Easterly Government Properties Acquires a 35,005 SF U.S. District Courthouse in Newport News, Virginia

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Easterly Government Properties acquires United States District Courthouse in Newport News, Virginia

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 the U.S. Government, announced today that it has acquired a 35,005 leased square foot United States District Courthouse in Newport News, Virginia (“JUD - Newport News”).

The United States District Court, Eastern District of Virginia, Newport News Division Courthouse is a highly specialized facility that features 2008 build-to-suit, LEED Certified construction, and a new 10-year firm term lease extension that does not expire until 2033. JUD - Newport News houses four District Judges, three Senior District Judges, and three Magistrate Judges, and is responsible for the cities of Newport News, Hampton, and Williamsburg, and the counties of York, James City, Gloucester, and Matthews.

Given the highly sensitive operations housed within the courthouse, JUD - Newport News was constructed according to the specific requirements of the U.S. courts and U.S. Marshals Service, meeting strict federal building and security standards, including isolated prisoner movement, a 50-foot perimeter security setback, progressive collapse construction, and blast resistant exteriors.

“The Eastern District of Virginia is derived from one of the original thirteen judicial districts created by the Judiciary Act of 1789 and signed into law by President George Washington,” said William C. Trimble, III, Easterly’s Chief Executive Officer. “The necessity of this courthouse is imprinted on the very foundation of our U.S. Government. We believe owning a facility with such a long and important history is a testament to the stability of our underlying tenant, the U.S. Government.”

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 the Company’s joint venture (JV), four properties for an aggregate pro rata contractual purchase price of approximately $80.4 million, comprised of (i) $62.2 million of wholly owned acquisitions; and (ii) $18.2 million of JV acquisitions at its pro rata amount. With this acquisition, Easterly owns, directly or through the JV, 90 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, 2023. 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/20231023521976/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 did Easterly Government Properties acquire?

Easterly Government Properties acquired a 35,005 leased square foot United States District Courthouse in Newport News, Virginia.

What is the lease term for the courthouse?

The courthouse has a new 10-year firm term lease extension that does not expire until 2033.

What is the significance of the courthouse?

The courthouse is a highly specialized facility that houses several District Judges, Senior District Judges, and Magistrate Judges. It was constructed according to strict federal building and security standards.

How many properties does Easterly Government Properties own?

Easterly Government Properties owns 90 properties totaling 8.9 million square feet.