Easterly Government Properties Announces Expanded Senior Unsecured Credit Facility

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, today announced it
has replaced its existing senior unsecured revolving credit facility
with an amended and upsized credit facility (the “Amended Credit
Facility”), consisting of (i) a $450 million revolving senior unsecured
credit facility (the “Revolver”) and (ii) a $150 million delayed draw
senior unsecured term loan facility (the “Term Loan”) for a total credit
facility size of $600 million. The Revolver includes an accordion
feature that allows the Company to request additional lender commitments
of up to $250 million, for a total Amended Credit Facility capacity of
up to $850 million. The Revolver will initially mature four years from
the closing date, in June 2022, with two six-month as-of-right extension
options available to extend the maturity to June 2023. The Term Loan
will mature five years from the closing date, in June 2023. The Term
Loan is prepayable without penalty for the entire term of the loan.

Borrowings under the Revolver will bear interest at a rate of LIBOR plus
a spread of 1.25% to 1.80%, depending on the Company’s leverage ratio.
The Term Loan will bear interest at a rate of LIBOR plus a spread of
1.20% to 1.75%, depending on the Company’s leverage ratio. Given the
Company’s current leverage ratio, the initial spread to LIBOR is set at
1.30% for the Revolver and 1.25% for the Term Loan.

The Company intends to use borrowings under the Amended Credit Facility
for general corporate purposes, including but not limited to
acquisitions, development, redevelopment and other capital expenditures.

In addition, the Company has amended its existing $100 million senior
unsecured term loan to conform certain provisions and covenants to those
included in the Amended Credit Facility.

“We are pleased to expand the Company’s lending relationships through
the implementation of this upsized credit facility,” said Meghan G.
Baivier, Easterly’s Chief Financial and Operating Officer. “The Company
continues to demonstrate its ability to access capital at highly
competitive terms while simultaneously increasing balance sheet capacity
to fund future accretive growth.”

Citibank, N.A., PNC Capital Markets LLC and Wells Fargo Securities, LLC
served as joint lead arrangers and joint bookrunners on the Amended
Credit Facility. Citibank, N.A. served as administrative agent and PNC
Bank, National Association and Wells Fargo Bank, N.A. served as
co-syndication agents.

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 to such agencies either directly or
through the U.S. General Services Administration (GSA). For further
information on the company and its properties, please visit www.easterlyreit.com.

Forward Looking Statements

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
March 1, 2018. 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.

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