Easterly Government Properties, Inc.

For the period ended Dec 31, 2025. Filed Feb 23, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 23, 2026

DEA$22.72+1.1%Stored close · as of Nov 9, 2026

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Contents

Item 2. Properties

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. 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, 2025, and it includes properties held by the JV:

Property Name	Location	PropertyType (1)	Tenant LeaseExpiration Year (2)	LeasedSquareFeet	Annualized Lease Income	Percentage of Total Annualized Lease Income	Annualized LeaseIncome perLeased SquareFoot
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	PropertyType (1)	Tenant LeaseExpiration Year (2)	LeasedSquareFeet	Annualized Lease Income	Percentage of Total Annualized Lease Income	Annualized LeaseIncome perLeased SquareFoot
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 · PropertyType (1) · Tenant LeaseExpiration Year (2) · LeasedSquareFeet · Annualized Lease Income · Percentage of Total Annualized Lease Income · Annualized LeaseIncome perLeased SquareFoot
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 · PropertyType (1) · Tenant LeaseExpiration Year (2) · LeasedSquareFeet · Annualized Lease Income · Percentage of Total Annualized Lease Income · Annualized LeaseIncome perLeased SquareFoot
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.

(2)

The year of lease expiration does not include renewal options.

(3)

Private tenants occupy 101,627 leased square feet.

(4)

Private tenants occupy 12,259 leased square feet.

(5)

A state government tenant occupies 14,274 leased square feet.

(6)

Private tenants occupy 54,677 leased square feet.

(7)

A private tenant occupies 17,373 leased square feet.

(8)

A private tenant occupies 11,402 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.

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, 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	17	21	1,378,226	13.3%	100%	$65,341,339	17.1%
Texas (1)	Greater Southwest	11	15	1,212,515	11.7%	100%	41,197,997	10.8%
Virginia	National Capital	5	5	783,587	7.6%	100%	22,236,366	5.9%
Alabama	Southeast Sunbelt	6	6	448,022	4.3%	100%	18,916,711	5.0%
District of Columbia	National Capital	1	6	284,688	2.7%	100%	18,600,116	4.9%
Florida	Southeast Sunbelt	4	4	408,360	3.9%	100%	16,199,709	4.2%
Georgia	Southeast Sunbelt	5	7	432,860	4.2%	100%	15,553,060	4.1%
Colorado	Rocky Mountain	5	5	576,790	5.6%	100%	15,274,371	4.0%
Kansas	The Heartland	4	4	316,170	3.0%	96%	14,977,267	3.9%
Missouri	The Heartland	2	7	512,323	4.9%	86%	12,577,292	3.3%
Arizona	Pacific Rim	1	1	257,294	2.5%	100%	10,836,673	2.8%
West Virginia	Mid-Atlantic	4	4	422,542	4.1%	99%	10,827,710	2.8%
Nebraska	The Heartland	3	3	312,639	3.0%	100%	10,757,072	2.8%
New York	Northeast & Caribbean	3	8	352,688	3.4%	94%	10,648,419	2.8%
Tennessee	Southeast Sunbelt	3	3	268,739	2.6%	100%	10,073,870	2.6%
Illinois	Great Lakes	2	2	232,368	2.2%	84%	9,324,760	2.4%
Utah	Rocky Mountain	2	2	269,542	2.6%	100%	9,184,592	2.4%
North Carolina	Southeast Sunbelt	3	4	287,463	2.8%	100%	8,558,591	2.2%
Indiana	Great Lakes	3	3	196,482	1.9%	100%	7,914,625	2.1%
New Mexico	Greater Southwest	3	3	202,354	1.9%	76%	7,531,894	2.0%
South Carolina	Southeast Sunbelt	3	3	215,181	2.1%	89%	7,429,525	1.9%
Oregon	Northwest Arctic	1	13	175,214	1.7%	78%	5,913,484	1.6%
Ohio	Great Lakes	2	4	160,630	1.5%	100%	4,978,528	1.3%
Pennsylvania	Mid-Atlantic	1	1	100,054	1.0%	100%	4,153,110	1.1%
Louisiana	Greater Southwest	1	1	137,679	1.3%	100%	4,005,179	1.1%
Kentucky	Southeast Sunbelt	2	2	77,420	0.7%	100%	3,325,086	0.9%

Market
Arkansas	Greater Southwest	1	1		102,377		1.0%		100%		$3,262,031		0.9%
Connecticut	New England	1	1		56,330		0.5%		100%		2,978,003		0.8%
Maryland	National Capital	1	1		50,978		0.5%		100%		2,776,446		0.7%
Vermont	New England	1	1		74,549		0.7%		100%		2,738,632		0.7%
Mississippi	Southeast Sunbelt	1	1		45,194		0.4%		100%		1,890,909		0.5%
Iowa	The Heartland	1	1		28,900		0.4%		100%		1,368,583		0.4%
Total / Weighted Average	103	143		10,380,158		100.0%		97%		$381,351,950		100.0%
Southeast Sunbelt		27	30		2,183,239		21.0%		99%		$81,947,461		21.5%
Pacific Rim		18	22		1,635,520		15.8%		100%		76,178,012		20.0%
Greater Southwest		16	20		1,654,925		15.9%		96%		55,997,101		14.7%
National Capital		7	12		1,119,253		10.8%		100%		43,612,928		11.4%
The Heartland		10	15		1,170,032		11.2%		92%		39,680,214		10.4%
Rocky Mountain		7	7		846,332		8.2%		100%		24,458,963		6.4%
Great Lakes		7	9		589,480		5.7%		93%		22,217,913		5.8%
Mid-Atlantic		5	5		522,596		5.0%		99%		14,980,820		3.9%
Northeast & Caribbean		3	8		352,688		3.4%		94%		10,648,419		2.8%
Northwest Arctic		1	13		175,214		1.7%		78%		5,913,484		1.6%
New England		2	2		130,879		1.3%		100%		5,716,635		1.5%
Total / Weighted Average	103	143		10,380,158		100.0%		97%		$381,351,950		100.0%

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, 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)	WeightedAverageRemainingLeaseTerm(2)	LeasedSquareFeet	Percentage of LeasedSquareFeet	AnnualizedLeaseIncome	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	574	0.0%	15,598	0.0%
Subtotal	9.8	9,083,330	87.6%	$335,289,114	88.1%

Tenant(1)	WeightedAverageRemainingLeaseTerm(2)	LeasedSquareFeet	Percentage of LeasedSquareFeet	AnnualizedLeaseIncome	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.

(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 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	4	344,916	3.3%	$13,784,542	3.6%	39.96
2027	11	570,481	5.5%	20,821,832	5.5%	36.50
2028	13	906,740	8.7%	21,451,549	5.6%	23.66
2029	10	757,363	7.3%	24,918,878	6.5%	32.90
2030	5	68,400	0.7%	1,855,232	0.5%	27.12
2031	7	438,648	4.2%	16,745,256	4.4%	38.17
2032	11	712,188	6.9%	22,196,450	5.8%	31.17
2033	10	566,197	5.5%	22,157,650	5.8%	39.13
2034	10	507,793	4.9%	21,206,591	5.6%	41.76
2035	7	440,450	4.2%	17,570,724	4.6%	39.89
Thereafter	55	5,066,982	48.8%	198,643,246	52.1%	39.20
Total / Weighted Average	143	10,380,158	100.0%	$381,351,950	100.0%	$36.74

(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, 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	PropertyType	Lease Term	Estimated LeasedSquareFeet
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

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