Easterly Government Properties Completes Acquisition of VA - Phoenix, the Eighth of 10 Properties in the VA Portfolio

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, through its joint venture (“JV”), completed the acquisition of the previously announced 257,294 leased square foot outpatient facility leased to the Department of Veterans Affairs (VA) located in Phoenix, Arizona (“VA - Phoenix”). VA - Phoenix is the eighth property to be acquired in the previously announced portfolio of 10 properties 100% leased to the VA under predominately 20-year firm term leases (the “VA Portfolio”).

“Easterly, through its JV, has now completed the acquisition of the VA Portfolio’s largest asset, VA - Phoenix,” said William C. Trimble, III, Easterly’s Chief Executive Officer. “With this acquisition, Easterly has finalized its stated $145 million pro rata JV acquisition target for 2022, and we look forward to the future closings of the final two assets in the VA Portfolio.”

The VA Portfolio is comprised of the following 10 properties, arranged by anticipated lease commencement date:

Property Name

State

Leased SF

Leased

Lease Term (Yrs)

Status

VA - Chattanooga

TN

94,566

100%

15.0

Delivered (Nov. 2020) / Acquired (Nov. 2021)

VA - Lubbock

TX

120,916

100%

20.0

Delivered (Dec. 2020) / Acquired (Oct. 2021)

VA - Lenexa

KS

31,062

100%

20.0

Delivered (May 2021) / Acquired (Oct. 2021)