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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 (NYSE: DEA) has acquired a 99,246 square foot facility in Beavercreek, Ohio, fully leased to Northrop Grumman Systems (NYSE: NOC). The build-to-suit property, occupied since 2012, features robust security enhancements and is strategically located adjacent to Wright-Patterson Air Force Base. This acquisition aligns with Easterly's focus on mission-critical real estate for government-adjacent companies.
The facility's proximity to the Air Force Research Laboratory's (AFRL) headquarters underscores its strategic importance. AFRL, founded in 1917, is the primary scientific research and development center for the Department of the Air Force, employing over 12,500 people across nine technology areas. With this addition, Easterly's portfolio now includes 95 properties totaling 9.3 million square feet.
Easterly Government Properties (NYSE: DEA) has completed the acquisition of VA - Jacksonville, a 193,100 sq ft outpatient facility in Florida, through its joint venture. This marks the final acquisition in a portfolio of 10 properties leased to the Department of Veterans Affairs under 20-year firm term leases. The VA - Jacksonville facility offers primary and specialty healthcare services, including a domiciliary for veterans requiring additional care.
The completed VA Portfolio comprises 1,214,165 leased square feet across 10 properties in various states, with an average lease term of 19.6 years. This acquisition aligns with Easterly's focus on Class A commercial properties leased to the U.S. Government and supports its external growth strategy. With this addition, Easterly now owns 94 properties totaling 9.2 million square feet, either directly or through its joint venture.
Easterly Government Properties (NYSE: DEA), a REIT focused on Class A commercial properties leased to the U.S. Government, announced its participation in the NYSE Real Estate Investor Access Day on August 8th. The company's management team, including CEO Darrell Crate, will engage in virtual investor meetings to discuss Easterly's expansive actionable pipeline of mission-critical assets leased to important U.S. Government tenants and adjacent partners.
The team will provide written materials for certain investors at the event, which will also be available electronically in the Presentation section of Easterly's Investor Relations website. This participation highlights Easterly's commitment to investor engagement and transparency in showcasing its strategic focus on government-leased properties.
Easterly Government Properties (NYSE: DEA) reported its Q2 2024 results:
Key highlights include:
- Net income of $4.9 million ($0.04 per share)
- Core FFO of $31.4 million ($0.29 per share)
- An $8.4 million mortgage note extinguishment
- A new $400 million senior unsecured revolving credit facility with a total capacity up to $700 million
- Acquisition of properties leased to U.S. government agencies, including a Federal courthouse in Flagstaff, AZ, and facilities in Dallas and Orlando
For the first six months of 2024:
- Net income of $9.7 million ($0.09 per share)
- Core FFO of $62.1 million ($0.58 per share)
- Debt of approximately $1.4 billion with a weighted average interest rate of 4.4%
The company increased its full-year 2024 Core FFO guidance to $1.15 - $1.17 per share. A cash dividend of $0.265 per share will be paid on August 13, 2024.
Easterly Government Properties (NYSE: DEA), a real estate investment trust specializing in Class A commercial properties leased to U.S. Government agencies, has announced a quarterly cash dividend of $0.265 per common share. The dividend is set to be paid on August 13, 2024, to shareholders of record as of August 1, 2024. This announcement demonstrates the company's commitment to providing regular returns to its investors, reflecting its stable business model focused on government-leased properties.
Easterly Government Properties (NYSE: DEA) has rescheduled its second quarter 2024 earnings conference call to 11:00am Eastern time on Wednesday, July 31, 2024, one hour later than initially planned. The company will still release its Q2 2024 financial results on the same day. The management team will review performance, discuss recent events, and conduct a Q&A session. Attendees can register to join the call and ask questions, while a live audio webcast will be available on Easterly's Investor Relations website. A replay of the call will be accessible on the company's website for up to twelve months after the event.
Easterly Government Properties (NYSE: DEA) will release its second quarter 2024 financial results on July 31, 2024. The company will hold a conference call on the same day at 10:00 am Eastern time. The management will review the quarterly performance, discuss recent events, and answer questions. Interested parties can register to join the call, and a live audio webcast will be available on the company's Investor Relations website. A replay of the call will be accessible for up to twelve months post-event.
Easterly Government Properties (NYSE: DEA) announced a new $400 million revolving credit facility (Revolver) with an accordion feature allowing for additional lender commitments up to $250 million, totaling up to $650 million. The Revolver matures in June 2028 with two six-month extension options to June 2029. Borrowings will bear interest at Adjusted SOFR plus a spread of 1.20% to 1.80%, initially set at 1.35% due to the current leverage ratio. Funds will be used for acquisitions, development, and other corporate purposes. The previous revolving credit facility due to expire in July 2025 will be replaced by this new facility. Citibank, PNC Capital Markets, Truist Securities, and Wells Fargo Securities served as joint lead arrangers and bookrunners, with Citibank as the administrative agent.
Easterly Government Properties (NYSE: DEA) announced its participation in Nareit’s REITweek 2024 Investor Conference in New York, from June 4-5, 2024. The management team, including CEO Darrell Crate, President & COO Meghan Bavier, and CFO Allison Marino, will present on June 4 from 3-3:30 PM ET. The company will also engage in investor meetings during the conference. The presentation will be available via a live audio webcast on Easterly's Investor Relations website, with a replay accessible for 30 days. Easterly specializes in Class A commercial properties leased to the U.S. Government.
Easterly Government Properties (NYSE: DEA) announced a master note purchase agreement to issue $200 million in 9-year senior unsecured notes at a fixed rate of 6.56%. The issuance includes $150 million of Series A Senior Notes to be released on May 29, 2024, and $50 million of Series B Senior Notes to be issued on August 14, 2024, subject to customary closing conditions. The company emphasized its strong credit quality and investment-grade balance sheet, attributing the favorable pricing to investor confidence. These Senior Notes will not be registered under the Securities Act of 1933 and cannot be offered or sold without proper registration or exemption.
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