Easterly Government Properties Enters Material Agreement

TL;DR

Easterly Gov Properties signed a big deal on Jan 8th, expect more details soon.

AI Summary

On January 8, 2025, Easterly Government Properties, Inc. entered into a material definitive agreement related to a direct financial obligation. The company also made an announcement under Regulation FD, with financial statements and exhibits filed as part of this report.

Why It Matters

This filing indicates a significant financial commitment or obligation for Easterly Government Properties, which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and direct financial obligations can introduce financial risks and obligations that require careful management.

Key Players & Entities

• Easterly Government Properties, Inc. (company) — Registrant
• January 08, 2025 (date) — Date of earliest event reported
• Maryland (jurisdiction) — State of Incorporation
• 2001 K Street NW Suite 775 North (address) — Principal Executive Offices
• Washington (location) — City of Principal Executive Offices
• District of Columbia (location) — State of Principal Executive Offices
• 20006 (zip_code) — Zip Code of Principal Executive Offices

FAQ

Key Financial Figures

• $150.0 million — ture under the Term Loan Agreement from $150.0 million to $250.0 million, on the same terms an
• $250.0 m — m Loan Agreement from $150.0 million to $250.0 million, on the same terms and conditions

Filing Documents

• dea-20250108.htm (8-K) — 47KB
• dea-ex10_1.htm (EX-10.1) — 314KB
• dea-ex99_1.htm (EX-99.1) — 16KB
• img154181989_0.jpg (GRAPHIC) — 3KB
• img154181989_1.jpg (GRAPHIC) — 3KB
• 0000950170-25-005107.txt ( ) — 526KB
• dea-20250108.xsd (EX-101.SCH) — 25KB
• dea-20250108_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On January 8, 2025, Easterly Government Properties, Inc. (the " Company "), its operating partnership, Easterly Government Properties LP (the " Operating Partnership "), and certain subsidiaries of the Operating Partnership entered into a ninth amendment (the " Ninth Amendment ") to its senior unsecured term loan agreement, dated as of September 29, 2016 (as amended, the " Term Loan Agreement "), with PNC Bank, National Association, as administrative agent and a lender, and U.S. Bank National Association and Truist Bank, as lenders. The Ninth Amendment extends the maturity date of the term loan from January 30, 2025 to January 28, 2028, or such later date pursuant to two one-year extension options exercisable by the Company in its discretion, subject to certain conditions, including the payment of a fee. The Ninth Amendment also increases the capacity limit on the accordion feature under the Term Loan Agreement from $150.0 million to $250.0 million, on the same terms and conditions otherwise set forth in the Term Loan Agreement. Other than the foregoing, the material terms of the Term Loan Agreement remain unchanged. Certain of the banks and financial institutions that are parties to the Term Loan Agreement and their respective affiliates have in the past provided, are currently providing, and in the future may continue to provide investment banking, commercial banking and other financial services to the Company and its affiliates in the ordinary course of business for which they have received and will receive customary compensation. The foregoing description of the Ninth Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Ninth Amendment, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. Th

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On January 14, 2025, the Company issued a press release announcing the terms of the Ninth Amendment. 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 of 1933, as amended, 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 10.1 Ninth Amendment to Term Loan Agreement, dated as of January 8, 2025, by and among the Company, the Operating Partnership, the Guarantors named therein, PNC Bank, National Association, as Administrative Agent and a Lender, and U.S. Bank National Association and Truist Bank, as Lenders 99.1 Press Release, dated January 14, 2025 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: January 14, 2025 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