Easterly Government Properties Completes Acquisition of VA - Chattanooga, the Third of 10 Properties in the VA Portfolio

Rhea-AI Summary

Easterly Government Properties, Inc. (NYSE: DEA) has successfully acquired a 94,566 square foot outpatient facility in Chattanooga, Tennessee, leased to the Department of Veterans Affairs (VA). This acquisition is part of a previously announced portfolio of 10 properties, all fully leased to the VA under 20-year firm leases. In 2021, Easterly has acquired 11 properties for approximately $352.2 million, surpassing its $350 million acquisition target. The VA Portfolio boasts a total of 1,214,165 square feet across 10 properties, further expanding Easterly's footprint in government-leased real estate.

Positive

• Acquisition of a 94,566 square foot facility in Chattanooga, TN enhances the VA Portfolio.
• Acquisition total of 11 properties in 2021 reached approximately $352.2 million, exceeding the $350 million target.
• The VA Portfolio now totals 1,214,165 square feet across 10 fully leased properties.

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 94,566 leased square foot outpatient facility leased to the Department of Veterans Affairs (VA) located in Chattanooga, Tennessee (“VA - Chattanooga”). VA - Chattanooga is the third 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 - Chattanooga, as part of the VA Tennessee Valley Healthcare System, is centered around a philosophy ‘to serve the veteran who served us,’” said William C. Trimble, III, Easterly’s Chief Executive Officer. “Easterly is proud to join the VA in supporting this philosophy by delivering superior real estate services to this deserving portion of the U.S. population for 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		Development / Future Acquisition
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, 11 properties for a total pro rata contractual purchase price of approximately $352.2 million, exceeding its increased $350 million acquisition volume target for the year. Pro forma for this acquisition, Easterly owns, directly or through the JV, 88 properties totaling 8.3 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211118005165/en/

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 recent acquisition did Easterly Government Properties announce?

Easterly Government Properties announced the acquisition of a 94,566 square foot outpatient facility in Chattanooga, Tennessee, leased to the Department of Veterans Affairs.

How much did Easterly Government Properties spend on acquisitions in 2021?

In 2021, Easterly Government Properties spent approximately $352.2 million on the acquisition of 11 properties.

What is the total square footage of the VA Portfolio owned by Easterly?

The VA Portfolio now totals 1,214,165 square feet across 10 properties.

How does the acquisition affect Easterly's acquisition target?

The acquisition of the Chattanooga facility helped Easterly exceed its 2021 acquisition target of $350 million.