Easterly Government Properties Sells 13 Properties for $1 Billion

TL;DR

Easterly selling 13 properties for $1B to A.G. Realty Trust, closing Q3 2024.

AI Summary

Easterly Government Properties, Inc. announced on May 30, 2024, that it has entered into a definitive agreement to sell its portfolio of 13 properties to an affiliate of A.G. Realty Trust for $1.0 billion. The transaction is expected to close in the third quarter of 2024 and will result in net proceeds of approximately $985 million. This sale is part of Easterly's strategy to focus on its core portfolio and reduce leverage.

Why It Matters

This significant divestiture allows Easterly Government Properties to streamline its portfolio and strengthen its balance sheet, potentially leading to improved financial flexibility and shareholder value.

Risk Assessment

Risk Level: medium — The sale of a substantial portion of its portfolio and the associated financial implications introduce medium-term risks related to execution and future strategic direction.

Key Numbers

• $1.0B — Sale Price (Total value of the 13 properties being sold.)
• 13 — Number of Properties (The quantity of assets included in the sale.)
• $985M — Net Proceeds (Estimated amount Easterly Government Properties will receive after transaction costs.)

Key Players & Entities

• Easterly Government Properties, Inc. (company) — Seller
• A.G. Realty Trust (company) — Buyer
• $1.0 billion (dollar_amount) — Sale price
• 13 properties (context) — Assets sold
• third quarter of 2024 (date) — Expected closing period
• $985 million (dollar_amount) — Net proceeds

FAQ

Key Financial Figures

• $150,000,000 — 2024, the Operating Partnership issued $150,000,000 of fixed rate, senior unsecured notes (
• $50,000,000 — ubject to customary closing conditions, $50,000,000 of fixed rate, senior unsecured notes (

Filing Documents

• dea-20240529.htm (8-K) — 51KB
• dea-ex99_1.htm (EX-99.1) — 13KB
• img154181989_0.jpg (GRAPHIC) — 16KB
• 0000950170-24-066757.txt ( ) — 207KB
• dea-20240529.xsd (EX-101.SCH) — 25KB
• dea-20240529_htm.xml (XML) — 5KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On May 30, 2024, the Company issued a press release announcing the issuance by the Operating Partnership of the Series A Notes and the future expected issuance of the Series B Notes. A copy of that press release is furnished as Exhibit 99.1 to this Current Report. The information in this Item 7.01 of this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits: Exhibit Number Description 99.1 Press Release dated May 30, 2024 . 104 Cover Page Interactive Data File (embedded within the inline XBRL document.)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EASTERLY GOVERNMENT PROPERTIES, INC. Date: May 30, 2024 By: /s/ Franklin V. Logan Franklin V. Logan Executive Vice President, General Counsel and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR