Easterly Government Properties Sells 10 Assets for $205 Million

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Easterly Government Properties ($NYSE:DEA) is a real estate investment trust that owns and operates properties leased to government tenants. Easterly Government Properties has sold or agreed to sell ten of its primarily government leased assets for approximately $205.3 million. The assets represent a combined total of approximately 668,000 leased square feet with a weighted average age of 14 years.

The company plans to use the proceeds from the asset sales to repay debt and for general corporate purposes. Easterly Government Properties has been actively working to reduce its debt load in recent years and the sale of these assets will help further that goal.

Share Price

On Tuesday, Easterly Government Properties announced the sale of 10 properties for $205 million. The properties were sold to an undisclosed buyer. The news sent Easterly Government Properties’ stock prices tumbling, as investors worried about the company’s future. Easterly Government Properties stock opened at $17.40 on Tuesday and closed at $16.50, a drop of 5.3%.

Easterly Government Properties is a real estate investment trust that owns and operates government buildings. The company has been facing financial difficulties in recent months, and the sale of these properties will help Easterly Government Properties stay afloat. The future of Easterly Government Properties is uncertain, but the company is hoping that the sale of these properties will help it stay in business.

VI Analysis

Easterly Government Properties is publicly traded on the New York Stock Exchange under the ticker symbol EGP. The company’s fundamentals reflect its long term potential, and according to VI’s Star Chart, Easterly Government Properties has an intermediate health score of 6/10 with regard to its cashflows and debt, which suggests that it may be able to sustain future operations in times of crisis. Easterly Government Properties is strong in asset, dividend, growth, and medium in profitability.

As a result, it is classified as a “cow”, a type of company that has the track record of paying out consistent and sustainable dividends. This makes it an attractive investment for income-seeking investors.

VI Peers

Government Properties Income Trust is a real estate investment trust that owns and operates U.S. federal, state, and local government facilities. The company was founded in 2009 and is headquartered in Boston, Massachusetts. As of December 31, 2016, the company owned 148 properties in 33 states and Washington, D.C.

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Heritage Growth Properties is a publicly traded real estate investment trust that owns, operates, and develops high-quality, well-occupied office properties in the United States. The company’s portfolio consists of 79 office properties located in 27 states.

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Diversified REIT Inc is a real estate investment trust that owns, operates, and develops a portfolio of properties in the United States. The company’s portfolio includes office, retail, industrial, and multifamily properties. As of December 31, 2020, it owned and operated 703 properties with a total of 102.4 million square feet of space.

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Summary

Easterly Government Properties, Inc. is a real estate investment trust focused on the acquisition, development and management of Class A commercial properties leased to the U.S. Government. The company’s strategy is to generate attractive risk-adjusted returns by investing primarily in high-quality, well-leased properties, many of which are leased to government tenants with high credit ratings.