UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
On January 23, 2024, 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 seventh amendment (the “Seventh 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 Seventh Amendment extends the maturity date of the term loan from March 29, 2024 to January 30, 2025. 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 Seventh Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Seventh Amendment, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
A copy of the Company’s press release announcing the execution of the Seventh Amendment is furnished herewith as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
Exhibit Number |
Description |
10.1 |
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99.1 |
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104 |
Cover Page Interactive Data File (embedded within the inline XBRL document.) |
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.
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EASTERLY GOVERNMENT PROPERTIES, INC. |
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Date: |
January 25, 2024 |
By: |
/s/ Franklin V. Logan |
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Franklin V. Logan |
EXHIBIT 10.1
EXECUTION VERSION
SEVENTH AMENDMENT TO TERM LOAN AGREEMENT
This Seventh Amendment to Term Loan Agreement (this “Amendment”) is entered into as of this 23rd day of January, 2024, among EASTERLY GOVERNMENT PROPERTIES LP, a Delaware limited partnership (the “Borrower”), EASTERLY GOVERNMENT PROPERTIES, INC., a Maryland corporation (the “Parent”), the entities listed on the signature pages hereto as the subsidiary guarantors from time to time (the “Subsidiary Guarantors” and, together with the Parent, the “Guarantors”), the banks, financial institutions and other institutional lenders listed on the signature pages hereof as the lenders (each a “Lender” and collectively, the “Lenders”) and PNC BANK, NATIONAL ASSOCIATION, as administrative agent (the “Administrative Agent”) for the Lenders.
Recitals
The Borrower, the Administrative Agent and the Lenders have entered into a certain Term Loan Agreement dated as of September 29, 2016 (as amended by that certain First Letter Amendment dated as of October 28, 2016, that certain Second Amendment to Term Loan Agreement dated as of June 18, 2018, that certain Third Letter Amendment dated as of October 3, 2018, that certain Fourth Amendment to Term Loan Agreement dated as of July 23, 2021, that certain Fifth Amendment to Term Loan Agreement dated as of November 29, 2022 and that certain Sixth Amendment to Term Loan Agreement dated as of May 30, 2023, the “Loan Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Loan Agreement. The Borrower has requested that the Administrative Agent and the Lenders amend the Loan Agreement to extend the Maturity Date and the Administrative Agent and the Lenders are willing to make such amendment to the Loan Agreement in accordance with and subject to the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:
Clause (a) in the definition of “Maturity Date” in Section 1.01 of the Loan Agreement is hereby deleted in its entirety and replaced with “(a) January 30, 2025,”.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and take effect as an instrument under seal as of the date first set forth above.
BORROWER: |
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EASTERLY GOVERNMENT PROPERTIES LP, |
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a Delaware limited partnership |
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By: |
EASTERLY GOVERNMENT PROPERTIES, |
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INC., a Maryland corporation, |
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its sole General Partner |
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By: /s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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PARENT: |
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EASTERLY GOVERNMENT PROPERTIES, INC., a Maryland corporation |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting |
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Officer |
[Signatures continue]
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[Signature Page to Seventh Amendment to Term Loan Agreement]
SUBSIDIARY GUARANTORS: |
USGP ALBANY DEA, LLC, a Delaware limited |
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liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
USGP DALLAS DEA LP, a Delaware limited |
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partnership |
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By: USGP DALLAS 1 G.P., LLC, its general partner |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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USGP DEL RIO CH LP, a Delaware limited |
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partnership |
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By: USGP DEL RIO 1 G.P., LLC, its general partner |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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USGP FRESNO IRS, LLC, a Delaware limited |
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liability company |
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By: USGP FRESNO IRS MEMBER LLC, its sole |
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member |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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USGP SAN ANTONIO LP, a Delaware limited |
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partnership |
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By: USGP SAN ANTONIO GP, LLC, its general |
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partner |
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By: |
/s/ Allison Marino |
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Name: Allison Marino Title: Chief Financial Officer and Chief Accounting Officer |
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[Signature Page to Seventh Amendment to Term Loan Agreement]
USGP ALBUQUERQUE USFS I, LLC, a Delaware limited liability company |
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By: USGP ALBUQUERQUE USFS I MEMBER, LLC, its sole member |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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USGP II ARLINGTON PTO LP, a Delaware |
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limited partnership |
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By: USGP II ARLINGTON PTO GENERAL PARTNER LLC, |
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its general partner |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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USGP II LAKEWOOD DOT LP, a Delaware limited partnership |
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By: USGP II LAKEWOOD DOT GENERAL PARTNER LLC, its general partner |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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USGP II LITTLE ROCK FBI LP, a Delaware limited partnership |
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By: USGP II LITTLE ROCK FBI GENERAL PARTNER LLC, its general partner |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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USGP II MARTINSBURG USCG LP, a Delaware |
[Signature Page to Seventh Amendment to Term Loan Agreement]
limited partnership |
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By: USGP II MARTINSBURG USCG GENERAL PARTNER LLC, its general partner |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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USGP II OMAHA FBI LP, a Delaware limited partnership |
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By: USGP II OMAHA FBI GENERAL PARTNER LLC, its general partner |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP CH EL CENTRO LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP DEA NORTH HIGHLANDS LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino Title: Chief Financial Officer and Chief Accounting Officer |
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EGP DEA RIVERSIDE LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP DEA SANTA ANA LLC, a Delaware limited liability company |
[Signature Page to Seventh Amendment to Term Loan Agreement]
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP DEA VISTA LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP DEA WH SAN DIEGO LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP SSA SAN DIEGO LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP HUNTER LUBBOCK LP, a Delaware limited partnership |
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By: EGP LUBBOCK GP LLC, its general partner |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP CH ABERDEEN LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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[Signature Page to Seventh Amendment to Term Loan Agreement]
EGP 2297 OTAY LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP USCIS LINCOLN LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP DEA Lab Dallas LP, a Delaware limited partnership
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By: EGP DEA LAB DALLAS GENERAL PARTNER LLC, its general partner |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 1970 RICHMOND LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 5441 ALBUQUERQUE LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 601 OMAHA LLC, a Delaware limited liability company |
[Signature Page to Seventh Amendment to Term Loan Agreement]
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 920 BIRMINGHAM LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 300 KANSAS CITY LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 1000 BIRMINGHAM LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 200 ALBANY LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 401 SOUTH BEND LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 5425 SALT LAKE LLC, a Delaware limited liability company |
[Signature Page to Seventh Amendment to Term Loan Agreement]
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 1540 SOUTH BEND LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 1201 ALAMEDA LLC, a Delaware limited liability company
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 10749 LENEXA LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 1547 TRACY LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 5855 SAN JOSE LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 10824 DALLAS LP, a Delaware limited partnership |
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[Signature Page to Seventh Amendment to Term Loan Agreement]
By: EGP 10824 DALLAS GENERAL PARTNER LLC, its |
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general partner |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 130 BUFFALO LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 320 CLARKSBURG LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 320 PARKERSBURG LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 500 CHARLESTON LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 2300 DES PLAINES LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
[Signature Page to Seventh Amendment to Term Loan Agreement]
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 3311 PITTSBURGH LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 85 CHARLESTON LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 7400 BAKERSFIELD LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 1440 UPPER MARLBORO LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 836 BIRMINGHAM LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 22624 STERLING LLC, a Delaware limited liability company |
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[Signature Page to Seventh Amendment to Term Loan Agreement]
By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 1201 PORTLAND LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 116 SUFFOLK LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 2901 NEW ORLEANS LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 11201 LENEXA LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 14101 TUSTIN LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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ORANGE VA LLC, a Delaware limited liability company |
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By: EGP WEST HAVEN LLC, its sole member |
[Signature Page to Seventh Amendment to Term Loan Agreement]
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 660 EL PASO LP, a Delaware limited partnership |
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By: EGP 660 EL PASO GENERAL PARTNER LLC, its general member |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
EGP CHICO LLC, a Delaware limited liability company |
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/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 4444 MOBILE LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP CHICO LLC, a Delaware limited liability company
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 200 MOBILE LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
[Signature Page to Seventh Amendment to Term Loan Agreement]
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EGP 4136 NORTH CHARLESTON LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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PHOENIX VA LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino Title: Chief Financial Officer and Chief Accounting Officer |
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EGP DEA PLEASANTON LLC, a Delaware limited liability company
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 654 LOUISVILLE LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 717 LOUISVILLE LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 1501 KNOXVILLE LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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[Signature Page to Seventh Amendment to Term Loan Agreement]
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EGP 318 SPRINGFIELD LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 7220 KANSAS CITY LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
EGP 925 Brooklyn Heights LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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West Indy VA LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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EGP 17101 Broomfield LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer
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LUBBOCK VA LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief |
[Signature Page to Seventh Amendment to Term Loan Agreement]
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Accounting Officer
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JOHNSON COUNTY VA LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
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Chattanooga VA LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
SAN ANTONIO VA LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer |
BIRMINGHAM VA LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino Title: Chief Financial Officer and Chief Accounting Officer |
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COBB COUNTY VA LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino |
Title: Chief Financial Officer and Chief Accounting Officer
COLUMBUS VA LLC, a Delaware limited liability company |
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[Signature Page to Seventh Amendment to Term Loan Agreement]
By: |
/s/ Allison Marino |
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Name: Allison Marino |
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Title: Chief Financial Officer and Chief Accounting Officer
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EGP 5525 Tampa LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino Title: Chief Financial Officer and Chief Accounting Officer |
EGP 2146 COUNCIL BLUFFS LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino Title: Chief Financial Officer and Chief Accounting Officer
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CORPUS CHRISTI LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino Title: Chief Financial Officer and Chief Accounting Officer
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EGP 1065 ANAHEIM LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino Title: Chief Financial Officer and Chief Accounting Officer |
EGP 1500 ATLANTA LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino Title: Chief Financial Officer and Chief Accounting Officer |
[Signature Page to Seventh Amendment to Term Loan Agreement]
EGP 2400 NEWPORT NEWS LLC, a Delaware limited liability company |
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By: |
/s/ Allison Marino |
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Name: Allison Marino Title: Chief Financial Officer and Chief Accounting Officer |
[Signature Page to Seventh Amendment to Term Loan Agreement]
The foregoing Amendment is hereby consented to, acknowledged and agreed as of the date hereof.
PNC BANK, NATIONAL ASSOCIATION,
as the Administrative Agent and a Lender
By: /s/ Shari Reams-Henofer
Name: Shari Reams-Henofer
Title: Senior Vice President
[Signature Page to Seventh Amendment to Term Loan Agreement]
U.S. BANK NATIONAL ASSOCIATION
By: /s/ Germaine Korhone
Name: Germaine Korhone
Title: Senior Vice President
TRUIST BANK, as a Lender
By: /s/ C. Vincent Hughes, Jr.
Name: C. Vincent Hughes, Jr.
Title: Senior Vice President
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Exhibit 99.1 |
EASTERLY GOVERNMENT PROPERTIES EXTENDS
$100 MILLION UNSECURED TERM LOAN FACILITY
WASHINGTON, D.C. – January 25, 2024 – Easterly Government Properties, Inc. (NYSE: DEA) (the “Company” or “Easterly”), a fully integrated real estate investment trust that acquires, develops, and manages Class A commercial properties leased to mission-critical U.S. Government agencies, today announced it has extended a $100 million unsecured term loan executed in 2016 (the “Extended Term Loan”).
Easterly secured market leading terms for the facility and extended the weighted average life of maturities at attractive spreads, underscoring the company’s fortified balance sheet and strong capital partner relationships. The loan now matures on January 30, 2025.
“With Easterly’s high credit tenancy of mission-critical government agencies, the Company maintains a strong balance sheet and long-term debt capacity,” said Darrell Crate, Easterly’s Chief Executive Officer. “We remain focused on executing a disciplined investment strategy while sustaining robust corporate banking relationships to fund future growth.”
Borrowings under the Term Loan will continue to bear interest at a rate of SOFR, a credit spread adjustment of 0.10%, plus a spread of 1.20% to 1.70%, depending on the Company's leverage ratio. Given the Company's current leverage ratio, the Extended Term Loan’s initial spread to SOFR is set at 1.35%.
“Extending Easterly’s term loan equips the Company to hold the current pricing grid and prolong the weighted average of the loan’s debt maturity,” said Allison Marino, Easterly’s Chief Financial and Accounting Officer. “This extension yields greater clarity into the commercial real estate market and allows us to continue prudently managing our debt obligations.”
PNC Capital Markets LLC, U.S. Bank National Association, and Truist Securities, Inc. served as joint lead arrangers and joint bookrunners. PNC Bank, National Association served as the administrative agent.
About Easterly Government Properties, Inc.
Easterly Government Properties, Inc. (NYSE:DEA) is based in Washington, D.C. and focuses primarily on the acquisition, development and management of Class A commercial properties that
are leased to the U.S. Government. Easterly’s experienced management team brings specialized insight into the strategy and needs of mission-critical U.S. Government agencies for properties leased to such agencies either directly or through the U.S. General Services Administration (GSA). For further information on the company and its properties, please visit www.easterlyreit.com.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “expect,” “intend,” “project,” “anticipate,” “position,” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those risks and uncertainties associated with our business described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed on February 28, 2023. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and we undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in our expectations.
Contact:
Easterly Government Properties, Inc.
Lindsay S. Winterhalter
Senior Vice President, Investor Relations & Operations
202-596-3947
ir@easterlyreit.com