Welcome to our dedicated page for Easterly Government Properties news (Ticker: DEA), a resource for investors and traders seeking the latest updates and insights on Easterly Government Properties stock.
Easterly Government Properties, Inc. (symbol: DEA) is a specialized real estate investment trust (REIT) focusing on the acquisition, development, and management of Class A commercial properties. These properties are leased to U.S. government agencies, providing essential functions across the country. The company's revenue is predominantly generated through leasing agreements with these agencies, secured through the U.S. General Services Administration (GSA).
Easterly's multidisciplinary team brings a wealth of complementary skills and experience, crucial for driving its business and growth strategies. The company aims to expand its portfolio by pursuing attractive acquisition opportunities, developing built-to-suit properties for U.S. government use, and renewing existing leases at higher rates.
One of Easterly's key assets is its proprietary database, which tracks approximately 8,500 leases covering around 200 million rentable square feet. This database includes nearly every major U.S. government-leased property that aligns with the company's investment criteria, along with detailed ownership information.
Recent achievements include securing new leases and developing state-of-the-art facilities custom-built for government agencies. Financially, Easterly maintains a robust balance sheet and is well-positioned to capitalize on future growth opportunities.
Overall, Easterly Government Properties, Inc. plays a pivotal role in providing critical infrastructure to the U.S. government, ensuring the seamless execution of essential services.
Easterly Government Properties (NYSE: DEA), a REIT specializing in Class A commercial properties leased to the U.S. Government, has announced its participation in the Jefferies Real Estate Conference 2024. The event will take place in Miami, Florida on December 11, 2024, where management will engage in investor meetings. Interested parties can access the presentation materials for these meetings through the Presentation section of Easterly's Investor Relations website at ir.easterlyreit.com.
Easterly Government Properties (NYSE: DEA) has acquired a 295,253 square foot campus in Cary, North Carolina, leased primarily to the Wake County Public School System (WCPSS). The campus, consisting of three facilities, is 97% leased with leases extending until 2034. The properties serve as operational headquarters and public service centers, important to WCPSS's mission. The acquisition highlights Easterly's strategy to enhance earnings growth through accretive capital deployment, increasing cash flows from AAA-rated tenants. The three buildings include:
- Wake County I: 75,401 sq ft, 100% leased to WCPSS.
- Wake County II: 98,340 sq ft, 100% leased to WCPSS.
- Wake County III: 121,512 sq ft, 63% leased to WCPSS, 31% leased to Jacobs Engineering, and 6% available for leasing.
With this acquisition, Easterly's portfolio now totals 100 properties with 9.8 million leased square feet.
Easterly Government Properties (NYSE: DEA) has acquired a 100,000 square foot facility in Ogden, Utah, fully leased to the GSA for IRS use. The mission-critical facility features Level 4 security requirements and houses tax submission processing and Digital Fraud Department operations. The property, situated on 13 acres, includes advanced security measures like 24/7 monitoring, bomb detection equipment, and chemical sniffing K9s. The lease expires in January 2029 with two five-year extension options through 2039. As one of only two IRS processing centers in the US, the facility accommodates up to 850 employees per shift and is expanding operations with the relocation of its Imaging Department from Cincinnati.
Easterly Government Properties (NYSE: DEA), a REIT specializing in Class A commercial properties leased to the U.S. Government, has announced its participation in Nareit's REITworld 2024 Annual Conference. The event will take place in Las Vegas, Nevada on November 19-20, 2024, where management will engage in investor meetings. Presentation materials for these meetings will be accessible through the company's Investor Relations website at ir.easterlyreit.com.
Easterly Government Properties (NYSE: DEA) reported Q3 2024 results with net income of $5.1 million ($0.05 per share) and Core FFO of $32.2 million ($0.30 per share). The company expanded its portfolio through multiple acquisitions, including a VA outpatient clinic in Jacksonville and Northrop Grumman facilities in Dayton and Aurora. The company entered a $52.1M construction loan agreement for a DEA facility in Bedford. As of September 30, 2024, DEA owned 95 operating properties totaling 9.3M square feet, with a weighted average lease term of 10.2 years. The company maintains total indebtedness of $1.5B with a weighted average interest rate of 4.6%.
Easterly Government Properties (NYSE: DEA), a REIT specializing in Class A commercial properties leased to U.S. Government agencies, has declared a quarterly cash dividend of $0.265 per common share. The dividend will be distributed on November 27, 2024, to shareholders recorded as of November 15, 2024.
Easterly Government Properties (NYSE: DEA) has announced its schedule for the release of third quarter 2024 financial results. The company will disclose its financial performance on November 5, 2024, followed by a conference call at 11:00am Eastern time on the same day. During this call, the management team will:
- Review the third quarter performance
- Discuss recent events
- Conduct a question-and-answer session
Interested parties can register to join the call and ask questions. Additionally, a live audio, listen-only webcast will be available on the company's Investor Relations website. A replay of the call will be accessible on the website for up to twelve months after the event.
Easterly Government Properties (NYSE: DEA) has acquired a 104,136 square foot facility in Aurora, Colorado, fully leased to Northrop Grumman Systems (NYSE: NOC). The property, built in 2002, is strategically located adjacent to Buckley Space Force Base. 70% of the three-floor buildout meets secure design standards required by the U.S. Government, with space certified for processing sensitive compartmented information.
This acquisition aligns with Easterly's focus on vital real estate for high-credit companies connected to the government. The facility supports Northrop Grumman's contracts with Buckley SFB, which contributes an estimated $2.5 billion annually to the local economy. With this addition, Easterly now owns 96 properties totaling 9.5 million square feet, either directly or through joint ventures.
Easterly Government Properties (NYSE: DEA) has acquired a 99,246 square foot facility in Beavercreek, Ohio, fully leased to Northrop Grumman Systems (NYSE: NOC). The build-to-suit property, occupied since 2012, features robust security enhancements and is strategically located adjacent to Wright-Patterson Air Force Base. This acquisition aligns with Easterly's focus on mission-critical real estate for government-adjacent companies.
The facility's proximity to the Air Force Research Laboratory's (AFRL) headquarters underscores its strategic importance. AFRL, founded in 1917, is the primary scientific research and development center for the Department of the Air Force, employing over 12,500 people across nine technology areas. With this addition, Easterly's portfolio now includes 95 properties totaling 9.3 million square feet.
Easterly Government Properties (NYSE: DEA) has completed the acquisition of VA - Jacksonville, a 193,100 sq ft outpatient facility in Florida, through its joint venture. This marks the final acquisition in a portfolio of 10 properties leased to the Department of Veterans Affairs under 20-year firm term leases. The VA - Jacksonville facility offers primary and specialty healthcare services, including a domiciliary for veterans requiring additional care.
The completed VA Portfolio comprises 1,214,165 leased square feet across 10 properties in various states, with an average lease term of 19.6 years. This acquisition aligns with Easterly's focus on Class A commercial properties leased to the U.S. Government and supports its external growth strategy. With this addition, Easterly now owns 94 properties totaling 9.2 million square feet, either directly or through its joint venture.
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