Easterly Government Properties CEO Says Acquisition Pipeline “Larger than Usual”

William Trimble, president and CEO of Easterly Government Properties, Inc. (NYSE: DEA), participated in a video interview in conjunction with Nareit’s REITweek: Virtual Investor Conference (held June 2-4).

Easterly’s tenant roster focuses on three dozen government agencies, including the Federal Bureau of Investigation, the Drug Enforcement Agency, Veterans Affairs, the Food and Drug Administration, and the federal courts.

Trimble noted that Easterly’s buildings have been operating for the entirety of the coronavirus crisis. The REIT established a protocol with the federal government to negotiate a long-term contract to clean buildings at their expense, he said.

On the acquisition front, Easterly has had a lot of off-market transactions that were pre-programmed into the year, but Trimble said the company is beginning to see some marketed and non-marketed opportunities now.

Trimble noted that the company is beginning to see owners who might have a development project and really need to quickly come up with capital. “We’re here, we’re going to pay the proper price for the building, so our pipeline is actually larger than usual,” he said.

“We’re very bullish on how our pipeline is looking for the year…I’m pretty confident we’ll exceed $200 million for the year,” he added.