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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 real estate investment trust specializing in Class A commercial properties leased to U.S. Government agencies, has announced a quarterly cash dividend.
The Board of Directors approved a dividend of $0.265 per common share, payable on March 17, 2025 to shareholders of record as of March 5, 2025.
Easterly Government Properties (NYSE: DEA), a REIT focused on U.S. Government-leased properties, has presented recommendations to the Department of Government Efficiency (DOGE) for reforming the General Services Administration (GSA). CEO Darrell Crate outlined four key proposals: reforming The Automated Prospectus Systems (TAPS) to better reflect real estate costs, increasing flexibility in budget scoring rules, streamlining the prospectus lease process, and modifying lease structures to include annual escalations.
The company emphasizes these changes could address the estimated $80 billion in deferred maintenance for Government-owned assets and improve cost-effectiveness. Easterly currently owns 9.3 million square feet of government-leased real estate with a 10.2-year weighted average remaining lease term. Their portfolio consists of approximately 95% firm term leases supporting mission-critical agencies including ICE, CBP, DOD, DEA, FBI, and VA.
Easterly Government Properties (NYSE: DEA) has announced its upcoming fourth quarter 2024 financial results release and conference call, scheduled for February 25, 2025. The company will host a conference call at 11:00am Eastern time on the same day, where management will present Q4 performance and conduct a Q&A session. Interested participants who wish to ask questions during the call must register to receive dial-in details and a unique PIN. Additionally, a live audio-only webcast will be available on Easterly's Investor Relations website, with a replay accessible for up to twelve months after the call.
Easterly Government Properties (NYSE: DEA) has disclosed the tax characteristics of its 2024 distributions for common stockholders. The company, which focuses on Class A commercial properties leased to the U.S. Government, announced quarterly dividends of $0.2650 per share, totaling $1.0600 for the year.
The distributions are characterized as follows: 49.29% ($0.5224) as ordinary taxable dividends, 50.57% ($0.5360) as return of capital, and 0.14% ($0.0016) as capital gains. The Section 199A dividend amount is $0.5224, equal to the ordinary taxable dividend portion.
Easterly Government Properties (NYSE: DEA) has announced significant amendments to its $100 million senior unsecured term loan agreement from 2016. The company has extended the maturity date from January 30, 2025, to January 28, 2028, with two optional one-year extensions potentially pushing it to January 28, 2030. The borrowing capacity on the accordion feature has been increased from $150 million to $250 million.
The company has entered into an interest rate swap to fix SOFR at 3.8569% annually. Borrowings will bear interest at SOFR plus a 0.10% credit spread adjustment and an additional spread of 1.20% to 1.70% based on the company's leverage ratio. The initial spread is set at 1.35%. The arrangement was facilitated by PNC Capital Markets , U.S. Bank National Association, and Truist Securities, Inc. as joint lead arrangers and bookrunners, with PNC Bank serving as the administrative agent.
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%.
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