Easterly Government Properties Inc 2024年度报告

Dear Shareholders, 2024 marked an important year of transition for Easterly Government Properties. We broadened our originalinvestment strategy of leasing mission-critical assets to the U.S. Government to include adjacent opportunities wherewe can apply the expertise built over the past decade. This evolution is designed to position the Company forlong-term, sustainable growth and drive enhanced shareholder value. Our goal is to grow Funds From Operations (FFO) at rates exceeding our historical averages while maintaining thehigh credit quality and reliable cash flows that have defined our portfolio. To support this growth, we are strategicallyexpanding into two new categories, each with a target allocation of approximately 15% of our portfolio: •High-credit state and local government assets, beginning with a 2024 acquisition of a property leased toa AAA rated tenant aligned with the mission-critical operations of the municipality it serves.•Government-adjacent properties, particularly those supporting Department of Defense initiatives. Theseproperties are typically leased to investment-grade private tenants, located near major military installations,and feature long-term, triple-net-style leases with annual escalations. Together, we expect these two new categories will ultimately comprise about 30% of our future portfolio. Their leasestructures complement our core holdings, which primarily consist of modified gross leases with the U.S. Government.As a result, we expect improved same-store sales growth and a higher overall growth trajectory. We also welcome the U.S. Government’s renewed focus on efficiency through the Department of GovernmentEfficiency (DOGE). From our founding, Easterly has underwritten investments consistent with these principles ofsupporting non-partisan, mission-critical operations that matter to all Americans. DOGE’searly emphasis on leasing versus owning aligns with our strengths.We believe we can delivermission-critical space more cost-effectively than the Government, even accounting for its cost of capital advantage.This edge stems from our deep client understanding and our ability to proactively manage building obsolescence. Our experience as a development partner to the Government further reinforces this advantage. For example, we’vesuccessfully delivered multiple FDA lab facilities in recent years, working with the same Government team on each project.This continuity drove learning, efficiency, and ultimately cost savings. A planned fourth lab, intended to be built directlyby the Government, is currently projected to cost more than three times what we believe we could deliver for a similarfacility. We remain committed to helping the Government fulfill its mission efficiently and effectively. To support these compelling acquisition and development opportunities, our Board has made the decision to reducethe Company’s dividend payout ratio. This shift will allow us to reinvest internally generated capital into high-returnprojects while maintaining a strong dividend we expect to grow with the portfolio over time. I am especially grateful to our Leadership Team, who have embraced these strategic shifts while driving meaningfulcost savings through process improvements and greater use of technology, enhancing tenant service while reducingthe burden on shareholders. Thank you to our Board of Directors, shareholders, employees, and advisors for your continued partnership. Yoursupport has been instrumental as we reposition the Company for the future. We enter 2025 with optimism and discipline, confident in our strategy and the opportunities ahead. Sincerely, Darrell CratePresident & Chief Executive Officer ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the Fiscal Year Ended: December 31, 2024OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromToCommission File Number: 001-36834 EASTERLY GOVERNMENT PROPERTIES, INC. (Exact name of registrant as specified in its charter) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.YES☒NO☐Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.YES☐NO ☒Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.YES☒NO☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit s