Easterly Government Properties, Inc. - Easterly Government Properties Acquires 28,900 SF U.S. District Courthouse in Council Bluffs, Iowa
WASHINGTON, D.C. – August 24, 2022 – Easterly Government Properties, Inc. (NYSE: DEA), a
fully integrated real estate investment trust focused primarily on the acquisition, development and
management of Class A commercial properties leased to U.S. Government agencies, announced
today that it has acquired a 28,900 leased square foot U.S. District courthouse in Council Bluffs,
Iowa (“JUD - Council Bluffs”).
JUD - Council Bluffs is a build-to-suit facility constructed in 2021 and 100% leased to the General
Services Administration (GSA) on behalf of the U.S. District Court under a 20-year non-cancelable
lease that does not expire until 2041. The lease also features two five-year renewal options that,
if exercised, would extend the lease until 2051. As part of the Eighth Judicial Circuit, this property
serves the Western Division of the Southern District of Iowa, a district that was created over 140
years ago.
The recently constructed facility is occupied by all three branches of government: The Judiciary
includes a district clerk’s office, a bankruptcy clerk’s office, a probation and pre-trial services
office, and the public defender’s office. Offices for both the US Attorneys and US Marshals Service
represent the Executive Branch. And finally, district offices for Iowa’s two U.S. Senators – Senator
Grassley and Senator Ernst – represent the Legislative Branch.
“The Southern District of Iowa has been part of the United States Judiciary since the late 1800s,”
said William C. Trimble, III, Easterly’s Chief Executive Officer. “The enduring mission of a federal
courthouse is considered highly attractive when underwriting an asset. Further, the courthouse’s
proximity to FBI - Omaha and NPS - Omaha, two other important Easterly properties, serves as
a point of efficiency for our asset management team.”
The United States Judiciary is primarily responsible for adjudicating criminal and civil cases
involving federal laws, including all bankruptcy filings. The Judiciary has three levels of courts:
District Courts, Appellate Courts, and the Supreme Court. There are 94 U.S. District Courts
located throughout the United States with at least one court in each state, the District of Columbia,
and Puerto Rico.
Year to date, Easterly has acquired, either directly or through its previously announced joint
venture (JV), six properties for an aggregate pro rata contractual purchase price of approximately
$179.1 million, representing (i) $107.7 million of the wholly owned acquisition target of $200.0 -
$250.0 million; and (ii) $71.4 million of the pro rata joint venture acquisition target of $145.0 million.
Following the acquisition of JUD - Council Bluffs, Easterly owns, directly or through the JV, 95
properties totaling 9.1 million square feet.
Easterly Government Properties, Inc.
Symbol: DEA
CIK: 1622194
Exchange: NYSE
Founded: 2014 (10 years)
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Small-Cap
REIT Sector: Office
REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The overall score is out of ten points, with ten being the best score.
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Last updated: 2024-05-14 - v1.3