Easterly Government Properties, Inc. (NYSE: DEA)

Easterly Government Properties Inc is an internally managed real estate investment trust focused on the acquisition development and management of Class A commercial properties leased to U S Government agencies that serve essential functions. The company generates approximately 90% of its revenue by leasing its properties to such agencies either directly or through the U S General Services Administration. Easterly Government Properties Inc operates primarily in the United States and seeks to be a partner of choice for the U S Government by meeting tenant agency needs and objectives. The company's portfolio includes properties leased to state and local governments with strong creditworthiness and a smaller number of properties leased to private tenants. As of September 30 2025 Easterly Government Properties Inc wholly owned 92 operating properties and held ten operating properties through an unconsolidated joint venture encompassing approximately 10.2 million leased square feet. The company also wholly owned four properties under development expected to encompass approximately 0.3 million leased square feet upon completion.

Easterly Government Properties Inc generates revenue primarily through rental income from leasing its properties to U S Government agencies state and local government tenants and private tenants. The company earns annualized lease income from base rent straight line rent adjustments and net expense reimbursements. As of September 30 2025 the weighted average annualized lease income per leased square foot was $36.74. Revenue is derived from long term leases with the U S General Services Administration and other federal agencies as well as leases with state and local governments and private corporations. The company also generates income from tenant reimbursements asset management fees and other sources such as interest income. Easterly Government Properties Inc does not engage in significant development or construction activities beyond preparing properties for lease to government tenants.

The company operates through the following segments:

• Wholly Owned U S Government Leased Properties.

• Wholly Owned State and Local Government Property.

• Wholly Owned Privately Leased Property.

• Unconsolidated Real Estate Venture U S Government Leased Properties.

Easterly Government Properties Inc holds a leading position in the niche market of U S Government leased real estate. The company competes with other real estate investment trusts and private real estate firms that focus on government leased properties. Its competitive advantages include its internal management structure long term relationships with U S Government agencies and specialization in build to suit properties that meet mission critical needs. The company's focus on essential functions and creditworthy tenants provides stability in its revenue stream. Easterly Government Properties Inc benefits from the U S Government's strong credit standing and the non appropriation nature of the Federal Buildings Fund which supports rent payments even during government shutdowns.

Easterly Government Properties Inc serves U S Government agencies including the Department of Veterans Affairs Federal Bureau of Investigation General Services Administration Department of Homeland Security Food and Drug Administration Drug Enforcement Administration and Judiciary of the U S Government. The company also leases properties to state and local government entities such as the District of Columbia Government Wake County North Carolina and the Florida Department of Law Enforcement. Private tenants include York Space Systems Northrop Grumman and Lummus Corporation.