WASHINGTON--(EON: Enhanced Online News)--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 the U.S. Government, announced today that it has closed on the acquisition of a 30,119 square foot United States Bankruptcy Courthouse in South Bend, IN (“AOC - South Bend”).
“Easterly’s acquisition team seeks high quality, accretive transactions that meet our underwriting criteria”
AOC - South Bend serves the Northern District of Indiana and is responsible for handling bankruptcy cases throughout 11 counties. The Robert K. Rodibaugh United States Bankruptcy Courthouse, named in 1997 by an act of Congress, sits on a 1.54-acre campus and includes 2 courtrooms, judges’ chambers, surface and interior parking, clerks’ office space, a visitors’ lounge, and an entrance vestibule with enhanced security screening.
United States bankruptcy courts act as specialists within the U.S. district courts and have subject matter jurisdiction over all bankruptcy cases throughout the United States. Because jurisdictional authority resides only at a federal level and not at a state level, there is a nationwide demand for the current 94 judicial districts located throughout the United States to manage the large caseload of bankruptcy petitions filed each year.
“We are pleased to further expand our portfolio of U.S. Government leased properties with the acquisition of AOC - South Bend, which serves an important mission for the Northern District of Indiana,” said William C. Trimble III, Chief Executive Officer of Easterly Government Properties, Inc. “The formation of United States bankruptcy courts is grounded in the framework of the U.S. Constitution. The casework inside these courtrooms is part of America’s legal infrastructure and will forever remain a crucial component to our country’s judicial process.”
AOC - South Bend, a built-to-suit property completed in 1996 and renovated in 2011, is 100% leased to the General Services Administration on behalf of the United States Bankruptcy Court for the Northern District of Indiana with just over 10 years remaining on a 15-year lease. Since its initial construction, significant modifications have been made to meet the specifications of past and current judges with improvements such as bullet proof-glazed windows, decorative security bollards, wood paneling, elevated courtroom chamber ceiling heights, and two passenger elevators.
“Easterly’s acquisition team seeks high quality, accretive transactions that meet our underwriting criteria,” said Darrell Crate, Chairman of Easterly Government Properties, Inc. “AOC - South Bend is another example of how we are continuing to execute on our earnings growth strategy through off market acquisitions.”
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). 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 operating and financial 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 March 2, 2016. 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.