Part I: Financial Information [Financial Statements](index=2&type=section&id=Item%201%3A%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the three and nine months ended September 30, 2021, detailing the Balance Sheets, Statements of Operations, Comprehensive Income, and Cash Flows [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2021, total assets were $2.56 billion, an increase from $2.46 billion at year-end 2020, with total liabilities rising to $1.19 billion and total equity increasing to $1.37 billion Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$2,555,970** | **$2,457,540** | | Real estate properties, net | $2,287,208 | $2,208,661 | | Cash and cash equivalents | $16,068 | $8,465 | | **Total Liabilities** | **$1,185,260** | **$1,157,570** | | Revolving credit facility | $112,500 | $79,250 | | Notes payable, net | $447,215 | $447,171 | | **Total Equity** | **$1,370,710** | **$1,299,970** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) For the nine months ended September 30, 2021, total revenues increased 13.0% year-over-year to $203.2 million, with net income more than doubling to $26.2 million and diluted EPS reaching $0.27 Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended Sep 30, 2021 | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $69,608 | $61,131 | $203,223 | $179,875 | | Total Expenses | $51,990 | $47,682 | $150,615 | $142,438 | | Net Income | $9,042 | $4,821 | $26,176 | $10,902 | | Diluted EPS | $0.09 | $0.05 | $0.27 | $0.12 | | Dividends Declared per Share | $0.265 | $0.260 | $0.785 | $0.780 | [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income for the nine months ended September 30, 2021, was $30.5 million, a substantial increase from $2.0 million in the prior year, driven by higher net income and positive changes in unrealized gains on interest rate swaps Comprehensive Income (in thousands) | Metric | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net Income | $26,176 | $10,902 | | Unrealized gain (loss) on interest rate swaps, net | $4,275 | $(8,880) | | **Comprehensive Income** | **$30,451** | **$2,022** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2021, net cash from operating activities was $94.5 million, while net cash used in investing activities was $127.5 million, primarily for real estate acquisitions, and net cash provided by financing activities was $42.1 million Cash Flow Summary (in thousands) | Activity | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $94,459 | $108,625 | | Net cash used in investing activities | $(127,452) | $(181,316) | | Net cash provided by financing activities | $42,072 | $71,016 | | **Net increase (decrease) in Cash** | **$9,079** | **$(1,675)** | [Notes to the Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, real estate acquisitions and dispositions, debt structure, equity transactions, and subsequent events - The company is a REIT focused on leasing Class A commercial properties to U.S. Government agencies, owning **83 operating properties** (**7.5M sq ft**) and one property under development as of Sep 30, 2021[23](index=23&type=chunk)[24](index=24&type=chunk) - During the first nine months of 2021, the company acquired **six operating properties** for an aggregate purchase price of **$134.0 million**[32](index=32&type=chunk) - The company sold **two properties**, SSA – Mission Viejo and United Technologies – Midland, for net proceeds of **$3.3 million** and **$4.0 million** respectively, recognizing a total gain of **$1.3 million**[35](index=35&type=chunk)[36](index=36&type=chunk) - Subsequent to the quarter-end, the company formed a joint venture to acquire a portfolio of **ten VA properties** for **$635.6 million** and also acquired **two other properties**[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202%3A%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results of operations, focusing on its U.S. Government-leased property portfolio, liquidity, and reconciliation of Net Income to non-GAAP FFO - The company's portfolio consists of **83 operating properties**, which are **99% leased**, with U.S. Government tenants accounting for **98.6%** of the company's annualized lease income[114](index=114&type=chunk)[121](index=121&type=chunk) Results of Operations (Nine Months Ended Sep 30) | Metric | 2021 | 2020 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $203.2M | $179.9M | +$23.3M | | Total Expenses | $150.6M | $142.4M | +$8.2M | | Net Income | $26.2M | $10.9M | +$15.3M | FFO Reconciliation (Nine Months Ended Sep 30) | Metric (in thousands) | 2021 | 2020 | | :--- | :--- | :--- | | FFO | $92,430 | $81,634 | | FFO, as Adjusted | $86,676 | $78,698 | - The company maintains liquidity through cash, operating cash flow, its revolving credit facility (**$337.5 million available** as of Sep 30, 2021), and equity/debt issuances[172](index=172&type=chunk)[173](index=173&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203%3A%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk on its variable-rate debt, with 87.4% of its debt fixed-rate as of September 30, 2021, and ongoing monitoring of the LIBOR to SOFR transition - As of Sep 30, 2021, **87.4%** of the company's debt was fixed-rate, with **$128.2 million** (**12.6%**) subject to variable rates[220](index=220&type=chunk) - A **25 basis point** fluctuation in market interest rates would change annual interest expense by **$0.3 million**[220](index=220&type=chunk) - The company is monitoring the planned phase-out of LIBOR after June 30, 2023, and its transition to alternative rates like SOFR[221](index=221&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204%3A%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of September 30, 2021, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that disclosure controls and procedures were **effective** as of September 30, 2021[222](index=222&type=chunk) - No material changes were identified in the internal control over financial reporting during the third quarter of 2021[223](index=223&type=chunk) Part II: Other Information [Legal Proceedings](index=43&type=section&id=Item%201%3A%20Legal%20Proceedings) The company reports that it is not currently involved in any material litigation, nor is it aware of any threatened material litigation - The company is not currently involved in any material legal proceedings[225](index=225&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A%3A%20Risk%20Factors) The report states there are no material changes to the risk factors disclosed in the 2020 Annual Report on Form 10-K, except for an updated risk factor concerning joint ventures - A new risk factor was added regarding joint ventures, citing risks like partner financial distress, inconsistent goals, and potential impasses on key decisions[227](index=227&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202%3A%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None reported[228](index=228&type=chunk) [Defaults Upon Senior Securities](index=43&type=section&id=Item%203%3A%20Defaults%20Upon%20Senior%20Securities) The company reports that this item is not applicable - Not applicable[229](index=229&type=chunk) [Mine Safety Disclosures](index=43&type=section&id=Item%204%3A%20Mine%20Safety%20Disclosures) The company reports that this item is not applicable - Not applicable[230](index=230&type=chunk) [Other Information](index=43&type=section&id=Item%205%3A%20Other%20Information) The company reported no other information for this item - None[231](index=231&type=chunk) [Exhibits](index=44&type=section&id=Item%206%3A%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including amended credit agreements, a purchase and sale agreement, and officer certifications required by the SEC - Lists exhibits filed with the report, such as credit agreements, a major purchase agreement, and officer certifications[233](index=233&type=chunk)

Financial Data and Key Metrics Changes - The company reported a net income per share of $0.10 and FFO per share of $0.33 for Q2 2021, with adjusted FFO per share at $0.31 and cash available for distribution at $23.2 million [28] - The total indebtedness at quarter-end was approximately $1 billion, with a net debt to total enterprise value of 33.9% and an adjusted net debt to annualized quarterly pro forma EBITDA ratio of 6.2 times [29][30] Business Line Data and Key Metrics Changes - The company owns 84 properties across 39 tenant agencies, with an average building age of 13.4 years and an average lease duration of 8.6 years [8][25] - Year-to-date, the company has acquired six properties totaling $134 million, increasing its 2021 FFO guidance per share on a fully diluted basis [18][37] Market Data and Key Metrics Changes - The company has executed on 45% of its enhanced acquisition guidance of $300 million for the year, indicating a robust acquisition pipeline, particularly in the VA market [19][20] - The company anticipates growth in cash flow, with a dividend yield of approximately 5%, representing a spread of over 370 basis points above the treasury [10][37] Company Strategy and Development Direction - The company is focused on acquiring mission-critical properties, with a strong emphasis on facilities that support essential government functions [12][14] - The company plans to increase its acquisition volume target by 50% for the year, from $200 million to $300 million, reflecting confidence in its acquisition pipeline [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the year, citing a strong acquisition pipeline and the ability to generate cash flow that can outpace FFO growth [11][39] - The company believes it has emerged from COVID-19 stronger, with a diversified portfolio and actionable acquisition opportunities exceeding pre-pandemic levels [7][11] Other Important Information - The company has made significant progress in its debt capital markets activities, including a note purchase agreement to issue up to $250 million in fixed-rate senior unsecured notes [30][31] - The company has implemented a sustainability-linked pricing component in its amended credit facility, which could improve pricing based on achieving certain sustainability performance targets [34][35] Q&A Session Summary Question: Acquisition market competition and pricing impact - Management noted an increase in acquisition opportunities but did not observe new competitors entering the market, maintaining a competitive edge due to better cost of capital [40][41] Question: Future property sales and portfolio repositioning - Management indicated that while there may be occasional strategic sales, the focus remains on maintaining a strong portfolio of mission-critical properties [43][44] Question: Opportunities with specific agencies - Management highlighted ongoing opportunities with the FDA and VA, emphasizing the potential for new outpatient facilities and mission-critical properties [48][49]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from To Commission file number 001-36834 EASTERLY GOVERNMENT PROPERTIES, INC. (Exact Name of Registrant as Specified in Its Charter) Maryland 47-2047728 (State of Incorporatio ...

Easterly Government Properties, Inc. (NYSE:DEA) Q1 2021 Earnings Conference Call May 4, 2021 10:00 AM ET Company Participants Lindsay Winterhalter – Vice President-Investor Relations Darrell Crate – Chairman Bill Trimble – Chief Executive Officer Meghan Baivier – Chief Financial and Operating Officer Conference Call Participants Michael Carroll – RBC Capital Markets Merrill Ross – Compass Point Frank Lee – BMO Operator Greetings, welcome to the Easterly Government Properties First Quarter 2021 Earnings Conf ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from To Commission file number 001-36834 EASTERLY GOVERNMENT PROPERTIES, INC. (Exact Name of Registrant as Specified in Its Charter) Maryland 47-2047728 (State of Incorporati ...

Financial Data and Key Metrics Changes - The company reported a net income per share of $0.03 for Q4 2020 and $0.15 for the full year, with FFO per share at $0.32 for Q4 and $1.26 for the year, reflecting a 5% year-over-year growth [28][29] - Cash available for distribution was $21.1 million for Q4 and $89.4 million for the full year [28][29] - The company maintained a low leverage level with a net debt to total enterprise value of 31.8% and an adjusted net debt to annualized quarterly pro forma EBITDA ratio of 6x [30] Business Line Data and Key Metrics Changes - The portfolio consisted of 79 properties, totaling approximately 7.3 million square feet, with a weighted average age of 13.3 years and a weighted average remaining lease term of 8.2 years [25][27] - Nine accretive acquisitions were made in 2020, totaling over $250 million at a weighted average acquisition cap rate of 6.25% [16][29] - The company executed three lease renewals with an average rent spread of 19% and an average total renewal term of 13 years [35] Market Data and Key Metrics Changes - The company noted a robust acquisition pipeline, particularly in the VA space, with new 20-year opportunities emerging [42][43] - The company anticipates a long-term return for investors of 7% through FFO growth and dividends, targeting 2% to 3% annual FFO growth per share [10][33] Company Strategy and Development Direction - The company aims to enhance its portfolio and maintain a focus on ESG metrics, working with the government to improve energy efficiency [11][12] - The company plans to continue its disciplined acquisition strategy while avoiding overpaying for properties, emphasizing long-term growth and stability [44][46] - Development efforts include a new FDA laboratory in Atlanta, expected to be delivered in the first half of 2023, with ongoing exploration of non-speculative development opportunities [21][83] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to weather challenges posed by COVID-19, noting that rental income remained unaffected [25] - The management team highlighted a favorable environment for growth, with expectations of increased government spending on infrastructure and facilities [56][76] - The company is optimistic about its future growth trajectory, supported by a strong pipeline of acquisition opportunities and a favorable cost of capital [30][70] Other Important Information - The company sold a small facility in Otay, California, due to changing government needs, while maintaining a focus on a pristine portfolio [26][64] - The company raised approximately $160.4 million through its ATM program in 2020, enhancing its capital position for future growth [31][32] Q&A Session Summary Question: Increase in leases and rent expiring in 2023 - Management confirmed that the increase was primarily due to a GSA lease extension [40][41] Question: Comparison of acquisition pipeline - Management noted a stronger acquisition pipeline compared to the previous quarter, particularly in the VA space [42][43] Question: Guidance conservatism - Management explained that maintaining a prudent acquisition strategy is essential to avoid inflating property prices [44][46] Question: Leverage strategy - Management indicated that maintaining low leverage provides flexibility for future acquisitions [48][49] Question: Development opportunities - Management confirmed ongoing development opportunities, particularly with the FDA and VA [84][85] Question: Impact of government priorities - Management expressed confidence in the government's focus on environmental projects, which could benefit the company [66] Question: Interest rate environment - Management stated that rising interest rates could lead to higher cap rates, but the company is well-positioned to manage these changes [68][69]

Part I [Business](index=5&type=section&id=Item%201.%20Business) Easterly Government Properties is a REIT focused on acquiring, developing, and managing Class A properties leased to U.S. Government agencies Portfolio Overview as of December 31, 2020 | Metric | Value | | :--- | :--- | | Wholly Owned Operating Properties | 79 | | Total Leased Square Feet | ~7.3 million | | Portfolio Lease Rate | 99% | | Properties Leased to U.S. Gov't | 77 | | Properties Leased to Private Tenants | 2 | | Properties Under Development | 1 (~0.2 million sq. ft.) | - The company's primary business objective is to generate **attractive risk-adjusted returns** for stockholders through **long-term dividends** and **capital appreciation** by focusing on properties leased to U.S. Government agencies[16](index=16&type=chunk) - The company's portfolio is characterized by high-quality, mission-critical properties with a weighted average age of approximately **13.3 years** and a weighted average remaining lease term of about **8.2 years**[22](index=22&type=chunk) - As of December 31, 2020, the company had **45 employees** and emphasized a culture of diversity and inclusion, with **38%** of employees being female and **40%** of named executive officers being women[27](index=27&type=chunk) [Risk Factors](index=10&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from U.S. Government lease dependence, non-renewals, substantial indebtedness, and geographic concentration - The company is highly dependent on the U.S. Government, which accounted for **99.6%** of its annualized lease income as of December 31, 2020[41](index=41&type=chunk) - A significant portion of the portfolio faces near-term lease expirations, with leases representing approximately **22.8%** of total annualized lease income set to expire by the end of 2023[42](index=42&type=chunk) - The company has a notable geographic concentration in California, with **18** of its **79** operating properties located in the state, accounting for **18.5%** of total leased square feet and **24.8%** of total annualized lease income[53](index=53&type=chunk) - As of December 31, 2020, the company had approximately **$983.4 million** in total indebtedness[104](index=104&type=chunk) - Failure to maintain **REIT qualification** would result in significant adverse consequences[128](index=128&type=chunk)[130](index=130&type=chunk) [Unresolved Staff Comments](index=30&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC as of the filing date - There are no unresolved staff comments[157](index=157&type=chunk) [Properties](index=31&type=section&id=Item%202.%20Properties) Easterly's portfolio comprises 79 operating properties totaling 7.3 million leased square feet, 99% leased, primarily to U.S. Government tenants Top 5 Tenants by Annualized Lease Income (as of Dec 31, 2020) | Tenant | Annualized Lease Income | % of Total | | :--- | :--- | :--- | | Dept. of Veteran Affairs (VA) | $43,172,668 | 17.7% | | Federal Bureau of Investigation (FBI) | $40,771,826 | 16.7% | | Drug Enforcement Administration (DEA) | $24,531,817 | 10.1% | | Judiciary of the U.S. (JUD) | $12,006,443 | 4.9% | | Food and Drug Administration (FDA) | $11,467,739 | 4.7% | Geographic Diversification by State (Top 5 by Annualized Lease Income) | State | % of Total Annualized Lease Income | | :--- | :--- | | California | 24.8% | | Virginia | 8.0% | | Texas | 7.1% | | Alabama | 5.7% | | Kansas | 5.6% | Lease Expiration Schedule by Annualized Lease Income | Year of Expiration | Annualized Lease Income Expiring | % of Total | | :--- | :--- | :--- | | 2021 | $25,010,373 | 10.2% | | 2022 | $11,524,521 | 4.7% | | 2023 | $14,823,900 | 6.1% | | 2024 | $22,767,700 | 9.3% | | 2025 | $12,655,165 | 5.2% | | Thereafter | $101,163,361 | 41.1% | [Legal Proceedings](index=35&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently involved in any material litigation, nor is it aware of any threatened against it - The company is not currently involved in any material litigation[171](index=171&type=chunk) [Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's operations - Not applicable[172](index=172&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=36&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on the NYSE under 'DEA', with an intent to pay regular quarterly distributions to maintain REIT qualification - The company's common stock is traded on the NYSE under the symbol **"DEA"**[175](index=175&type=chunk) - To maintain its **REIT status**, the company must distribute at least **90%** of its taxable income and intends to pay regular quarterly distributions[176](index=176&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, noting increased revenues and net income in 2020 driven by acquisitions, with FFO as Adjusted reaching **$106.1 million** [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Total revenues increased by **$23.4 million** to **$245.1 million** in 2020, primarily from property acquisitions, leading to a net income of **$13.5 million** Comparison of Operations (Years Ended Dec 31) | (In thousands) | 2020 | 2019 | | :--- | :--- | :--- | | **Total Revenues** | **$245,078** | **$221,722** | | Rental income | $238,131 | $208,544 | | **Total Expenses** | **$192,075** | **$186,283** | | Property operating | $48,430 | $48,279 | | Depreciation & amortization | $93,803 | $92,439 | | Interest expense, net | ($35,480) | ($33,460) | | **Net Income** | **$13,528** | **$8,224** | - The **$29.6 million** increase in rental income was primarily driven by revenues from nine operating properties acquired and one development property placed in service since the end of 2019[198](index=198&type=chunk) - The company recognized a **$4.0 million** loss on the sale of the DEA – Otay property in 2020, compared to a **$6.2 million** gain on the sale of the CBP – Chula Vista property in 2019[206](index=206&type=chunk)[207](index=207&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is supported by operating cash flow, a **$450.0 million** revolving credit facility, and ATM equity programs, with total indebtedness at **$983.4 million** Debt Capital Structure as of December 31, 2020 | Metric | Value | | :--- | :--- | | Total Principal Outstanding | $983.4 million | | Weighted Average Maturity | 6.6 years | | Weighted Average Interest Rate | 3.6% | | % Fixed Debt | 90.3% | | % Variable Debt | 9.7% | | % Secured Debt | 20.8% | - During 2020, the company issued a total of **6,996,824 shares** under its ATM programs, raising net proceeds of approximately **$160.4 million**[218](index=218&type=chunk)[219](index=219&type=chunk) Dividends Declared in 2020 | Quarter | Declaration Date | Dividend per Share | | :--- | :--- | :--- | | Q1 2020 | April 29, 2020 | $0.26 | | Q2 2020 | July 29, 2020 | $0.26 | | Q3 2020 | October 27, 2020 | $0.26 | | Q4 2020 | February 18, 2021 | $0.26 | [Non-GAAP Financial Measures](index=45&type=section&id=Non-GAAP%20Financial%20Measures) FFO and FFO, as Adjusted, are key supplemental performance measures, with FFO, as Adjusted, increasing to **$106.1 million** in 2020 Reconciliation of Net Income to FFO and FFO, as Adjusted | (In thousands) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Net income | $13,528 | $8,224 | $6,659 | | Depreciation and amortization | $93,803 | $92,439 | $66,403 | | (Gain) loss on sale of property | $3,995 | ($6,245) | — | | **FFO** | **$111,326** | **$94,418** | **$73,062** | | Adjustments | ($5,233) | ($1,623) | ($8,589) | | **FFO, as Adjusted** | **$106,093** | **$92,795** | **$64,453** | [Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk, with **9.7%** of debt at variable rates, and it is monitoring the LIBOR transition - As of December 31, 2020, **90.3%** of the company's debt had fixed interest rates, while **9.7%** (**$95.0 million**) had variable rates[271](index=271&type=chunk) - A hypothetical **25 basis point** fluctuation in market interest rates on variable-rate debt would change annual interest expense by approximately **$0.2 million**[271](index=271&type=chunk) - The company is exposed to risks from the planned cessation of **LIBOR** after 2021 and is evaluating the impact on its contracts[272](index=272&type=chunk)[273](index=273&type=chunk) [Financial Statements and Supplementary Data](index=50&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section refers to the consolidated financial statements and supplementary data, included in a separate section starting on page F-1 - The company's financial statements and supplementary data are located at the end of the report, beginning on page **F-1**[277](index=277&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=50&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None reported[277](index=277&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls and internal control over financial reporting were effective as of December 31, 2020, confirmed by auditors - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2020[278](index=278&type=chunk) - Management assessed internal control over financial reporting as effective, and this assessment was audited and confirmed by **PricewaterhouseCoopers LLP**[279](index=279&type=chunk)[280](index=280&type=chunk) [Other Information](index=50&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[282](index=282&type=chunk) Part III Part III incorporates information by reference from the company's 2021 Proxy Statement, covering directors, executive compensation, security ownership, and related transactions [Directors, Executive Officers and Corporate Governance](index=51&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information required by this item is incorporated by reference from the company's Proxy Statement for the 2021 Annual Meeting of Stockholders - Information is incorporated by reference from the Proxy Statement[285](index=285&type=chunk) [Executive Compensation](index=51&type=section&id=Item%2011.%20Executive%20Compensation) Information required by this item is incorporated by reference from the company's Proxy Statement - Information is incorporated by reference from the Proxy Statement[286](index=286&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=51&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section provides equity compensation plan information as of December 31, 2020, with further details incorporated by reference from the Proxy Statement Equity Compensation Plan Information as of December 31, 2020 | Plan Category | Securities to be issued upon exercise (a) | Weighted-average exercise price (b) | Securities remaining available for future issuance (c) | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by stockholders | 3,086,211 | $ — | 1,993,822 | [Certain Relationships and Related Transactions, and Director Independence](index=51&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information required by this item is incorporated by reference from the company's Proxy Statement - Information is incorporated by reference from the Proxy Statement[290](index=290&type=chunk) [Principal Accounting Fees and Services](index=51&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information required by this item is incorporated by reference from the company's Proxy Statement - Information is incorporated by reference from the Proxy Statement[291](index=291&type=chunk) Part IV Part IV contains the list of exhibits filed with the Form 10-K, including corporate governance documents, material contracts, and certifications [Exhibits and Financial Statement Schedules](index=52&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, financial statement schedules, and all exhibits filed as part of the Annual Report on Form 10-K - This section lists all documents filed as exhibits to the report, including financial statements, schedules, and other required filings[294](index=294&type=chunk)[295](index=295&type=chunk)[296](index=296&type=chunk) [Form 10-K Summary](index=54&type=section&id=Item%2016.%20Form%2010-K%20Summary) This section is not applicable - Not applicable[299](index=299&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from To Commission file number 001-36834 EASTERLY GOVERNMENT PROPERTIES, INC. (Exact Name of Registrant as Specified in Its Charter) Maryland 47-2047728 (State of Incorpo ...

Easterly Government Properties, Inc. (NYSE:DEA) Q3 2020 Earnings Conference Call November 2, 2020 10:00 AM ET Company Participants Lindsay Winterhalter - VP of IR Darrell Crate - Chairman Bill Trimble - CEO Meghan Baivier - EVP, CFO and COO Conference Call Participants Manny Korchman - Citi Michael Carroll - RBC Capital Markets Michael Lewis - Turbo Securities Peter Abramowitz - Jefferies Bill Crow - Raymond James Merrill Ross - Compass Point Operator Greetings and welcome to Easterly Government Properties ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock DEA New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from To Commission file number 001-36834 EASTERLY GOVE ...