Financial Analysis

6. Debt At March 31, 2026, our consolidated borrowings consisted of the following (amounts in thousands): Principal Outstanding Interest Current Loan March 31, 2026 Rate (1)(2) Maturity Revolving credit facility: 2024 revolving credit facility (3) $ 245,050 SOFR + 145 bps June 2028 (4) Total revolving credit facility 245,050 Term loan facilities: 2016 term loan facility 100,000 5.31 % (5) January 2028 (6) 2018 term loan facility 200,000 5.09 % (7) August 2028 (8) Total term loan facilities 300,000 Less: Total unamortized deferred financing fees ( 2,521 ) Total term loan facilities, net 297,479 Notes payable: 2017 series A senior notes 95,000 4.05 % May 2027 2017 series B senior notes 50,000 4.15 % May 2029 2017 series C senior notes 30,000 4.30 % May 2032 2019 series A senior notes 85,000 3.73 % September 2029 2019 series B senior notes 100,000 3.83 % September 2031 2019 series C senior notes 90,000 3.98 % September 2034 2021 series A senior notes 50,000 2.62 % October 2028 2021 series B senior notes 200,000 2.89 % October 2030 2024 series A senior notes 150,000 6.56 % May 2033 2024 series B senior notes 50,000 6.56 % August 2033 2025 series A senior notes 25,000 6.13 % March 2030 2025 series B senior notes 100,000 6.33 % (9) March 2032 Total notes payable 1,025,000 Less: Total unamortized deferred financing fees ( 5,868 ) Total notes payable, net 1,019,132 Mortgage notes payable: USFS II Albuquerque 6,932 4.46 % July 2026 ICE Charleston 8,517 4.21 % January 2027 VA Loma Lind …

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The table below sets forth revenue from tenant construction projects and the associated project management income disaggregated by tenant agency for the three months ended March 31, 2026 (amounts in thousands): For the three months ended March 31, Tenant 2026 2025 Food and Drug Administration (FDA) $ 471 $ 55 Department of Veteran Affairs (VA) 252 146 U.S. Joint Staff Command (JSC) 68 314 Internal Revenue Service (IRS) 31 50 Federal Bureau of Investigation (FBI) 25 207 Department of Treasury (TREAS) 2 The Judiciary of the U.S. Government (JUD) 1 38 U.S. Citizenship and Immigration Services (USCIS) 1 28 U.S. Coast Guard (USCG) 207 Department of Transportation (DOT) 51 General Services Administration - Other 42 State of California (CA) 41 $ 851 $ 1,179 …

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9. Equity Incentive Plan The following is a summary of our stock-based compensation expense, net for the three months ended March 31, 2026 and 2025: For the three months ended March 31, 2026 2025 Stock-based compensation expense, net $ 2,097 $ 1,421 Stock-based compensation expense, net is included within corporate general and administrative expenses on our Consolidated Statements of Operations. On January 5, 2026, we granted an aggregate of 268,766 performance-based LTIP units to members of management pursuant to the Easterly Government Properties, Inc. 2024 Equity Incentive Plan (as amended, the 2024 Plan), consisting of: (i) 20,589 LTIP units that are subject to us achieving certain total shareholder return performance thresholds (on a relative basis). These units will vest to the extent earned following the end of the performance period on December 31, 2028 ; (ii) 25,806 LTIP units that are subject to us achieving certain operational performance hurdles. These units will vest to the extent earned following the end of the performance period on December 31, 2028 ; and (iii) 222,371 LTIP units that are subject to us achieving certain performance conditions based on the appreciation of the Companys common stock price. These units have a performance period beginning on the grant date and ending on January 5, 2034. These units will vest in full on January 5, 2031 , subject to the recipients continued employment with the Company through such date and subject to achieving certain …

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8. Fair Value Measurements Accounting standards define fair value as the exit price, or the amount that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standards also establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy of these inputs is broken down into three levels: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Categorization within the valuation hierarchy is based upon the lowest level of input that is most significant to the fair value measurement. Recurring fair value measurements The fair values of our interest rate …

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Recent Accounting Pronouncements Not Yet Adopted In October 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SECs Disclosure Update and Simplification Initiative (ASU 2023-06). ASU 2023-06 adds interim and annual disclosure requirements to GAAP at the request of the Securities and Exchange Commission (the SEC). The guidance in ASU 2023-06 is required to be applied prospectively and the GAAP requirements will be effective when the removal of the related SEC disclosure requirements is effective. If the SEC does not act to remove its related requirement by June 30, 2027, any related FASB amendments will be removed from the ASC and will not be effective. We do not anticipate that the adoption of ASU 2023-06 will have a material impact on our consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires expanded interim and annual disclosures of certain expense information in the notes to the consolidated financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied on a prospective or retrospective …

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16. Related Parties We have reimbursement arrangements with entities controlled by our Chief Executive Officer and Vice Chairman, which provide for reimbursement of costs paid on our behalf, or those we pay on their behalf. During the three months ended March 31, 2026 , we were responsible for reimbursing costs of $ 0.1 million and received reimbursement for costs of less than $ 0.1 million. During the three months ended March 31, 2025, we were responsible for reimbursing costs of $ 0.1 million and received reimbursement for costs of less than $ 0.1 million. We provide asset management services to properties owned by the JV. For the three months ended March 31, 2026, we recognized Asset management income of $ 0.6 million and reimbursement for certain costs that we paid on their behalf of $ 0.7 million. For the three months ended March 31, 2025 , we recognized Asset management income of $ 0.6 million and reimbursement for certain costs that we paid on their behalf of $ 0.6 million. As of March 31, 2026 , receivables from related parties were $ 0.5 million which was included within prepaid expenses and other assets on our balance sheet. As of March 31, 2026 , there were no Accounts payable, accrued expenses and other liabilities owed to related parties.

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13. Revenue The table below sets forth revenue from tenant construction projects and the associated project management income disaggregated by tenant agency for the three months ended March 31, 2026 (amounts in thousands): For the three months ended March 31, Tenant 2026 2025 Food and Drug Administration (FDA) $ 471 $ 55 Department of Veteran Affairs (VA) 252 146 U.S. Joint Staff Command (JSC) 68 314 Internal Revenue Service (IRS) 31 50 Federal Bureau of Investigation (FBI) 25 207 Department of Treasury (TREAS) 2 The Judiciary of the U.S. Government (JUD) 1 38 U.S. Citizenship and Immigration Services (USCIS) 1 28 U.S. Coast Guard (USCG) 207 Department of Transportation (DOT) 51 General Services Administration - Other 42 State of California (CA) 41 $ 851 $ 1,179 As of both March 31, 2026 and December 31, 2025 , the balance in Accounts receivable related to tenant construction projects and the associated project management income was $ 2.5 million, which is inclusive of contract assets or liabilities. The duration of the majority of tenant construction project reimbursement arrangements is less than a year and payment is typically due once a project is complete and work has been accepted by the tenant. There were no projects on-going as of March 31, 2026 with a duration of greater than one year. During the three months ended March 31, 2026 and 2025, we recognized $ 0.4 million and $ 0.2 million, respectively, in parking garage income. The monthly and transient daily parking re …

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15. Segment Information During the three months ended March 31, 2026 and 2025, our operations are reported within one reportable and operating segment in the consolidated financial statements and all of our properties are included within this single reportable and operating segment (the segment). Our chief operating decision makers (CODMs) include our Chief Executive Officer and Chief Financial Officer as they are responsible for allocating resources, assessing performance and determining appropriate operating segments. The CODMs assess performance for the segment and decide how to allocate resources based on net income, which is reported on our Consolidated Statements of Operations as Net Income. The Consolidated Statements of Operations, inclusive of significant expenses, are provided to the CODMs for performance assessment. The CODMs use net income to evaluate income generated from our properties when deciding whether to reinvest profits into our assets or into other parts of the entity, such as for acquisitions or dividend payments. Net income is also used to monitor budgeted versus actual results. The CODMs also use net income in competitive analysis by benchmarking to our competitors. The competitive analysis, along with the monitoring of budgeted versus actual results, is used to assess the segment performance and to establish employee and management compensation. The measure of segment assets is reported on our Consolidated Balance Sheets as Total Assets. The accounti …

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2. Summary of Significant Accounting Policies During the three months ended March 31, 2026, we acquired a lease arrangement that qualifies for classification as a sales-type lease under Accounting Standards Codification Topic 842 Leases (ASC 842). Prior to the first quarter of 2026, all of our leases met the classification criteria of an operating lease in accordance with ASC 842. As a result, we updated our accounting policy to reflect the recognition and presentation of sales-type and direct financing leases as a lessor. There were no adjustments made retrospectively to the information in our consolidated financial statements as a result of the update in policy. See note 3, note 5 and note 12 for additional information on the impact of the adoption of sales-type lease accounting on our consolidated financial statements. All other significant accounting policies used in the preparation of our condensed consolidated financial statements are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. Revenue Recognition Rental income includes base rents paid by each tenant in accordance with its lease agreement conditions. Upon lease commencement, we evaluate leases to determine if they meet criteria set forth in lease accounting guidance for classification as sales-type leases or direct financing leases; if a lease meets none of these criteria, we classify the lease as an operating lease. Upon commencement of sales-type leases, we derecognize the underly …

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10. Equity The following table summarizes the changes in our stockholders equity for the three months ended March 31, 2026 and 2025 (amounts in thousands, except share amounts): Shares Common Stock Par Value Additional Paid-in Capital Retained Earnings Cumulative Dividends Accumulated Other Comprehensive Income (Loss) Non- controlling Interest in Operating Partnership Total Equity Three months ended March 31, 2026 Balance at December 31, 2025 46,303,469 $ 463 $ 1,958,412 $ 144,857 $ ( 776,022 ) $ ( 4,578 ) $ 46,433 $ 1,369,565 Stock based compensation, net 282 1,815 2,097 Dividends and distributions paid ($ 0.45 per share) ( 20,858 ) ( 952 ) ( 21,810 ) Grant of unvested restricted stock 15,247 Redemption of common units for shares of common stock 31,488 899 ( 899 ) Issuance of common stock, net 94,170 1 2,142 2,143 Unrealized gain on treasury locks and interest rate swaps, net 2,024 70 2,094 Net income 1,365 49 1,414 Allocation of non-controlling interest in Operating Partnership ( 148 ) 148 Balance at March 31, 2026 46,444,374 $ 464 $ 1,961,587 $ 146,222 $ ( 796,880 ) $ ( 2,554 ) $ 46,664 $ 1,355,503 Three months ended March 31, 2025 Balance at December 31, 2024 (1) 43,188,224 $ 432 $ 1,874,193 $ 131,854 $ ( 686,044 ) $ 683 $ 65,999 $ 1,387,117 Stock based compensation 177 1,244 1,421 Dividends and distributions paid ($ 0.66 per share) ( 28,613 ) ( 1,627 ) ( 30,240 ) Issuance of common stock, net 1,514,266 15 40,794 40,809 Unrealized loss on interest rate swaps ( 3,654 ) ( 1 …

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17. Subsequent Events For our consolidated financial statements as of March 31, 2026, we evaluated subsequent events and noted the following significant events. Subsequent to March 31, 2026, on April 22, 2026, the Companys stockholders approved an amendment to the 2024 Plan to increase the aggregate number of shares authorized for issuance from 1,440,000 shares (as adjusted for the Reverse Stock Split) to 4,315,000 shares of common stock, reflecting an increase of 2,875,000 shares. The amendment had been previously approved by the Companys Board of Directors on March 20, 2026, subject to stockholder approval, and became effective upon such approval. …

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