#1Investor Presentation March 2024 Easterly Government Properties Inc.#2Disclaimer Easterly Government Properties Inc. This presentation has been prepared by Easterly Government Properties, Inc. (the "Company"). This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification, or pursuant to an effective exemption to registration or qualification, under the securities laws of any such jurisdiction. This presentation is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or that would require any registration or licensing within such jurisdiction. Persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions. In considering any performance information contained herein, you should bear in mind that past or projected performance is not necessarily indicative of future results, and there can be no assurance that any entity referenced herein will achieve comparable results or that illustrative returns, if any, will be met. Statements in this presentation are made as of the date of this presentation unless stated otherwise, and the delivery of this presentation at any time shall under no circumstances create an implication that the information contained herein is correct as of any time after such date. The Company does not undertake to update or revise any forward-looking statement after it is made, whether as a result of new information, future events or otherwise, except that may be otherwise required by law. This presentation contains statements that, to the extent they are not recitations of historical fact, constitute "forward-looking statements." Actual outcomes and results could differ materially from those forecasts due to the impact of many factors, of which many are beyond the control of the Company. The words "believe" "expect," "anticipate," "intend," "plan," "estimate," "aim," "forecast," "project," "will," "may," "might," "should," "could" and similar expressions (or their negative) identify certain of these forward-looking statements. Forward-looking statements include statements regarding: strategies, outlook and growth prospects; future plans and potential for future growth, including property acquisitions and development activities; liquidity and capital resources; the government's demand for leased property; economic outlook and industry trends; and the strength and competency of competitors. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. These assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond its control. The Company may not achieve or accomplish these expectations, beliefs or projections. In addition, important factors that, in the view of the Company, could cause actual results to differ materially from those discussed in the forward-looking statements include the achievement of the anticipated levels of profitability, changes in the U.S. government's demand for leased versus owned property, changes in the aggregate size of the U.S. government and its agencies, difficulties in completing and successfully integrating acquisitions, risks associated with our joint venture activities, unfavorable business and economic conditions in the United States and globally, and general volatility of the capital and credit markets, and the other risks and uncertainties associated with our business described from time to time in our filings with the Securities and Exchange Commission (the "SEC"), including our annual report on Form 10-K filed with the SEC on February 27, 2024. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. This presentation includes certain non-GAAP financial measures, including EBITDA. These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Descriptions of the Company's calculations and reconciliations of these non-GAAP financial measures to the most comparable GAAP metric can be found in our most recent Supplemental Information Package available on our website and included as exhibit 99.2 to our Form 8-K dated February 27, 2024. This presentation also contains market statistics and industry data that are subject to uncertainty and are not necessarily reflective of market conditions. Although the Company believes that these statistics and data are reasonable, they have been derived from third party sources and have not been independently verified by the Company. The Company makes no representation as to the accuracy of any third party data presented herein, including comparable company information that is taken or derived from public filings or releases. 2#3I. The Easterly Strategy Easterly Government Properties Inc. 3#4Easterly's Mission-Critical Investment Strategy Easterly Government Properties Inc. Easterly's acquisition strategy centers on superior tenant credit and importance of mission 2024 High Credit Mission Critical Real Estate 2023 High Credit State & Local 2017 U.S. Department of Veterans Affairs 2015 U.S. General Services Administration Importance of Mission ■ Tenant missions fulfill critical government functions ■ Missions are insulated from politics, real estate forces, and economic conditions ■ Tenant's mission can only be fulfilled through the use of real estate Focused on Credit ■IG credit underlying cashflows Strong visibility of cashflow through long- term leases Committed to Quality ■Class A, high-quality, and in good condition Strategically located for tenant Demonstrated Tenant Needs ■ Tenant has demonstrated a recent commitment to the use of real estate Specialized construction for underlying tenant 4#5Easterly's Acquisition Analysis THREE-PART UNDERWRITING Before purchasing any building, Easterly performs a three-part underwriting analysis to determine if the asset should be introduced into Easterly's growing portfolio a Mission Mission performed in building is critical to the operation of the tenant Core mission is agnostic to any political party Mission Easterly Government Properties Inc. Tenancy Tenancy Underlying tenant has demonstrated its commitment to the facility High credit tenant with enduring need for real estate Building Building Young Build-to-suit or renovated to suit design Strategic location Meets strict commercial real estate underwriting criteria Accretive to the Company = the Easterly portfolio 5#6II. The Portfolio Easterly Government Properties Inc. 9#7High Quality Portfolio of U.S. Government-Leased Assets Portfolio Snapshot Number of Operating Properties 90 Total Leased Square Feet 8.8 million Weighted Average Age 14.6 years(1) % Leased (2) 97.4% Weighted Average Remaining Lease Term 10.5 years (3) Ann. Lease Income / Leased SF Average Building Size (RSF) Property Type (Based on Ann. Lease Income) $35.98 97.8k square feet Office (51%) ☐ VA Outpatient (26%) Lab (9%) Courthouse/Office (5%) Other (9%) (4) Geographic Footprint Region 10 Region 8 Region 9 Region 10 GSA Regions Region 5 Region Easterly Government Properties Inc. Region 2 O Region 3 Region 4 6 Region 7 Region 9 1. New England 2. Northeast & Caribbean Mid-Atlantic 3. 4. Southeast Sunbelt 5. Great Lakes 6. The Heartland 7. Greater Southwest 8. Rocky Mountain 9. Pacific Rim 10. Northwest / Arctic 11. National Capital NOTE: Figures and metrics are as of 12/31/2023. Property-level data for VA Portfolio properties owned by the Company's unconsolidated joint venture is presented at 100%, unless otherwise noted. Weighted average age is based on rentable square feet. Age is based on the property's original date of construction, or its renovation-to-suit date, if applicable. (1) (2) (3) 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. Weighted average remaining lease term is based on leased square feet. (4) Includes Warehouse and Distribution. on 11 Region 1 7#8Easterly Government Properties Inc. The Unique Attributes of Easterly's U.S. Government-Leased Portfolio The nature of Easterly's U.S. Government leased portfolio distances the Company from the secular conditions that currently plague the typical office space Office 9% 26% Easterly Portfolio by Asset Type (based on Ann. Lease Income) 5% 9% D 51% VA Outpatient Laboratory Courthouse Warehouse / Distribution ☐ Government-Leased, Mission Critical "Office" Within the 51% "Office" asset class, 87% of the facilities are: Mission critical - Build-to-suit Leased to an important U.S. Government Agency Examples of Easterly's Mission Critical "Office" Assets include: FBI Field Offices - DOD Secure Command Center DEA District and Regional Offices National Weather Facility with Radar Tower and Secure Satellite Field NOTE: Percentages based on Annualized Lease Income as of 12/31/23. Further, details on asset type are only intended to provide a generalized overview of a representative facility within the Company's portfolio and are in no way intended to apply to the portfolio in its entirety. I | 8#9VA Portfolio Lease Snapshot Easterly Government Properties Inc. # Asset Status Lease Term (Firm) % of Leased SF Occupancy Portfolio Size 1 VA - Chattanooga Delivered ✓ 15.0 Years 94,566 7.8% 100% 2 VA - Lubbock Delivered ✓ 20.0 Years 120,916 10.0% 100% 3 VA - Lenexa Delivered ✓ 20.0 Years 31,062 2.6% 100% 4 VA - San Antonio Delivered ✓ 20.0 Years 226,148 18.6% 100% 5 VA Birmingham Delivered ✓ 20.0 Years 77,128 6.4% 100% 6 VA - Columbus Delivered ✓ 20.0 Years 67,793 5.6% 100% 7 VA - Phoenix Delivered ✓ 20.0 Years 257,294 21.2% 100% 8 VA - Marietta Delivered ✓ 20.0 Years 76,882 6.3% 100% 9 VA Corpus Christi Delivered ✓ 20.0 Years 69,276 5.7% 100% 10 VA - Jacksonville Delivered 20.0 Years Totals/Weighted Averages 19.6 Years 193,100 1,214,165 15.9% 100% 100.0% 100% 7 2 3 9 8 5 Indicates the asset has been acquired. All remaining assets are identified future acquisitions. 10 GEOGRAPHIC DIVERSITY AND ROBUST VETERAN POPULATION The Portfolio provides a well- diversified collection of Veteran rich locations throughout the U.S. Sun Belt and Heartland regions. 9#10Easterly Government Properties Inc. 2023 Acquisitions (non-VA Portfolio) Easterly continues to acquire mission critical, build-to-suit assets that fulfill our strict investment criteria CA-Anaheim 95,273 leased square feet Renovated to suit in 2020 ▪ 100% occupied by State of California (S&P: AA-) since 2009 ■ Wtd. Avg. Expiration Date: January 2034 ■ A public facing facility with court hearing rooms used for adjudicating workers' compensation claims, as well as training rooms for furthering employment opportunities ■ Demonstrated need of space with lease renewal exercised post-pandemic and expanded tenancy within the facility DHS - Atlanta ■ 97,969 square feet ☐ 93% leased by two branches of the Department of Homeland Security (DHS), including TSA and CBP Recently underwent an extensive renovation in 2023 ■ Both tenants recently executed a 15-year firm term lease that does not expire until 2038 ■ Located near Atlanta Airport, proving to be a strategic advantage for the tenants Specialized buildout required, including airplane fuselage within the facility JUD - Newport News ■ 35,005 leased square feet ■ 2008 Build-to-suit LEED Certified construction 10-year firm, non-cancelable lease with the GSA until 2033 Serves as a courthouse under the U.S. District Courts Eastern District of Virginia ■ Built to strict federal building and security standards, including isolated prisoner movement and 50-foot perimeter security setbacks Houses four District Judges, three Senior District Judges, and three Magistrate Judges 10 10#11Easterly's ESG Strategy SHINGTON BUSINESS BP BEST t W PLACES STO S JOURNAL Easterly's ESG Program continues to evolve as the Company works towards its environmental and social goals by 2030 Easterly Government Properties Inc. EASTERLY'S ENVIRONMENTAL AND SOCIAL GOALS ENVIRONMENTAL (¹) SOCIAL U.N. SDGS Easterly Government Properties Inc. 2022 Environmental Social Governance Report ANNIVERSARY * PREMIER MEMBER STAR IF VIEWING ELECTRONICALLY, CLICK HERE FOR ESG REPORT EPA'S ENERGY PROGRAM GREEN LEASE LEADER SUSTAINABLE DEVELOPMENT GOALS energy ENERGY STAR PARTNER Reduce energy use intensity 10% by 2030 Reduce water use intensity 5% by 2030 Increase diversity, equity, and inclusion (DEI) in hiring practices and implement DEI training across the Company Achieve 90% participation in employee charitable giving or volunteerism by 2025 Increase team-member feedback by implementing employee engagement survey by 2023 Achieve 90% participation in annual employee engagement survey by 2025 Align with U.N. SDGs: 3 Good Health and Well-Being 6 Clean Water and Sanitation 7 Affordable and Clean Energy 11 Sustainable Cities and Communities 13 Climate Action A SNAPSHOT OF EASTERLY'S ESG ACHIEVEMENTS 2022 ENERGY STAR Certification Nation Premier Member Achieved a 23% YoY increase in ENERGY STAR certifications from 2021 to 2022 (2) Sustainable Property Condition Assessments (PCA) completed on all acquisitions of existing buildings Recipient of 2023 "Best Places to Work" award for Greater Washington Region in the Washington Business Journal Raised nearly $30k in 2022 through individual employee donations and Company sponsored matches, averaging over $500 donated/employee (1) All environmental goals are set with a baseline year of 2021. Qualifying properties include only those under Easterly's operational control. (2) Represents achieved certifications per certification year, including any properties disposed subsequent to earning such achievement. 11#12Easterly Government Properties Inc. III. The U.S. Government Tenancy Advantage 12#13Easterly Government Properties Inc. Rent Structured to Rise with Inflation GSA leases include an OpEx base which grows with inflation, protecting the Company from NOI margin compression OpEx Base CPI +1.4% YOY OpEx Base CPI Reimbursement OpEx Base Real Estate Tax Increase Reimbursement Real Estate Tax Base ADJUSTS ANNUALLY Real Estate Tax Base REMAINS FLAT Shell Rent YR 1 OF LEASE (2019) Shell Rent YR 2 OF LEASE (2020) ADJUSTS ANNUALLY REMAINS FLAT CPI +7.8% YoY OpEx Base Real Estate Tax Base Shell Rent YR 3 OF LEASE (2021) 13 NOTE: While CPI figures mentioned on this page reflect actual percentages based on a December base month, this slide is used solely for illustrative purposes and does not reflect any specific property within the Company's portfolio, either wholly owned or through. the JV. Further, percentage changes as reflected on this page are not to scale and are displayed in these materials for visual illustration.#14Focused on Stable, Recurring Cash Flows Backed by the Full Faith and Credit of the U.S. Government Easterly Government Properties Inc. Rental Income ($, in billions) $7.0 $6.0 $5.0 $4.0 $3.0 $2.9b $2.0 $1.0 $0.0 Portfolio Today (1) $5.8b (2) Portfolio Today + 10 Years' 14 Represents aggregate rental income due during the remaining term of existing U.S. Government leases. Figures are as of 12/31/2023. (2) In an illustrative example that assumes all current leases with the U.S. Government in the Easterly portfolio are renewed for a 10-year lease term with a 10% increase in rent upon its current lease expiration.#15Illustrative Example of How Easterly Thinks About Renewals MARKET RENT REPLACEMENT COST • Lease Renewal Analysis Easterly Government Properties Inc. • Bullseye Property fulfills the right mix of mission criticality, tenant agency representation and customized building features Company bases renewal price upon replacement cost for this asset "Bullseye" represents the vast majority of the Easterly Portfolio Plain Vanilla • • Property fulfills important missions for tenant agencies but within a more typical office setting Company bases renewal price upon local market rent for this asset class "Plain vanilla" represents a very small portion of the Easterly Portfolio 15#16Quarterly Update: 2024 - 2025 Renewals Easterly Government Properties Inc. Easterly has one notable lease expiring in 2024, and five expiring in 2025, representing 1.4% and 4.8% of Ann. Lease Income, and approximately 112.2k and 464.3k combined square feet, respectively 2024 NOTABLE EXPIRATIONS Property % Ann. Lease Income 1.4% Leased SF 112,196 ACTUALS 2023 Renewals(1) Leases Renewed:(2) DEA Birmingham - ✓ DOT - Lakewood JUD - Del Rio JUD - Jackson GSA - Clarksburg FBI - Omaha 2025 NOTABLE EXPIRATIONS Property % Ann. Lease Income Leased SF Renewal Statistics: 5 properties / 5 leases renewed ■ 386,514 SF ■ 4.4% of Ann. Lease Income - FBI San Antonio 1.6% 148,584 USCIS Lincoln 1.2% 137,671 FBI - Knoxville 1.1% 99,130 16.4-year average lease term JUD - Aberdeen 0.5% 46,979 DEA - Albany 0.4% 31,976 NOTE: Percentages and figures as of 12/31/2023. (1) (2) Listed renewals exclude leases extended via long-term extension or renewal option. In addition to listed renewals, 5-year renewal options were exercised to extend expirations of DEA - Santa Ana (39,905 SF), NPS - Omaha (62,772 SF), and SSA Charleston (110,000 SF) to 2029, and a 3-year extension was executed to extend expiration of Various GSA - Chicago (FAA lease, 188,768 SF) to 2026. Renewals may not take effect the same quarter they are signed. New lease commencement dates are as follows: (i) DEA - Birmingham in December 2023, (ii) DOT - Lakewood in June 2024, (iii) JUD - Del Rio estimated in February 2024, (iv) JUD - Jackson in August 2023, and (v) GSA - Clarksburg in January 2024. 16#17Attractive Market Opportunity Easterly Government Properties Inc. The U.S. Government is the largest employer in the world and the largest office tenant in the U.S. ■ Favorable Market Dynamics ■ - GSA-leased inventory has grown 23.3% since 1998 (as compared to a 1.1% decline for GSA-owned), and the GSA now rents more than it owns (1) Given recent federal budget constraints, we believe it is likely that the U.S. Government will continue to grow its leased portfolio of assets Square Feet (in thousands) Favorable Demand Dynamics (1) GSA-Leased Inventory has Grown Faster than GSA-Owned Inventory Growth since '98 250 200 150 100 50 23.3% (1.1%) Fragmented Market - - The largest owners of federally-leased assets own approximately 26.1% in aggregate, with no single landlord owning more than 5.4% (2) No national broker or clearing house for GSA-leased properties '72 74 76 78 '80 '82 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 Total GSA Leased RSF Total GSA Owned RSF Top Owners of Federally-Leased Real Estate (2) ■ High Barriers to Entry - - Knowledge of GSA procurement process, protocols and culture Understanding of mission and hierarchy of tenant agencies Proven experience in acquiring, developing and managing GSA properties Access to capital Boyd Watterson Source: Company filings, GSA and Colliers International. (in thousands) RSF % Market Ownership 10,062 5.4% Easterly Government Properties Office Properties Income Trust 8,692 4.6% 6,273 3.3% NGP 5,102 2.7% USAA Real Estate Company 4,736 2.5% Corporate Office Properties Trust (COPT) JBG Smith 4,065 2.2% 2,686 1.4% MetLife Real Estate Investments 2,551 1.4% LCOR 2,387 1.3% Brookfield Property Partners 2,300 1.2% Top Owners 48,855 26.1% Total GSA - Leased RSF 187,496 100.0% (1) Based on GSA's FY 2018 State of the Portfolio Snapshot. 17 (2) Based on GSA's Lease Inventory from December 2018, Colliers International Top GSA Property Owners (2020 Edition), and the federally leased square footage of the Easterly Portfolio as of 12/31/2023. Reflects 100% of the square footage of VA Portfolio properties owned by our unconsolidated joint venture.#18Proven Acquisition Platform with Identified Pipeline Track Record Demonstrated Ability to Source Transactions ■ Since it's inception, Easterly has grown the portfolio from 2.1 million leased square feet and 29 properties to its current size of 8.8 million leased square feet and 90 operating Identified Pipeline properties(1) Longstanding relationships with owners, developers and brokers Easterly Government Properties Inc. Proprietary database tracks target properties Tracking an estimated $700+ million of properties - Actively evaluating ~$250 million Purchase Price (Millions) $450M Acquisitions Since IPO (2) 2022: $252M $400M $410M $412M $386M $381M $350M $300M $250M $200M $150M $171M $158M $100M $50M $M 2015 2016 2017 2018 2019 $252M 2020 2021 $146M 2023: $80M 16 14 12 12 10 10 8 6 $73M 2 $62M $33M $18M 0 2Q22 3Q22 4Q22 3Q23 4Q23 Completed Acquisitions (1) As of 12/31/2023. Reflects 100% of the leased square footage of properties owned by Easterly's unconsolidated joint venture. (2) Reflects the Company's 53% joint venture pro rata share of the purchase price for the nine VA Portfolio properties acquired since 2021. Number of Properties Purchased Number of Properties Purchased 18#19IV. Non-Speculative Development Easterly Government Properties Inc. 19#20Non-Speculative Development Over 30 years of experience developing nearly 5 million square feet of build-to-suit construction Perfected the ability to construct and deliver mission critical assets for the U.S. Government and other key tenancies Thorough understanding of the U.S. Government's procurement process and standards as well as relationships throughout the GSA and key agencies of the U.S. Government Easterly Government Properties Inc. Premium Yields Long Term, Non- cancelable Leases Brand New Class A Build-to-Suit Properties Cost overrun risk mitigation Easterly Development Highly Financeable No speculation - fully leased Mission- Critical Facilities 20 20#21Completed Development Projects: FEMA - Tracy, FDA - Alameda & FDA - Lenexa Completed in 2018 Completed in 2019 Easterly Government Properties Inc. Completed in 2020 Leased Square FEMA - Tracy 210,373 Feet Property October 2017 Acquisition Date Lease October 2018 Commencement Notes Serves as Regional Warehouse for emergency supplies for FEMA One of eight regional distribution centers located throughout the country 100% leased to FEMA via GSA • 20-year firm term first generation lease Houses an inventory of goods that may be needed for FEMA's response to a disaster Single story, sits on 19 acres of land Blend of office, warehouse and refrigerated space FDA - Alameda Leased Square 69,624 Feet Property August 2016 Acquisition Date Lease August 2019 Commencement Notes FDA - Lenexa Leased Square 59,690 Serves as San Francisco Office and Laboratory for the FDA One of thirteen field laboratories located throughout the country Modern, Class A laboratory Houses two wet and dry laboratories for chemistry and microbiology Houses regional laboratory and administrative personnel from multiple programs within the Office of Regulatory Affairs Security personnel on site 24/7/365 100% leased to FDA via GSA 20-year firm term first generation lease Feet Property Acquisition Date Lease Commencement Notes May 2017 September 2020 • Serves as Kansas City Office and Laboratory for FDA One of thirteen field laboratories located throughout the country Modern, Class A laboratory Houses the Total Diet and Pesticides Research Center, Pesticides analysis, Chemotherapeutics / LC-MS Poison screening, Mycotoxins analysis, Drugs and Dietary Supplements analysis, Dioxins analysis and Metals / Elemental Specialization analysis 100% leased to FDA via GSA 20-year/15-year firm term first generation lease#22FDA - Atlanta: Active Development Project Easterly Government Properties Inc. FDA - Atlanta Approx. Leased Square Feet 162,000 Property Acquisition Date Expected Lease Commencement Date Notes August 2019 4Q 2025 . Will serve as one of 13 regional laboratories strategically located throughout the country 100% leased to FDA via GSA 20-year firm term first generation lease Will house both laboratory and office space for the Atlanta District Office as well as the Southeast Food and Feed Laboratory and Southeast Tobacco Laboratory Will oversee regulatory operations within the Atlanta region Will house four separate laboratories for nutritional analysis, chemistry, microbiology and tobacco Will meet the requirements of the National Institute of Health Design Requirements Manual Covers operations in Alabama, Florida, Georgia, Louisiana, Tennessee, Mississippi, North Carolina, South Carolina, U.S. Virgin Islands, and Puerto Rico Note: Square footage, estimated lease commencement date, and design rendering are subject to change throughout the development process. 22 22#23Easterly Government Properties Inc. Newly Awarded Federal Courthouse in Flagstaff, Arizona Easterly will soon commence its first ever Net Zero build-to-suit development project for the GSA on behalf of the United States Judiciary Note: Square footage, estimated acquisition and lease commencement dates, and design rendering are subject to change throughout the development process. U.S. Courthouse - Flagstaff Approx. Rentable Square Feet Anticipated Land Acquisition Date Expected Lease Commencement Date Lease Term Notable Features 50,777 1H 2024 1H 2026 20-year firm term - Three-story federal courthouse constructed to Level III security requirements - Features three independent paths of travel throughout the entire facility to ensure defendants, judges, and the public never interact with one another outside the two District and Magistrate courtrooms - Expected to be a LEED Silver, Net Zero facility 23#24Easterly Government Properties Inc. V. The Strength of the Easterly Platform 24 24#25The Right Tools at the Right Time Easterly Government Properties Inc. X X Construction Financing Secured Financing Private Placement Market Equity Premium Ample Lines of Credit Private Developers Competitive Cost of Equity Credit Facility Capacity JV Partnership Easterly Government Properties Inc.#26Easterly Team Drives Competitive Advantage Easterly Government Properties Inc. Easterly's purpose-built team is the leading owner, manager, acquirer, and developer of mission-critical Government leased real estate Acquire Over two decades exclusively focused on purchasing U.S. Government leased assets Closed over $3.3 billion in Government-leased assets Expansive set of property owner relationships, which drive off-market transactions Government Relations department deeply embedded in the acquisition process, leveraging nearly 40 years of government experience Develop Over 30 years of experience developing nearly 5 million square feet of build-to-suit construction Deep-seated knowledge of GSA requirements and the needs of tenant agencies Thorough understanding of the U.S. Government's procurement process and standards as well as relationships throughout the GSA and agencies of the U.S. Government Manage Unparalleled ability to work with and manage the bureaucracy and nuances of transacting with the federal government Prior experience working at the GSA, as a broker on the National Broker Contract, and in non- GSA commercial real estate management Deep relationships with the GSA leveraged within the Asset Management and Government Relations teams Finance Demonstrated ability to consistently access secured and unsecured debt markets as well as the public and private equity markets Cultivated a strong and consistent lender base in the debt private placement market with a unique credit story Created GSA specific documentation and drove top execution within the CMBS market Growing JV partnership with highly regarded global investor 26 26#27Easterly's Investment Grade Balance Sheet Market Capitalization Debt Profile Easterly Government Properties Inc. ($ in millions) ($ in millions) Balance Stated Rate Maturity Common Shares - Fully Diluted Basis 107.6 ICE Charleston $12.0 4.21% 2027 Closing Price as of 12/31/2023 $13.44 USFS II - Albuquerque 11.6 4.46% 2026 Equity Market Capitalization - Fully Diluted Basis $1,446.7 CBP Savannah 9.6 3.40% 2033 Secured Mortgage Debt $220.6 VA - Loma Linda 127.5 3.59% 2027 Revolving Credit Facility 79.0 VA - Golden 8.4 5.00% 2024 Term Loan Facilities 300.0 USCIS - Kansas City 51.5 3.68% 2024 Senior Unsecured Notes 700.0 Total Secured Debt $220.6 3.74% 2026 Total Debt $1,299.6 Revolving Credit Facility (1) $79.0 SOFR +1.35% 2025 Less: Cash and Cash Equivalents (10.3) Term Loan Facilities (2) 300.0 5.05% / 5.39% 2024 / 2026 Net Debt $1,289.3 Senior Unsecured Notes (3) 700.0 3.56% 2027 - 2034 Total Enterprise Value $2,736.0 Total Debt $1,299.6 4.17% 2028 Credit Metrics: Adjusted Net Debt (4) $1,235.2 Net Debt/ Total Enterprise Value 47.1% Adjusted Net Debt to Annualized Quarterly Pro Forma EBITDA 7.0x Cash Interest Coverage Ratio 3.3x IG issuer credit rating from Kroll of BBB with stable outlook Debt Maturity Schedule Revolving Credit Facility Strong balance sheet with ample debt capacity ($370.9 million) and approximately 93.9% of in-place debt at fixed rate levels with long dated maturities Denotes a sustainability-linked pricing component whereby the spread will decrease by 0.01% if Easterly achieves certain sustainability targets as determined by an independent third-party evaluation. The sustainability-linked pricing component applies to the Company's Revolving Credit Facility and the Company's 2018 Term Loan, both amended in 2021. NOTE: All amounts and metrics are as of 12/31/2023. (1) (2) (3) (4) The Company's Revolver, now pegged to SOFR, reflects a SOFR + 1.25% spread in addition to a 0.1% credit adjustment for a combined total of SOFR + 1.35%. The Company's 2016 and 2018 Term Loans have interest rates effectively fixed at 5.05% and 5.39% respectively, given the Company's execution of interest rate swaps. 3.56% represents a weighted average interest rate among all tranches of the Company's senior unsecured notes. Adjusted Net Debt is equal to Net Debt less the lesser of total costs to date or the outstanding lump-sum reimbursement due at the completion of the FDA - Atlanta project. Term Loan Facility ■Secured Debt $700.0 Senior Unsecured Notes $160.7 $59.9 $79.00 $100.00 $200.0 2024 2025 Thereafter#28Investment Highlights FEDERAL BUREA OF IT SAN ANTONDAGON 97% OF LEASE INCOME BACKED BY FULL FAITH AND CREDIT OF THE U.S. GOVERNMENT (1) FBI - San Antonio DEFINABLE EDGE IN U.S. GOVERNMENT-LEASED SECTOR Easterly Government Properties Inc. VA - San Jose CONSERVATIVE BALANCE SHEET & SUPERIOR CAPITAL MANAGEMENT CBP - Savannah EXPERIENCED AND ALIGNED MANAGEMENT TEAM WITH DEEP GSA EXPERTISE (1) As of 12/31/2023 and based on Ann. Lease Income. 28#29VI. Appendix Easterly Government Properties Inc. 29 29#30(1) Experienced Management Team and Board Name / Position Darrell Crate Chief Executive Officer Meghan Baivier President & Chief Operating Officer Michael Ibe EVP Development & Acquisitions Allison Marino Chief Financial Officer & Chief Accounting Officer J. Stuart Burns EVP Government Relations Management Team Experience Co-Founded Easterly Partners in 2011 " 27 years of institutional investment experience " ■ Former CFO of Affiliated Managers Group (NYSE: AMG) from 1998-2011 Appointed COO of Easterly in 2015 and CFO in 2016 Previously with Citigroup's Real Estate and Lodging Investment Banking group Founder of Western Devcon, a leading owner and developer of GSA assets Development expertise in build-to-suit properties for the GSA Over 30 years of development and construction management experience Joined Easterly in 2021 Previously with Carr Properties as Vice President, Controller, and Marriott's Financial Reporting and Analysis Group Joined Easterly in 2023 Previously served as the Assistant Commissioner to the Public Buildings Service at the GSA ■ Former Director of Real Estate for IRS Name/Position William Binnie Chairman Michael Ibe Vice Chairman Darrell Crate Director Cynthia Fisher Director Scott Freeman Director " " Easterly Government Properties Inc. Board of Directors Experience CEO & President of Carlisle Capital Corporation Founder, Former Chairman & CEO of Carlisle Plastics EVP - Development & Acquisitions CEO of Easterly Government Properties Co-Founder and Managing Director of WaterRev Co-Founder, former President and Director of ViaCell (formerly NASDAQ: VIAC) Director, The Boston Beer Co. (NYSE: SAM) Managing Partner of FHR Capital, LLC, a privately held real estate investment and advisory company Former Managing Director and Global Head of Portfolio Management of Colony Capital, Inc. Mark Bauer EVP Development Franklin Logan EVP - General Counsel & Secretary Andrew Pulliam EVP Acquisitions & Portfolio Mgmt Over 30 years in commercial real estate development and investment Served as the Chief Financial Officer to Western Devcon prior to joining Easterly upon IPO in 2015 Approximately 15 years of experience counseling public company REITs on legal and regulatory affairs Over 10 years of experience working with the Federal Government Over 20 years of experience in federally leased real estate acquisitions, dispositions and financing Formerly with Republic Properties Corporation Emil Henry, Jr. Director " Founder and CEO of Tiger Infrastructure Former Assistant Secretary of the Treasury Director, StoneCastle Financial (NASDAQ: BANX) Former Managing Director of Fixed Income Research at AIG Asset Management Tara Innes Director Former Managing Director for REITs/Financial Institutions at Fitch Ratings Co-Founder of The Credit Roundtable Senior management owns approximately 8% of Easterly Government Properties(1) On a fully-diluted basis, assuming all OP units and LTIP units that have been earned and vested are converted to REIT shares, as of 12/31/2023. 30#31Overview of a Typical U.S. Government Lease Type of Lease Tenants Modified gross lease U.S. Government agencies ☐ Initial term of typically 10 - 20 years Lease Term (1) ◉ Renewal leases typically 5 - 10 years Base Rent Base rent for initial term is generally set at a flat rate for the life of the lease Easterly Government Properties Inc. Tenant Reimbursement Operating Expenses: Tenant required to pay a portion of the increases after the initial base year (Urban CPI - based) Property Taxes: Tenant is typically required to pay for any increase after the initial base year • Certain leases may include a TI allowance within base rent which is amortized over the life of the lease Tenant Improvements " Other alterations made at tenant's expense, generally managed and performed by Easterly Renewal Rate New base rent reset based on: - Inflation - Replacement cost of the building at time of renewal - Enhancements to the property since the date of the prior lease Note: The above represents a general description of a typical lease with U.S. Government agencies. Leases are typically based on the GSA form lease, but the terms and conditions of any actual lease may vary from the terms described above. Some leases include a "soft term" following an initial guaranteed term that allows the tenant the right to terminate the lease before the stated term expires. (1) 31#32Summary of Development Project Costs Conceptual Overview ■ Development projects consist of two types of costs: Shell & Tenant Improvement (TI) Allowance Easterly Government Properties Inc. TI Lump-Sum Reimbursement ■ TI Lump-Sum Reimbursements are borne and financed by DEA through the period of construction Creates "temporary" borrowings / leverage ■ The U.S. Government is contractually obligated to repay DEA for TI Lump-Sum Reimbursements upon lease commencement Financial Impact (Illustrative example: $100 million project with 20-year firm lease term) % of Total Costs Shell & TI Allowance Indicative Earnings Impact Indicative One-Time Cash Impact Investment generates future rent payments from the U.S. Government 40% Annual Cash Income: 7.0-7.5% Yield-on-Cost N/A ($40mm) ($2.8-3.0mm) Annual GAAP Income: TI Lump-Sum Reimbursement Investment repaid by the U.S. Government upon lease commencement 60% ($60mm) Lump-Sum Reimbursement ($) Firm Lease Term (yrs) ($3.0mm) Reimbursement Received Upon Completion ($60mm) 32#33. Lease Renewals & Accounting Treatment Easterly Government Properties Inc. A GSA lease is comprised of Base Rent and the rent associated with government-dictated Tenant Improvement (TI) Allowance Upon lease award, Easterly commits to a maximum TI Allowance Actual TI expenditures can be lower than this maximum (given the incumbent nature of the building) depending on the Government's scope of work The amount of time it takes for the government to award the lease, approve the actual TI package and for Easterly to complete the TI work can vary (see examples 1 & 2) Rent associated with TI expenditures is not paid for by the government, nor recognized by Easterly, until TI construction is complete The following are two examples of potential renewal rent recognition, depending on TI expenditure timing: Assumptions • Example 1 Typical GSA structure (flat base rent with reimbursement for increases in Operating Expenses and Real Estate Tax) Assumptions Example 2 Typical GSA structure (flat base rent with reimbursement for increases in Operating Expenses and Real Estate Tax) 15-year lease renewal term Renewal lease awarded but Tls not completed until after the renewal lease commences . 15-year lease renewal term • 100,000 RSF • 100,000 RSF . Renewal lease awarded and Tls completed in advance of the current lease expiration Lease 1.0 I Expires $37.50/RSF $2.75/RSF annual TI rent Lease 1.0 Expires $37.50/RSF $2.75/RSF annual TI rent Lease 1.0: $30.00/RSF annual total cash rent Lease 2.0: $34.75/RSF annual cash base rent Remainder of lease term Lease 1.0: $30.00/RSF annual total cash rent Lease 2.0: $34.75/RSF annual cash base rent Lease 2.0: $34.75/RSF annual cash base rent Remainder of lease term TI construction period Lease 2.0 Renewal Award Lease 2.0 Total Rent Commences Lease 2.0 Expiration Lease 2.0 Renewal Award Lease 2.0 Base Rent Commences Lease 2.0 TI Rent Rent Commences Lease 2.0 Expiration TI construction period 33 33#34How Do You Comp Easterly? Are We an Office or Net Lease REIT? Easterly Government Properties Inc. Easterly compares favorably when considering key traits that drive value in the context of Net Lease versus Office Office REITS Net Lease REITS Easterly Tenancy Multiple tenants Single tenant Single tenant Lease Structure Credit Quality Renewal Probability Geographic Focus Product Type Diversity Full-Service Gross Medium Low/ Medium (commodity office) Market Specific (Gateway or Non-Gateway) Office Only NNN / NN High (Typically Achieved Through Diversity) Very High (for retail) National (Credit Concept Driven) Diversified Modified Gross Highest Quality through Single Tenant (U.S. Gov't) Very High (portfolio wide) National (Credit / Concept Driven) Predominately Office Use Cash Flow Characteristics Transient / Commodity Mission Critical Mission Critical Variable Stable Stable 34#35Pro Forma EBITDA Reconciliation Quarter Ended December 31, 2023 Net income $ 4,787 Depreciation and amortization 23,347 Interest expense 13,430 Tax expense 302 Unconsolidated real estate venture share of above adjustments 2,087 EBITDA $ 43,953 Pro forma adjustments(1) 79 Pro forma EBITDA $ 44,032 (1) Pro forma assuming a full quarter of operations from the three properties acquired in the fourth quarter of 2023. Easterly Government Properties Inc. 35