US Government-focused REIT Easterly Government Properties sets terms for $180 million IPO

Easterly Government Properties, a newly formed REIT focused on properties leased to the US government, announced terms for its IPO on Monday. The Washington D.C.-based company plans to raise $180 million by offering 12.0 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Easterly Government Properties would command a fully diluted market value of $568 million.

Easterly Government Properties, which was formed in 2014 and booked about $70 million in pro forma sales for the 12 months ended September 30, 2014, plans to list on the NYSE under the symbol DEA. Citi, Raymond James and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of February 2, 2015.