We focus primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential U.S. Government functions. We generate substantially all of our revenue by leasing our properties to such agencies through the GSA.
We identify U.S. Government agencies that we believe to have the most enduring missions, including a range of growing federal agencies such as the Federal Bureau of Investigation and the Drug Enforcement Administration. We then identify the most critical buildings within the hierarchy of these agencies for acquisition or the projects proposed by such agencies for development.
Darrell W. Crate, William C. Trimble, III, and F. Joseph Moravec all previously worked together at Easterly Partners since it was founded in 2011. Together they raised two institutional private fund vehicles, acquiring 16 properties leased to government entities, primarily through the GSA, totaling 1.5 million square feet.
Over the last two decades, Michael P. Ibe has owned Western Devcon, Inc., a private real estate company focused primarily on the acquisition and development of built-to-suit GSA properties. Under Mr. Ibe’s leadership, Western Devcon has developed 19 build-to-suit projects for the GSA comprising 1.0 million square feet.
In 2014, seeing the wealth of opportunities in the GSA-leased space, Easterly Partners decided to team with Western Devcon, to form an internally managed REIT focused on the acquisition, development and management of Class A commercial properties that are leased primarily to the U.S. Government.
These discussions led to the birth of a newly organized and internally managed REIT focused on the acquisition, development and management of Class A commercial properties that are leased primarily to the U.S. Government.
To create our initial portfolio, the Easterly Funds contributed 15 properties to the new REIT while Western Devcon contributed 14 properties. In addition, certain senior team members of Western Devcon, including Michael P. Ibe, joined Easterly, bringing extensive development capabilities to our acquisition and management platform.
We completed our initial public offering on February 11, 2015.
Our multidisciplinary team possesses complementary skills and experience that we expect will drive our business and growth strategies. We plan to grow our business primarily through the pursuit of attractive acquisition opportunities, the development of built-to-suit U.S. Government properties and the renewal of existing leases at positive spreads.
We maintain a proprietary database that tracks approximately 8,500 leases totaling approximately 200 million rentable square feet and includes substantially every major U.S. Government-leased property that meets our investment criteria as well as information about the ownership of such properties.