Reflective of its Superior Tenancy and Conservative Balance Sheet, KBRA Affirms Easterly’s BBB Rating with Stable Outlook
Easterly Government Properties, Inc. (NYSE: DEA) (“Easterly” or “the ‘Company’”), a fully integrated real estate investment trust (REIT) focused primarily on the acquisition, development, and management of Class A commercial properties leased to the U.S. Government, today announced that Kroll Bond Rating Agency, LLC (“KBRA”) has affirmed Easterly’s BBB issuer and securities ratings with a Stable Outlook.
This affirmation reflects Easterly’s stable cash flows, strong tenant credit quality, and conservative balance sheet management. The report highlighted the Company’s long-term leases with mission-critical federal agencies and the durability of government tenancy as key strengths supporting the rating.
“This investment grade affirmation underscores the strength and reliability of our business model,” said Darrell Crate, President & CEO of Easterly. “At a time when uncertainty across the commercial real estate market is in sharp focus, Easterly continues to stand apart through our stable, mission-critical assets that serve the federal government’s most essential functions. Our disciplined balance sheet and creditworthy tenant base remain the foundation of our ability to consistently deliver predictable value for our shareholders.” Crate continued, “We look forward to becoming an investment grade bond issuer as we accelerate our growth.”
Easterly’s investment-grade profile continues to reflect a portfolio that has 97% occupancy and a weighted average lease term of approximately 10 years. We believe the Company’s focus on KBRA’s AAA rated U.S. Government credit positions Easterly as one of the most durable REITs in the public markets.
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