Easterly (NYSE: DEA) extends $200M term loan to 2028 plus $100M

Rhea-AI Filing Summary

Easterly Government Properties, Inc. entered into a fifth amendment to its 2021 credit agreement, extending the maturity of its $200.0 million senior unsecured 2018 Term Loan from July 23, 2026 to August 21, 2028, with two additional one-year extension options at the Company’s discretion, subject to conditions and a fee. The amendment removes the minimum consolidated tangible net worth financial covenant and adds an accordion feature that can increase borrowing capacity by up to $100.0 million, subject to customary conditions. After borrowings on the amendment date, the $200.0 million term loan is fully drawn, while the prior $450.0 million revolving credit facility under the same agreement had already been terminated in June 2024.

Insights

Credit and REIT capital structure analyst

Term loan maturity extended to 2028 with added $100M capacity.

Easterly Government Properties has amended its 2018 Term Loan under the 2021 credit agreement, pushing the maturity out from July 23, 2026 to August 21, 2028, with two discretionary one-year extensions available subject to conditions and a fee. This lengthens the debt maturity profile on a fully drawn $200.0 million unsecured term loan after the associated $450.0 million revolver component was previously terminated.

The amendment removes the minimum consolidated tangible net worth covenant, which modestly relaxes one financial constraint, and introduces an accordion feature allowing up to an additional $100.0 million of capacity if standard conditions are met. The loan remains unsecured and provided by a syndicate of banks and other lenders that have broader commercial and investment banking relationships with the company.

Overall rating is neutral because this appears to be a refinancing and flexibility event rather than a transformational change. The key practical effects are extended term on existing borrowing and potential incremental capacity, with the actual future impact depending on how much of the accordion the company chooses to utilize and on terms disclosed in future communications.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 21, 2025

Easterly Government Properties, Inc.

(Exact name of Registrant as Specified in Its Charter)

Maryland			001-36834	47-2047728
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
2001 K Street NW Suite 775 North
Washington, District of Columbia				20006
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (202) 595-9500

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		DEA		The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On August 21, 2025, Easterly Government Properties, Inc. (the “Company”), its operating partnership, Easterly Government Properties LP (the “Operating Partnership”), and certain subsidiaries of the Operating Partnership entered into a fifth amendment (the “Term Loan Amendment”) to its second amended and restated credit agreement, dated as of July 23, 2021 (as amended, restated, or otherwise modified from time to time, the “2021 Credit Agreement”), with Citibank, N.A., as administrative agent and the banks, financial institutions and other institutional lenders party thereto (collectively, the “Lenders”). The 2021 Credit Agreement provides for (i) a $200.0 million senior unsecured term loan (the “2018 Term Loan”) and (ii) a $450.0 million senior unsecured revolving credit facility (the “2021 Revolver”). As previously reported on the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 5, 2024, the component of the 2021 Credit Agreement providing for the 2021 Revolver was terminated effective as of June 3, 2024.

The Term Loan Amendment extends the maturity date of the 2018 Term Loan from July 23, 2026 to August 21, 2028, or such later date pursuant to two one-year extension options exercisable by the Company in its discretion, subject to certain conditions, including the payment of a fee. The Term Loan Amendment also removes the minimum consolidated tangible net worth financial covenant and includes an accordion feature that provides the Company with additional capacity, subject to the satisfaction of customary terms and conditions, of up to $100.0 million. Other than the foregoing, the material terms of the 2021 Credit Agreement remain unchanged. After giving effect to borrowings on the date of the Term Loan Amendment, the $200.0 million initially committed Term Loan is fully drawn.

Certain of the banks and financial institutions that are parties to the 2021 Credit Agreement and their respective affiliates have in the past provided, are currently providing, and in the future may continue to provide investment banking, commercial banking and other financial services to the Company and its affiliates in the ordinary course of business for which they have received and will receive customary compensation.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 of this Current Report is hereby incorporated in this Item 2.03 by reference.

Item 7.01 Regulation FD Disclosure.

On August 21, 2025, the Company issued a press release announcing the terms of the Fifth Amendment. A copy of that press release is furnished as Exhibit 99.1 to this Current Report. The information in this Item 7.01 of this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

Exhibit Number	Description
99.1	Press Release, dated August 21, 2025
104	Cover Page Interactive Data File (embedded within the inline XBRL document.)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			EASTERLY GOVERNMENT PROPERTIES, INC.
Date:	August 21, 2025	By:	/s/ Franklin V. Logan
			Franklin V. Logan Executive Vice President, General Counsel and Secretary

FAQ

What did Easterly Government Properties (DEA) change in its credit agreement?

Easterly Government Properties entered into a fifth amendment to its 2021 credit agreement covering its senior unsecured 2018 Term Loan. The amendment extends the loan’s maturity, removes a minimum consolidated tangible net worth covenant, and adds an accordion feature for potential additional borrowing capacity.

How much is Easterly Government Properties 2018 Term Loan and when does it now mature?

The 2018 Term Loan is a $200.0 million senior unsecured term loan. Its maturity has been extended from July 23, 2026 to August 21, 2028, with two additional one-year extension options that the Company can exercise at its discretion, subject to conditions and a fee.

What is the new accordion feature in Easterly Government Properties term loan amendment?

The amendment adds an accordion feature that provides Easterly Government Properties with up to an additional $100.0 million of capacity, subject to the satisfaction of customary terms and conditions. This feature allows the company to potentially increase borrowings under the credit agreement.

Is Easterly Government Properties $200 million term loan currently drawn?

Yes. After giving effect to borrowings on the date of the amendment, the $200.0 million initially committed 2018 Term Loan is described as fully drawn.

What happened to the $450 million revolving credit facility under the 2021 Credit Agreement?

The $450.0 million senior unsecured revolving credit facility component of the 2021 Credit Agreement was previously terminated effective as of June 3, 2024, as reported in an earlier filing.

Which banks are involved in Easterly Government Properties amended credit agreement?

The amended 2021 Credit Agreement lists Citibank, N.A. as administrative agent, along with various banks, financial institutions, and other institutional lenders. These parties and their affiliates have provided, and may continue to provide, financial services to Easterly Government Properties and its affiliates for customary compensation.