Easterly forms JV to acquire $635.6M VA portfolio of 10 properties; 53% stake retained

Easterly Government Properties, Inc.

Purchase price $635.6M for 1,214,165 sq ft; 100% leased to VA with 19.6-year weighted avg lease term.
Easterly retains 53% JV stake; partner (unnamed global investor) holds 47%; Easterly earns asset management fees.
JV closed Oct 13 on VA-Lubbock (120,916 SF) and VA-Lenexa (31,062 SF); remaining 8 properties expected by end of 2023.
Over $174M in VA-funded tenant improvements planned; all facilities Class A, Green Globe certified.
Year-to-date Easterly acquired 8 properties directly/JV for ~$167.8M pro rata; now owns 86 properties totaling 7.8M SF.

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