Easterly Government Properties Completes Acquisition of VA - Corpus Christi, the Ninth of 10 Properties in the VA Portfolio
26 September 2023 - 3:00PM
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 69,276 leased square foot outpatient
facility leased to the Department of Veterans Affairs (VA) located
in Corpus Christi, Texas (“VA - Corpus Christi”). VA - Corpus
Christi is the ninth 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 is pleased to expand its portfolio by welcoming the
latest state-of-the-art VA outpatient facility,” said William C.
Trimble, III, Easterly’s Chief Executive Officer. “We look forward
to serving as the landlord to the U.S. Government over the course
of its current 20-year non-cancelable lease term.”
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) / Acquired (July
2022)
VA - Phoenix
AZ
257,294
100%
20.0
Delivered (Feb. 2022) / Acquired (Nov.
2022)
VA - Corpus Christi
TX
69,276
100%
20.0
Delivered (Nov. 2022) / Acquired (Sep.
2023)
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, through the JV, one
property for a pro rata contractual purchase price of approximately
$18.2 million. As of the date of this release, Easterly owns,
directly or through the JV, 87 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, 2023. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230926859665/en/
Easterly Government Properties, Inc. Lindsay S. Winterhalter
Supervisory Vice President, Investor Relations & Operations
202-596-3947 ir@easterlyreit.com
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