Easterly Government Properties Completes Acquisition of VA - Marietta, the Sixth of 10 Properties in the VA Portfolio

Rhea-AI Summary

Easterly Government Properties, Inc. (NYSE: DEA) has successfully acquired a 76,882 square foot outpatient facility in Marietta, Georgia, leased to the Department of Veterans Affairs, marking the sixth addition to its VA Portfolio. This acquisition aligns with Easterly's strategy of steadily increasing its holdings in Class A commercial properties leased to the U.S. Government. YTD, Easterly has acquired four properties totaling approximately $145.8 million, now owning 93 properties covering 9.0 million square feet.

Positive

• Acquisition of a 76,882 square foot outpatient facility leased to the Department of Veterans Affairs.
• Continued acquisition activity, maintaining a strong pace in expanding VA Portfolio.
• Total YTD acquisitions of four properties valued at approximately $145.8 million.

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 the U.S. Government, announced today that it has, through its joint venture (“JV”), completed the acquisition of the previously announced 76,882 leased square foot outpatient facility leased to the Department of Veterans Affairs (VA) located in Marietta, Georgia (“VA - Marietta”). VA - Marietta is the sixth property to be acquired in the previously announced portfolio of 10 properties 100% leased to the VA under predominately 20-year firm term leases (the “VA Portfolio”).

“Easterly, through its joint venture, is maintaining its anticipated acquisition pace of these recently constructed VA facilities,” said William C. Trimble, III, Easterly’s Chief Executive Officer. “With the majority of the remaining assets substantially complete, we look forward to the continued timely delivery and acceptance by the VA.”

The VA Portfolio is comprised of the following 10 properties, arranged by anticipated lease commencement date:

Property Name		State		Leased SF		Leased		Lease Term (Yrs)		Status
VA - Chattanooga		TN		94,566		100%		15.0		Delivered (Nov. 2020) / Acquired (Nov. 2021)
VA - Lubbock		TX		120,916		100%		20.0		Delivered (Dec. 2020) / Acquired (Oct. 2021)
VA - Lenexa		KS		31,062		100%		20.0		Delivered (May 2021) / Acquired (Oct. 2021)
VA - San Antonio		TX		226,148		100%		20.0		Delivered (Aug. 2021) / Acquired (Dec. 2021)
VA - Birmingham		AL		77,128		100%		20.0		Delivered (Nov. 2021) / Acquired (Apr. 2022)
VA - Marietta		GA		76,882		100%		20.0		Delivered (Dec. 2021) / Acquired (May 2022)
VA - Columbus		GA		67,793		100%		20.0		Delivered (Jan. 2022) / Future Acquisition
VA - Phoenix		AZ		257,294		100%		20.0		Delivered (Feb. 2022) / Future Acquisition
VA - Corpus Christi		TX		69,276		100%		20.0		Development / Future Acquisition
VA - Jacksonville		FL		193,100		100%		20.0		Development / Future Acquisition
Totals				1,214,165		100%		19.6(1)
(1) Weighted average by leased square foot.

Year to date, Easterly has acquired, either directly or through the JV, four properties for an aggregate pro rata contractual purchase price of approximately $145.8, comprised of (i) $92.7 million of the wholly owned acquisition target of $200.0 – $250.0 million; and (ii) $53.1 million of the pro rata JV acquisition target of $145.0 million. Easterly owns, directly or through the JV, 93 properties totaling 9.0 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. 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/20220523005091/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 latest acquisition by Easterly Government Properties (DEA)?

Easterly Government Properties has acquired a 76,882 square foot outpatient facility leased to the Department of Veterans Affairs in Marietta, Georgia.

How many properties does Easterly Government Properties own now?

Easterly Government Properties now owns 93 properties totaling 9.0 million square feet.

What is the value of Easterly's recent acquisitions in 2023?

In 2023, Easterly has acquired properties totaling approximately $145.8 million.

What is the significance of the acquisition for DEA's portfolio?

The acquisition enhances DEA's VA Portfolio, ensuring stable long-term leases with the U.S. Government.