KBRA Assigns BBB Rating to Easterly Government Properties LP’s $125 Million Senior Unsecured Note Issuance

KBRA has assigned its BBB rating to Easterly Government Properties LP’s (Easterly) recent private placement of $25 million 6.13% series A senior unsecured notes due March 20, 2030, and $100 million 6.33% series B senior unsecured notes due March 20, 2032. The Outlook is Stable. Note proceeds are expected to be used to refinance borrowings under Easterly’s $400 million revolving credit facility, as well as provide liquidity for future acquisitions and development. KBRA also maintains a BBB/Stable issuer rating for Easterly and a BBB/Stable rating for Easterly’s outstanding $900 million senior unsecured notes due 2027-2034.

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Related Publication

• Easterly Government Properties LP Surveillance Report

Methodologies

• Corporates: Global Equity REIT & REOC Rating Methodology
• ESG Global Rating Methodology

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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