Easterly Government Properties Acquires 138,000 SF FBI Field Office in Tampa, Florida

Rhea-AI Summary

Easterly Government Properties, Inc. (NYSE: DEA) has acquired a 138,000 square foot FBI field office in Tampa, Florida, which is fully leased to the General Services Administration until November 2040. This acquisition strengthens Easterly's position as the largest private owner of FBI field offices in the U.S., now owning 13 of 56 nationwide. The year-to-date acquisitions total approximately $114.7 million across three properties. The Tampa office enhances security features required for FBI operations and indicates Easterly's ongoing commitment to its government-focused investment strategy.

Positive

• Acquired a strategic FBI field office, enhancing portfolio value.
• Easterly is the largest private owner of FBI field offices, indicating strength in government leasing.
• Year-to-date total acquisitions of $114.7 million show active investment strategy.

Negative

• None.

WASHINGTON--(BUSINESS WIRE)-- Easterly Government Properties, Inc. (NYSE: DEA), a fully integrated real estate investment trust focused primarily on the acquisition, development and management of Class A commercial properties leased to U.S. Government agencies, announced today that it has acquired a 138,000 leased square foot Federal Bureau of Investigation (FBI) field office in Tampa, Florida (“FBI - Tampa”).

FBI - Tampa is a four-story office building located on a roughly seven-acre site that houses the FBI’s Tampa field office, which oversees federal operations across 18 counties through six satellite offices in Brevard, Fort Myers, Lakeland, Orlando, Pinellas, and Sarasota. This build-to-suit property was completed in 2005 and is 100% leased to the General Services Administration (GSA) for the beneficial use of the FBI until November 2040.

Serving under the jurisdiction of the Department of Justice, the FBI provides primary domestic intelligence, investigative and law enforcement services on behalf of the United States. The FBI protects and defends the nation against such threats as terrorism, political corruption, white-collar crime, organized crime, cyber-attack and violent crime. As a member of the U.S. Intelligence Community and the leading arm for U.S. counterterrorism, counterintelligence, and criminal investigations, the FBI employs approximately 35,000 people and has an annual budget totaling approximately $10.5 billion, based on fiscal year 2021 data.

The FBI - Tampa field office is enhanced by a number of security features, including but not limited to perimeter fencing, controlled access, blast protection, security setbacks, vehicle barriers, magnetometers and SCIF space.

“With an investment strategy that has not wavered since IPO, Easterly is pleased to continue its partnership with the FBI, the second largest tenant in our portfolio,” said William C. Trimble, III, Easterly’s Chief Executive Officer. “With this important acquisition, Easterly now owns 13 of 56 highly specialized, mission critical FBI field offices strategically located throughout the country.”

Easterly Government Properties remains the single largest private owner of FBI field offices in the country.

Year to date, Easterly has acquired, either directly or through its previously announced joint venture (JV), three properties for an aggregate pro rata contractual purchase price of approximately $114.7 million, comprised of (i) $92.7 million of the wholly owned acquisition target of $200.0 - $250.0 million; and (ii) $22.0 million of the pro rata joint venture acquisition target of $145.0 million. Following the acquisition of FBI - Tampa, Easterly owns, directly or through the JV, 92 properties totaling 8.9 million square feet.

About Easterly Government Properties, Inc.

Easterly Government Properties, Inc. (NYSE:DEA) is based in Washington, D.C., and focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to the U.S. Government. Easterly’s experienced management team brings specialized insight into the strategy and needs of mission-critical U.S. Government agencies for properties leased to such agencies either directly or through the U.S. General Services Administration (GSA). For further information on the company and its properties, please visit www.easterlyreit.com.

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “expect,” “intend,” “project,” “anticipate,” “position,” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to those risks and uncertainties associated with our business described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed on February 28, 2022 and our Quarterly Report on Form 10-Q on May 3, 2022. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and we undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in our expectations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220519005166/en/

Easterly Government Properties, Inc.

Lindsay S. Winterhalter

Supervisory Vice President, Investor Relations & Operations

202-596-3947

ir@easterlyreit.com

Source: Easterly Government Properties, Inc.

FAQ

What is the significance of Easterly's acquisition of the FBI field office in Tampa?

The acquisition enhances Easterly's position as the largest private owner of FBI field offices, indicating growth in its government-focused investment strategy.

How much did Easterly spend on acquisitions in 2023?

Easterly has acquired three properties for a total of approximately $114.7 million year-to-date.

What is the lease term for the Tampa FBI field office?

The Tampa FBI field office is leased to the GSA until November 2040.

How does this acquisition affect Easterly's overall portfolio?

With this acquisition, Easterly now owns 13 of 56 FBI field offices, enhancing its portfolio of mission-critical government properties.