Easterly Government Properties reduces portfolio acquisition price to $619.7M in seventh amendment

Easterly Government Properties, Inc.

Aggregate purchase price reduced from ~$635.6M to ~$619.7M via Seventh Amendment to Purchase Agreement.
JV has closed on 8 of 10 VA-leased properties; 2 properties remain to close with revised terms.
Purchase price adjustment for remaining two properties uses cap rates of 5.25% (most) or 6% (Corpus Christi, Jacksonville).
No assurance remaining closings will occur; schedule and conditions subject to risk.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Easterly Government Properties, Inc. amended Seventh Amendment to Purchase Agreement with US Federal Properties Co., LLC affiliates valued at aggregate contractual purchase price reduced to approximately $619.7 million (effective 2023-08-17).

Action: amendment
Agreement: asset purchase
Counterparty: US Federal Properties Co., LLC affiliates
Value: aggregate contractual purchase price reduced to approximately $619.7 million
Effective: 2023-08-17

Exact text from the filing

On August 17, 2023, the JV entered into a seventh amendment to the Purchase Agreement (the “PSA Amendment”) with the Sellers. The PSA Amendment (i) reduces the aggregate contractual purchase price set forth in the Purchase Agreement to approximately $619.7 million and (ii) modifies the terms for calculating the purchase price adjustment in connection with the closing of the remaining two Portfolio Acquisition properties.

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Easterly Government Properties, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-044138

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