Easterly Government Properties 8K Reports First | DEA 11 May 15

Supplemental Information Package

First Quarter 2015

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 and include our guidance with respect to FFO. 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 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; decreased rental

rates or increased vacancy rates; 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; failure of acquisitions or development projects to yield

anticipated results; 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, 2014 filed with the Securities and Exchange Commission. In

addition, our anticipated 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

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, 2015 that will be released on Form 10-Q to be filed on or about

May 12, 2015.

Supplemental Definitions

Annualized lease income

annualized straight line rent adjustments for the last month in such period and the annualized expense reimbursements earned by

us for the last month in such period.

Fully diluted basis

operating partnership, or common units, the full vesting of all restricted stock units and the exchange of all outstanding LTIP units in

our 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)

as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring, sales of properties

and real estate related impairment charges, plus real estate depreciation and amortization and after adjustments for unconsolidated

partnerships and joint ventures.

Pro Forma Full Quarter

is defined as the annualized contractual base rent for the last month in a specified period, plus the

assumes the exchange of all outstanding common units representing limited partnership interests in our

defined

under

the

White

Paper

approved

the

Board

Governors

NAREIT,

amended,

represents

pro

forma

full

quarter’s

operations

based

the

financial

results

the

days

operations.

Table of Contents

Overview

Corporate Information and Analyst Coverage

Executive Summary

Highlights

Corporate Financials

Income Statement

Balance Sheet

Cash NOI

EBITDA, FFO and CAD

Debt

Debt Schedules

Debt Maturities

Properties

Property Overview

Tenants

Lease Expirations

Corporate Information and Analyst Coverage

(Q1 2015)

Corporate Information

Corporate Headquarters

Stock Exchange Listing

Investor Relations

2101 L Street NW

New York Stock Exchange

Evelyn Infurna

Suite 750

ICR, Inc.

Washington, DC 20037

Ticker

202-595-9500

NYSE:DEA

Equity Research Coverage

Citigroup

Michael Bilerman / Emmanuel Korchman

212-816-1383 / 212-816-1382

Any

opinions,

estimates,

forecasts

predictions

regarding

Easterly

Government

Properties’

performance

made

these

analysts

are

theirs

alone

and

not

represent

opinions,

estimates,

forecasts

predictions

Easterly

Government

Properties

its

management.

Easterly

Government

Properties

does

not

its

reference above or distribution imply its endorsement of or concurrence with such opinions, estimates, forecasts or predictions.

Note: Definitions for commonly used terms in this Supplemental Information Package are on page 3 ‘Supplemental Definitions.’

Executive Team

William Trimble III, CEO

Michael Ibe, EVP

Darrell Crate, Executive Chairman

F. Joseph Moravec, EVP

Alison Bernard, CFO

Ronald Kendall, SVP

Board of Directors

William Binnie

Michael Ibe

Darrell Crate

James Mead

Cynthia Fisher

William Trimble III

Emil Henry Jr.

Information

Requests

Please contact ir@easterlyreit.com

or 202-971-9867 to request an

Investor Relations package

Raymond James & Associates

Bill Crow / Paul Puryear

RBC Capital Markets

Michael Carroll

440-715-2649

727-567-2594

727-567-2253

Executive Summary

(Q1 2015)

(1) Based on performance of Easterly Government Properties from IPO on February 11, 2015 to March 31, 2015.

Earnings

(1)

Q1 2015

794

per diluted share

0.02

Funds from Operations

5,694

per diluted share

0.14

Cash Available for Distribution

4,774

per diluted share

0.12

Liquidity

Cash and cash equivalents

11,922

Total cash and cash equivalents

11,922

Revolving credit facilities

Gross potential available under current credit facilities

400,000

less: Outstanding balance

(30,917)

Net potential available under current credit facilities

369,083

Market Capitalization

3/31/15

High closing price of common shares during period

16.50

Low closing price of common shares during period

15.46

End of period closing market price

16.05

Total equity market capitalization (end of period)

Basic common shares

24,141,712

Unvested restricted shares

26,667

Other partnership units outstanding

15,530,939

Fully diluted common shares (end of period)

39,699,318

Value of common stock (fully diluted, end of period)

Total equity market capitalization (fully diluted, end of period)

Consolidated debt (excluding unamortized premiums & discounts)

100,284

Cash on hand

Enterprise Value

Net debt to Enterprise Value

12.2%

Net debt to total equity market capitalization (fully diluted, end of period)

13.9%

Ratio of net debt to annualized quarterly EBITDA

1.9x

Weighted average interest rate

3.3%

Weighted average maturity

11.4 years

Interest coverage ratio

10.7x

Fixed charge coverage ratio

6.9x

(11,922)

637,174

725,537

Net income

Highlights

(Unaudited Q1 2015)

EASTERLY GOVERNMENT PROPERTIES REPORTS FIRST

QUARTER 2015 RESULTS

WASHINGTON,

D.C.

–

May

11,

2015

–

Easterly

Government

Properties,

Inc.

(NYSE:

DEA)

(the

“Company”

“Easterly”),

fully

integrated real estate investment trust (“REIT”) focused primarily

on the acquisition, development and management of Class A

commercial properties leased to U.S. Government agencies, today

announced its results for the quarter ended March 31, 2015. The

Company commenced its operations on February 11, 2015 upon

completion of its initial public offering (“IPO”) and related formation

transactions. The financial results for the first quarter of 2015

represent the Company’s financial results for the 49-day period

from February 11, 2015 to March 31, 2015.

Highlights for Period Ended March 31, 2015:

•

Executed purchase and sale agreement to acquire the

Department of Energy (“DOE”) building in Lakewood, Colorado

for $20.3 million, which subsequently closed on April 1, 2015

•

Delivered Funds From Operations of $5.7 million or $0.14 per

share for the period from February 11 to March 31, 2015, or

$0.26 per share on a pro forma basis for a full calendar quarter

•

First quarter’s Cash Available for Distribution was $4.8 million,

$0.12

per

share,

$0.22

per

pro

forma

basis

for

a full calendar quarter

•

Raised $297.1 million in net proceeds in the IPO and

concurrent private placement

•

Repaid $269.8 million in principal amount of property-level debt

at the time of the IPO and transformed to a largely unsecured

debt profile by entering into a $400 million unsecured revolving

credit facility with a $250 million accordion feature

•

Portfolio occupancy remained 100%

"We are very pleased with Easterly’s results for the quarter, and

our inaugural quarterly results highlight the stability of our business

model,”

said William C. Trimble III, President and Chief Executive

Officer. “With occupancy at 100%, long-term leases with a

weighted average term of 7.4 years and with a significant

unsecured debt capacity, we believe that Easterly is well

positioned for growth as we evaluate opportunities in our

acquisition and development pipeline.”

Financial Results for the Period from February 11, 2015 to

March 31, 2015

Net income was $0.8 million, or $0.02 per diluted share, for the

period from February 11, 2015 to March 31, 2015.

Funds From Operations (“FFO”) were $5.7 million, or $0.14 per

diluted share, for the period from February 11, 2015 to March 31,

2015.

Cash Available for Distribution (“CAD”) was $4.8 million, or $0.12

per diluted share, for the period from February 11 to March 31,

2015.

Given that the first quarter results referenced above do not reflect

a full quarter of operations for Easterly, results for subsequent

periods

are

expected

provide

meaningful

insight

into

the

financial

and

operational

activities

the

Company.

The

results

the

quarter

also

reflect

significant

expenses

the

IPO

and

related formation transactions as well as the repayment of debt

that are non-recurring.

Darrell Crate, Chairman of the Board commented, “Easterly is the

only internally managed public REIT that focuses primarily on U.S.

Government leased real estate. Approximately 96% of our income

comes directly from U.S. Government tenants. We are pleased

with both our portfolio performance and our pipeline of acquisition

opportunities.”

Portfolio Operations

As of March 31, 2015, the Company wholly owned 29 properties in

the United States encompassing approximately 2.1 million square

feet in the aggregate, including 26 properties that were leased

primarily to U.S. Government tenant agencies and three properties

that were entirely leased to private tenants. The portfolio has an

average age of 10.4 years, is 100% occupied and had a weighted

average lease term of 7.4 years at March 31, 2015. With just

seven percent of the leases, by annualized lease income, rolling

through the end of 2017, Easterly expects to continue to provide

highly visible and stable cash-flow stream.

Acquisitions

As previously announced, Easterly acquired the DOE building in

Colorado on April 1, 2015 for $20.3 million, its first acquisition

since its IPO. The 115,650-square foot building serves as the

headquarters for the DOE’s Western Area Power Administration

(“WAPA”) and represents the Company’s second asset in

Lakewood, Colorado, a major federal agency center in the Rocky

Mountain region. Built in 1999, the Lakewood building is a Class A

facility leased to the General Services Administration (“GSA”) on

behalf of the DOE until 2029. The building is 100% occupied by

WAPA and provides engineering, accounting, human resources,

legal

and

training

support

four

regional

offices

that

operate

and

maintain the DOE’s Western Transmission System which covers a

1.3 million square mile service area.

Following the acquisition, the Company’s portfolio occupancy

continued to be 100% leased and the weighted average lease term

was increased to 7.7 years. This acquisition is demonstrative of

Easterly’s core strategy of investing in mission critical properties

occupied by essential functions of the U.S. Government.

Capital Markets Activities

Easterly completed its IPO on February 11, 2015 by issuing 13.8

million shares of its common stock, including the full underwriters’

overallotment option, at an initial public offering price of $15.00 per

share raising gross proceeds of $207.0 million and net proceeds of

$191.6 million after deducting underwriting fees and offering

expenses. Concurrently with the IPO, Easterly received net

proceeds of $105.5 million in a private placement.

In conjunction with the offering, the Company completed the

following formation transactions:

•

Acquired 29 properties from its predecessor entity and Western

Devcon

•

Retired $269.8 million of property-level debt associated with the

29 acquired properties

•

Entered into a $400 million unsecured revolving credit facility

with a $250 million accordion feature

•

As of March 31, 2015, the credit facility had available capacity

of $369.1 million

Balance Sheet

Easterly has ample balance sheet capacity to pursue and fund its

growth plan. As of March 31, 2015, the Company had total

Highlights

(Unaudited Q1 2015)

indebtedness of $100.3 million comprised of $30.9 million on its

credit facility and $69.4 million of mortgage debt (excluding

unamortized premiums and discounts). At March 31, 2015,

Easterly

had

net

debt

total

enterprise

value

12.2%

and

net

debt to EBITDA ratio of 1.9x. Easterly’s outstanding debt has a

weighted average maturity of 11.4 years and a weighted average

interest rate of 3.3%. After consideration for the recent acquisition

of the DOE building for $20.3 million, which was financed on

Easterly’s revolving line of credit, the Company maintains roughly

$369.1 million of remaining capacity on its revolver before

consideration for its $250 million accordion feature.

Dividend

On May 6, 2015, the Board of Directors of Easterly declared a

dividend for the first quarter of 2015 in the amount of $0.11 per

common share and per common unit of Easterly Government

Properties LP, our operating partnership, outstanding to

stockholders and common unit holders of record as of the close of

business on May 18, 2015. Such dividends are to be paid on June

3, 2015. This dividend has been prorated to reflect the 49 days that

the Company was public during the first quarter.

Outlook for 2015

Based on management's expectations, the Company is introducing

its financial guidance based on the period from February 11, 2015

to December 31, 2015 as follows:

High

Low

Earnings per diluted share

allocated to common shareholders

$0.14

$0.10

Plus: real estate depreciation and

Amortization

$0.81

FFO per diluted share

$0.95

$0.91

The guidance provided does not contemplate dispositions,

acquisitions or additional capital markets activities but reflects the

recently completed acquisition of the DOE building. This guidance

is forward-looking and reflect management's view of current and

future market conditions. The Company's actual results may differ

materially from this guidance.

Non-GAAP Supplemental Financial Measures

Highlights

(Unaudited Q1 2015)

FFO is a supplemental measure of our performance. We present

FFO calculated in accordance with the current NAREIT definition.

In addition, we present FFO, as Adjusted for certain other

adjustments that we believe enhance the comparability of our

FFO across periods and to the FFO reported by other publicly

traded REITs. FFO is a supplemental performance measure that

is commonly used in the real estate industry to assist investors

and analysts in comparing results of REITs.

FFO is generally defined by NAREIT as net income (loss),

calculated in accordance with GAAP, excluding gains or losses

from sales of property, and adding back real estate depreciation.

We present FFO because we consider it an important supplemental

Highlights

(Unaudited Q1 2015)

Conference Call Information

The Company will host a webcast and conference call at 11:00

a.m. Eastern Standard Time on May 11, 2015 to review the first quarter

2015 performance, discuss recent events and conduct a question-and-

answer session. The number to call is 1-877-705-6003 (domestic) and 1-

201-493-6725 (international). A live webcast will be available in the

Investor Relations section of the Company’s website. A replay of the

conference call will be available through May 25, 2015 by dialing 1-877-

870-5176 (domestic) and 1-858-384-5517 (international) and entering the

passcode 13608039. Please note that the full text of the press release

and supplemental schedules are available through the Company’s

website at ir.easterlyreit.com.

About Easterly Government Properties, Inc.

Based in Washington, D.C., Easterly Government Properties, Inc.

(NYSE:DEA) focuses primarily on the acquisition, development and

management of Class A commercial properties that are leased to the U.S.

Government. Easterly Government Properties’

experienced management

team brings specialized insight into the strategy and needs of mission-

critical U.S. Government agencies for properties leased through the U.S.

General Services Administration (GSA). For further information on the

company and its properties, please visit www.easterlyreit.com.

We adjust FFO to present FFO, as Adjusted as an alternative measure of our

operating performance, which, excludes acquisition costs, formation

expenses, the impact of straight-line rent, above-/below-market leases, non-

cash interest expenses and non-cash compensation. In future periods,

may

also

exclude

other

items

from FFO, as Adjusted that we believe may

help investors compare our results.

CAD is a supplemental measure that is not intended as an alternative

cash

flow

from

operating

activities

determined

under

GAAP.

calculate CAD in accordance with the current NAREIT definition as FFO

minus normalized recurring real estate-related expenditures and other

non-

cash

items

and

nonrecurring

expenditures.

present

CAD with respect to

liquidity because we believe it provides useful information regarding our ability

to generate cash and to distribute dividends to our stockholders.

We believe it

is frequently used by securities analysts, investors and other interested

parties in the evaluation of REITs, many of which present CAD when reporting

results.

Cash NOI is a supplemental measure which excludes from NOI straight line

rent adjustments, depreciation and amortization and above and below market

leases. We present Cash NOI because we believe it provides a useful

measure of the operating performance of our assets as it excludes certain

items that are not associated with management of the properties.

Additionally,

we believe that Cash NOI is a widely accepted measure of comparative

operating performance in the evaluation of REITs.

FFO, FFO, as Adjusted, CAD and Cash NOI are presented as supplemental

financial measures and do not fully represent our operating performance.

Other REITs may use different methodologies for calculating FFO,

FFO,

Adjusted,

CAD

and

Cash

NOI

use

other

definitions

FFO,

FFO, as Adjusted, CAD and Cash NOI and, accordingly, our presentation of

these measures may not be comparable to other REITs. None of FFO, FFO,

as Adjusted, CAD or Cash NOI is intended to be a measure of cash

flow or

liquidity. Please refer to our financial statements, prepared in

accordance with

GAAP, for purposes of evaluating our financial condition, results of operations

and cash flows. Please refer to our financial statements, prepared in

accordance with GAAP, for purposes of evaluating our financial condition,

results of operations and cash flows.

measure of our operating performance, and we believe it is frequently used

by securities analysts, investors and other interested parties in the

evaluation of REITs, many of which present FFO when reporting results.

Income Statement

(Unaudited, in thousands, except share and per share data)

Note: Initial Public Offering closing date was February 11, 2015.

Three months

ended 3/31/15

Less:

Predecessor

1/1/15 -

2/10/15

Less: One time

charges related to

offering

Easterly

Government

Properties Inc.

2/11/15 -

3/31/15

Pro Forma

Full

Quarter

Revenue

Rental income

9,304

17,090

Tenant reimbursements

776

1,426

Other income

Total revenues

10,091

18,536

Operating Expenses

Property operating

1,730

3,178

Real estate taxes

959

1,762

Depreciation and amortization

4,900

9,001

Acquistion costs

1,440

1,387

Formation expenses

1,594

Corporate general and administrative

1,572

384

233

955

1,754

Fund general and administrative

Total expenses

12,270

459

3,214

8,597

15,793

Operating (loss) income

(2,179)

(459)

(3,214)

1,494

2,743

Other expenses

Interest expense

(700)

(1,287)

Net unrealized (loss) on investments

(5,122)

Net (loss) income

(8,001)

(5,581)

(3,214)

794

1,456

Non-controlling interest in operating partnership

(5,116)

(4,169)

(1,258)

311

570

Net (loss) income available to common stockholders

(2,885)

(1,412)

(1,956)

483

886

Net Income per share:

Fully diluted shares

0.02

0.04

Weighted-

average common shares outstanding

Basic common shares

24,141,712

Weighted-

average shares outstanding

Fully diluted shares

39,699,318

Weighted-average shares outstanding, basic and diluted

Net (loss) per share availabe to common stockholders, basic and

diluted

(0.22)

13,144,277

Balance Sheet

(Unaudited, in thousands)

March 31, 2015

Assets

Real estate properties, net

$ 627,608

Cash and cash equivalents

11,922

Restricted cash

1,585

Deposits on acquisitions

20,167

Rents receivable

5,337

Accounts receivable

3,228

Deferred financing, net

3,281

Intangible assets, net

105,856

Prepaid expenses and other assets

1,148

Total assets

$ 780,132

Liabilities

Revolving credit facility

30,917

Mortgage notes payable

69,981

Intangible liabilities, net

35,841

Accounts payable and accrued liabilities

5,979

Total Liabilities

142,718

Equity

Common stock, par value $0.01, 200,000 shares authorized,

24,168,379 shares issued and outstanding

241

Additional paid-in capital

390,786

Retained (deficit)

(2,885)

Non-controlling interest in operating partnership

249,272

Total

equity

637,414

Total liabilities and equity

$ 780,132

Cash Net Operating Income

(Unaudited, in thousands)

2/11/15 -

3/31/15

Full Quarter

Revenue

Rental income

9,304

17,090

Tenant reimbursements

776

1,426

Other income

Total revenues

10,091

18,536

Operating Expenses

Property operating

1,730

3,178

Real estate taxes

959

1,762

Depreciation and amortization

4,900

9,001

Total expenses

7,589

13,941

Net Operating Income

2,502

4,595

Adjustments to Net Operating Income:

Depreciation and amortization

4,900

9,001

Straight-line rent

(36)

(66)

Above-/below-market leases

(676)

(1,241)

Cash Net Operating Income

6,690

12,289

Pro Forma

EBITDA, FFO and CAD

(Unaudited, in thousands, except share and per share data)

Three months

ended 3/31/15

Less:

Predecessor

1/1/15 –

2/10/15

Less: One time

charges related to

offering

Easterly

Government

Properties Inc.

2/11/15 –

3/31/15

Pro Forma

Full Quarter

Net (loss) income

$ (8,001)

$ (5,581)

$ (3,214)

$ 794

$ 1,456

Depreciation and amortization

4,900

9,001

Interest Expense

700

1,287

EBITDA

(2,401)

(5,581)

(3,214)

6,394

11,744

Net (loss) income

$ (8,001)

$ (5,581)

$ (3,214)

$ 794

$ 1,456

Depreciation and amortization

4,900

9,001

Net unrealized (loss) on investments

5,122

Funds From Operations

$ 2,021

$ (459)

$ (3,214)

$ 5,694

$ 10,457

Adjustments to FFO:

Acquisition costs

1,440

1,387

Formation expenses

1,594

Straight-line rent

(36)

(66)

Above-/below-market leases

(676)

(1,241)

Non-cash interest expense (1)

104

190

Non-cash compensation

101

Funds from Operations, as Adjusted

$ 4,502

$ (459)

$ (233)

$ 5,194

$ 9,538

FFO, per share -

fully diluted

$ 0.14

$ 0.26

FFO, as Adjusted per share -

fully diluted

$ 0.13

$ 0.24

Funds from Operations, as Adjusted

$ 4,502

$ (459)

$ (233)

$ 5,194

$ 9,538

Acquisition costs

(1,440)

(1,387)

(53)

(98)

Principal amortization

(334)

(614)

Maintenance CapEx

(33)

(61)

Cash available for distribution (CAD)

$ 2,695

$ (459)

$ (1,620)

$ 4,774

$ 8,766

CAD per share -

fully diluted

$ 0.12

$ 0.22

(1) Includes the amortization of deferred financing fees and premiums / discounts on mortgage debt.

Debt Schedules

(unaudited, in thousands)

(1) Credit facility has available capacity of $369,083.

Debt Instrutment

Maturity Date

Stated Rate

3/31/15

Balance

3/31/15 Percent of

Total Indebtedness

Unsecured revolving credit facility

Unsecured revolving credit Facility*

11-Feb-19

LIBOR + 1.40%

30,917

30.8%

Total unsecured revolving credit facility

3.9

30,917

30.8%

(wtd-avg maturity)

Secured mortgage debt

CBP -

Savannah

10-Jul-33

3.40%

16,070

16.0%

USFS II -

Albuquerque

14-Jul-26

4.46%

17,500

17.5%

ICE -

Charleston

15-Jan-27

4.21%

22,767

22.7%

MEPCOM -

Jacksonville

14-Oct-25

4.41%

13,030

13.0%

Total secured mortgage debt

12.7

4.12%

69,367

69.2%

(wtd-avg maturity)

(wtd-avg rate)

Debt Statistics

3/31/15

Fixed Rate Debt

69,367

Variable rate debt -

unhedged

30,917

Total debt (excluding unamortized premiums & discounts)

100,284

% Fixed rate debt

69.2%

% Variable rate debt -

unhedged

30.8%

Total debt (excluding premiums & discounts)

100.0%

Debt Maturities

(unaudited, in thousands)

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

Scheduled Amortization

Balloon Payments

Credit Facility

Unsecured Debt

Maturity Schedule

by Year

Scheduled

Amortization

Balloon Payments

Credit Facility

Total

Percent of Debt

Maturing

Weighted Average Interest

Rate of Maturing Debt

2015

1,828

1.8%

4.1%

2016

2,857

2.8%

4.1%

2017

2,977

3.0%

4.1%

2018

3,100

3.1%

4.1%

2019

3,229

30,917

34,146

34.0%

1.8%

2020

3,395

3.4%

4.1%

2021

4,054

4.0%

4.2%

2022

5,109

5.1%

4.2%

2023

5,388

5.4%

4.2%

2024

5,679

5.7%

4.2%

2025

5,633

1,917

7,550

7.6%

4.3%

2026

3,687

6,368

10,055

10.0%

4.3%

2027

1,093

7,140

8,233

8.2%

4.1%

2028

983

1.0%

3.4%

2029

1,016

1.0%

3.4%

2030

1,049

1.0%

3.4%

2031

1,081

1.1%

3.4%

2032

1,116

1.1%

3.4%

2033

668

0.7%

3.4%

Total

53,942

15,425

30,917

100,284

100.0%

Secured Debt

Property Overview

Property Name

Location

Property Type

Tenant Lease

Expiration Year

Year Built /

Renovated

Rentable

Square Feet

Annualized

Lease

Income

Percentage

of Total

Annualized

Lease Income

Annualized

Lease Income

per Leased

Square Foot

U.S Government Leased

IRS -

Fresno

Fresno, CA

Office

2018

2003

180,481

$7,302,256

10.7%

$40.46

PTO -

Arlington

Arlington, VA

Office

2019 / 2020

2009

189,871

6,459,956

9.4%

34.02

FBI -

San Antonio

San Antonio, TX

Office

2021

2007

148,584

4,916,736

7.2%

33.09

FBI -

Omaha

Omaha, NE

Office

2024

2009

112,196

4,713,631

6.9%

42.01

ICE -

Charleston

North Charleston, SC

Office

2019 / 2027

1994 / 2012

86,733

3,533,254

5.2%

40.74

DOT -

Lakewood

Lakewood, CO

Office

2024

2004

122,225

3,408,317

5.0%

27.89

AOC -

El Centro

El Centro, CA

Courthouse/Office

2019

2004

46,813

3,037,113

4.4%

64.88

DEA -

Vista

Vista, CA

Laboratory

2020

2002

54,119

2,752,688

4.0%

50.86

USFS II -

Albuquerque

Albuquerque, NM

Office

2026

2011

98,720

2,683,241

3.9%

27.18

USFS I -

Albuquerque

Albuquerque, NM

Office

2021

2006

92,455

2,585,443

3.8%

27.96

AOC -

Del Rio

Del Rio, TX

Courthouse/Office

2024

1992 / 2004

89,880

2,548,061

3.7%

28.35

MEPCOM -

Jacksonville

Jacksonville, FL

Office

2025

2010

30,000

2,174,241

3.2%

72.47

FBI -

Little Rock

Little Rock, AR

Office

2021

2001

101,977

2,135,642

3.1%

20.94

CBP -

Savannah

Savannah, GA

Laboratory

2033

2013

35,000

2,108,796

3.1%

60.25

DEA -

Santa Ana

Santa Ana, CA

Office

2024

2004

39,905

2,095,058

3.0%

52.50

DEA -

Dallas

Dallas, TX

Office

2021

2001

71,827

1,776,508

2.6%

24.73

CBP -

Chula Vista

Chula Vista,CA

Office

2018

1998

59,397

1,776,501

2.6%

29.91

DEA -

North Highlands

Sacramento, CA

Office

2017

2002

37,975

1,710,652

2.5%

45.05

CBP -

Sunburst

Sunburst, MT

Office

2028

2008

33,000

1,568,287

2.3%

47.52

USCG -

Martinsburg

Martinsburg, WV

Office

2027

2007

59,547

1,565,333

2.3%

26.29

DEA -

Albany

Albany, NY

Office

2025

2004

31,976

1,353,477

2.0%

42.33

DEA -

Riverside

Riverside, CA

Office

2017

1997

34,354

1,273,436

1.8%

37.07

DEA -

Otay

San Diego, CA

Office

2017

1997

32,560

1,264,313

1.8%

38.83

SSA -

Mission Viejo

Mission Viejo, CA

Office

2020

2005

11,590

529,257

0.8%

45.66

SSA -

San Diego

San Diego, CA

Office

2015

2003

11,743

441,348

0.6%

37.58

DEA -

San Diego

San Diego, CA

Warehouse

2016

1999

16,100

394,240

0.6%

24.49

Subtotal

1,829,028

$66,107,785

96.5%

$36.14

Privately Leased

2650 SW 145th Avenue -

Parbel of Fl

Miramar, FL

Warehouse/Distribution

2022

2007

81,721

1,473,430

2.1%

18.03

5998 Osceola Court -

United Technol

Midland, GA

Manufacturing/Warehouse

2023

2014

105,641

545,015

0.8%

5.16

501 East Hunter Street -

Lummus Co

Lubbock, TX

Warehouse/Distribution

2028

2013

70,078

400,380

0.6%

5.71

Subtotal

257,440

$2,418,825

3.5%

$9.40

Total / Weighted Average

2,086,468

$68,526,610

100.0%

$32.84

Tenants

Tenant

U.S. Government Tenants

Drug Enforcement Agency

5.3

313,003

15.0%

$12,394,651

18.1%

Federal Bureau of Investigation

7.3

362,757

17.4%

11,766,009

17.2%

Internal Revenue Service

3.7

180,481

8.6%

7,302,256

10.6%

U.S. Patent and Trademark Office

4.1

189,871

9.1%

6,459,956

9.4%

Administrative Office of the United States Courts

7.4

136,693

6.5%

5,585,173

8.1%

Bureau of Customs and Border Protection

10.0

127,397

6.1%

5,453,584

8.0%

United States Forest Service

8.9

191,175

9.2%

5,268,685

7.7%

Department of Transportation

9.2

122,225

5.9%

3,408,318

5.0%

U.S. Immigration and Customs Enforcement

11.1

70,937

3.4%

3,303,769

4.8%

United States Military Entrance Processing Command

10.5

30,000

1.4%

2,174,241

3.2%

United States Coast Guard

12.7

59,547

2.9%

1,565,333

2.3%

Social Security Administration

3.2

23,333

1.1%

970,605

1.4%

Subtotal

7.1

1,807,419

86.6%

$65,652,580

95.8%

Private Tenants

Parbel of Florida

7.7

81,721

3.9%

$1,473,430

2.1%

United Tech / P&W - Midland

8.8

105,641

5.1%

$545,015

0.8%

LifePoint

4.5

21,609

1.0%

$455,205

0.7%

Lummus Corporation

13.3

70,078

3.4%

$400,380

0.6%

Subtotal

9.3

279,049

13.4%

$2,874,030

4.2%

Total / Weighted Average

7.4

2,086,468

100%

$68,526,610

100.0%

Number of

Properties

Number

of Leases

Weighted

Average

Remaining

Lease Term

Leased

Square Feet

Percentage

of Leased

Square Feet

Annualized

Lease Income

Percentage

of Total

Annualized

Lease Income

Lease Expirations

Year of Lease

Expiration

Number

Leases

Expiring

Square

Footage of

Leases

Expiring

Percent of

Portfolio

Square

Footage of

Leases Expiring

Annualized

Lease Income

Percentage

of Total

Annualized

Lease

Income

Annualized

Lease Income

per Leased

Square Foot

Annualized

Lease Income

per Leased

Square Foot at

Expiration

Available

N/A

Signed leases not commenced

N/A

2015

11,743

0.6%

441,348

0.7%

37.58

2016

16,100

0.8%

394,239

0.6%

24.49

2017

104,889

5.0%

4,248,401

6.2%

40.50

2018

239,878

11.5%

9,078,757

13.2%

37.85

2019

236,890

11.3%

9,192,589

13.4%

38.81

2020

87,112

4.2%

4,041,630

5.9%

46.40

45.07

2021

414,843

19.9%

11,414,330

16.7%

27.51

28.22

2022

81,721

3.9%

1,473,430

2.2%

18.03

20.20

2023

105,641

5.0%

545,015

0.8%

5.16

5.26

2024

364,206

17.5%

12,765,066

18.6%

35.05

34.08

2025

61,976

3.0%

3,527,718

5.1%

56.92

36.44

Thereafter

361,469

17.3%

11,404,087

16.6%

31.55

36.44

Total / Weighted Average

2,086,468

100.0%

$68,526,610

100.0%

$32.84

$33.09

Easterly Government Properties (DEA) 8-KEasterly Government Properties Reports First