Easterly Government Properties Completes Acquisition of VA - Birmingham, the Fifth of 10 Properties in the VA Portfolio

Rhea-AI Summary

Easterly Government Properties, Inc. (NYSE: DEA) announced the acquisition of a 77,128 square foot outpatient facility in Birmingham, Alabama, leased to the Department of Veterans Affairs (VA). This property is part of a previously announced portfolio of 10 VA properties under 20-year leases. This acquisition marks the fifth property within this portfolio, contributing to Easterly's strategy of expanding its holdings in mission-critical government facilities. Year-to-date, the company has acquired properties totaling approximately $22 million, representing 15% of its anticipated acquisition volume of $145 million for the VA portfolio.

Positive

• Acquired a 77,128 square foot facility, enhancing the VA Portfolio.
• Part of a strategic growth plan with a robust acquisition pipeline.
• Year-to-date acquisitions total approximately $22 million, 15% of anticipated $145 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 77,128 leased square foot outpatient facility leased to the Department of Veterans Affairs (VA) located in Birmingham, Alabama (“VA - Birmingham”). VA - Birmingham is the fifth 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 - Birmingham is the latest JV acquisition within the previously identified VA Portfolio,” said William C. Trimble III, Easterly’s President and Chief Executive Officer. “With a robust, identified acquisition pipeline, we look forward to executing on our external growth strategy for many years to come.”

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) / Future Acquisition
VA - Columbus		GA		67,793		100%		20.0		Delivered (Jan. 2022) / Future Acquisition
VA - Phoenix		AZ		257,294		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, through the previously announced JV, has acquired one property for a total pro rata contractual purchase price of approximately $22.0 million, representing 15% of its stated $145.0 million in pro rata acquisition volume for the VA Portfolio for the year. Pro forma for this acquisition, Easterly owns, directly or through the JV, 90 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 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/20220405005237/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 significance of Easterly's recent acquisition of the VA facility in Birmingham?

The acquisition adds a key property to Easterly's VA Portfolio, enhancing its investment in mission-critical government facilities.

How many properties are in the VA Portfolio after the Birmingham acquisition?

The Birmingham facility is the fifth property acquired in the VA Portfolio, which encompasses a total of 10 properties.

What was the total pro rata purchase price for the Birmingham acquisition?

The total pro rata purchase price for the Birmingham acquisition was approximately $22 million.

What percentage of its anticipated acquisition volume has Easterly achieved year-to-date?

Easterly has achieved about 15% of its anticipated $145 million acquisition volume for the VA Portfolio in 2022.

How many properties does Easterly own after this acquisition?

Following the acquisition, Easterly owns 90 properties totaling approximately 8.6 million square feet.