)		June 30, 2025 Percent of Total Indebtedness
Unsecured debt
2024 Revolving Credit facility	3-Jun-28(2)	S + 145 bps(3)		277,550	16.0%
2016 Term Loan facility	28-Jan-28(4)	5.31%(5)		100,000	5.8%
2018 Term Loan facility	23-Jul-26	5.09%(6)		174,500	10.1%
2017 Series A Senior Notes	25-May-27	4.05%		95,000	5.5%
2017 Series B Senior Notes	25-May-29	4.15%		50,000	2.9%
2017 Series C Senior Notes	25-May-32	4.30%		30,000	1.7%
2019 Series A Senior Notes	12-Sep-29	3.73%		85,000	4.9%
2019 Series B Senior Notes	12-Sep-31	3.83%		100,000	5.8%
2019 Series C Senior Notes	12-Sep-34	3.98%		90,000	5.2%
2021 Series A Senior Notes	14-Oct-28	2.62%		50,000	2.9%
2021 Series B Senior Notes	14-Oct-30	2.89%		200,000	11.6%
2024 Series A Senior Notes	28-May-33	6.56%		150,000	8.7%
2024 Series B Senior Notes	13-Aug-33	6.56%		50,000	2.9%
2025 Series A Senior Notes	20-Mar-30	6.13%		25,000	1.4%
2025 Series B Senior Notes	20-Mar-32	6.33% (7)		100,000	5.7%
Total unsecured debt	4.6 years	4.81%	$	1,577,050	91.1%
	(wtd-avg maturity)	(wtd-avg rate)

Secured mortgage debt
USFS II - Albuquerque	14-Jul-26	4.46%		8,580	0.5%
ICE - Charleston	15-Jan-27	4.21%		9,714	0.6%
VA - Loma Linda	6-Jul-27	3.59%		127,500	7.4%
CBP - Savannah	10-Jul-33	3.40%		8,240	0.4%
Total secured mortgage debt	2.3 years	3.67%	$	154,034	8.9%
	(wtd-avg maturity)	(wtd-avg rate)

(1) Excludes unamortized premiums / discounts and deferred financing fees.

(2) 2024 revolving credit facility has two six-month as-of-right extension options, subject to certain conditions and the payment of an extension fee.

(3) The 2024 revolving credit facility is subject to one interest rate swap with an effective date of March 24, 2025 and a notional value of $100.0 million, of which $25.5 million is associated with our 2024 revolving credit facility, to effectively fix the interest rate on the $25.5 million at 5.17% annually. The spread over the secured overnight financing rate ("SOFR") is based on our consolidated leverage ratio, as defined in our 2024 revolving credit facility agreement. Additionally, at June 30, 2025, $252.1 million of amounts outstanding under our 2024 revolving credit facility had a floating rate of 4.29% under USD SOFR with a five day lookback.

(4) 2016 term loan facility has two one-year as-of-right extension options, subject to certain conditions and the payment of an extension fee.

(5) Calculated based on three interest rate swaps with a total notional value of $100.0 million, which effectively fixes the interest rate at 5.31% annually based on the Company’s current consolidated leverage ratio. The interest rate swap matures on December 23, 2027, which is not coterminous with the maturity date of the 2016 term loan facility.

(6) Calculated based on three interest rate swaps with an aggregate notional value of $200.0 million, of which $174.5 million is associated with our 2018 term loan facility, to effectively fix the interest rate on the $174.5 million at 5.09% annually based on the Company’s current consolidated leverage ratio. The three interest rate swaps mature on April 1, 2028, July 1, 2028 and July 1, 2028, none of which are coterminous with the maturity date of the 2018 term loan facility.

(7) We entered into two $50.0 million treasury lock agreements to fix the Treasury rate of our 2025 series B senior notes.

     Debt Schedules (Cont.)
(Unaudited, in thousands)


Debt Statistics	June 30, 2025				June 30, 2025
Variable rate debt - unhedged	$	252,050		% Variable rate debt - unhedged		14.6	%
Fixed rate debt		1,479,034		% Fixed rate debt(3)		85.4	%
Total Debt(1)	$	1,731,084
Less: cash and cash equivalents		(5,789	)	Weighted average maturity	4.4 years
Less: property acquisition closing escrow, net of deposit		(290	)	Weighted average interest rate		4.7	%
Net Debt	$	1,725,005
Less: Adjustment for development(2)		(148,585	)
Adjusted Net Debt	$	1,576,420

(1) Excludes unamortized premiums / discounts and deferred financing fees.

(2) See definition of Adjusted Net Debt on Page 4.

(3) Includes the Company's secured mortgage debt, 2016 and 2018 term loan facilities and $25.5 million associated with our 2024 revolving credit facility which are effectively swapped to fixed interest rates. Note the associated swaps are not coterminous with maturity dates of the respective term loan facilities. See Page 16 for further detail.

     Debt Maturities
(Unaudited, in thousands)


	Secured Debt				Unsecured Debt
Year	Scheduled Amortization		Scheduled Maturities		Scheduled Maturities		Total		Percentage of Debt Maturing			Weighted Average Interest Rate of Scheduled Maturities
2025		2,334		-		-		2,334		0.0	%		0.00	%
2026		3,686		6,368		174,500		184,554		10.5	%		5.06	%
2027		1,093		134,640		95,000		230,733		13.4	%		3.80	%
2028		983		-		427,550		428,533		24.9	%		5.24	%
2029		1,016		-		135,000		136,016		7.9	%		3.89	%
2030		1,049		-		225,000		226,049		13.1	%		3.25	%
2031		1,081		-		100,000		101,081		5.8	%		3.83	%
2032		1,116		-		130,000		131,116		7.6	%		5.86	%
2033		668		-		200,000		200,668		11.6	%		6.43	%
2034		-		-		90,000		90,000		5.2	%		3.98	%
Total	$	13,026	$	141,008	$	1,577,050	$	1,731,084		100.0	%

     Leased Operating Property Overview
(As of June 30, 2025, unaudited)


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	$	16,793,387		4.5	%	$	51.26
USCIS - Kansas City	Lee's Summit, MO	Office	2028 - 2042(1)	1969 / 1999		417,945		10,344,064		2.7	%		24.75
JSC - Suffolk	Suffolk, VA	Specialized Facility	2028(2)	1993 / 2004		403,737		8,540,398		2.2	%		21.15
Various GSA - Chicago	Des Plaines, IL	Office	2026	1971 / 1999		188,768		7,801,422		2.0	%		41.33
IRS - Fresno	Fresno, CA	Office	2033	2003		180,481		6,915,832		1.9	%		38.32
FBI - Salt Lake	Salt Lake City, UT	Specialized Facility	2032	2012		169,542		6,809,183		1.8	%		40.16
Various GSA - Portland	Portland, OR	Office	2025 - 2039(3)	2002		199,565		6,674,355		1.8	%		33.44
Various GSA - Buffalo	Buffalo, NY	Office	2025 - 2039	2004		273,678		6,489,343		1.8	%		23.71
VA - San Jose	San Jose, CA	Outpatient Clinic	2038	2018		90,085		5,815,725		1.6	%		64.56
EPA - Lenexa	Lenexa, KS	Office	2027(2)	2007 / 2012		169,585		5,796,626		1.6	%		34.18
FBI - Tampa	Tampa, FL	Specialized Facility	2040	2005		138,000		5,314,467		1.4	%		38.51
FBI - San Antonio	San Antonio, TX	Specialized Facility	2025	2007		148,584		5,232,733		1.4	%		35.22
FDA - Alameda	Alameda, CA	Laboratory	2039	2019		69,624		4,966,674		1.3	%		71.34
FBI / DEA - El Paso	El Paso, TX	Specialized Facility	2028	1998 - 2005		203,683		4,879,899		1.3	%		23.96
PTO - Arlington	Arlington, VA	Specialized Facility	2035	2009		190,546		4,773,566		1.3	%		25.05
FEMA - Tracy	Tracy, CA	Warehouse	2038	2018		210,373		4,652,865		1.3	%		22.12
TREAS - Parkersburg	Parkersburg, WV	Office	2041	2004 / 2006		182,500		4,419,159		1.2	%		24.21
FDA - Lenexa	Lenexa, KS	Laboratory	2040	2020		59,690		4,333,387		1.2	%		72.60
FBI - Mobile	Mobile, AL	Specialized Facility	2029(2)	2001		76,112		4,286,736		1.2	%		56.32
FBI - Pittsburgh	Pittsburgh, PA	Specialized Facility	2027	2001		100,054		4,153,115		1.1	%		41.51
ICE - Dallas	Irvine, TX	Specialized Facility	2032 / 2040(4)	2000 / 2020		135,200		4,135,588		1.1	%		30.59
VA - South Bend	Mishakawa, IN	Outpatient Clinic	2032	2017		86,363		4,094,780		1.1	%		47.41
VA - Mobile	Mobile, AL	Outpatient Clinic	2033	2018		79,212		3,996,712		1.1	%		50.46
FBI - New Orleans	New Orleans, LA

Easterly Government Properties, Inc. 8-K