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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 U.S. Government agencies, announced today that it has closed on a $127.5 million mortgage loan that matures in June 2027. The 10-year, non-amortizing loan carries a fixed interest rate of 3.59 percent per annum. The loan is secured by the 327,614-square foot Department of Veterans Affairs (“VA”) Ambulatory Care Facility in Loma Linda, California (“VA - Loma Linda”), the VA’s second largest state-of-the-art outpatient facility in the country, which offers comprehensive medical services to the 72,000 U.S. veterans who live in the region. VA - Loma Linda was acquired by the Company in June 2017 for $212.5 million and is 100% leased to the VA through May 2036.
“We are pleased to take advantage of the current low interest rate environment to lock in a competitive rate, and further extend the average maturity of the Company’s debt to 8.9 years,” said Meghan G. Baivier, the Company’s Chief Financial and Operating Officer. “We believe this transaction highlights the Company’s capital markets expertise and is indicative of the credit quality of its portfolio.”
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 primarily 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 March 2, 2017. 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.
Easterly Government Properties, Inc.
Lindsay S. Winterhalter, 202-596-3947
Vice President, Investor Relations & Operations
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