Easterly Government Properties Acquires 489,316 Leased SF Multi-Tenanted Facility in Kansas City, MO
Easterly Government Properties, Inc. (NYSE: DEA) (the "Company" or "Easterly"), 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 acquired a 489,316 leased square foot facility primarily leased to the United States Citizenship and Immigration Services (USCIS) located in the metropolitan region of Kansas City, Missouri ("USCIS - Kansas City").
USCIS - Kansas City, a single-story facility that was substantially renovated-to-suit in 1999, is leased primarily to USCIS along with several smaller private sector tenants. With the majority of the building leased to USCIS through 2042, the total weighted average lease expiration date for the facility is February 2036. Should all in-place tenant renewal options be exercised, the weighted average lease expiration date for the facility could be as late as January 2045.
Demonstrating USCIS's commitment to the facility, an approximately 16,000 leased square foot addition was completed in 2019 to better accommodate its long-term occupancy at the property.
"Easterly continues to execute on its strong acquisition pipeline as we welcome this newest asset into our growing portfolio," said William C. Trimble (News - Alert), Easterly's Chief Executive Officer. "With a long term and enduring mission being fulfilled from this facility, we are pleased to serve as partners to the U.S. Government and service these tenants for decades to come."
The property serves the USCIS as both its National Benefits Center (NBC) as well as a card production facility. With approximately 1,700 NBC USCIS employees and government contractors operating from USCIS - Kansas City, the NBC processes applications from every U.S. state and territory for different immigration benefits, including the authorization for employment, travel abroad, permanent resideny, and naturalization. The NBC's primary function is to prepare the case files for eventual adjudication for more than 85 field offices nationwide. Further, USCIS - Kansas City is one of two card production facilities nationwide that aids in the mass production of documents approved for immigrants in the U.S., including employment authorization cards, green cards, and travel documents.
USCIS, a component of the Department of Homeland Security (DHS), is the federal agency that oversees lawful immigration to the United States. Individuals who wish to become U.S. citizens through the naturalization process submit their applications to USCIS. This agency determines eligibility, processes the applications and, if approved, schedules the applicant for a ceremony to take the Oath of Allegiance (News - Alert).
Year to date, Easterly has acquired, either directly or through the previously announced joint venture (JV), nine properties for a total pro rata contractual purchase price of approximately $286.8 million out of its increased $300 million acquisition volume target for the year. Pro forma for this acquisition, Easterly owns, directly or through the JV, 87 properties totaling 8.3 million square feet.
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 through the U.S. General Services Administration (GSA (News - Alert)). 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 24, 2021. 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.
ITEXPO #TECHSUPERSHOW Expo Hall Grand Opening
Breaking into Healthcare: Security 101
Use it or Lose it! Changes in Spectrum Policy