DEA - Earnings call 4 2023 | Easterly Government Properties, Inc.

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Operator

Greetings. Welcome to the Easterly Government Properties Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Lindsay Winterhalter, Head of Investor Relations. Please go ahead.

Lindsay Winterhalter

morning. Good

statements begins, may certain not Reform include and considered call this made historical Act note of are call meaning conference statements forward-looking of please XXXX. the Securities statements that during facts the Before Private the Litigation within that are

Although believes achieved. expectations these will expectations obtained or that as forward-looking in any that the are no reasonable, assurance company statements it its reflected can give be

will control. update in Furthermore, affected actual that materially The differ variety Form forward-looking with SEC assumes risks by in be results limitation obligation XX-K and of from those any a filings. the recent company no contained and the are statements publicly described statements. company's beyond including, may and forward-looking its is in most SEC to filed the factors the without company's other

company on funds operations, refer may to call, certain operations from distribution. from conference and for Additionally, financial funds core such available this as the measures non-GAAP cash

the You supplemental information non-GAAP numbers Relations earnings ir.easterlyreit.com. separate and tabular comparable website financial release company's in on the can the GAAP the most the reconciliation page package Investor current find at to company's measures these of of

to CEO turn now call would Darrell conference Crate, I like to of over Properties. Government Easterly the

Darrell Crate

for and company's the company's everyone, President the and also fourth morning, call. Baivier, Meghan Marino, addition us conference Today, Allison CFO quarter and Good in thank joining you by the for and I'm to joined CAO. Lindsay, COO;

backed full we credit predictable forward to by States earnings United our of pleased supported earnings We're XXXX, by facing continuing to our with the the deliver to the for leases look of government. results shareholders, and foundation

XXXX. strong growth we're excited we to in on you. are saw more a to detail. in path our say, core for will executing our share with to in that As outlook speak Needless guidance, FFO Allison you

a been decade, a over have our government. the we that facilities in serve definable honing edge For mission-critical

role stable, a States shareholders can specializing in essential stream. edge government the predictable use properties, supporting By to to important with is adjacent provide in that goal for these an partners. cash functions Our Easterly our its mission-critical flow and play United

with security the office government and facilities our we outlook While Accordingly, agency Easterly's and stability to safety investors. remain provides partners. remote their for contend occupancy of critical portfolio seek that work, threatening REITs our growth, this

let higher-than-average dividend. While we our payout our discussing are we to we in ability are acknowledge predictability, our our address ratio me and fully and confident maintain dividend, grow

and to our capital our flows for Our disciplined tendencies Government visibility of continue approach predictable and to U.S. sheet, balance prudently our serve long-term buildings CapEx excessive. creditworthiness the sources unique as our tenants of demands managing are of not cash the in and stability our by is The expenditures growth.

rent. all these of are be only And have under $X view a discusses reasonable our assumptions steward $X.X the backed as quite at we date, is full cash renewals one by aggregate of assets to facing much provide will a term in our will flows cash as is strong Our capital. flow leases of of as billion government. today With The renewal the investors U.S. return only to as their income see credit those XX-year she will spread, billion a of modest. when just Meghan you share to to XX% rental

investors ability to flow, provide come. to Given our for the are in years cash dividends strength of the this confident our healthy we to

commitment typical is office from customization. apart our to REITs us sets also What

help common. government Drug important such as accomplished trade and Our key the fulfill government home. be fortified buildings Enforcement infrastructure operations missions of are to important the have with equipped protocols cannot Federal from uninterrupted Bureau all They assets and Administration reiterate, X agencies, ensure in these Investigation. and for that To security

investigate analyze and crimes and enforcement their drug require at example, designated use. agents facilities labs to must in agents complicated person FBI secure For store for contraband.

We facilities Our to longevity additional of explore leased. as XX% local agencies, properties benefit of safety facilities we a the other with It's with country. with remain find And the best support of collaborate and work result, we ensures that the lease our how as the state that clear continue see to added similar tenants to grow definable us tenant government similar improvement potential needs both for apply tenants intensive approximately for to facility We and of of our government our adjacent our our with to of XX% development properties lease in government edge that adjacent escalations. have holdings assets and escalations further most buildings. government portfolio. can

assets bank liabilities market, seeking the current products rates up we moment A where segment pipeline lead can lies ahead this repricing. accretively on interest accelerated we these and investors capital. With opportune liquidity believe the in drying of engage is our development of in aware cost reprice. keenly of the opportunities as We're in at taking

to foreseeable to future. leads our than deliver our trajectory positioned in us to and continue we this to which FFO increase for growing allow our would FFO commitment X% the shareholders. core of deliver a believe We to for cash All core stream, results of dividend more consistently on turn grow flow are Easterly a strong

for portfolio exciting XXXX We're cash flows the time morning. is with by opportunities full of a the an for mission-critical time seeing credit Easterly. a Thanks in and government. this beyond, This also your building backed foundation U.S. while of pipeline facing a of

the in over turn growth and to I'll XXXX Meghan to discuss now for beyond. call opportunities

Meghan Baivier

quarter either directly acquisitions call. the total, Easterly. you good for properties States XX the Easterly year. our totaling JV feet. California now rata Security earnings several transact X joining square $XX.X tenants In that aggregate to Darrell, purchase for of the were Veterans of Department deal include Thanks, for price year United able approximately X.X on owns pro joint the the through Affairs, productive venture, The contractual market Thank Judiciary, through leased the accretive an of acquired morning. and properties returned, during half Department million. and Homeland or or of we the was us for second leased a XXXX to million State and of directly the fourth Easterly

flow years, our of weighted duration average years. and of remains lease with with XX.X term of remaining portfolio age Our cash remains average young a enduring XX.X a weighted

development mentioned calls, have credit States example As as through mechanism always cash access stable estate United viewed found recent that income world's lens economic today's is flows the we high real from of most of the on quality most of entities, in Easterly to the the prior government. landscape. The derived X

are faced observing private we the sheet. between a resources public balance and REIT the contrast by Here, a developers, available through stark limitations

capital of securing financing, are Easterly's and projects. and with building balance complexities developers required be of constrained by developers relationships challenges projects. market embark encountering contrast, as fortified private The financing ambitious capital. enduring financial to Private considerations on for emerge a reservoir In appear coupled ability large-scale sheet partner to the uncertainties potential accessing substantial impeding

the the and with leverage set equity leased an serve finance a and primarily markets assets various that developers private are as diverse With finance government. to and U.S. currently projects. tools possesses help partner to of pursuing streams of mission-critical debt revenue a own capacity pipeline subsequently tapping to opportunities to attractive Easterly background, we and and

company's owned development the activity. wholly to Turning

an with Our progress FDA timely on Atlanta project XXX site estimated to continues workers daily.

anticipate approximately of million million third remaining and the payment the by via 'XX quarter lump the space acceptance the sum deliver be $XX upon approximately reimbursed the cost cost federal the an Approximately will will that in and million and total payments. reimbursement project We improvement $XXX fourth in $XXX expect government receiving by completion tenant XXXX. of $XXX government. of of quarter We the million the

we project, investment anticipate We progress the meaningful substantial make square this for With look providing as XXX% foot needs facility will XX such years. the on in States pre-leased noncancelable updates this for with excess quarters to a government XX XXX,XXX this we of in term of forward to the years. coming of government a state-of-the-art TI the serve laboratory United you in

to cash flow Turning predictability.

During quarter, in for January term renewed fourth - XX,XXX new XX-year that a foot XXXX. the GSA commenced square facility Clarksburg, a Easterly

expiring entirety Further, is year-end, call, contrast exact a all XX.X known amount the term like of customary year-end. discuss X.X% income leases, Due to the releasing dollars our our results ascertained as TI XXXX, nature we average and for be our complete. REIT we'd on of unique successes by renewed fourth brethren. of work the our weighted lease until at of years. renewal XXX% for cannot stark a of TI a to the as of is quarter For office final annualized combined serve at earnings is required as renewal rents government our the to These leases of

at there the a such, which As be to relative providing renewal in we releasing lease. data lag point have signed a can

which Of and the if TI renewed have been XX As XX of December has XX, are for leases that accepted IPO. XX, XXXX, renewals any, completed since government. by we work,

spread term government. per be weighted are include PTO $XX XX years. square pending by foot with we is including utilized estimated achieved renewals renewal renewals The combined of on was renewal X.XX the Arlington, leases and leases the Fresno TI This anticipated an various smaller total average assets, XX.X XX exclude remaining IRS million XX%, to rent the The When in feet Buffalo. these projects. TI for average across other these square

dependability necessity observed strength and and we nature of renewals of speak assets, of believe demonstrated essential trends the our closing, utilization underlying portfolio the cash the for our our In the flow. of building volumes our

believe of we unique well unique platform, today and nature a Easterly NOI growth, pursue attractive and our to appreciate supporting for hope prospects positioned solid is the opportunities seeing are transact enhance our enterprise. listeners With business. We the our to we

and year-end call to your time that, results. discuss for this Allison to I I morning, and the quarterly the you With will thank turn financial over

Allison Marino

and It meeting strong you you, company's report year-end Meghan. consensus Good results. morning, this morning Thank to be pleasure my joining the is quarterly and everyone.

report Easterly for in predictability at Easterly's our portfolio the solidly. the flows certainty pleased poised performed of in and of we I am believe leading year-end, is XXXX. Given this cash that to market, role growth

our leverage only have than on less the our X% million of debt at We exposure. $XX drawn target rate floating and midpoint revolver range

was FFO on fourth and the all was core diluted per $X.XX net income share fully For $X.XX. per quarter, and a basis, share

distribution was for available $XX.X cash million. Our

For and distribution net the available FFO per Core was full million. $X.XX and consensus share cash year, $XX.X for was per met income at $X.XX share

balance eye manage us the is rate important stagger risk. interest to an to maturities it debt and With our for sheet,

to assets on ensuring and our well liabilities, capitalize maturities thoughtfully We emerging opportunities. positioned that XXXX managed we're address have and

full of better balance sheet This capital of As flows and of United through debt. by foresight. of strategic us strength the the you fourth our our government. States are to see results, and a achieve stability faith cost cash The cost the lower company's quarter credit from can allows full and a reflects year backed

tenant government and with can weakness, stability from cash sector lumped While Easterly our the quickly REITs. of broader we our superior forecast and separates office U.S. be other peers of credit flows in office our

Our our financial commitment reflected in rating maintained the from since is KBRA. of XXXX to rating it have of inaugural prudence investment-grade finalized the that credit and fall our announcement recent time. in We BBB

this We will well believe capital as expand. serve our needs us to

behind we ongoing property managing operating management, growth strategy, our at power as the spreads. Easterly. view working re-leasing is creep for our of which the is key expense, at is reflected savings, positive There While G&A capital differentiator and heart momentum growth achieving a in that in

are being to focus opportune have strategy. and to growing a estate compared remains operational other portfolio With to real taken company owners, and backdrop, when efficiencies approach of developers engagement. our at Particularly the public disciplined We this our tenant growth private the a moment. central advantages on

pool equity capital maintain advantage even As us sources, constraints. debt to have with Meghan a which acquire we when faced diverse to of earlier, others allows and cost a access accretively shared be of may and

XXXX. to Turning

We through venture full core the will that of per a acquisition in diluted VA deliver introducing path We sets at pro for share $XX.X to FFO market-leading we Jacksonville believe shareholders. a $XXX long-standing to chart $XXX million range of XXXX. this Easterly $X.XX million our and to growth This shareholders joint growth return are on strong closing guidance to per rata its course of the gross year guidance a have price fully of $X.XX. our share and the FFO basis midpoint, this its XXXX. represents for development-related million, earnings core opportunities At assumes for the investment delivering during risk-adjusted in

time the and to you turn now With that, appreciate partnership. this thank your I Shannon your morning questions. will call for over for we

Operator

Griffin Michael Our Instructions] [Operator line from comes question first of the of Citi.

Michael Griffin

It and Darrell, -- dividend, you near 'XX expectations near at, remain least said on committed at is of But if Great. like not 'XX and medium in and throttling guess the the consensus kind you ratio on of of to earnings? -- normalized for comfortable 'XX 'XX. a then seems price I term. talked I the dividend look it guess, a the around the CapEx, going about that it forward? expectation I near executing just is You growth external for function get grow we do more term. down level. to coverage X% Is how payout kind

Darrell Crate

no, think with of in we I my No, the of as very our question. great cash very, a to And things flow is was emphasize for the in trying predictability one -- I well prepared remarks horizon future. the

as as seeing we're in And discussed Day, our creep area, of And we we we're to forward, you're in as opportunities of course, owned and a accretively. real the avoiding some continue our confirm so can said, so. existing can, sort exactly we wholly to and look on assets that sort grow market right. CAD also expenses of with I lease We manage -- dividend have hard make working the into cut renewals. to buy things G&A we little at as see order asset the our development some on and we're and individual portfolio, looking we Analyst we But in CapEx where

invest cash So you you'll our the we're flows I of -- the the cash lease very push then about X or way good out at year. much to earnings giving predictability obligations. That's nature if continue years, are a and given think stability guiding to it with we it's folks our in X more the deliver return and that enduring we to long the to to right feel that our we in place trajectory and getting this as of shareholders and the dividend, nice take is feel of DEA. to business, see And sort for we're our continue

Michael Griffin

And noticed Great. maybe incorporated turning hadn't then into acquisitions you I the guidance. year That's helpful. full to expected guide.

in so acquisitions But that you're many hurdles I maybe think, move help pipeline You year? 'XX to and and about not earnings needle kind you've had 'XX, seeing maybe you maybe imagine would this cap where on of return Can how seeing. those acquisition historically done, talked the last looking targets. I year. rates you're you're on this do that quantify or

Meghan Baivier

of be in the including to the So we not for able our everybody own we're assets prudently understand potential in it growth to into year. guidance just embedded sort the going

the joint close We levels both -- say, venture. today, on of engaged our be flow of potential looking would we the facing side sort the with I are remaining in acquisition And addition over what at would of the acquisition will couple VA to developers more and are market next particular, the who on wholly longer numerous in the the of robust there market is in deal in term owned the sort years. that on needs of house sellers,

which accretively we growth shareholders. look I cap say, of summer, the contribute into is to to going be transact add to continues this course as the range, that think rate platform really to build, year, a the excited we're about already that ability able So see and market level the market and would I on in to growth. the spring continue type over for to a to kind of we is of in -- of what that of sort to value that But mid-X% that

Darrell Crate

-- I just such important I'd it say again I'll say because point. just it's an think like to

is on are we're is a the is there's does mid- color market timing Meghan accretive of in seeing cap as bid-ask transacting we're at that this that spread The wide, look bit But uncertain. include little and the find to to off but those as we opportunities guidance will guidance that rates don't us we the And in buy we on. about Xs in just is, we're make things that those Our our -- said, positioning being given pick talking how and reality. not that bringing and that we but forward to things this levels increasing those to given building. anything. provide having market year make that investors more to opportunities, walls track forward of guidance just outside we're feel order the require want understand X office only are we a to we given the certain of where things the conservative about -- guidance and

Operator

Our next Kim Markets. question is of from John BMO Capital

John Kim

the million $XXX expecting on investments development-related you're to just the that, that to I providing it. that's yield financing clarify wanted $XXX of wondering private And your of on developers. you're guidance I'm to what's million

Allison Marino

John, it's Allison.

announced FDA yields that which targeting guidance that on we previously our quarter. mid-Xs and purely is as is Atlanta, for discussed So last we're the development, in that

John Kim

Okay.

the financing guidance? is development So not your in

Allison Marino

Correct.

Meghan Baivier

of folks. set also, prior looking additive point, engage opportunity the sort would as we be that capital, these look private Darrell's No, for to to developers for those with

John Kim

just that mentioned or complete? to plan projects providing Darrell own think they're you And to clarify that, you're the is once I financing

Meghan Baivier

little are own we well. You we these assets to a completion up -- bit. be yes, that But looking would as broke would a

John Kim

Okay. rating to maintain get from KBRA? your What leverage can investment-grade you level

Meghan Baivier

very comfortable do our be they're to to Not we'd that. Yes, looking with that X.X range. X.Xx

if could So comfortable I we sit with. bit range that's abundantly of a higher little the think, end in that opportunistically, not they're that, But excess. a at certainly

Darrell Crate

would ] or leverage again That [ from long-term be would excess or come these lump developing leases. sums repaid and buildings with Disa

John Kim

Right.

is question on Okay. dividend. My Michael a final the on follow-up just

year. Your payout ratio last on CAD was XXX%

X you're growth yield rather focused as probably annum you've development now years through address a stability be Why that you going to assuming far the cash basis growth assume previously? strategy than dividend cash, of high as had a strategy as yield. the it. are and take not the that you more to I'm about on provide X% that going these cover If not loans per will of some

Meghan Baivier

Yes. a to on assets we really I fortunate view the that mean, have this. John, and have nature types the And do portfolio. we're so long we of taking the our ability given the in

front So the payout just said X, think regard sort earlier, and is we that we we're -- to with we're at all see portfolio into nicely. looking manage our the on can that really ahead. really reach to Darrell levels. X going ahead levers X years us opportunity have in as we not of one We're at we the quarters looking look to same-store But of

John Kim

would argue shouldn't I mean can I But about a XXX%. Okay. pad than of years. we couple talk for It more above persist a ratio offline.

Operator

question Our Carroll of next is Michael RBC. from

Michael Carroll

[indiscernible]? on I many build-out touched how you currently can I you should mean, is Meghan, it know now, not more be your see will your this but leases numbers organic waiting remarks, before amount projects escalators those in are realized fourth in quarter there's some those on be completed are the the embedded mean, prepared on it new where realized meaningful I realized? in a rent but growth we is TI once TI

Meghan Baivier

single-tenant couple -- it's other and leases Mike, it's Buffalo. of got perspective, Yes, assets -- then or smaller a from a XX in smaller you've

X So over square for through going that the process. it's still are million leases feet XX total build-out TI

Michael Carroll

How guess, flow that through in much, rent rent incremental or does could that represent I numbers?

Meghan Baivier

we full We just for to Mike. you, isolate are all-in going that where yet don't land. can rents those know But

that on So on. increases subset XX% subset really the is of of assets that that. north we're But looking held we've for back

about we're to years. with X tailwind next over considerable growth a to it's talking X the So regard the

Michael Carroll

and 'XX Okay. And to online then 'XX. is come that going in

type X-year frame it's gets time that before kind of stuff So a realized?

Meghan Baivier

expect expected A on majority vast back come half over The of of Yes. XXXX, into or the bit in so it the primarily course flow be of could XX% of XXXX. XXXX. to that to over we

Michael Carroll

your mean, you funding, kind I on how some expecting? you And trends? guess, depends you that deals? does of DEA of those kind investment fund be of you that capital kind cost aggressive need to do new Okay. So of really the on I before raise can Is transactions of plan kind equity pursue mean, to that? I on of we what highlighted, then get how where should side,

Allison Marino

Yes.

look and of equity to a So with debt sources. considering equity that But of our XX each cost tailored we wide look deal. mix to capital, bps and debt of to generally, acquire deal both we

Meghan Baivier

And deals equity yes, today, yes, capital. that But look also Mike, and cost the to deal. at to additional marginal growth with relative position incremental the company external of new will for we relative capital our require forward

Michael Carroll

of now? are right your Okay. your lower with metrics mean, X, target? to you type of you would And kind trend from X-plus to range leverage current want comfortable midpoint that longer-term I more

Meghan Baivier

Yes.

an Xx sitting we're adjusted perspective. So right net leverage at from

And place -- a very that's us. very for obviously, so comfortable a

Operator

Our a Michael of next is question Griffin from Citi. Instructions] follow-up [Operator

Michael Griffin

a guidance? quick embedded if Curious on Just in guidance. there XXXX is capitalized question the the any interest

Meghan Baivier

interest out capitalize. would FDA as continue borrowings would that draw yes, Atlante, build to be So incremental we to we able

developments So no are expectation. that change treated way. in that all Obviously,

Operator

next of Our is Securities. question Lewis Truist from Michael

Michael Lewis

missed I'm got this, little late. I sorry on a if I

that the ask a amount. the did in material to know this NAV a think You about you few dangerous the forward on consensus how pricing, right? kind equity about price think offering. by protecting of question, I is a And shares but do do just how I or shares the below issue below was -- you wouldn't wanted value? The you about pricing a

Meghan Baivier

of those type discuss makes wide a are where of It's that to we're sense. And range opportunities rate to capital. obviously, way implied of low that in I going Yes. balance, are $XX think ton cap Mike, to assets equity that a seeing kind come certainly

will the on. help growth bring so we get back portfolio with in. are look that And they we're consistent and to be resume opportunities extent to to may path we They're opportunistic, see looking those them and our that

Michael Lewis

is And guess I follow-up. this then follow-up a to Okay. a

to relation But when below the dividend flow. Just you the flows predict didn't cash obviously, you obviously, dividend, you'd on your policy. material you dividend, that -- set the of be talked cash about the in predictability the

XQ You raised dividend in 'XX. the

But willing people dividend is piece answer XQ just haven't I questions the like asked. built know since time, goes the I material for the this amount get you're -- other of I get this, 'XX. this a it company You is I the fund to confirming, that. the for it guess. of and of guess to covered big a I sounds kind to back stability,

Darrell Crate

to not is or answer amount of it the the mean But look in we look -- issue we don't a like yes. opportunities out, that not of as with that going that billion a as we the mean release I I we're to money to the it's the blind -- -- context Yes. at seeing. material And dollars. feels again, of $X as government aware, we're it good some there's no development uncertainty and And in in to opportunities grow for sort to just to feel get the we of covers we're future. it. And to and we I the put think out give the look going see X sometimes these we some dividend that should years, that of next a it pipeline, also what we as we debate place guidance maybe the very there. continues at that's

Michael Lewis

Great, I really appreciate it.

Darrell Crate

stability. the leases we're something Yes. thank different years, it because is it I just we that that predictability I we in our you too. And and dollars office, you, is of appreciate mean, business operates not at really are coming are look in, and the than not term and mean, question, quarters. it. the over real No, and if that saying

and we're coming is cash the think we I of we -- we're very so And feel the where the over we the in dividend the profile these about with important just think years, it. don't and flow I an context the comfortable have dogged of the that And -- dividend is. think story. business, being part

Operator

from Bill Our Crow of next James. question Raymond is

William Crow

line, in the this hole from are company Darrell, REIT for the only square and of keep perspective? like to rewrapped. you round a not the this given strategy quarter peg it but increasingly a quarters, Is past question that a little right feeling bit

Darrell Crate

the was word Bill, you said, last What sorry. I'm

William Crow

just structure about that place longer the right REIT the Easterly. is for I'm wondering whether term,

Darrell Crate

during more profile good it's and little be a secure of we it's any there. we've most REITs are again, to real cash the we cash the that, that that But the XX see always there flows maybe the but because COVID, we certainty are of think that bit set flows And of -- of think I I of the have, did a No, Yes. very days for expected appreciation premium having only out question. stability.

we're business, to of or do I can our the debt providers, strength our with in more are that put do we we of full rent a when there sit that, talk we on cost I our -- debt. and credit understand you and that's think encouraged on some things see mean have the capability leverage profile. company the that of strongly facing we backing about

think in where can I very that front on finding be solutions on can we cost we clever of So relative our and debt. be REITs other competitive to

know, another similar credit rating, that local because state of think portfolio very with we think high our you and I close also -- into adjacent, and as buildings XX% government we putting find it's smart we REITs can And our FFO, in think to adding escalations. broadly. gets more our that if we're of with profile basis do credit expectations XX the XXX rating with in we core flow line points and cash

think I of say, it's lots quarters, hold analysts for X think a But picking I quarter darling. I stock sometimes or our out think ask folks XX that pick to might be to that we would they going if stock for we're years, and rarely our it's I up. for of I think to sort a a limb on the of want you're go if pick point view,

on so in going we're space. what's REIT we're that mindful mindful of of the And the receiving we're capital

cash the the and think FFO. modifying stream core do We flow

of and where buying the And think I've that, with shares, lot little of get which I company. well to can a X% think really we a continue with returns great just I'll a too. dividend is REIT Defile, place value. risk-adjusted a I And And rings more it we're can to I that and at with we we're solve little do for delivering if doing, expectations look certainly bit So investors. REIT own for of stock the bit some shown a a it's goal strategic my under the and way

Operator

I now to closing of like would you. Properties Darrell turn conference Crate, Easterly for Thank Government back CEO remarks. the to

Darrell Crate

Easterly for trust investors Great. success Call. thank support to to Government and sustained for Conference committed and continued you, Quarter everyone, Thank our our Properties delivering their XXXX like stakeholders for the we're and Fourth in joining long-term value you. We your confidence I'd company.

Operator

for today's concludes participating. Thank you call. conference This

You now may disconnect.

Easterly Government Properties (DEA) 27 Feb 242023 Q4 Earnings call transcript