Easterly Government Properties Inc

As of December 31, 2023, we wholly owned 81 operating properties and nine operating properties through an unconsolidated joint venture in the United States encompassing approximately 8.8 million leased square feet (8.3 million pro rata), including 88 operating properties that were leased to U.S. Government tenant agencies, one operating property entirely leased to tenant agencies of a U.S. state government and one operating property leased entirely to a private tenant. In addition, we wholly owned one property under development that we expect to encompass approximately 0.2 million leased square feet upon completion. As of December 31, 2023, our operating properties were 97% leased with a weighted average annualized lease income per leased square foot of $35.98 ($35.64 pro rata) and a weighted average age of approximately 14.6 years based on the date the property was built or renovated-to-suit, where applicable. For purposes of calculating percentage leased, we exclude from the denominator total square feet that was unleased and to which we attributed no value at the time of acquisition. We calculate annualized lease income as annualized contractual base rent for the last month in a specified period, plus the annualized straight line rent adjustments for the last month in such period and the annualized net expense reimbursements earned by us for the last month in such period.

The table set forth below shows information relating to the properties we owned, or in which we had an ownership interest, at December 31, 2023, and it includes properties held by our unconsolidated joint venture:

(1)

OC=Outpatient Clinic; O=Office; C=Courthouse; L=Laboratory; W=Warehouse; D=Distribution.

(2)

The year of lease expiration does not include renewal options.

(3)

Private tenants occupy 100,081 leased square feet.

(4)

Private tenants occupy 36,610 leased square feet.

(5)

A state tenant occupies 14,274 leased square feet.

(6)

A private tenant occupies 11,402 leased square feet.

(7)

A private tenant occupies 5,000 leased square feet.

(8)

A private tenant occupies 17,373 leased square feet.

(9)

We own 53.0% of the property through an unconsolidated joint venture.

(10)

Asset is subject to a ground lease where we are the lessee.

Our assets are located throughout the United States. 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, 2023, and it includes properties held by our unconsolidated joint venture:

(1)

One property entirely leased to a private tenant is located in the Greater Southwest region.

Our portfolio of operating properties has a stable tenant base that is diversified among U.S. Government agencies. Our U.S. Government tenant agencies include a numberof the U.S. Government’s largest and most essential agencies. As of December 31, 2023 our operating properties were 97% leased by 54 tenants. The following table provides information about the tenants that leased our properties as of December 31, 2023, and includes tenants of properties held by our unconsolidated joint venture:

(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.

(2)

Weighted based on leased square feet.

Certain of our leases are currently in the “soft-term” period of the lease, meaning that the U.S. Government tenant agency has the right to terminate the lease prior to its stated lease end date. We believe that, from the U.S. Government’s perspective, leases with such provisions are helpful for budgetary purposes. 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 19.0 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, 2023, and includes leases in place for properties held by our unconsolidated joint venture:

(1)

The year of lease expirations is pursuant to current contract terms. Some tenants have the right to vacate their space during a specified period, or “soft term,” before the stated terms of their leases expire. As of December 31, 2023, 11 leases occupying approximately 7.2% of our leased square feet and contributing approximately 6.9% of our annualized lease income have exercisable rights to terminate their leases before the stated term of their lease expires.

Information about our development property as of December 31, 2023 is set forth in the table below:

(1)

L=Laboratory.