Easterly Government Properties Announces Share Repurchase Program

Rhea-AI Summary

Easterly Government Properties, Inc. (NYSE: DEA) announced a new share repurchase plan authorizing the buyback of up to 4,538,994 shares, approximately 5% of its outstanding shares. This initiative, aimed at enhancing shareholder value, will be executed through various methods in accordance with SEC regulations. The timing and amount of repurchases will depend on market conditions and capital needs. Chief Financial and Operating Officer Meghan G. Baivier emphasized the importance of this strategy as part of the company’s commitment to capital allocation that drives shareholder value.

Positive

• Share repurchase program of up to 4,538,994 shares, approximately 5% of outstanding shares.
• Demonstrates strong commitment to enhancing shareholder value.

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• None.

WASHINGTON--(BUSINESS WIRE)-- Easterly Government Properties, Inc. (NYSE: DEA) (the “Company” or “Easterly”), a fully integrated real estate investment trust (“REIT”) focused primarily on the acquisition, development and management of Class A commercial properties leased to the U.S. Government, announced today that its Board of Directors has approved a share repurchase plan authorizing the Company to repurchase up to 4,538,994 shares of its common stock, or approximately 5% of its outstanding shares as of the authorization date.

Under the share repurchase program, the shares may be repurchased from time to time using a variety of methods, which may include open market transactions, privately negotiated transactions or otherwise, all in accordance with the rules of the Securities and Exchange Commission and other applicable legal requirements.

“This new share repurchase program is a tool to ensure alignment with our consistent commitment to allocating capital in a way we believe drives the greatest value for shareholders,” said Meghan G. Baivier, Easterly’s Chief Financial and Operating Officer.

This action will take place in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The Company’s decision to repurchase its shares, as well as the timing of such repurchases, will depend on a variety of factors that include the ongoing assessment of the Company’s capital needs, market conditions and the price of the Company’s common stock and other corporate considerations, all as determined by management. The repurchase program does not obligate the Company to acquire any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company's discretion.

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.

Forward Looking Statements

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. 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/20220503005307/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 purpose of Easterly Government Properties' share repurchase plan?

The share repurchase plan aims to enhance shareholder value by allowing the company to buy back up to 4,538,994 shares.

When was the share repurchase plan announced by DEA?

The share repurchase plan was announced recently, as stated in a press release.

How many shares is Easterly Government Properties authorized to repurchase?

Easterly Government Properties is authorized to repurchase up to 4,538,994 shares, which is about 5% of its outstanding shares.

What factors will influence the timing of the share repurchases by DEA?

The timing of the repurchases will depend on market conditions, the company's capital needs, and the price of its common stock.

Is the share repurchase program mandatory for DEA to execute?

No, the share repurchase program does not obligate the company to acquire any specific amount of shares and may be suspended or discontinued at any time.