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News Release: Easterly Government Properties Completes Acquisition of VA – Marietta, the Sixth of 10 Properties in the VA Portfolio

May 23, 2022 09:00 AM Eastern Daylight Time

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 76,882 leased square foot outpatient facility leased to the Department of Veterans Affairs (VA) located in Marietta, Georgia (“VA – Marietta”). VA – Marietta is the sixth 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”).

“Easterly, through its joint venture, is maintaining its anticipated acquisition pace of these recently constructed VA facilities,” said William C. Trimble, III, Easterly’s Chief Executive Officer. “With the majority of the remaining assets substantially complete, we look forward to the continued timely delivery and acceptance by the VA.”

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) / Acquired (May 2022)

VA – Columbus

GA

67,793

100%

20.0

Delivered (Jan. 2022) / Future Acquisition

VA – Phoenix

AZ

257,294

100%

20.0

Delivered (Feb. 2022) / 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 JV, four properties for an aggregate pro rata contractual purchase price of approximately $145.8, comprised of (i) $92.7 million of the wholly owned acquisition target of $200.0 – $250.0 million; and (ii) $53.1 million of the pro rata JV acquisition target of $145.0 million. Easterly owns, directly or through the JV, 93 properties totaling 9.0 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.

Contacts

Easterly Government Properties, Inc.
Lindsay S. Winterhalter
Supervisory Vice President, Investor Relations & Operations
202-596-3947
ir@easterlyreit.com

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