Easterly Government Properties Completes the Sale of Final Property in the Previously Announced 10-Property Portfolio Disposition
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Thursday, December 29, 2022
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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 U.S. Government agencies, announced today that it has sold the final asset in the previously announced portfolio disposition , comprised of 10 of its primarily government leased assets representing a combined total of approximately 668,000 leased square feet for approximately $205.3 million (the “Disposition Portfolio”).
Key Points:
- 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 U.S. Government agencies, announced today that it has sold the final asset in the previously announced portfolio disposition , comprised of 10 of its primarily government leased assets representing a combined total of approximately 668,000 leased square feet for approximately $205.3 million (the “Disposition Portfolio”).
- The sale of nine of the 10 assets in the Disposition Portfolio closed on October 27, 2022, and the final asset, DOI - Billings, closed on December 28, 2022.
- The properties within the Disposition Portfolio include (arranged by building size):
DOI - Billings: A 149,110 leased square foot two-building office occupied by the U.S. Department of the Interior (DOI) and located in Billings, Montana
DOE - Lakewood: A 115,650 leased square foot office occupied by the U.S. Department of Energy (DOE) and located in Lakewood, Colorado
DHA - Aurora: A 101,285 leased square foot office occupied by the Defense Health Agency (DHA) and located in Aurora, Colorado
FDA - College Park: An 80,677 leased square foot laboratory occupied by the Food and Drug Administration (FDA) and located in College Park, Maryland
OSHA - Sandy: A 75,000 leased square foot laboratory occupied by the Occupational Safety and Health Administration (OSHA) and located in Sandy, Utah
CBP - Sunburst: A 33,000 leased square foot office occupied by Customs and Border Protection (CBP) and located in Sunburst, Montana
VA - Baton Rouge: A 30,000 leased square foot outpatient facility occupied by the Department of Veterans Affairs (VA) and located in Baton Rouge, Louisiana
MEPCOM - Jacksonville: A 30,000 leased square foot office occupied by Military Entrance Processing Command (MEPCOM) and located in Jacksonville, Florida
HRSA - Baton Rouge: A 27,569 leased square foot office occupied by the Health Resources and Services Administration (HRSA) and located in Baton Rouge, Louisiana
ICE - Pittsburgh: A 25,369 leased square foot office predominately occupied by U.S. Immigration and Customs Enforcement (ICE) and located in Pittsburgh, Pennsylvania
“With the completion of the sale of the Disposition Portfolio, Easterly refined its focus on owning mission critical agencies executing their important jobs from build-to-suit facilities,” said William C. Trimble, III, Easterly's Chief Executive Officer. - "We believe this is a key differentiator from traditional office-focused peers which gives us confidence in our long-dated, government-backed, stable cashflows.”
Pro forma for the completed sale of the entire Disposition Portfolio, Easterly now owns, directly or through the JV, 86 properties totaling 8.7 million square feet.