Easterly Government Properties Completes Acquisition of VA - Birmingham, the Fifth of 10 Properties in the VA Portfolio
04/05/2022 - 09:00 AM
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.
Easterly Government Properties Inc
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About DEA
we focus primarily on the acquisition, development and management of class a commercial properties that are leased to u.s. government agencies that serve essential u.s. government functions. we generate substantially all of our revenue by leasing our properties to such agencies through the gsa. our multidisciplinary team possesses complementary skills and experience that we expect will drive our business and growth strategies. we plan to grow our business primarily through the pursuit of attractive acquisition opportunities, the development of built-to-suit u.s. government properties and the renewal of existing leases at positive spreads. we maintain a proprietary database that tracks approximately 8,500 leases totaling approximately 200 million rentable square feet and includes substantially every major u.s. government-leased property that meets our investment criteria as well as information about the ownership of such properties.