Easterly Government Properties Acquires 149,110 SF U.S. Department of the Interior Regional Office and Warehouse Facility in Billings, Montana

Rhea-AI Summary

Easterly Government Properties (NYSE: DEA) has acquired a 149,110-square foot U.S. Department of the Interior (DOI) facility in Billings, Montana. This 100% leased property houses key DOI bureaus and features a 20-year non-cancelable lease expiring in April 2033. Built in 2013, it boasts LEED Gold certification and an ENERGY STAR score of 91. CEO William C. Trimble, III, expressed satisfaction in exceeding 2020 acquisition guidance and is optimistic about achieving the 2021 target.

Positive

• Acquisition of a strategic 149,110-square foot facility leased to the U.S. Government.
• 100% occupancy with a long-term lease valid until April 2033.
• Facility has achieved LEED Gold certification and an ENERGY STAR score of 91.

Negative

• None.

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 the U.S. Government, announced today that it has acquired a 149,110-square foot U.S. Department of the Interior (DOI) regional office and warehouse facility in Billings, Montana (“DOI - Billings”).

DOI - Billings is a 100% leased regional facility that houses several of DOI’s key bureaus, including the Rocky Mountain Regional Office for the Bureau of Indian Affairs (BIA), one of only twelve regional offices for the BIA nationally, the Bureau of Reclamation, which serves as the headquarters for the Missouri Basin and Arkansas-Rio Grande-Texas Gulf Region and the Bureau of Trust Funds Administration.

Built-to-suit for the DOI in 2013, DOI - Billings is a first-generation, single tenant U.S. Government leased facility under a 20-year non-cancelable lease that does not expire until the end of April 2033. The Class A facility was developed according to the specific requirements of both the underlying tenant agency and strict federal standards. In addition, the office facility has achieved a LEED Gold certification with a current ENERGY STAR score of 91 out of 100.

“It gives me great pleasure to exceed our 2020 acquisition guidance with the closing of such an important facility,” said William C. Trimble, III, Easterly’s Chief Executive Officer. “We also find ourselves well prepared to execute on our 2021 acquisition guidance due to our robust actionable pipeline.”

Established in 1849, the U.S. Department of the Interior is responsible for the conservation and management of the nation’s natural resources and cultural heritage for the benefit and enjoyment of the American people. DOI also provides scientific and other information about natural resources and natural hazards to address societal challenges and create opportunities for the American people.

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 25, 2020 and our Quarterly Report on Form 10-Q filed on November 2, 2020. 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/20201224005014/en/

FAQ

What is the significance of the DEA's acquisition of the DOI facility in Billings?

The acquisition enhances DEA's portfolio with a key U.S. Government-leased asset, ensuring long-term revenue stability.

How does the acquisition impact DEA's future growth plans?

The acquisition allows DEA to exceed its 2020 acquisition guidance and positions it well for future growth in 2021.

What is the lease term for the newly acquired DOI facility?

The facility is under a 20-year non-cancelable lease expiring in April 2033.

What are the environmental certifications of the Billings facility?

The facility has achieved LEED Gold certification and an ENERGY STAR score of 91.

Which U.S. Government agencies occupy the DOI facility in Billings?

The facility houses several DOI bureaus, including the Bureau of Indian Affairs and the Bureau of Reclamation.