Easterly Government Properties Inc. recently revealed a modified closing schedule for the final tranche of its previously revealed 14-property portfolio acquisition. The company expects to close on the final tranche no later than February 11, 2019, pursuant to an amended agreement with the portfolio sellers.
The three remaining properties in this final tranche include:
DEA – Sterling, VA
DEA – Sterling serves as a special testing and research laboratory to assist the Drug Enforcement Administration (DEA) in performing mission critical forensic analyses. The 49,692-square foot facility was built-to-suit in 2001 and includes evidence rooms, computer labs, cryptography and various other specialized laboratories. The facility is 100% leased through 2020.
FDA – College Park, MD
FDA – College Park houses a laboratory for the Food and Drug Administration’s (FDA) Center for Food Safety and Applied Nutrition (CFSAN), one of the FDA’s seven product-oriented centers. The 80,677-square foot office and laboratory was built-to-suit in 2004 and is 100% leased through 2029. The facility is part of the University of Maryland’s Research Park and is located two blocks from CFSAN headquarters in the Harvey W. Wiley Building, forming a campus which links university researchers, students and staff with federal laboratories and private sector companies.
Various GSA – Portland, OR
Various GSA – Portland, a Class A trophy multi-tenanted asset, was built in 2002 and is strategically located within Portland’s Central City Plan District along the MAX light rail system. The 225,057-square foot facility is occupied by tenants such as the U.S. Department of Agriculture (USDA), U.S. Army Corp of Engineers (ACOE), Federal Bureau of Investigation (FBI) and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).
In connection with the signing of the purchase agreement for the acquisition of the 14-property portfolio in June 2018, the Company completed a common stock offering, which included 7,000,000 shares offered on a forward basis at a price to the public of $19.25 per share. The original maturity date of the forward sales agreements of December 21, 2018 has been extended to allow for settlement to occur no later than June 21, 2019.
This guidance assumes $200 million of acquisitions and $75 – 100 million of gross development-related investment during 2019. This guidance is forward-looking and reflects management’s view of current and future market conditions. The company’s actual results may differ materially from this guidance.