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 sold its 59,322-square foot U.S. Customs and Border Protection (CBP) facility located in Chula Vista, California (“CBP - Chula Vista”).
Constructed in 1998, CBP - Chula Vista is a build-to-suit property that serves as the San Diego Sector Headquarters. The facility covers all of San Diego County and oversees eight CBP stations in various submarkets for total coverage of 7,000 square miles. The facility is 100% occupied by CBP and the lease was recently renewed for a 10-year term, expiring in 2028.
“CBP - Chula Vista was acquired as part of our formation transactions at the time of our initial public offering,” said William C. Trimble, III, Easterly’s Chief Executive Officer. “With a recently executed lease renewal, we were well poised to earn an attractive yield on this disposition while simultaneously lowering the average age of the Company’s overall portfolio.”
With the recently announced purchases of JSC - Suffolk and FBI - New Orleans, and the sale of CBP - Chula Vista, Easterly now owns 66 properties totaling 6.1 million square feet and maintains 100% portfolio occupancy.
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.
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 28, 2019. 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.