Initial testing results confirm psilocybin potency and process validation for potential medical grade manufacturing applicationsIrvine Labs progresses development of proprietary dehydration and packaging processes while preparing for next scheduled importToronto, Ontario--(Newsfile Corp. - August 18, 2025) - Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) ("Red Light Holland" or the "Company"), an Ontario-based corporation engaged in the production, growth, and sale of functional mushrooms an ...

Company Overview - Easterly Government Properties (DEA) is a Real Estate Investment Trust (REIT) that specializes in acquiring, developing, and managing Class A commercial properties leased to U.S. government agencies [1] Investment Strategy - The company focuses on properties that are essential for government operations, which may provide stability and reliability in income generation [1] Market Position - The investment approach emphasizes identifying REITs that are temporarily out-of-favor, suggesting a contrarian strategy aimed at long-term value [1]

Financial Data and Key Metrics Changes - Net income per share was $0.09 on a fully diluted basis, and core FFO per share was $0.74, reflecting a 3% year-over-year increase [13] - Cash available for distribution was $29.3 million, exceeding consensus expectations for the quarter [13] - The company maintains its full year 2025 core FFO per share guidance in the range of $2.98 to $3.30 on a fully diluted basis [18] Business Line Data and Key Metrics Changes - The company advanced several key development projects backed by long-term non-cancelable leases, indicating a focus on disciplined growth [6][7] - Soft term lease exposure declined from 5.2% at year-end to 4.7%, demonstrating progress on renewals and tenant engagement [15] Market Data and Key Metrics Changes - The company is operating in a challenging market environment with elevated cost of capital, partly due to a recent dividend reset [9][17] - The company expects an additional $115 million in liquidity later this year from the FDA Atlanta lump sum repayment [16] Company Strategy and Development Direction - The company focuses on delivering reliable performance through mission-critical infrastructure and long-term leases [5][6] - The strategy emphasizes disciplined capital deployment and selective growth into high-quality assets that align with government missions [7][8] - The company aims to rebuild its shareholder base with long-term public investors who understand its mission and strategy [9] Management's Comments on Operating Environment and Future Outlook - Management noted that government real estate decisions are becoming more strategic and cost-conscious, positioning the company as a trusted partner [10] - The company is committed to executing its development pipeline with excellence and deepening relationships across federal, state, and local agencies [11] Other Important Information - The company has $122 million of revolver capacity available, maintaining a leverage ratio within the target range of 6.5 to 7.5 times [16][17] - The company is not pursuing growth for its own sake but is targeting opportunities that create durable value [18] Q&A Session Summary Question: Can you talk about your return expectations for the crime lab development project? - The development is expected to create about a 150 basis point spread to the cost of capital, consistent with other development growth targets [21] Question: What's the size of the pipeline of opportunities you're looking at? - The pipeline volume is estimated at $1 billion to $1.5 billion, with a focus on finding the best deals to meet growth goals [22]

Exhibit 99.2 Disclaimers Forward-looking Statement We make statements in this Supplemental Information Package that are considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are usually identified by the use of words such as "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "seeks," "should ...

Core Insights - The concept of "return to the office" is misleading as many returning workers are not the same individuals who left during COVID, indicating a significant shift in the workforce [2] - Major cities are experiencing a resurgence in office attendance, with June being the fourth-best month for in-office visits since COVID, although visits are still down about 27% compared to June 2019 [4] Company Analysis - Many companies that are mandating a return to the office lack sufficient space due to lease cancellations in 2021, such as Pinterest and Meta Platforms [3] - Easterly Government Properties REIT (DEA) is identified as a poor investment choice due to its high long-term debt of $1.6 billion, which exceeds its market cap by approximately $600 million, and a recent 32% dividend cut [6][8] - SL Green Realty (SLG) is a more appealing option, with a 5.1% dividend yield and a well-covered payout at 53% of the forecasted funds from operations for 2025, although its focus on New York and occupancy rate of around 91% raise some concerns [9][11] - Equity Residential (EQR) is highlighted as a top investment choice, yielding 4.1% and managing nearly 85,000 units in major markets, with a strong occupancy rate of 96.2% and rising rental rates expected to increase by 2% to 3% this year [12][15] - EQR has effectively reduced its long-term debt to $7.85 billion, which is only 31% of its market cap, and is strategically upgrading its portfolio by selling older properties and acquiring newer ones [16][17]

Group 1 - The stock of Easterly Government Properties, Inc. (DEA) is experiencing significant attention due to high implied volatility in the options market, particularly the Sep 19, 2025 $22.50 Put option [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a significant change in the stock's price, potentially due to an upcoming event [2] - Analysts currently rate Easterly Government Properties as a Zacks Rank 3 (Hold), with the company positioned in the bottom 40% of the Zacks Industry Rank for the REIT and Equity Trust - Other industry [3] Group 2 - Over the past 30 days, one analyst has raised earnings estimates for the current quarter, resulting in a consensus estimate increase from 73 cents to 74 cents per share [3] - The high implied volatility may indicate a trading opportunity, as options traders often seek to sell premium on options with elevated implied volatility, hoping the stock does not move as much as expected by expiration [4]

Core Viewpoint - Red Light Holland has successfully shipped its naturally occurring psilocybin from its Netherlands facility to Irvine Labs in California, marking a significant milestone in their partnership and advancing their goal of developing microdosing capsules for global distribution [2][4][5]. Group 1: Shipment and Partnership - The shipment of psilocybin was made possible through the approval of a United States Controlled Substances import permit and the securing of a DEA quota [2][3]. - This first global shipment represents a groundbreaking milestone in the collaboration between Red Light Holland and Irvine Labs, with potency testing and shelf life extension protocols currently underway [3][5]. Group 2: Product Development and Research - The partnership aims to develop a commercialized and standardized psilocybin product that can be legally sold in emerging markets and utilized in government-funded pilot programs and clinical trials in the United States [5]. - Red Light Holland is focused on overcoming challenges in product development and manufacturing by implementing proprietary preservation technology to maintain the integrity of natural compounds while extending product shelf life [6]. Group 3: Future Plans and Capacity - Irvine Labs has the capacity for larger shipments under its existing 2025 DEA quota, allowing for the scaling of research and development efforts following the initial shipment [7]. - The companies plan to conduct comprehensive potency testing and shelf life extension testing of the delivered psilocybin materials, with future larger shipments already being planned [11].

Core Insights - The article discusses the resurgence of office REITs as major cities begin to recover from the pandemic and return to office mandates, highlighting potential investment opportunities in this sector [3][4][5]. Group 1: Market Trends - Major cities like Boston, New York, and San Francisco are experiencing a return to pre-pandemic commuting patterns, which is positively impacting office REITs [3][4]. - Office REITs, previously struggling due to COVID-19, are now seeing renewed interest as companies mandate employees to return to the office [5]. Group 2: Specific REIT Analysis - Alexander's (ALX) has a yield of 8.2% but faces high single-tenant risk, with Bloomberg accounting for nearly 60% of its rental revenue [7][8][9]. - Easterly Government Properties (DEA) has a yield of 8.1% but recently cut its dividend by about one-third, raising concerns about its financial stability [12][14]. - Highwoods Properties (HIW) offers a safer investment with a 6.4% yield and a low FFO payout ratio of 60%, indicating strong dividend coverage [15][16]. - American Assets Trust (AAT) has a yield of 6.7% and has resumed dividend growth after a cut during COVID, with dividends representing 70% of projected 2025 FFO [17][18]. - Brandywine Realty Trust (BDN) has a high yield of 14.4% but is facing challenges due to development projects and declining FFO, raising concerns about its dividend sustainability [19][21].

Easterly's Strategy and Portfolio - Easterly's acquisition strategy focuses on high-credit tenants and mission-critical real estate, including the U S Department of Veterans Affairs and the U S General Services Administration[14, 15] - The company's portfolio consists of 102 operating properties with 10 1 million total leased square feet and a 97% leased rate[23] - The weighted average remaining lease term is 9 8 years including soft term and 8 5 years excluding soft term, with an annual lease income of $35 59 per leased square foot[23] - Veteran Affairs outpatient facilities account for 27% of the portfolio's annual lease income, followed by FBI Regional HQ at 17%[27] U S Government Tenancy Advantage - The company's portfolio is centered around key missions of the U S Federal Government, including Veteran Care (30%), Law Enforcement (26%), and Federal Infrastructure (13%)[30, 32] - Since its IPO, Easterly has grown its portfolio from 2 1 million leased square feet and 29 properties to 10 1 million leased square feet and 102 operating properties[66] - The company is tracking an estimated $1 5 billion of properties, actively evaluating ~$500 million[66] Financial Strength and Development - The company has a strong balance sheet with a net debt to total enterprise value of 57 9% and a cash interest coverage ratio of 2 8x[82] - The company has senior unsecured notes totaling $1025 0 million with maturities ranging from 2027 to 2034 and a weighted average interest rate of 4 47%[83, 88] - Easterly is actively involved in non-speculative development, including an FDA facility in Atlanta with approximately 162,000 leased square feet, expected to commence in 4Q 2025[70, 74] - 93% of lease income is backed by the full faith and credit of the U S Government[92]

Core Viewpoint - Easterly Government Properties, Inc. (NYSE: DEA) has cut its distribution by 32% over the past year, confirming previous concerns about the sustainability of its distributions [1]. Company Summary - The REIT's aggressive distribution strategy was previously highlighted as a potential risk, which has now materialized with the significant cut [1].