Easterly Government Properties Expands Portfolio With New Acquisition
Easterly Government Properties, Inc. (NYSE: DEA), a leading player in real estate investment trusts, has recently made headlines with its latest acquisition. The company, known for focusing on Class A commercial properties leased predominantly to the U.S. Government and related entities, has acquired a substantial campus. This property spans a total of 295,253 square feet and boasts a remarkable 97% lease rate.
Overview of the Newly Acquired Campus
This new acquisition consists of three significant properties, all of which are leased to the Wake County Public School System (WCPSS). These facilities not only function as vital operational headquarters but also serve as public service centers integral to the mission of the school system. Remarkably, WCPSS has occupied these properties since 2011, with a lease that has a long-term expiration set for 2034.
Details of Each Property
The three properties included in this acquisition are outlined as follows:
- Wake County I - Cary: This facility covers 75,401 square feet, completely leased to WCPSS through June 30, 2034, and features annual rent escalations.
- Wake County II - Cary: A larger facility, this property encompasses 98,340 square feet and, like its counterpart, is fully leased to WCPSS with rent escalations till June 30, 2034.
- Wake County III - Cary: This 121,512 square foot facility is partially leased, with 63% of the space committed to WCPSS, 31% to Jacobs Engineering, and 6% currently available for leasing, presenting a value-add opportunity.
This strategic acquisition signifies Easterly's commitment to enhancing its portfolio while maximizing cash flow from high-quality, government-tenanted properties.
Company Insights and Future Prospects
Darrell Crate, President & CEO of Easterly Government Properties, expressed enthusiasm over this acquisition, stating, “Easterly's accelerated acquisition activity underscores our ability to pursue accretive capital deployment opportunities and deliver earnings growth to shareholders.” This reflects the company’s commitment to expanding its operations while ensuring financial growth for its stakeholders.
Overall, with this new acquisition, Easterly’s portfolio now includes 100 properties, totaling an impressive 9.8 million square feet of leased space. This positions the company in a strong place within the real estate investment market, especially focusing on properties that cater to the governmental sector.
About Easterly Government Properties, Inc.
Headquartered in Washington, D.C., Easterly Government Properties, Inc. (NYSE: DEA) specializes in the acquisition, development, and management of Class A commercial real estate. The company possesses a rich background and offers specialized insights into the needs and strategies related to U.S. Government agencies, through direct leases or managed via the U.S. General Services Administration (GSA). For more information about the innovative work at Easterly, visit www.easterlyreit.com.
Frequently Asked Questions
What types of properties does Easterly Government Properties focus on?
Easterly Government Properties primarily focuses on Class A commercial properties leased to the U.S. Government and its partners.
What is the significance of the lease terms of the new properties?
The lease terms extend until 2034, providing a long-term revenue stream and stability for the company.
How many properties does Easterly currently own?
With the latest acquisition, Easterly Government Properties now owns 100 properties totaling 9.8 million leased square feet.
Who is the CEO of Easterly Government Properties?
Darrell Crate serves as the President and CEO of Easterly Government Properties, Inc.
Where is Easterly Government Properties headquartered?
The company is headquartered in Washington, D.C.
