Easterly Government Properties Acquires Three Building Campus Leased to AAA Rated Wake County in Cary, North Carolina
Summary
WASHINGTON--(BUSINESS WIRE)--Easterly Government Properties, Inc. (NYSE: DEA) (the “Company” or “Easterly”), 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 and its adjacent partners, announced today that it has acquired a 97% leased, combined 295,253 square foot campus across three assets leased primarily to the Wake County Public School System (WCPSS). The three properties serve as multi-purpose facilities, functioning as both operational headquarters and public-facing service centers that are critical to the tenant’s mission. “Easterlys accelerated acquisition activity underscores our ability to pursue accretive capital deployment opportunities and deliver earnings growth to shareholders,” said Darrell Crate, President & CEO of Easterly Government Properties. “With this acquisition, we continue to increase our cash flows derived from a AAA rated government tenancy and maintain our portfolios weighted average remaining lease term.” The three properties in the WCPSS campus include: • Wake County I - Cary: 75,401 square foot facility 100% leased to WCPSS through June 30, 2034 with annual rent escalations • Wake County II - Cary: 98,340 square foot facility 100% leased to WCPSS through June 30, 2034 with annual rent escalations • Wake County III - Cary: 121,512 square foot facility • 63% leased to WCPSS through June 30, 2034 with annual rent escalations, • 31% leased to Jacobs Engineering with annual rent escalations, and • 6% currently available for future leasing as a value-add opportunity With this acquisition, Easterly owns, directly or through the Company’s joint venture, 100 properties totaling 9.8 million leased square feet. This press release contains forward-looking statements within the meaning of federal securities laws and regulations.