Q3 2024 Easterly Government Properties Inc Earnings Call Transcript
Key Points
- Easterly Government Properties Inc (DEA) achieved its growth goal of 2 to 3% core FFO per share growth year over year.
- The company closed on $139.5 million of acquisitions in 2024, consisting of six new assets.
- Easterly has a robust pipeline of roughly $1.5 billion in potential opportunities, indicating strong future growth potential.
- The company is focused on mission-critical areas of the US government, which are less influenced by political shifts.
- Easterly introduced its 2025 core FFO guidance in a range of $1.17 to $1.21, reflecting confidence in continued growth.
- The company is working towards achieving a targeted payout ratio below 100% by the end of 2026, indicating current payout challenges.
- There is a focus on lowering the payout ratio, which suggests current financial strain in maintaining dividend coverage.
- Easterly faces potential risks from political changes, such as the relocation of military bases, which could impact asset value.
- The company acknowledges price dislocations in the market, which could affect acquisition strategies and valuations.
- Easterly's acquisitions are dependent on maintaining a favorable cost of capital, which could be impacted by market conditions.
Greetings, welcome to the Easterly government properties third quarter, 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question answer session between the company's research analysts and Easter Lease management team to ask a question during the session. Analysts will need to press star 11 on their telephone. They will then hear an automated message advising their hand is raised. Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Lindsey Winter Holter, Senior Vice President of Investor Relations. Please go ahead.
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
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