Easterly Government Properties, Inc. (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 83,676-square foot U.S. Department of the Treasury (“Treasury”) facility in Birmingham, Alabama (“TREAS – Birmingham”).
TREAS - Birmingham, as part of the Bureau of Fiscal Service (BFS), is a modern, Class A build-to-suit facility constructed in 2014 and 100% leased to the Treasury through the General Services Administration (GSA). This first-generation leased facility features three stories and resides on a nearly four-acre site. The property is leased for an initial 15-year, non-cancelable term that expires in December of 2029.
“We are incredibly pleased to welcome this important, mission critical ‘bullseye’ facility into our growing portfolio,” said William C. Trimble III, Easterly’s Chief Executive Officer. “Imperative government functions are being performed in this highly specialized, young, build-to-suit facility.”
This facility houses the Treasury’s Debt Management Services Operation Center, which falls under the supervision of the Treasury’s Financial Management Service. This service is responsible for the highly important mission of collecting the Government’s non-tax receivables and debt collection activities. As such, the building is equipped with numerous security features such as wedge barriers, controlled access with 24/7 monitoring and secure perimeter fencing. The building also helps fulfill the agency’s mission by providing for triple redundancy through multiple generators, housing an extended-hours call center and providing raised flooring to accommodate the tenant’s comprehensive Information Technology requirements.
“Easterly continues to use its definable edge to deliver on its goal of scaling the portfolio through accretive acquisitions,” said Darrell Crate, Easterly’s Chairman. “Easterly’s portfolio is built upon the strength of our tenants’ credit quality, which provides strong visibility for future cash flow growth.”
About Easterly Government Properties, Inc.
Easterly Government Properties, Inc. (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.
Investor materials reflecting the addition of Treasury - Birmingham can be found on the Company’s IR website at ir.easterlyreit.com. Such materials will be used in investor meetings by the management team at the Jefferies 2018 Office & Industrial REIT Summit, which will take place in New York, New York on Tuesday, December 11, 2018.
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 1, 2018. 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.