Q2 2024 Easterly Government Properties Inc Earnings Call Transcript
Key Points
- Easterly Government Properties Inc (DEA) has a significant development pipeline, working with both US government agencies and high-credit government-adjacent companies.
- The company has successfully acquired two additional assets in Orlando, Florida, critical to national safety and security.
- Easterly Government Properties Inc (DEA) has secured $200 million in fixed-rate senior unsecured notes and a $400 million revolving credit facility, enhancing its liquidity and capital deployment capabilities.
- The company maintains a stable core FFO per share guidance for 2024, indicating strong earnings growth potential.
- Easterly Government Properties Inc (DEA) continues to invest in its assets, bolstering partnerships with tenants and ensuring stable cash flows for shareholders.
- The lease expiration schedule has not changed significantly, indicating potential delays in signing new leases.
- The FBI Omaha renewal is expected to be flat, which may not contribute to revenue growth.
- Maintenance CapEx was higher this quarter, which could impact AFFO if it continues to rise.
- The company faces a competitive acquisition market, which could impact pricing and acquisition opportunities.
- There is a small loan provision for credit losses, which may need to be adjusted through its maturity date, potentially affecting financial results.
Welcome to the Easterly Government Properties second quarter 2024 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. You may begin
Good morning. Before the call begins, please note that certain statements made during this conference call may include statements that are not historical facts and are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Although the company believes that its expectations as reflected in any forward-looking statements are reasonable, they can give no assurance that these expectations will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of
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