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Easterly Government Properties, Inc. (symbol: DEA) is a specialized real estate investment trust (REIT) focusing on the acquisition, development, and management of Class A commercial properties. These properties are leased to U.S. government agencies, providing essential functions across the country. The company's revenue is predominantly generated through leasing agreements with these agencies, secured through the U.S. General Services Administration (GSA).
Easterly's multidisciplinary team brings a wealth of complementary skills and experience, crucial for driving its business and growth strategies. The company aims to expand its portfolio by pursuing attractive acquisition opportunities, developing built-to-suit properties for U.S. government use, and renewing existing leases at higher rates.
One of Easterly's key assets is its proprietary database, which tracks approximately 8,500 leases covering around 200 million rentable square feet. This database includes nearly every major U.S. government-leased property that aligns with the company's investment criteria, along with detailed ownership information.
Recent achievements include securing new leases and developing state-of-the-art facilities custom-built for government agencies. Financially, Easterly maintains a robust balance sheet and is well-positioned to capitalize on future growth opportunities.
Overall, Easterly Government Properties, Inc. plays a pivotal role in providing critical infrastructure to the U.S. government, ensuring the seamless execution of essential services.
Easterly Government Properties, Inc. (NYSE: DEA) has acquired an 80,000 square foot Department of Veterans Affairs (VA) Outpatient Clinic located in the Midwest. This state-of-the-art facility, completed in 2021, features a 20-year non-cancelable lease. The clinic offers various medical services and recently achieved Two Green Globes certification. Year-to-date, the company acquired 10 properties, totaling approximately $321.3 million, surpassing its 2023 target of $300 million. Easterly aims to strengthen its portfolio of important outpatient facilities serving veterans.
Easterly Government Properties, Inc. (NYSE: DEA) has declared a quarterly cash dividend of $0.265 per common share, set to be paid on November 24, 2021. Shareholders on record as of November 12, 2021 will be eligible for this dividend, reflecting the company's commitment to returning value to its investors. The company specializes in managing Class A commercial properties leased to U.S. Government agencies, ensuring stable income streams.
Easterly Government Properties, Inc. (NYSE: DEA) has acquired a 489,316 square foot facility leased to the USCIS in Kansas City, Missouri. This acquisition, part of a robust pipeline, aligns with Easterly's strategy of managing Class A properties leased to the U.S. Government. The facility, which serves as the National Benefits Center, has a long-term lease with USCIS until 2042 and could extend to January 2045. Year-to-date, Easterly has invested approximately $286.8 million in nine properties, moving closer to its $300 million target for acquisitions in 2023.
Easterly Government Properties (NYSE: DEA) announced a joint venture aimed at acquiring a 1.2 million square foot portfolio of 10 properties, fully leased to the Department of Veterans Affairs, for approximately $635.6 million. The venture will close on a rolling basis by the end of 2023, with Easterly retaining a 53% stake. The properties are designed to fulfill vital medical services for over 7.2 million veterans and are expected to receive more than $174 million in upgrades. This strategic move enhances Easterly's growth and diversifies its capital structure.
Easterly Government Properties, Inc. (NYSE:DEA) will release its third quarter 2021 financial results on November 2, 2021. A conference call is scheduled for the same day at 11:00am Eastern time to discuss performance and recent events. The call can be accessed via the Investor Relations section of their website. Playback of the call will be available for ten business days after. Easterly focuses on Class A commercial properties leased to the U.S. Government, leveraging expertise in managing mission-critical facilities.
Easterly Asset Management has formed Maritime Logistics Equity Partners (MLEP) to capitalize on the projected
Easterly Government Properties (NYSE: DEA) announced the pricing of an underwritten public offering of 6,300,000 shares of common stock, with an option for underwriters to purchase an additional 945,000 shares. The offering is expected to close on August 16, 2021. RBC Capital Markets and BMO Capital Markets are leading the offering. The company has entered into forward sale agreements totaling 6,300,000 shares, with proceeds to be used for general corporate purposes. The offering is made under an effective shelf registration statement filed with the SEC.
Easterly Government Properties announced a public offering of 6,300,000 shares of its common stock, with underwriters granted an option for an additional 945,000 shares. The offering will involve forward sale agreements with Royal Bank of Canada and Bank of Montreal. The initial proceeds from this sale will not be received until future settlement, which is expected within a year. The proceeds, if any, will be utilized for general corporate purposes, including property acquisition and debt repayment. RBC Capital Markets and BMO Capital Markets are the joint book-running managers for this offering.
Easterly Government Properties, Inc. (NYSE: DEA) announced the appointment of Allison Marino as Senior Vice President and Chief Accounting Officer, effective August 9, 2021. Allison brings over ten years of experience in commercial real estate, previously serving as Vice President and Corporate Controller at Carr Properties. Her expertise in accounting will support Easterly's growth trajectory. The company focuses on acquiring, developing, and managing Class A commercial properties leased to U.S. Government agencies.
Easterly Government Properties reported a net income of $9.3 million, or $0.10 per share, for Q2 2021, with Funds from Operations (FFO) of $31.2 million ($0.33 per share). The company increased its 2021 FFO guidance to $1.30 - $1.32 per share, up from $1.28 - $1.30, based on a higher acquisition target of $300 million. Easterly issued a note purchase agreement for $250 million and completed acquisitions of government-leased properties worth $134 million. The company’s balance sheet showed total indebtedness of approximately $1 billion and maintained a sustainable dividend of $0.265, payable August 24, 2021.
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