S&P 500 7,623.68 −0.52%
Nasdaq 25,955.34 −0.21%
S&P/TSX 35,788.18 −0.52%
Apple 347.73 −0.14%
Nvidia 210.96 −0.59%
Microsoft 524.51 +0.66%
Shopify 236.24 −0.07%
Royal Bank 281.77 −0.36%
CAD/USD 0.7134 −0.11%
PRE-MKT · 04:35 ET
Market ClerkRecap
Mon Oct 26 · pre-market1 signal on Oct 2494 insider buys this week · $48.3MCIRO short report next: Oct 31The week ahead

DEA

Easterly Government Properties, Inc.
NYSE · REAL ESTATE · REAL ESTATE INVESTMENT TRUSTS
22.67
+0.10 +0.44%
USD · close Oct 23
WatchTime Machine

A free account adds a watchlist, alerts when insiders, Congress or short sellers move on your tickers, and a morning brief. Sign up

Work order
42
WATCH · shorts 42
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $1.1BP/E 119.3DIV YIELD 7.94%FCF YIELD —REV TTM $357.2M +13.0%NET INCOME $10.2M −41.6%NET DEBT $1.7B52W 20.56 – 25.63SEC XBRL · TTM TO Invalid Date

How DEA rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
36%
of sentences unchanged
Added
438
new sentences
Dropped
360
sentences removed
Length
+3,473
words, now 41,099

New in FY2025

  • The contracted Chief Technology Officer has approximately 17 years of information technology experience, including ten years in the finance and real estate sectors, and our Head of Internal Audit, has approximately 32 years of audit experience, including 22 years in the real estate and financial services sectors.
  • Pr operties As of December 31, 2025, we wholly owned 93 operating properties and ten operating properties through the JV in the United States encompassing approximately 10.4 million leased square feet (9.8 million pro rata), including 93 operating properties that were leased to U.S.
  • Government tenant agencies, six operating properties leased to tenant agencies of a U.S. state or local government and four operating properties leased entirely to private tenants.
  • In addition, we wholly owned three properties under development that we expect to encompass approximately 0.2 million leased square feet upon completion.
  • As of December 31, 2025, our operating properties were 97% leased with a weighted average annualized lease income per leased square foot of $36.74 ($36.45 pro rata) and a weighted average age of approximately 16.4 years based on the date the property was built or renovated-to-suit, where applicable.
  • The table set forth below shows information relating to the properties we owned, or in which we had an ownership interest, at December 31, 2025, and it includes properties held by the JV: Property Name Location Property Type (1) Tenant Lease Expiration Year (2) 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 OC 2036 327,614 $ 16,933,040 4.5 % $ 51.69 USCIS - Kansas City (3) Lee's Summit, MO O 2027 - 2042 417,945 10,405,359 2.8 % 24.90 JSC - Suffolk Suffolk, VA SF 2028 403,737 8,556,070 2.3 % 21.19 Various GSA - Chicago Des Plaines, IL O 2026 188,768 7,925,559 2.1 % 41.99 IRS - Fresno Fresno, CA O 2033 180,481 6,825,521 1.8 % 37.82 FBI - Salt Lake Salt Lake City, UT SF 2032 169,542 6,810,941 1.8 % 40.17 Various GSA - Portland (4) Portland, OR O 2027-2039 175,214 5,913,484 1.6 % 33.75 Various GSA - Buffalo (5) Buffalo, NY O 2026 - 2039 251,236 5,868,873 1.5 % 23.36 VA - San Jose San Jose, CA OC 2038 90,085 5,815,230 1.5 % 64.55 EPA - Lenexa Lenexa, KS O 2027 169,585 5,776,312 1.5 % 34.06 FBI - Tampa Tampa, FL SF 2040 138,000 5,385,768 1.4 % 39.03 PTO - Arlington Arlington, VA SF 2035 190,546 5,351,518 1.4 % 28.09 FBI - San Antonio San Antonio, TX SF 2025 148,584 5,234,538 1.4 % 35.23 FDA - Alameda Alameda, CA L 2039 69,624 5,025,603 1.3 % 72.18 FBI / DEA - El Paso El Paso, TX SF 2028 203,683 4,919,619 1.3 % 24.15 USCIS - Lincoln Lincoln, NE O 2026 137,671 4,901,961 1.3 % 35.61 FEMA - Tracy Tracy, CA W 2038 210,373 4,668,336 1.2 % 22.19 TREAS - Parkersburg Parkersburg, WV O 2041 182,500 4,419,012 1.2 % 24.21 FBI - Mobile Mobile, AL SF 2029 76,112 4,350,464 1.1 % 57.16 FDA - Lenexa Lenexa, KS L 2040 59,690 4,286,243 1.1 % 71.81 ICE - Dallas (6) Irvine, TX SF 2032 / 2040 135,200 4,219,659 1.1 % 31.21 FBI - Pittsburgh Pittsburgh, PA SF 2027 100,054 4,153,110 1.1 % 41.51 VA - South Bend Mishawaka, IN OC 2032 86,363 4,121,021 1.1 % 47.72 FBI - New Orleans New Orleans, LA SF 2029 137,679 4,005,179 1.1 % 29.09 FBI - Omaha Omaha, NE SF 2044 112,196 3,981,452 1.0 % 35.49 VA - Mobile Mobile, AL OC 2033 79,212 3,875,061 1.0 % 48.92 FDA - Atlanta Atlanta, GA L 2045 162,000 3,851,158 1.0 % 23.77 USFS II - Albuquerque Albuquerque, NM O 2031 98,720 3,699,413 1.0 % 37.47 FBI - Albany Albany, NY SF 2036 69,476 3,593,055 0.9 % 51.72 FBI - Birmingham Birmingham, AL SF 2042 96,278 3,583,919 0.9 % 37.22 EPA - Kansas City Kansas City, KS L 2043 55,833 3,578,198 0.9 % 64.09 DOT - Lakewood Lakewood, CO O 2039 116,046 3,402,561 0.9 % 29.32 VA - Chico Chico, CA OC 2034 51,647 3,369,589 0.9 % 65.24 ICE - Charleston North Charleston, SC SF 2027 65,124 3,367,934 0.9 % 51.72 FBI - Richmond Richmond, VA SF 2041 96,607 3,360,155 0.9 % 34.78 FBI - Knoxville Knoxville, TN SF 2028 99,130 3,330,123 0.9 % 33.59 DEA - Sterling Sterling, VA L 2038 57,692 3,282,886 0.9 % 56.90 FBI - Little Rock Little Rock, AR SF 2041 102,377 3,262,031 0.9 % 31.86 JUD - Del Rio Del Rio, TX C 2041 89,880 3,197,759 0.8 % 35.58 DEA - Vista Vista, CA L 2035 52,293 3,191,895 0.8 % 61.04 USCIS - Tustin Tustin, CA O 2034 66,818 3,176,673 0.8 % 47.54 Property Name Location Property Type (1) Tenant Lease Expiration Year (2) 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 (Cont.) VA - Orange Orange, CT OC 2034 56,330 $ 2,978,003 0.8 % $ 52.87 VA - Indianapolis Brownsburg, IN OC 2041 80,000 2,973,092 0.8 % 37.16 ICE - Albuquerque Albuquerque, NM SF 2027 71,100 2,870,422 0.8 % 40.37 SSA - Charleston Charleston, WV O 2029 110,000 2,852,584 0.7 % 25.93 JUD - El Centro El Centro, CA C 2034 43,345 2,843,404 0.7 % 65.60 DEA - Dallas Lab Dallas, TX L 2038 49,723 2,823,425 0.7 % 56.78 DEA - Dallas Dallas, TX SF 2041 71,827 2,818,351 0.7 % 39.24 DEA - Pleasanton Pleasanton, CA L 2035 42,480 2,796,831 0.7 % 65.84 DEA - Upper Marlboro Upper Marlboro, MD L 2037 50,978 2,776,446 0.7 % 54.46 DHS - Burlington Williston, VT SF 2031 74,549 2,738,632 0.7 % 36.74 NARA - Broomfield Broomfield, CO W 2032 161,730 2,697,002 0.7 % 16.68 TREAS - Birmingham Birmingham, AL O 2029 83,676 2,608,152 0.7 % 31.17 DHS - Atlanta (7) Atlanta, GA SF 2031 - 2038 91,185 2,594,650 0.7 % 28.45 USAO - Louisville Louisville, KY SF 2031 60,000 2,555,102 0.7 % 42.59 JUD - Charleston Charleston, SC C 2040 52,339 2,536,155 0.7 % 48.46 JUD - Jackson Jackson, TN C 2043 75,043 2,418,462 0.6 % 32.23 IRS - Ogden Ogden, UT W 2029 100,000 2,373,651 0.6 % 23.74 Various GSA - Cleveland (8) Brooklyn Heights, OH O 2028 - 2040 61,384 2,349,367 0.6 % 38.27 CBP - Savannah Savannah, GA L 2033 35,000 2,306,216 0.6 % 65.89 NWS - Kansas City Kansas City, MO SF 2033 94,378 2,171,933 0.6 % 23.01 DEA - Santa Ana Santa Ana, CA SF 2029 39,905 2,036,945 0.5 % 51.04 ICE - Orlando Orlando, FL SF 2040 49,420 2,012,010 0.5 % 40.71 GSA - Clarksburg Clarksburg, WV O 2039 70,495 1,914,764 0.5 % 27.16 DEA - North Highlands Sacramento, CA SF 2033 37,975 1,891,896 0.5 % 49.82 JUD - Aberdeen Aberdeen, MS C 2040 45,194 1,890,909 0.5 % 41.84 DEA - Riverside Riverside, CA SF 2032 34,354 1,881,115 0.5 % 54.76 NPS - Omaha Omaha, NE SF 2029 62,772 1,873,659 0.5 % 29.85 VA - Golden Golden, CO W 2036 56,753 1,793,899 0.5 % 31.61 JUD - Newport News Newport News, VA C 2033 35,005 1,685,737 0.4 % 48.16 USCG - Martinsburg Martinsburg, WV SF 2027 59,547 1,641,350 0.4 % 27.56 VA - Charleston North Charleston, SC W 2040 97,718 1,525,436 0.4 % 15.61 USAO - Springfield Springfield, IL SF 2038 43,600 1,399,201 0.4 % 32.09 JUD - Council Bluffs Council Bluffs, IA C 2041 28,900 1,368,583 0.4 % 47.36 DEA - Birmingham Birmingham, AL SF 2038 35,616 1,266,291 0.3 % 35.55 DEA - Albany Albany, NY SF 2042 31,976 1,186,491 0.3 % 37.11 HSI - Orlando Orlando, FL SF 2036 27,840 1,117,020 0.3 % 40.12 SSA - Dallas Dallas, TX SF 2035 27,200 1,073,581 0.3 % 39.47 JUD - South Bend South Bend, IN C 2027 30,119 820,512 0.2 % 27.24 ICE - Louisville Louisville, KY SF 2036 17,420 769,984 0.2 % 44.20 Property Name Location Property Type (1) Tenant Lease Expiration Year (2) 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 (Cont.) DEA - San Diego San Diego, CA W 2032 16,100 $ 565,018 0.1 % $ 35.09 DEA - Bakersfield Bakersfield, CA SF 2038 9,800 497,530 0.1 % 50.77 SSA - San Diego San Diego, CA SF 2032 10,059 458,334 0.1 % 45.56 Subtotal 8,054,450 $ 288,728,427 75.6 % $ 35.85 Wholly Owned State and Local Government Leased Property DC - Capitol Plaza (9) Washington, DC O 2026 - 2038 284,688 $ 18,600,116 5.0 % $ 65.34 Wake County III - Cary (10) Cary, NC O 2027 / 2034 113,722 3,495,842 0.9 % 30.74 CA - Anaheim Anaheim, CA O 2033 / 2034 95,273 3,364,379 0.9 % 35.31 Wake County II - Cary Cary, NC O 2034 98,340 2,840,676 0.7 % 28.89 Wake County I - Cary Cary, NC O 2034 75,401 2,222,073 0.6 % 29.47 NM - Albuquerque Albuquerque, NM O 2036 32,534 962,059 0.3 % 29.57 Subtotal 699,958 $ 31,485,145 8.4 % $ 44.98 Wholly Owned Privately Leased Property York Space Systems - Greenwood Village Greenwood Village, CO SF 2031 138,125 $ 5,012,523 1.4 % $ 36.29 Northrop Grumman - Dayton Beavercreek, OH SF 2029 99,246 2,629,161 0.7 % 26.49 Northrop Grumman - Aurora Aurora, CO SF 2032 104,136 2,368,386 0.6 % 22.74 501 East Hunter Street - Lummus Corporation Lubbock, TX W 2028 70,078 411,207 0.1 % 5.87 Subtotal 411,585 $ 10,421,277 2.8 % $ 25.32 Wholly Owned Properties Total / Weighted Average 9,165,993 $ 330,634,849 86.8 % $ 36.07 Property Name Location Property Type (1) Tenant Lease Expiration Year (2) Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Unconsolidated Real Estate Venture U.S.
  • Government Leased Properties VA - Phoenix (11) Phoenix, AZ OC 2042 257,294 $ 10,836,673 2.8 % $ 42.12 VA - San Antonio (11) San Antonio, TX OC 2041 226,148 9,234,141 2.4 % 40.83 VA - Jacksonville (11) Jacksonville, FL OC 2043 193,100 7,684,911 2.0 % 39.80 VA - Chattanooga (11) Chattanooga, TN OC 2035 94,566 4,325,285 1.1 % 45.74 VA - Lubbock (11)(12) Lubbock, TX OC 2040 120,916 4,261,542 1.1 % 35.24 VA - Marietta (11) Marietta, GA OC 2041 76,882 3,862,436 1.0 % 50.24 VA - Birmingham (11) Irondale, AL OC 2041 77,128 3,232,824 0.8 % 41.92 VA - Corpus Christi (11) Corpus Christi, TX OC 2042 69,276 3,004,175 0.8 % 43.37 VA - Columbus (11) Columbus, GA OC 2042 67,793 2,938,600 0.8 % 43.35 VA - Lenexa (11) Lenexa, KS OC 2041 31,062 1,336,514 0.4 % 43.03 1,214,165 $ 50,717,101 13.2 % $ 41.77 Total / Weighted Average 10,380,158 $ 381,351,950 100.0 % $ 36.74 Total / Weighted Average at Easterly's Share 9,809,499 $ 357,514,913 $ 36.45 (1) OC=Outpatient Clinic; SF=Specialized Facility; O=Office; C=Courthouse; L=Laboratory; W=Warehouse.
  • (3) Private tenants occupy 101,627 leased square feet.
  • (4) Private tenants occupy 12,259 leased square feet.
  • (6) Private tenants occupy 54,677 leased square feet.
  • (9) Private tenants occupy 20,299 leased square feet.
  • (10) A private tenant occupies 37,858 leased square feet.
  • (11) We own 53.0% of the property through the JV.
  • (12) Asset is subject to a ground lease where the JV is the lessee.
  • The following table sets forth the geographic diversification of our operating properties, by market, based on the GSA’s definition of regions, as of December 31, 2025, and it includes properties held by the JV: Location Market Number of Properties Number of Leases Leased Square Feet Percentage of Total Leased Square Feet Percent Leased Annualized Lease Income Percentage of Total Annualized Lease Income State California Pacific Rim 1,378,226 13.3 % % $ 65,341,339 17.1 % Texas (1) Greater Southwest 1,212,515 11.7 % % 41,197,997 10.8 % Virginia National Capital 783,587 7.6 % % 22,236,366 5.9 % Alabama Southeast Sunbelt 448,022 4.3 % % 18,916,711 5.0 % District of Columbia National Capital 284,688 2.7 % % 18,600,116 4.9 % Florida Southeast Sunbelt 408,360 3.9 % % 16,199,709 4.2 % Georgia Southeast Sunbelt 432,860 4.2 % % 15,553,060 4.1 % Colorado Rocky Mountain 576,790 5.6 % % 15,274,371 4.0 % Kansas The Heartland 316,170 3.0 % % 14,977,267 3.9 % Missouri The Heartland 512,323 4.9 % % 12,577,292 3.3 % Arizona Pacific Rim 257,294 2.5 % % 10,836,673 2.8 % West Virginia Mid-Atlantic 422,542 4.1 % % 10,827,710 2.8 % Nebraska The Heartland 312,639 3.0 % % 10,757,072 2.8 % New York Northeast & Caribbean 352,688 3.4 % % 10,648,419 2.8 % Tennessee Southeast Sunbelt 268,739 2.6 % % 10,073,870 2.6 % Illinois Great Lakes 232,368 2.2 % % 9,324,760 2.4 % Utah Rocky Mountain 269,542 2.6 % % 9,184,592 2.4 % North Carolina Southeast Sunbelt 287,463 2.8 % % 8,558,591 2.2 % Indiana Great Lakes 196,482 1.9 % % 7,914,625 2.1 % New Mexico Greater Southwest 202,354 1.9 % % 7,531,894 2.0 % South Carolina Southeast Sunbelt 215,181 2.1 % % 7,429,525 1.9 % Oregon Northwest Arctic 175,214 1.7 % % 5,913,484 1.6 % Ohio Great Lakes 160,630 1.5 % % 4,978,528 1.3 % Pennsylvania Mid-Atlantic 100,054 1.0 % % 4,153,110 1.1 % Louisiana Greater Southwest 137,679 1.3 % % 4,005,179 1.1 % Kentucky Southeast Sunbelt 77,420 0.7 % % 3,325,086 0.9 % Arkansas Greater Southwest 102,377 1.0 % % $ 3,262,031 0.9 % Connecticut New England 56,330 0.5 % % 2,978,003 0.8 % Maryland National Capital 50,978 0.5 % % 2,776,446 0.7 % Vermont New England 74,549 0.7 % % 2,738,632 0.7 % Mississippi Southeast Sunbelt 45,194 0.4 % % 1,890,909 0.5 % Iowa The Heartland 28,900 0.4 % % 1,368,583 0.4 % Total / Weighted Average 10,380,158 100.0 % % $ 381,351,950 100.0 % Market Southeast Sunbelt 2,183,239 21.0 % % $ 81,947,461 21.5 % Pacific Rim 1,635,520 15.8 % % 76,178,012 20.0 % Greater Southwest 1,654,925 15.9 % % 55,997,101 14.7 % National Capital 1,119,253 10.8 % % 43,612,928 11.4 % The Heartland 1,170,032 11.2 % % 39,680,214 10.4 % Rocky Mountain 846,332 8.2 % % 24,458,963 6.4 % Great Lakes 589,480 5.7 % % 22,217,913 5.8 % Mid-Atlantic 522,596 5.0 % % 14,980,820 3.9 % Northeast & Caribbean 352,688 3.4 % % 10,648,419 2.8 % Northwest Arctic 175,214 1.7 % % 5,913,484 1.6 % New England 130,879 1.3 % % 5,716,635 1.5 % Total / Weighted Average 10,380,158 100.0 % % $ 381,351,950 100.0 % Our portfolio of operating properties has a stable tenant base that is diversified among U.S.
  • As of December 31, 2025 our operating properties were 97% leased by 64 tenants.
  • The following table provides information about the tenants that leased our properties as of December 31, 2025, and includes tenants of properties held by our unconsolidated joint venture: Tenant (1) Weighted Average Remaining Lease Term (2) Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income U.S.
  • Government Department of Veteran Affairs (“VA”) 13.4 2,251,131 21.7 % $ 96,703,027 25.3 % Federal Bureau of Investigation (“FBI”) 8.2 1,498,607 14.4 % 54,858,296 14.4 % Drug Enforcement Administration (“DEA”) 9.7 607,290 5.9 % 29,080,670 7.6 % Judiciary of the U.S.
  • (“JUD”) 13.1 399,825 3.9 % 16,761,521 4.4 % U.S.
  • Citizenship and Immigration Services (“USCIS”) 11.1 520,807 5.0 % 16,087,985 4.2 % Immigration and Customs Enforcement (“ICE”) 7.3 388,386 3.7 % 15,481,464 4.1 % Food and Drug Administration (“FDA”) 17.4 291,314 2.8 % 13,163,004 3.5 % Internal Revenue Service (“IRS”) 6.1 359,661 3.5 % 11,875,840 3.1 % Environmental Protection Agency (“EPA”) 5.7 225,418 2.2 % 9,354,510 2.5 % U.S.
  • Joint Staff Command (“JSC”) 2.4 403,737 3.9 % 8,556,070 2.2 % Federal Aviation Administration (“FAA”) 0.8 188,768 1.8 % 7,925,559 2.1 % Bureau of the Fiscal Service (“BFS”) 11.7 266,176 2.6 % 7,027,164 1.8 % Social Security Administration (“SSA”) 7.0 192,185 1.9 % 5,604,729 1.5 % Patent and Trademark Office (“PTO”) 9.0 190,546 1.8 % 5,351,518 1.4 % Federal Emergency Management Agency (“FEMA”) 12.8 210,373 2.0 % 4,668,336 1.2 % U.S.
  • Attorney Office (“USAO”) 8.9 110,776 1.1 % 4,149,219 1.1 % U.S.
  • Forest Service (“USFS”) 5.5 98,720 1.0 % 3,699,413 1.0 % Department of Transportation (“DOT”) 13.4 116,046 1.1 % 3,402,561 0.9 % Customs and Border Protection (“CBP”) 9.7 64,737 0.6 % 3,247,340 0.9 % National Archives and Records Administration (“NARA”) 6.4 161,730 1.6 % 2,697,002 0.7 % National Weather Service (“NWS”) 8.0 94,378 0.9 % 2,171,933 0.6 % U.S.
  • Department of Agriculture (“USDA”) 2.1 60,257 0.6 % 1,880,319 0.5 % National Park Service (“NPS”) 3.5 62,772 0.6 % 1,873,659 0.5 % U.S.
  • Coast Guard (“USCG”) 2.0 59,547 0.6 % 1,641,350 0.4 % National Oceanic and Atmospheric Administration (“NOAA”) 5.7 33,403 0.3 % 1,411,161 0.4 % Transportation Security Administration (“TSA”) 8.0 44,075 0.4 % 1,172,916 0.3 % Homeland Security Investigations (“HSI”) 10.2 27,840 0.3 % 1,117,020 0.3 % Small Business Administration (“SBA”) 13.6 44,969 0.4 % 1,022,945 0.3 % U.S.
  • Army Corps of Engineers (“ACOE”) 4.1 33,407 0.3 % 969,264 0.3 % General Services Administration - Other 9.7 33,365 0.3 % 831,614 0.2 % Bureau of Alcohol, Tobacco, Firearms and Explosives (“ATF”) 7.2 23,775 0.2 % 730,282 0.2 % Department of Energy (“DOE”) 7.3 4,846 0.0 % 277,782 0.1 % Federal Energy Regulatory Commission (“FERC”) 13.6 6,214 0.1 % 249,641 0.1 % U.S.
  • Probation Office (“USPO”) 13.1 6,621 0.1 % 179,851 0.0 % U.S.
  • Marshals Service (“USMS”) 1.1 1,054 0.0 % 48,551 0.0 % Department of Labor (“DOL”) 13.1 0.0 % 15,598 0.0 % Subtotal 9.8 9,083,330 87.6 % $ 335,289,114 88.1 % Tenant (1) Weighted Average Remaining Lease Term (2) Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income State and Local Government Tenants District of Columbia Government 12.2 238,062 2.3 % $ 15,505,639 4.0 % Wake County Public School System 8.5 249,605 2.4 % 7,425,131 1.9 % State of California Employee Development Department 8.1 65,133 0.6 % 2,296,631 0.6 % State of California Department of Industrial Relations 7.8 30,140 0.3 % 1,067,748 0.3 % State of New Mexico Health Care Authority 11.0 32,534 0.3 % 962,059 0.3 % New York State Court of Claims 0.7 14,274 0.1 % 390,934 0.1 % Subtotal 9.8 629,748 6.0 % $ 27,648,142 7.2 % Private Tenants York Space Systems 6.0 138,125 1.3 % $ 5,012,523 1.2 % Northrup Grumman Systems Corporation 4.9 203,382 2.0 % 4,997,547 1.3 % Other Private Tenants 3.8 67,081 0.6 % 2,521,521 0.7 % CVS Health 4.6 41,462 0.4 % 1,397,942 0.4 % Jacobs Engineering Group, Inc. 2.0 37,858 0.4 % 1,133,460 0.3 % HUB International Midwest Limited 6.8 29,074 0.3 % 849,191 0.2 % St.
  • Luke's Health System 2.0 32,043 0.3 % 816,235 0.2 % Pate Rehabilitation Endeavors, LLC 6.1 25,603 0.2 % 805,639 0.2 % University of Central Missouri 6.5 22,374 0.2 % 469,429 0.1 % Lummus Corporation 2.6 70,078 0.7 % 411,207 0.1 % Subtotal 4.6 667,080 6.4 % $ 18,414,694 4.7 % Total / Weighted Average 9.5 10,380,158 100.0 % $ 381,351,950 100.0 % (1) If a property is leased to multiple tenants the weighted average remaining lease term, leased square feet, annualized lease income and percentage of total annualized lease income have been allocated to the respective tenant agency.
  • While some of our leases are contractually subject to early termination, we do not believe that our tenant agencies are likely to terminate these leases early given the build-to-suit features at the properties subject to the leases, the average age of these properties based on the date the property was built or renovated-to-suit where applicable (approximately 20.5 years), the mission-critical focus of the properties subject to the leases and the current level of operations at such properties.
  • The following table sets forth a schedule of lease expirations for leases in place as of December 31, 2025, and includes leases in place for properties held by our unconsolidated joint venture: Year of Lease Expiration (1) Number of Leases Expiring Square Footage Expiring Percentage of Portfolio Square Footage Expiring Annualized Lease Income Expiring Percentage of Total Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring 2026 344,916 3.3 % $ 13,784,542 3.6 % 39.96 2027 570,481 5.5 % 20,821,832 5.5 % 36.50 2028 906,740 8.7 % 21,451,549 5.6 % 23.66 2029 757,363 7.3 % 24,918,878 6.5 % 32.90 2030 68,400 0.7 % 1,855,232 0.5 % 27.12 2031 438,648 4.2 % 16,745,256 4.4 % 38.17 2032 712,188 6.9 % 22,196,450 5.8 % 31.17 2033 566,197 5.5 % 22,157,650 5.8 % 39.13 2034 507,793 4.9 % 21,206,591 5.6 % 41.76 2035 440,450 4.2 % 17,570,724 4.6 % 39.89 Thereafter 5,066,982 48.8 % 198,643,246 52.1 % 39.20 Total / Weighted Average 10,380,158 100.0 % $ 381,351,950 100.0 % $ 36.74 (1) The year of lease expirations is pursuant to current contract terms.
  • As of December 31, 2025, 7 leases occupying approximately 3.8% of our leased square feet and contributing approximately 3.9% of our annualized lease income have exercisable rights to terminate their leases before the stated term of their lease expires.
  • Information about our development properties as of December 31, 2025 is set forth in the table below: Property Name Location Tenant Property Type Lease Term Estimated Leased Square Feet JUD - Flagstaff Flagstaff, AZ Judiciary of the U.S.
  • Government C (1) 20 -year 50,777 JUD - Medford Medford, OR Judiciary of the U.S.
  • Government C (1) 20-year 40,035 FL - Fort Myers Fort Myers, FL Florida Department of Law Enforcement L (2) 25-year 64,000 Total 154,812 (1) C=Courthouse (2) L=Laboratory Item 3.
  • We had 35 stockholders of record of our common stock as of February 13, 2026.
  • The graph covers the period from December 31, 2020 through December 31, 2025 and assumes that $100 was invested in our common stock and in each index on December 31, 2020 and that all dividends were reinvested.

and 398 more.

Gone since FY2024

  • The contracted Chief Technology Officer has approximately 16 years of information technology experience, including nine years in the finance and real estate sectors, and our Head of Internal Audit, has approximately 31 years of audit experience, including 21 years in the real estate and financial services sectors.
  • Pr operties As of December 31, 2024, we wholly owned 90 operating properties and ten operating properties through the JV in the United States encompassing approximately 9.7 million leased square feet (9.2 million pro rata), including 92 operating properties that were leased to U.S.
  • Government tenant agencies, four operating properties leased to tenant agencies of a U.S. state or local government and three operating properties leased entirely to private tenants.
  • In addition, we wholly owned two properties under development that we expect to encompass approximately 0.2 million leased square feet upon completion.
  • As of December 31, 2024, our operating properties were 97% leased with a weighted average annualized lease income per leased square foot of $35.60 ($35.22 pro rata) and a weighted average age of approximately 15.7 years based on the date the property was built or renovated-to-suit, where applicable.
  • The table set forth below shows information relating to the properties we owned, or in which we had an ownership interest, at December 31, 2024, and it includes properties held by the JV: Property Name Location Property Type (1) Tenant Lease Expiration Year (2) 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 OC 2036 327,614 $ 16,850,124 4.9 % $ 51.43 USCIS - Kansas City (3) Lee's Summit, MO O 2025 - 2042 403,178 10,007,859 2.9 % 24.82 JSC - Suffolk Suffolk, VA SF 2028 403,737 8,503,831 2.5 % 21.06 Various GSA - Chicago Des Plaines, IL O 2026 188,768 7,789,151 2.2 % 41.26 IRS - Fresno Fresno, CA O 2033 180,481 6,972,352 2.0 % 38.63 Various GSA - Portland (4) Portland, OR O 2025 - 2039 205,478 6,927,716 2.0 % 33.72 Various GSA - Buffalo (5) Buffalo, NY O 2025 - 2039 273,678 6,893,503 2.0 % 25.19 FBI - Salt Lake Salt Lake City, UT SF 2032 169,542 6,789,358 2.0 % 40.05 VA - San Jose San Jose, CA OC 2038 90,085 5,819,576 1.7 % 64.60 EPA - Lenexa Lenexa, KS O 2027 169,585 5,796,626 1.7 % 34.18 FBI - Tampa Tampa, FL SF 2040 138,000 5,314,469 1.5 % 38.51 FBI - San Antonio San Antonio, TX SF 2025 148,584 5,206,053 1.5 % 35.04 FDA - Alameda Alameda, CA L 2039 69,624 4,966,674 1.4 % 71.34 FBI / DEA - El Paso El Paso, TX SF 2028 203,683 4,727,462 1.4 % 23.21 PTO - Arlington Arlington, VA SF 2035 190,546 4,683,980 1.4 % 24.58 FEMA - Tracy Tracy, CA W 2038 210,373 4,652,852 1.3 % 22.12 TREAS - Parkersburg Parkersburg, WV O 2041 182,500 4,399,697 1.3 % 24.11 FDA - Lenexa Lenexa, KS L 2040 59,690 4,333,387 1.3 % 72.60 ICE - Dallas (6) Irvine, TX SF 2032 / 2040 129,046 4,090,572 1.2 % 31.70 FBI - Pittsburgh Pittsburgh, PA SF 2027 100,054 4,079,780 1.2 % 40.78 VA - South Bend Mishakawa, IN OC 2032 86,363 4,026,610 1.2 % 46.62 FBI - New Orleans New Orleans, LA SF 2029 137,679 3,968,050 1.1 % 28.82 FBI - Omaha Omaha, NE SF 2044 112,196 3,959,898 1.1 % 35.29 USCIS - Lincoln Lincoln, NE O 2025 137,671 3,904,639 1.1 % 28.36 VA - Mobile Mobile, AL OC 2033 79,212 3,798,371 1.1 % 47.95 FBI - Birmingham Birmingham, AL SF 2042 96,278 3,692,036 1.1 % 38.35 FBI - Knoxville Knoxville, TN SF 2025 99,130 3,629,035 1.0 % 36.61 FBI - Albany Albany, NY SF 2036 69,476 3,591,446 1.0 % 51.69 EPA - Kansas City Kansas City, KS L 2043 55,833 3,589,765 1.0 % 64.29 USFS II - Albuquerque Albuquerque, NM O 2026 98,720 3,553,436 1.0 % 36.00 DOT - Lakewood Lakewood, CO O 2039 116,046 3,416,355 1.0 % 29.44 ICE - Charleston North Charleston, SC SF 2027 65,124 3,373,468 1.0 % 51.80 VA - Chico Chico, CA OC 2034 51,647 3,341,875 1.0 % 64.71 FBI - Richmond Richmond, VA SF 2041 96,607 3,334,875 1.0 % 34.52 JUD - Del Rio Del Rio, TX C 2041 89,880 3,291,972 1.0 % 36.63 FBI - Mobile Mobile, AL SF 2029 76,112 3,262,209 0.9 % 42.86 FBI - Little Rock Little Rock, AR SF 2041 102,377 3,237,405 0.9 % 31.62 DEA - Sterling Sterling, VA L 2038 57,692 3,222,788 0.9 % 55.86 DEA - Vista Vista, CA L 2035 52,293 3,147,780 0.9 % 60.20 USCIS - Tustin Tustin, CA O 2034 66,818 3,142,255 0.9 % 47.03 VA - Orange Orange, CT OC 2034 56,330 2,998,139 0.9 % 53.22 Property Name Location Property Type (1) Tenant Lease Expiration Year (2) 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 (Cont.) VA - Indianapolis Brownsburg, IN OC 2041 80,000 2,980,495 0.9 % 37.26 ICE - Albuquerque Albuquerque, NM SF 2027 71,100 2,841,105 0.8 % 39.96 JUD - El Centro El Centro, CA C 2034 43,345 2,814,240 0.8 % 64.93 SSA - Charleston Charleston, WV O 2029 110,000 $ 2,805,454 0.8 % $ 25.50 DEA - Dallas Lab Dallas, TX L 2038 49,723 2,798,999 0.8 % 56.29 DEA - Pleasanton Pleasanton, CA L 2035 42,480 2,779,748 0.8 % 65.44 DEA - Upper Marlboro Upper Marlboro, MD L 2037 50,978 2,761,612 0.8 % 54.17 NARA - Broomfield Broomfield, CO W 2032 161,730 2,690,321 0.8 % 16.63 TREAS - Birmingham Birmingham, AL O 2029 83,676 2,627,473 0.8 % 31.40 DHS - Atlanta (7) Atlanta, GA SF 2031 - 2038 91,185 2,579,815 0.7 % 28.29 USAO - Louisville Louisville, KY SF 2031 60,000 2,540,094 0.7 % 42.33 JUD - Charleston Charleston, SC C 2040 52,339 2,518,931 0.7 % 48.13 JUD - Jackson Jackson, TN C 2043 75,043 2,403,192 0.7 % 32.02 IRS - Ogden Ogden, UT W 2029 100,000 2,352,291 0.7 % 23.52 CBP - Savannah Savannah, GA L 2033 35,000 2,289,518 0.7 % 65.41 DEA - Dallas Dallas, TX SF 2041 71,827 2,272,075 0.7 % 31.63 Various GSA - Cleveland (8) Brooklyn Heights, OH O 2028 - 2040 61,384 2,245,513 0.6 % 36.58 NWS - Kansas City Kansas City, MO SF 2033 94,378 2,155,680 0.6 % 22.84 DEA - Santa Ana Santa Ana, CA SF 2029 39,905 2,019,910 0.6 % 50.62 NPS - Omaha Omaha, NE SF 2029 62,772 1,891,182 0.5 % 30.13 DEA - North Highlands Sacramento, CA SF 2033 37,975 1,885,075 0.5 % 49.64 GSA - Clarksburg Clarksburg, WV O 2039 70,495 1,880,219 0.5 % 26.67 VA - Golden Golden, CO W 2026 56,753 1,782,038 0.5 % 31.40 JUD - Newport News Newport News, VA C 2033 35,005 1,676,464 0.5 % 47.89 ICE - Orlando Orlando, FL SF 2040 49,420 1,668,211 0.5 % 33.76 USCG - Martinsburg Martinsburg, WV SF 2027 59,547 1,624,577 0.5 % 27.28 JUD - Aberdeen Aberdeen, MS C 2025 46,979 1,577,074 0.5 % 33.57 VA - Charleston North Charleston, SC W 2040 97,718 1,504,645 0.4 % 15.40 DEA - Albany Albany, NY SF 2042 31,976 1,407,704 0.4 % 44.02 USAO - Springfield Springfield, IL SF 2038 43,600 1,391,454 0.4 % 31.91 JUD - Council Bluffs Council Bluffs, IA C 2041 28,900 1,367,675 0.4 % 47.32 DEA - Riverside Riverside, CA SF 2032 34,354 1,321,949 0.4 % 38.48 DEA - Birmingham Birmingham, AL SF 2038 35,616 1,256,899 0.4 % 35.29 HSI - Orlando Orlando, FL SF 2036 27,840 1,075,437 0.3 % 38.63 SSA - Dallas Dallas, TX SF 2035 27,200 1,069,445 0.3 % 39.32 JUD - South Bend South Bend, IN C 2027 30,119 802,002 0.2 % 26.63 ICE - Louisville Louisville, KY SF 2036 17,420 657,841 0.2 % 37.76 DEA - San Diego San Diego, CA W 2032 16,100 561,172 0.2 % 34.86 DEA - Bakersfield Bakersfield, CA SF 2038 9,800 493,373 0.1 % 50.34 SSA - San Diego San Diego, CA SF 2032 10,059 452,386 0.1 % 44.97 ICE - Otay San Diego, CA O 2027 7,434 261,222 0.1 % 35.14 Subtotal 7,858,905 $ 278,371,939 80.4 % $ 35.42 Wholly Owned State and Local Government Leased Property Wake County III - Cary (9) Cary, NC O 2027 / 2034 113,722 3,555,902 1.0 % $ 31.27 CA - Anaheim Anaheim, CA O 2033 / 2034 95,273 3,364,379 1.0 % $ 35.31 Wake County II - Cary Cary, NC O 2034 98,340 2,953,908 0.9 % $ 30.04 Wake County I - Cary Cary, NC O 2034 75,401 2,254,676 0.7 % $ 29.90 Subtotal 382,736 $ 12,128,865 3.6 % $ 31.69 Wholly Owned Privately Leased Property Northrop Grumman - Dayton Beavercreek, OH SF 2029 99,246 2,579,090 0.7 % $ 25.99 Northrop Grumman - Aurora Aurora, CO SF 2032 104,136 2,368,386 0.7 % $ 22.74 501 East Hunter Street - Lummus Corporation Lubbock, TX W 2028 70,078 412,024 0.1 % $ 5.88 Subtotal 273,460 $ 5,359,500 1.5 % $ 19.60 Wholly Owned Properties Total / Weighted Average 8,515,101 295,860,304 85.5 % $ 34.75 Property Name Location Property Type (1) Tenant Lease Expiration Year (2) Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income Annualized Lease Income per Leased Square Foot Unconsolidated Real Estate Venture U.S.
  • Government Leased Properties VA - Phoenix (10) Phoenix, AZ OC 2042 257,294 $ 10,781,681 3.1 % $ 41.90 VA - San Antonio (10) San Antonio, TX OC 2041 226,148 9,308,441 2.7 % 41.16 VA - Jacksonville (10) Jacksonville, FL OC 2043 193,100 7,372,700 2.1 % 38.18 VA - Chattanooga (10) Chattanooga, TN OC 2035 94,566 4,385,607 1.3 % 46.38 VA - Lubbock (10)(11) Lubbock, TX OC 2040 120,916 4,251,052 1.2 % 35.16 VA - Marietta (10) Marietta, GA OC 2041 76,882 3,958,402 1.1 % 51.49 VA - Birmingham (10) Irondale, AL OC 2041 77,128 3,192,361 0.9 % 41.39 VA - Corpus Christi (10) Corpus Christi, TX OC 2042 69,276 2,947,359 0.9 % 42.55 VA - Columbus (10) Columbus, GA OC 2042 67,793 2,917,896 0.8 % 43.04 VA - Lenexa (10) Lenexa, KS OC 2041 31,062 1,349,757 0.4 % 43.45 1,214,165 $ 50,465,256 14.5 % $ 41.56 Total / Weighted Average 9,729,266 $ 346,325,560 100.0 % $ 35.60 Total / Weighted Average at Easterly's Share 9,158,607 $ 322,606,890 $ 35.22 (1) OC=Outpatient Clinic; SF=Specialized Facility; O=Office; C=Courthouse; L=Laboratory; W=Warehouse.
  • (3) Private tenants occupy 86,860 leased square feet.
  • (4) Private tenants occupy 36,610 leased square feet.
  • (6) Private tenants occupy 48,523 leased square feet.
  • (9) A private tenant occupies 37,858 leased square feet.
  • (10) We own 53.0% of the property through the JV.
  • (11) Asset is subject to a ground lease where the JV is the lessee.
  • The following table sets forth the geographic diversification of our operating properties, by market, based on the GSA’s definition of regions, as of December 31, 2024, and it includes properties held by the JV: Location Market Number of Properties Number of Leases Leased Square Feet Percentage of Total Leased Square Feet Percent Leased Annualized Lease Income Percentage of Total Annualized Lease Income State California Pacific Rim 1,385,660 14.2 % % $ 64,846,942 18.7 % Texas (1) Greater Southwest 1,206,361 12.4 % % 40,375,454 11.7 % Virginia National Capital 783,587 8.1 % % 21,421,938 6.2 % Alabama Southeast Sunbelt 448,022 4.6 % % 17,829,349 5.1 % Florida Southeast Sunbelt 408,360 4.2 % % 15,430,817 4.5 % Kansas The Heartland 316,170 3.2 % % 15,069,535 4.4 % Missouri The Heartland 497,556 5.1 % % 12,163,539 3.5 % New York Northeast & Caribbean 375,130 3.9 % % 11,892,653 3.4 % Georgia Southeast Sunbelt 270,860 2.8 % % 11,745,631 3.4 % Arizona Pacific Rim 257,294 2.6 % % 10,781,681 3.1 % West Virginia Mid-Atlantic 422,542 4.3 % % 10,709,947 3.1 % Tennessee Southeast Sunbelt 268,739 2.8 % % 10,417,834 3.0 % Colorado Rocky Mountain 438,665 4.5 % % 10,257,100 3.0 % Nebraska The Heartland 312,639 3.2 % % 9,755,719 2.8 % Illinois Great Lakes 232,368 2.4 % % 9,180,605 2.7 % Utah Rocky Mountain 269,542 2.8 % % 9,141,649 2.6 % North Carolina Southeast Sunbelt 287,463 3.0 % % 8,764,486 2.5 % Indiana Great Lakes 196,482 2.0 % % 7,809,107 2.3 % South Carolina Southeast Sunbelt 215,181 2.2 % % 7,397,044 2.1 % Oregon Northwest Arctic 205,478 2.1 % % 6,927,716 2.0 % New Mexico Greater Southwest 169,820 1.7 % % 6,394,541 1.8 % Ohio Great Lakes 160,630 1.7 % % 4,824,603 1.4 % Pennsylvania Mid-Atlantic 100,054 1.0 % % 4,079,780 1.2 % Louisiana Greater Southwest 137,679 1.4 % % 3,968,050 1.1 % Arkansas Greater Southwest 102,377 1.1 % % 3,237,405 0.9 % Kentucky Southeast Sunbelt 77,420 0.8 % % 3,197,935 0.9 % Connecticut New England 56,330 0.6 % % 2,998,139 0.9 % Maryland National Capital 50,978 0.5 % % 2,761,612 0.8 % Mississippi Southeast Sunbelt 46,979 0.5 % % 1,577,074 0.5 % Iowa The Heartland 28,900 0.3 % % 1,367,675 0.4 % Total / Weighted Average 9,729,266 100.0 % % $ 346,325,560 100.0 % Market Southeast Sunbelt 2,023,024 20.7 % % 76,360,170 22.0 % Pacific Rim 1,642,954 16.8 % % 75,628,623 21.8 % Greater Southwest 1,616,237 16.6 % % 53,975,450 15.6 % The Heartland 1,155,265 11.9 % % 38,356,468 11.1 % National Capital 834,565 8.6 % % 24,183,550 7.0 % Great Lakes 589,480 6.1 % % 21,814,315 6.3 % Rocky Mountain 708,207 7.3 % % 19,398,749 5.6 % Mid-Atlantic 522,596 5.4 % % 14,789,727 4.3 % Northeast & Caribbean 375,130 3.9 % % 11,892,653 3.4 % Northwest Arctic 205,478 2.1 % % 6,927,716 2.0 % New England 56,330 0.6 % % 2,998,139 0.9 % Total / Weighted Average 9,729,266 100.0 % % $ 346,325,560 100.0 % Our portfolio of operating properties has a stable tenant base that is diversified among U.S.
  • As of December 31, 2024 our operating properties were 97% leased by 59 tenants.
  • The following table provides information about the tenants that leased our properties as of December 31, 2024, and includes tenants of properties held by our unconsolidated joint venture: Tenant (1) Weighted Average Remaining Lease Term (2) Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income U.S.
  • Government Department of Veteran Affairs (“VA”) 14.1 2,251,131 23.2 % $ 96,083,994 27.8 % Federal Bureau of Investigation (“FBI”) 9.0 1,498,607 15.5 % 53,767,038 15.5 % Drug Enforcement Administration (“DEA”) 10.7 607,290 6.2 % 27,941,589 8.1 % Judiciary of the U.S.
  • (“JUD”) 12.3 401,610 4.1 % 16,451,550 4.8 % U.S.
  • Citizenship and Immigration Services (“USCIS”) 11.8 520,807 5.4 % 15,012,669 4.3 % Immigration and Customs Enforcement (“ICE”) 8.8 313,837 3.2 % 12,186,554 3.5 % Internal Revenue Service (“IRS”) 7.2 333,334 3.4 % 10,626,239 3.1 % Environmental Protection Agency (“EPA”) 6.7 225,418 2.3 % 9,386,391 2.7 % Food and Drug Administration (“FDA”) 15.2 129,314 1.3 % 9,300,061 2.7 % U.S.
  • Joint Staff Command (“JSC”) 3.4 403,737 4.1 % 8,503,831 2.5 % Federal Aviation Administration (“FAA”) 1.8 188,768 1.9 % 7,789,151 2.2 % Social Security Administration (“SSA”) 12.7 266,176 2.7 % 7,027,170 2.0 % Patent and Trademark Office (“PTO”) 8.0 192,185 2.0 % 5,525,502 1.6 % Federal Emergency Management Agency (“FEMA”) 10.0 190,546 2.0 % 4,683,980 1.4 % Patent and Trademark Office (“PTO”) 13.8 210,373 2.2 % 4,652,852 1.3 % U.S.
  • Attorney Office (“USAO”) 9.9 110,776 1.1 % 4,122,947 1.2 % Department of Transportation (“DOT”) 13.7 123,480 1.3 % 3,677,577 1.1 % U.S.
  • Forest Service (“USFS”) 1.5 98,720 1.0 % 3,553,436 1.0 % Customs and Border Protection (“CBP”) 10.7 64,737 0.7 % 3,226,943 0.9 % National Archives and Records Administration (“NARA”) 7.4 161,730 1.7 % 2,690,321 0.8 % National Weather Service (“NWS”) 9.0 94,378 1.0 % 2,155,680 0.6 % U.S.
  • Department of Agriculture (“USDA”) 3.1 60,257 0.6 % 1,909,389 0.6 % National Park Service (“NPS”) 4.5 62,772 0.6 % 1,891,182 0.5 % General Services Administration - Other 0.7 55,807 0.6 % 1,714,806 0.5 % U.S.
  • Coast Guard (“USCG”) 3.0 59,547 0.6 % 1,624,577 0.5 % National Oceanic and Atmospheric Administration (“NOAA”) 6.7 33,403 0.3 % 1,426,062 0.4 % Transportation Security Administration (“TSA”) 9.0 44,075 0.5 % 1,161,242 0.3 % U.S.
  • Army Corps of Engineers (“ACOE”) 0.1 39,320 0.4 % 1,147,120 0.3 % Small Business Administration (“SBA”) 14.6 44,969 0.5 % 1,114,230 0.3 % Homeland Security Investigations (“HSI”) 11.2 27,840 0.3 % 1,075,437 0.3 % Bureau of Alcohol, Tobacco, Firearms and Explosives (“ATF”) 8.2 23,775 0.2 % 734,101 0.2 % Federal Energy Regulatory Commission (“FERC”) 14.6 6,214 0.1 % 248,307 0.1 % Department of Energy (“DOE”) 8.3 4,846 0.0 % 187,782 0.1 % U.S.
  • Probation Office (“USPO”) 14.1 6,621 0.1 % 176,606 0.1 % U.S.
  • Marshals Service (“USMS”) 2.1 1,054 0.0 % 50,583 0.0 % Department of Labor (“DOL”) 14.1 0.0 % 15,316 0.0 % Subtotal 10.3 8,858,028 91.1 % $ 322,842,215 93.3 % Tenant (1) Weighted Average Remaining Lease Term (2) Leased Square Feet Percentage of Leased Square Feet Annualized Lease Income Percentage of Total Annualized Lease Income State and Local Government Tenants Wake County Public School System 9.5 249,605 2.6 % $ 7,605,214 2.2 % State of California Employee Development Department 9.1 65,133 0.7 % $ 2,296,631 0.7 % State of California Department of Industrial Relations 8.8 30,140 0.3 % 1,067,748 0.3 % New York State Court of Claims 1.7 14,274 0.1 % 391,875 0.1 % Subtotal 9.1 359,152 3.7 % $ 11,361,468 3.3 % Private Tenants Northrup Grumman Systems Corporation 5.9 203,382 2.1 % 4,947,476 1.4 % Other Private Tenants 4.2 58,869 0.6 % 1,673,709 0.5 % Jacobs Engineering Group, Inc. 3.0 37,858 0.4 % 1,159,272 0.3 % St.
  • Luke's Health System 2.0 32,043 0.3 % 924,624 0.3 % HUB International Midwest Limited 7.8 29,074 0.3 % 841,506 0.2 % CVS Health 0.4 39,690 0.4 % 776,210 0.2 % Providence Health & Services 0.7 21,643 0.2 % 747,258 0.2 % Pate Rehabilitation Endeavors, LLC 7.1 19,449 0.2 % 639,798 0.2 % Lummus Corporation 3.6 70,078 0.7 % 412,024 0.1 % Subtotal 4.4 512,086 5.2 % $ 12,121,877 3.4 % Total / Weighted Average 10.0 9,729,266 100.0 % $ 346,325,560 100.0 % (1) If a property is leased to multiple tenants the weighted average remaining lease term, leased square feet, annualized lease income and percentage of total annualized lease income have been allocated to the respective tenant agency.
  • While some of our leases are contractually subject to early termination, we do not believe that our tenant agencies are likely to terminate these leases early given the build-to-suit features at the properties subject to the leases, the average age of these properties based on the date the property was built or renovated-to-suit where applicable (approximately 19.5 years), the mission-critical focus of the properties subject to the leases and the current level of operations at such properties.
  • The following table sets forth a schedule of lease expirations for leases in place as of December 31, 2024, and includes leases in place for properties held by our unconsolidated joint venture: Year of Lease Expiration (1) Number of Leases Expiring Square Footage Expiring Percentage of Portfolio Square Footage Expiring Annualized Lease Income Expiring Percentage of Total Annualized Lease Income Expiring Annualized Lease Income per Leased Square Foot Expiring 2025 592,906 6.1 % 18,868,413 5.4 % 31.82 2026 394,832 4.1 % 14,600,404 4.2 % 36.98 2027 544,368 5.6 % 20,068,900 5.8 % 36.87 2028 802,397 8.2 % 17,652,883 5.1 % 22.00 2029 731,036 7.5 % 22,205,212 6.4 % 30.37 2030 1,536 0.0 % 59,478 0.0 % 38.72 2031 117,875 1.2 % 4,549,908 1.3 % 38.60 2032 683,660 7.0 % 20,993,082 6.1 % 30.71 2033 566,197 5.8 % 22,077,072 6.4 % 38.99 2034 507,793 5.2 % 21,315,514 6.2 % 41.98 Thereafter 4,786,666 49.3 % 183,934,694 53.1 % 38.43 Total / Weighted Average 9,729,266 100.0 % $ 346,325,560 100.0 % $ 35.60 (1) The year of lease expirations is pursuant to current contract terms.
  • As of December 31, 2024, 8 leases occupying approximately 5.8% of our leased square feet and contributing approximately 5.2% of our annualized lease income have exercisable rights to terminate their leases before the stated term of their lease expires.
  • Information about our development property as of December 31, 2024 is set forth in the table below: Property Name Location Tenant Property Type Lease Term Estimated Leased Square Feet FDA - Atlanta Atlanta, GA Food and Drug Administration L (1) 20-year 162,000 JUD - Flagstaff Flagstaff, AZ Judiciary of the U.S.
  • Government C (2) 20-year 50,777 Total 212,777 (1) L=Laboratory (2) C=Courthouse Item 3.
  • We had 31 stockholders of record of our common stock as of February 18, 2025.
  • The graph covers the period from December 31, 2019 through December 31, 2024 and assumes that $100 was invested in our common stock and in each index on December 31, 2019 and that all dividends were reinvested.
  • Management’s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion of our results of operations and financial condition in conjunction with the audited consolidated financial statements and related notes thereto as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022 and the sections entitled “Risk Factors,” “Forward Looking Statements,” “Business,” and “Properties” contained elsewhere in this Annual Report on Form 10-K.
  • We generate over 90 % of our revenue by leasing our properties to such agencies either directly or through the U.S.
  • We may also consider other potential opportunities to add properties to our portfolio, including acquiring properties leased to state and local governments with strong creditworthiness and other opportunities that directly or indirectly support the mission of select government agencies.

and 320 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

Watch DEA. Know when insiders buy.
One email the day a filing lands. Free.