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Easterly Government Properties, Inc. (NYSE: DEA) has completed the acquisition of a 226,148 square foot outpatient facility leased to the Department of Veterans Affairs in San Antonio, Texas. This acquisition is the largest to date in a portfolio of ten properties, all 100% leased to the VA under 20-year terms. Year-to-date, Easterly has acquired 12 properties for approximately $412.3 million, exceeding its acquisition target of $350 million. The company now owns a total of 89 properties totaling 8.6 million square feet.
Positive
Completed acquisition of 226,148 square foot facility in San Antonio.
Acquisition is the largest in the VA Portfolio, enhancing revenue.
Exceeded 2021 acquisition target by $62.3 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 226,148 leased square foot outpatient facility leased to the Department of Veterans Affairs (VA) located in San Antonio, Texas (“VA - San Antonio”). VA - San Antonio is the fourth 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”).
“VA - San Antonio is the largest of the assets within the VA Portfolio to be acquired thus far,” said William C. Trimble, III, Easterly’s Chief Executive Officer. “With our years of experience serving as the landlord to the VA and other US Federal agencies, Easterly feels confident in its ability to successfully manage this newest asset in our growing portfolio.”
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
Development / Future Acquisition
VA - Columbus
GA
67,793
100%
20.0
Development / Future Acquisition
VA - Phoenix
AZ
257,294
100%
20.0
Development / Future Acquisition
VA - Marietta
GA
76,882
100%
20.0
Development / 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 previously announced JV, 12 properties for a total pro rata contractual purchase price of approximately $412.3 million, exceeding its increased $350 million acquisition volume target for the year. Pro forma for this acquisition, Easterly owns, directly or through the JV, 89 properties totaling 8.6 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 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.
Easterly Government Properties, Inc. Lindsay S. Winterhalter Vice President, Investor Relations & Operations
202-596-3947
ir@easterlyreit.com
Source: Easterly Government Properties, Inc.
FAQ
What is the recent acquisition by Easterly Government Properties, Inc.?
Easterly Government Properties, Inc. has acquired a 226,148 square foot outpatient facility leased to the Department of Veterans Affairs in San Antonio, Texas.
How much has Easterly Government Properties spent on acquisitions in 2021?
Easterly Government Properties has spent approximately $412.3 million on acquisitions year-to-date 2021.
What is the significance of the San Antonio property acquisition?
The San Antonio property is the largest asset acquired to date in the VA Portfolio, which comprises 10 properties, all 100% leased to the VA.
How many properties does Easterly currently own?
Easterly Government Properties now owns a total of 89 properties totaling 8.6 million square feet.
What are the lease terms for the properties in the VA Portfolio?
All properties in the VA Portfolio are leased under predominately 20-year firm term leases.
