Easterly Government Properties Acquires 43,600 SF U.S. Attorney’s Office Facility in Springfield, IL

Rhea-AI Summary

Easterly Government Properties, Inc. (NYSE: DEA) has acquired a 43,600 square foot United States Attorney’s Office facility in Springfield, Illinois. This property, constructed in 2002, is fully leased to the General Services Administration on behalf of the USAO with a secure 20-year lease expiring in March 2038. Strategically located adjacent to the U.S. District Courthouse, this acquisition aligns with Easterly's strategy to grow its portfolio of government-backed assets, contributing to its acquisition guidance of $200 million for 2021.

Positive

• Acquisition of secure USAO facility strengthens portfolio of government-leased properties.
• Long-term lease, extending to March 2038, provides stable cash flow.
• Strategic location enhances asset value due to proximity to U.S. District Courthouse.

Negative

• None.

Easterly Government Properties, Inc. (NYSE: DEA) (the “Company” or “Easterly”), 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 43,600 leased square foot United States Attorney’s Office (USAO) facility in Springfield, Illinois (“USAO - Springfield”).

USAO - Springfield, a three-story build-to-suit construction for the Department of Justice United States Attorney’s Office for the Central District of Illinois, was constructed in 2002 and is 100% leased to the General Services Administration (GSA) on behalf of the USAO pursuant to a 20-year lease, which does not expire until March 2038.

USAO - Springfield, conveniently located on the same block as the United States District Courthouse, serves as the headquarters for the USAO’s Central Division of Illinois with subordinate staffed offices in Peoria, Rock Island and Urbana. The district includes 46 of the 102 counties within the State of Illinois.

“With its optimal location on the same block as the U.S. District Courthouse, this build-to-suit facility is the latest addition in Easterly’s growing portfolio of assets backed by the full faith and credit of the U.S. Government,” said William C. Trimble, III, Easterly’s Chief Executive Officer. “Easterly continues to make meaningful progress towards executing on its acquisition guidance of $200 million in 2021.”

This office is responsible for prosecuting federal crimes that occur within the District including offenses such as terrorism, child exploitation, violent crime, financial fraud, human trafficking and public corruption. The office also defends the United States in civil lawsuits and seeks to recover assets from fraud committed against the United States. Due to the sensitive nature of criminal prosecutions in which the U.S. Attorneys are actively involved, USAO - Springfield was designed to be a highly secure building.

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 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 24, 2021. 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/20210427005096/en/

FAQ

What is the significance of Easterly's acquisition of the USAO - Springfield facility?

The acquisition enhances Easterly's portfolio with a secure, government-leased asset, providing long-term rental income.

How long is the lease for the USAO - Springfield facility?

The lease is a 20-year agreement, set to expire in March 2038.

What are the implications of this acquisition for DEA's financial performance?

The acquisition is expected to provide stable cash flow and contribute to Easterly's strategy of reaching $200 million in acquisitions for 2021.

Where is the USAO - Springfield facility located?

The facility is located in Springfield, Illinois, on the same block as the U.S. District Courthouse.

What type of property is the USAO - Springfield?

It is a Class A commercial property specifically built for the U.S. Attorney's Office.