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 acquired an 80,000 leased square foot Department of Veterans Affairs (“VA”) Outpatient Clinic located in the Midwest United States.
This state-of-the-art, build-to-suit outpatient clinic was completed in 2021 and recently achieved a Two Green Globes® certification. This facility is leased to the VA for an initial, non-cancelable lease term of 20 years that does not expire until May 2041.
The facility provides a wide range of medical and ancillary services including, but not limited to primary care, mental health, audiology, optometry, dermatology, radiology, and prosthetics.
“As demonstrated through our most recent VA portfolio acquisition announcement, Easterly believes in the long-term, stable cash flows generated through these brand-new VA outpatient facilities,” said William C. Trimble, III, Easterly’s Chief Executive Officer. “Easterly has firmly established itself as a leader in owning these important outpatient facilities that will serve our veterans well into the future. Easterly appreciates the opportunity to strengthen our partnership with this important department of the United States Government.”
The VA is a service-based organization with a sizeable portion of its annual budget going towards the Veterans Health Administration (VHA). The VA, through the VHA, offers a broad range of primary care, specialized care, and related medical and social support services for veterans in need with more than 367,200 full time health care professionals and support staff. The VA, as widely reported, is undergoing a transformation in the design and functionality of its healthcare facilities. The VA is shifting much of its medical treatment from traditional inpatient hospital facilities to state-of-the-art Class A outpatient facilities, often developed and owned by the private sector.
Year to date, Easterly has acquired, either directly or through the previously announced joint venture (JV), 10 properties for a total pro rata contractual purchase price of approximately $321.3 million, exceeding its increased $300 million acquisition volume target for the year. Pro forma for this acquisition, Easterly owns, directly or through the JV, 87 properties totaling 8.3 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 24, 2021. 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.
Lindsay S. Winterhalter
Vice President, Investor Relations & Operations