Easterly Government Properties Acquires 95,273 SF Specialized Facility In Anaheim, California

Author: Benzinga Newsdesk | October 05, 2023 09:08am

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 a 95,273 leased square foot Class A workers' compensation adjudication and training facility located in Anaheim, California and 100% leased by tenant agencies of the State of California ("CA - Anaheim").

Investment Details
Underlying Credit	State of California: AA- (S&P)
Wtd. Avg. Lease Term (WALT) / Wtd. Avg. Expiration Date(1)	10.7 years / January 2034
Construction / Renovation Date	1991 / 2020
Primary Tenant(s)	- Department of Industrial Relations (DIR) - Employment Development Department (EDD)
Other Attributes	- A public facing facility with court hearing rooms used for adjudicating workers' compensation claims, as well as training rooms for furthering employment opportunities - Facility occupied by State of California agencies since 2009 - Demonstrated need of space with lease renewal exercised post-pandemic and expanded tenancy within the facility
(1) Assumes executed renewal lease for 25,085 leased square feet commences on November 1, 2023 upon completion of currently ongoing renewal related tenant improvement work.

Year to date, Easterly has acquired, either directly or through the Company's joint venture (JV), two properties for an aggregate pro rata contractual purchase price of approximately $47.5 million, comprised of (i) $29.3 million of wholly owned acquisitions; and (ii) $18.2 million of JV acquisitions at its pro rata amount. With this acquisition, Easterly owns, directly or through the JV, 88 properties totaling 8.7 million square feet.

Posted In: DEA