Easterly Government Properties, Inc. 8-K

What Happened
Easterly Government Properties, Inc. (DEA) and its operating partnership entered into a $200.0 million senior unsecured term loan agreement on June 25, 2026, with PNC Bank as administrative agent and several banks as arrangers and lenders. The facility includes a $50.0 million accordion option (total capacity $250.0 million) and matures in June 2031. The Company also executed an Eleventh Amendment to its 2016 term loan on the same date to remove a SOFR credit spread adjustment.

Key Details

• Facility size: $200.0 million initial term loan; accordion increases capacity up to $50.0 million (total $250.0 million).
• Maturity: June 2031.
• Interest: Borrowings can float at (i) a base-rate blend + margin (0.20%–0.70% based on leverage), (ii) daily simple SOFR + margin (1.20%–1.70% based on leverage), or (iii) term SOFR + margin (1.20%–1.70% based on leverage).
• Covenants & security: customary covenants including maximum ratios for consolidated total indebtedness, consolidated secured indebtedness and consolidated secured recourse indebtedness to total asset value, and a minimum consolidated fixed charge ratio. The Operating Partnership’s obligations are guaranteed by Easterly and certain subsidiaries.
• Amendment: The Eleventh Amendment to the 2016 Term Loan (dated June 25, 2026) removes the SOFR credit spread adjustment to align with the new loan terms.
• Disclosure: Company issued a press release on June 30, 2026 (filed as Exhibit 99.1).

Why It Matters
This filing shows Easterly securing medium-term liquidity through a substantial unsecured term loan, which provides capital flexibility (and optional expansion via the accordion). The interest rate structure ties borrowing costs to SOFR or base rates with margins that depend on the company’s leverage, so future debt costs will vary with market rates and Easterly’s leverage profile. Financial covenants remain in place, so investors should watch leverage and fixed-charge metrics that could affect borrowing capacity or covenant compliance.