Q2 2025 SUPPLEMENTAL INFORMATION SECTION THREE Management Letter July 29, 2025 Our Fellow Shareholders: As we close the second quarter of 2025, we remain steadfast in our commitment to long-term NAV per share growth, even as macroeconomic and political uncertainties persist. The evolving federal landscape continues to shape the DC real estate market. Notably, the adverse impact of federal spending cuts and headcount reductions appears to be materializing. We continue to expect uncertain economic growth and ...