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WASHINGTON - Easterly Government Properties, Inc. (NYSE:DEA), a REIT with a market capitalization of $1.14 billion and an attractive 7.94% dividend yield according to InvestingPro data, announced Friday the acquisition of a 138,125 square foot facility in Greenwood Village, Colorado that is fully leased to York Space Systems, a manufacturer of standardized small satellite platforms.
The property, renovated in 2020 specifically for York Space Systems, includes clean rooms dedicated to satellite production. The triple net lease includes annual escalations and runs through 2031, with York having an option to extend for an additional 10 years at market terms. This acquisition aligns with the company’s steady revenue growth of 7.94% over the last twelve months.
York Space Systems specializes in mass production of standardized small satellite platforms, particularly the S-Class satellite bus, and serves as an industry partner to the U.S. Space Development Agency.
"This acquisition demonstrates our strategy of investing in mission-critical assets that directly support the U.S. Government and its most essential partners," said Darrell Crate, President & CEO of Easterly, in a press release statement.
With this addition, Easterly now owns, directly or through its joint venture, 103 properties totaling 10.3 million square feet. The company focuses primarily on acquiring, developing and managing Class A commercial properties leased to the U.S. Government and related entities. InvestingPro analysis suggests the stock is currently trading below its Fair Value, presenting a potential opportunity for investors. For deeper insights into DEA’s valuation and growth prospects, check out the comprehensive Pro Research Report, available with an InvestingPro subscription.
The acquisition comes as demand increases for specialized facilities supporting U.S. defense and space priorities. Financial terms of the transaction were not disclosed in the announcement.
In other recent news, Easterly Government Properties reported a robust second-quarter performance, exceeding earnings expectations with an earnings per share (EPS) of $0.09, surpassing the anticipated $0.06. This strong performance highlights the company’s ability to deliver results despite broader market concerns. Additionally, Easterly Government Properties announced it has amended and upsized its senior unsecured term loan from $174.5 million to $200 million, with the maturity date extended to August 2028. The company has secured two optional one-year extensions, which could potentially extend the maturity date to August 2030. Furthermore, a new $100 million accordion feature was added to provide additional financial capacity. These developments underscore Easterly Government Properties’ strategic financial maneuvers aimed at strengthening its position.
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