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Easterly Government Properties, Inc. (NYSE:DEA) has acquired a 28,900 square foot U.S. District courthouse in Council Bluffs, Iowa, under a 20-year non-cancelable lease with the General Services Administration (GSA) expiring in 2041, featuring two five-year renewal options. This build-to-suit facility, completed in 2021, serves various government functions and enhances Easterly's portfolio, now totaling 95 properties with 9.1 million square feet. Year to date, the company has acquired properties worth approximately $179.1 million.
Positive
Acquisition of a federal courthouse in Council Bluffs enhances property portfolio.
Stable long-term lease until 2041 with renewal options until 2051.
$179.1 million worth of acquisitions in 2023 strengthens financial position.
Total portfolio now includes 95 properties and 9.1 million square feet.
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 28,900 leased square foot U.S. District courthouse in Council Bluffs, Iowa (“JUD - Council Bluffs”).
JUD - Council Bluffs is a build-to-suit facility constructed in 2021 and 100% leased to the General Services Administration (GSA) on behalf of the U.S. District Court under a 20-year non-cancelable lease that does not expire until 2041. The lease also features two five-year renewal options that, if exercised, would extend the lease until 2051. As part of the Eighth Judicial Circuit, this property serves the Western Division of the Southern District of Iowa, a district that was created over 140 years ago.
The recently constructed facility is occupied by all three branches of government: The Judiciary includes a district clerk’s office, a bankruptcy clerk’s office, a probation and pre-trial services office, and the public defender’s office. Offices for both the US Attorneys and US Marshals Service represent the Executive Branch. And finally, district offices for Iowa’s two U.S. Senators – Senator Grassley and Senator Ernst – represent the Legislative Branch.
“The Southern District of Iowa has been part of the United States Judiciary since the late 1800s,” said William C. Trimble, III, Easterly’s Chief Executive Officer. “The enduring mission of a federal courthouse is considered highly attractive when underwriting an asset. Further, the courthouse’s proximity to FBI - Omaha and NPS - Omaha, two other important Easterly properties, serves as a point of efficiency for our asset management team.”
The United States Judiciary is primarily responsible for adjudicating criminal and civil cases involving federal laws, including all bankruptcy filings. The Judiciary has three levels of courts: District Courts, Appellate Courts, and the Supreme Court. There are 94 U.S. District Courts located throughout the United States with at least one court in each state, the District of Columbia, and Puerto Rico.
Year to date, Easterly has acquired, either directly or through its previously announced joint venture (JV), six properties for an aggregate pro rata contractual purchase price of approximately $179.1 million, representing (i) $107.7 million of the wholly owned acquisition target of $200.0 - $250.0 million; and (ii) $71.4 million of the pro rata joint venture acquisition target of $145.0 million. Following the acquisition of JUD - Council Bluffs, Easterly owns, directly or through the JV, 95 properties totaling 9.1 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 for the quarter ended June 30, 2022, which was filed with the SEC on August 2, 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.
