Easterly Government Properties Inc (DEA) 2022 Q4 法說會逐字稿

Greetings. Welcome to the Easterly Government Properties Fourth Quarter 2022 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.

問候。歡迎參加 Easterly Government Properties 2022 年第四季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人，投資者關係主管 Lindsay Winterhalter。請繼續。

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, it can give no assurance that these expectations will be obtained or achieved.

早上好。在電話會議開始之前，請注意，在本次電話會議中所做的某些陳述可能包含非歷史事實的陳述，並被視為 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。儘管公司認為其預期正如任何前瞻性陳述所反映的那樣是合理的，它不能保證這些預期將會獲得或實現。

Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the company's control, including, without limitation, those contained in the company's most recent Form 10-K to be filed with the SEC and in its other SEC filings. The company assumes no obligation to update publicly any forward-looking statements.

此外，實際結果可能與前瞻性陳述中描述的結果存在重大差異，並將受到公司無法控制的各種風險和因素的影響，包括但不限於公司最近的 10-K 表格中包含的風險和因素將提交給美國證券交易委員會和其他美國證券交易委員會文件。公司不承擔公開更新任何前瞻性陳述的義務。

Additionally, on this conference call, the company may refer to certain non-GAAP financial measures such as funds from operations, funds from operations as adjusted and cash available for distribution. You can find the tabular reconciliation of these non-GAAP financial measures to the most comparable current GAAP numbers in the company's earnings release and separate supplemental information package on the Investor Relations page of the company's website at ir.easterlyreit.com.

此外，在本次電話會議上，公司可能會參考某些非 GAAP 財務指標，例如運營資金、調整後的運營資金和可供分配的現金。您可以在公司的收益發布中找到這些非 GAAP 財務措施與最具可比性的當前 GAAP 數字的表格調節，並在公司網站 ir.easterlyreit.com 的投資者關係頁面上找到單獨的補充信息包。

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

我現在想將電話會議轉交給 Easterly Government Properties 董事長 Darrell Crate。

Good morning, everyone, and thank you for joining us for this fourth quarter conference call. Today, in addition to Lindsay, I'm also joined by Bill Trimble, the company's CEO; and Meghan Baivier, the company's CFO and COO. 2022 as a year of change for real estate generally and office in particular. I'm going to contrast our business with office because many of the analysts who follow our company compare our performance to the office universe of REITs.

大家早上好，感謝您加入我們的第四季度電話會議。今天，除了 Lindsay，我還有公司的 CEO Bill Trimble；和公司的首席財務官兼首席運營官梅根拜維爾。 2022 年是房地產，尤其是寫字樓發生變化的一年。我要將我們的業務與辦公室進行對比，因為許多關注我們公司的分析師將我們的表現與房地產投資信託基金的辦公室領域進行了比較。

One meaningful way our portfolio is differentiated from office is our occupancy profile. As we've seen, office has been materially affected by the adoption of work from home flexibility that was born from the pandemic. For DEA, our mission-critical facilities support agency functions that require worker collaboration. You can't close down a [meth] lab from your dining room table. We also look forward and see the need for our facilities increasing.

我們的投資組合與辦公室區分開來的一個有意義的方式是我們的入住情況。正如我們所見，辦公室受到了大流行病帶來的在家工作靈活性的重大影響。對於 DEA，我們的關鍵任務設施支持需要員工協作的機構職能。你不能在餐桌上關閉 [meth] 實驗室。我們也期待並看到對我們設施的需求不斷增加。

As the population grows, the demand on our tenant agency function increases, the occupancy needs of our bullseye properties will benefit from population growth over time. Another factor affecting some office REITs is the shift in the term structure of interest rates and in particular, accelerating short-term rates. As you know, we have long-dated leases and Meghan has done a great job terming out our liabilities. We have a limited amount of floating rate indebtedness, which will serve us well through this period of Federal Reserve monetary tightening.

隨著人口的增長，對我們租戶代理功能的需求增加，隨著時間的推移，我們的靶心物業的入住需求將受益於人口增長。影響某些寫字樓房地產投資信託基金的另一個因素是利率期限結構的轉變，尤其是短期利率的加速上升。如您所知，我們有長期租約，梅根在終止我們的債務方面做得很好。我們的浮動利率債務數量有限，這將有助於我們度過這段美聯儲貨幣緊縮時期。

Lastly, the quality of our tenant credit is unwavering. All of our leases are backed by the full faith and credit of the United States federal government, we have a tenant credit profile that compares favorably with every REIT in the office universe. Our team continues to be engaged with the government lease market, and we're working to find high-quality assets to complement our existing portfolio.

最後，我們的租戶信用質量是堅定不移的。我們所有的租約都得到美國聯邦政府的充分信任和信用支持，我們的租戶信用狀況可與寫字樓領域的每個 REIT 相媲美。我們的團隊繼續參與政府租賃市場，我們正在努力尋找優質資產來補充我們現有的投資組合。

Since the shift in interest rates, assets in our market are repricing. As is the case across the real estate sector, the bid and the ask between sellers and buyers widened. As one would anticipate that spread as we learn through our conversations is narrowing as the market eventually reaches an equilibrium, we are well positioned with our available capital to deploy it in a way that's accretive to our shareholders.

自利率變化以來，我們市場上的資產正在重新定價。與整個房地產行業的情況一樣，買賣雙方之間的出價和要價擴大了。正如人們預期的那樣，隨著市場最終達到平衡，我們通過對話了解到的價差正在縮小，我們可以利用我們的可用資本以一種對我們的股東有利的方式部署它。

We're proud to have built a portfolio that is comprised of buildings early in their life with long-dated leases with exceptional credit quality. With bullseye properties, we're uniquely positioned among REITs to have a strong visibility to our future cash flows for many quarters to come, which provide high-quality, stable income to our shareholders. With that, I'll turn the call over to Bill to give further insights into our portfolio.

我們很自豪能夠建立一個投資組合，該投資組合由處於生命早期的建築物組成，這些建築物具有長期租約和卓越的信用質量。憑藉 bullseye 物業，我們在 REITs 中處於獨特的地位，可以對未來許多季度的未來現金流有很強的可見性，從而為我們的股東提供高質量、穩定的收入。有了這個，我會把電話轉給比爾，讓他進一步了解我們的投資組合。

Thanks, Darrell. Good morning. Thank you for joining us for our fourth quarter earnings call. In spite of increasing headwinds in the capital markets, 2022 was another successful year for Easterly on many fronts. Easterly, either wholly owned or through its JV, acquired 7 properties, totaling just over 800,000 square feet of 100% government leased space. Staying true to our thesis of acquiring newer buildings with strong visibility of cash flows, the 2022 class of assets is both young and enduring. Based on the weighted average of an annualized lease income generated from these facilities, this subset of buildings averaged a construction delivery year of 2018 and has a lease expiration year of 2041.

謝謝，達雷爾。早上好。感謝您加入我們的第四季度財報電話會議。儘管資本市場的阻力越來越大，但 2022 年對於 Easterly 在許多方面來說又是成功的一年。 Easterly 全資或通過其合資企業收購了 7 處房產，總面積超過 800,000 平方英尺，100% 由政府租賃。堅持我們收購具有很強現金流可見性的新建築的論點，2022 年的資產類別既年輕又持久。根據這些設施產生的年化租賃收入的加權平均值，這部分建築物的平均施工交付年份為 2018 年，租賃到期年份為 2041 年。

As we have previously indicated, we are maintaining an active presence in the acquisition market, but we remain cautious because of the changing backdrop and rising cost of capital. Easterly will only do accretive deals. As the market is not there at the moment, we remain comfortable waiting. We will not grow the portfolio for the sake of growth, and we feel the strength of the in-place portfolio and visibility of cash flows with our U.S. government tenant distinguishes us from other office REITs in a significant way.

正如我們之前所指出的，我們在收購市場保持活躍，但由於不斷變化的背景和不斷上升的資本成本，我們仍然保持謹慎。 Easterly只會做增值交易。由於目前市場不存在，我們仍然可以安心等待。我們不會為了增長而擴大投資組合，我們認為現有投資組合的實力和我們美國政府租戶現金流的可見性使我們與其他寫字樓房地產投資信託基金有很大區別。

Other office REIT's earnings calls this quarter are centered around several themes, including work from home trends, building occupancy percentages, local market metal rates, subleasing activity and projected layoffs in various industries that might result in real estate downsizing. To be clear, these are not of concern at Easterly. We invest for the mission of the government's paramount and the federal employees need to work from our facility cannot be accomplished in their homes.

本季度其他寫字樓房地產投資信託基金的財報電話會議圍繞幾個主題展開，包括在家辦公趨勢、建築入住率、當地市場金屬利率、轉租活動以及可能導致房地產裁員的各行業預計裁員。需要明確的是，這些與 Easterly 無關。我們投資於政府至高無上的使命，聯邦僱員需要在我們的設施中工作，而他們無法在家中完成。

For those reasons, Easterly took a notable step in the fourth quarter of 2022 and executed its first portfolio disposition with an experienced private buyer of GSA leased real estate. The disposition portfolio was comprised of 10 buildings, approximately 668,000 leased square feet, with a weighted average age that was older than the remaining and now current portfolio. This sale enhanced the overall quality and NAV of the remaining Easterly portfolio, which in turn made those previously cited office challenges even less relevant for Easterly.

出於這些原因，Easterly 在 2022 年第四季度邁出了顯著的一步，與一位經驗豐富的 GSA 租賃房地產私人買家進行了首次投資組合處置。處置組合包括 10 棟建築物，約 668,000 平方英尺的租賃面積，加權平均年齡比剩餘的和現在的當前組合要舊。此次出售提高了其餘 Easterly 投資組合的整體質量和資產淨值，這反過來又使之前提到的辦公室挑戰與 Easterly 的相關性更低。

Another NAV-enhancing aspect of our business, our development arm, is making meaningful progress at our FDA Atlanta laboratory project. We have recently delivered our 65% CD submissions to the government and have started the process of procuring important materials like chillers and switchgear. We anticipate obtaining a permit for TI work this summer, and at that point, we'll begin TI construction.

我們業務的另一個 NAV 增強方面，即我們的開發部門，正在我們的 FDA 亞特蘭大實驗室項目中取得有意義的進展。我們最近向政府提交了 65% 的 CD 提交，並已開始採購冷卻器和開關設備等重要材料。我們預計今年夏天將獲得 TI 工作許可，屆時我們將開始 TI 建設。

We look forward to providing you with meaningful updates on future calls as we work towards building the FDA a brand-new state-of-the-art mission-critical laboratory space that sits on an initial 20-year noncancelable lease with the United States government. Turning to leasing updates. Our asset management team continued to perform in 2022 and executed on all major renewals for the year. Assets within this class included FBI Birmingham, EPA Kansas City, the DEA Drug Lab in Dallas, FBI Little Rock and ICE Louisville, all told, this represents over 320,000 leased square feet and approximately 4.7% of the company's annualized lease income in Q4 2022.

我們期待為您提供有關未來電話的有意義的更新，因為我們致力於將 FDA 建設成一個全新的最先進的關鍵任務實驗室空間，該空間與美國政府簽訂了最初 20 年不可取消的租約.轉向租賃更新。我們的資產管理團隊在 2022 年繼續表現出色，並執行了當年的所有重大續約。此類資產包括 FBI 伯明翰、EPA 堪薩斯城、達拉斯的 DEA 藥物實驗室、FBI 小石城和 ICE 路易斯維爾，總而言之，這代表了超過 320,000 平方英尺的租賃面積，約占公司 2022 年第四季度年化租賃收入的 4.7%。

And on top of their success in renewing expiring assets in 2022, the asset management team continues to execute on another important aspect of the business, our tenant reimbursable projects. As a reminder, these projects include tenant-funded improvements that keep our buildings at peak performance and enable facilities to continue to help fulfill the important mission of the underlying tenant agencies.

除了在 2022 年成功更新到期資產之外，資產管理團隊繼續執行業務的另一個重要方面，即我們的租戶可償還項目。提醒一下，這些項目包括租戶資助的改進，這些改進使我們的建築物保持最佳性能，並使設施能夠繼續幫助完成基本租戶機構的重要使命。

In total, just under 14 million of these government-funded projects were approved in 2022, from which Easterly earns a project management fee. Examples of such approved projects in 2022 include a guard jack replacement at FBI Pittsburgh, a test bay construction project at JSC Suffolk, perimeter fencing and gate installation at USCG Martinsburg, our pharmacy conversion project at VA - Mobile and the installation of new EV charging stations at DOT Lakewood. I congratulate the asset management team on all their success this past year as they work to extend the weighted average remaining lease term of our portfolio and increase our visibility of cash flows.

2022 年，這些政府資助的項目中總共有將近 1400 萬個項目獲得批准，Easterly 從中獲得了項目管理費。 2022 年此類獲批項目的示例包括 FBI 匹茲堡的警衛千斤頂更換、JSC Suffolk 的試驗台建設項目、USCG Martinsburg 的周邊圍欄和大門安裝、我們在 VA - Mobile 的藥房改造項目以及新電動汽車充電站的安裝在 DOT 萊克伍德。我祝賀資產管理團隊在過去一年取得的所有成功，因為他們努力延長我們投資組合的加權平均剩餘租期並提高我們的現金流可見度。

In closing, this has been an important year for Easterly. We've added bullseye assets, both wholly owned and through the JV, increasing the overall quality of our portfolio. We've made significant strides in our environmental sustainability and corporate responsibility efforts through the publication and establishment of formal environmental and social goal setting in our inaugural ESG report. We've executed on the company's first portfolio disposition, which simultaneously strengthened the company's balance sheet and portfolio profile and renewed our largest 2022 lease expirations for a weighted average duration of 19.3 years, reflecting the value the government sees in these facilities and providing the company with increased certainty and duration of cash flow.

最後，今年對 Easterly 來說是重要的一年。我們增加了全資和通過合資企業擁有的靶心資產，從而提高了我們投資組合的整體質量。通過在我們的首份 ESG 報告中發布和建立正式的環境和社會目標設定，我們在環境可持續性和企業責任方面取得了重大進展。我們已經執行了公司的第一個投資組合處置，同時加強了公司的資產負債表和投資組合概況，並將我們最大的 2022 年租約到期續期，加權平均期限為 19.3 年，反映了政府對這些設施的價值，並為公司提供隨著現金流的確定性和持續時間的增加。

The future looks bright at Easterly. There are undoubtedly challenges in the short term with a rising cost of capital and a slow transaction market but the underlying fundamentals of the business are strong. Our NOI is solid. And to echo Darrell's sentiment, if the world sees us as an office REIT, then unthankful our smartest investors and analysts recognize the clear distinction between us and our office brethren.

Easterly 的未來看起來一片光明。隨著資本成本上升和交易市場放緩，短期內無疑存在挑戰，但業務的基本面依然強勁。我們的 NOI 是可靠的。為了回應 Darrell 的觀點，如果世界將我們視為辦公室房地產投資信託基金，那麼我們最聰明的投資者和分析師就會意識到我們與辦公室兄弟之間的明顯區別。

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

有了這個，我感謝你今天早上的時間，我會把電話轉給梅根來討論季度和年終的財務業績。

Thank you, Bill. Good morning, everyone. As the market settles into a new interest rate environment and the opportunities for external growth remain muted, the strength of our balance sheet comes into greater focus. I'm happy to share the actions we've taken over 2022 and early in 2023 to recycle capital, enhance our leverage profile, reduce our floating rate exposure and position ourselves for opportunities to come.

謝謝你，比爾。大家，早安。隨著市場進入新的利率環境，外部增長機會依然渺茫，我們資產負債表的實力變得更加受關注。我很高興分享我們在 2022 年和 2023 年初採取的行動，以回收資本、提高我們的槓桿率、減少我們的浮動利率風險並為即將到來的機會做好準備。

As of year-end 2022, we own 86 operating properties, comprising approximately 8.7 million leased square feet, either wholly owned or through our joint venture, with a weighted average age of 13.8 years and a weighted average remaining lease term of 10.3 years. For the fourth quarter, all on a fully diluted basis, net income per share was $0.18 and FFO per share was $0.30 and FFO as adjusted per share was $0.29. Our cash available for distribution was $21.7 million.

截至 2022 年底，我們擁有 86 處經營物業，包括約 870 萬平方英尺的租賃，無論是全資擁有還是通過我們的合資企業，加權平均年齡為 13.8 年，加權平均剩餘租期為 10.3 年。第四季度，在完全稀釋的基礎上，每股淨收入為 0.18 美元，每股 FFO 為 0.30 美元，調整後的每股 FFO 為 0.29 美元。我們可供分配的現金為 2170 萬美元。

For the year ended December 31, 2022, all on a fully diluted basis, net income per share was $0.35, FFO per share was $1.27, an FFO as adjusted per share was $1.26. Our cash available for distribution was $108.5 million. At year-end, the company had total indebtedness of approximately $1.3 billion, representing a net debt to annualized quarterly pro forma EBITDA ratio of 7.1x. With over $384 million in capacity on our line of credit, in the fourth quarter, we completed the sale of the 10 properties disposition portfolio, the net proceeds from which were used to pay down outstanding debt obligations. As a result of the transaction, we also extinguished a mortgage with a rate well above the company's weighted average at MEPCOM, Jacksonville. This sale reduced the company's floating rate exposure from 14.1% to 6.5% of all outstanding debt obligations and added capacity for future acquisitions and development-related expenses by recycling non-bullseye assets.

截至 2022 年 12 月 31 日止年度，在完全攤薄的基礎上，每股淨收入為 0.35 美元，每股 FFO 為 1.27 美元，調整後的每股 FFO 為 1.26 美元。我們可供分配的現金為 1.085 億美元。截至年底，該公司的總負債約為 13 億美元，淨債務與年化季度備考 EBITDA 之比為 7.1 倍。憑藉超過 3.84 億美元的信貸額度，我們在第四季度完成了 10 個資產處置組合的出售，所得款項淨額用於償還未償債務。作為交易的結果，我們還取消了抵押貸款，其利率遠高於公司在傑克遜維爾 MEPCOM 的加權平均利率。此次出售將公司的浮動利率敞口從所有未償債務的 14.1% 減少到 6.5%，並通過回收非靶心資產增加了未來收購和開發相關費用的能力。

Subsequent to quarter end, we took another important step to manage our cost of capital in an uncertain interest rate environment. Easterly recognizes that floating rate exposure in our debt stack works against our universal strategy of being the REIT that delivers predictability to our shareholders. With that in mind, we elected to proactively and opportunistically enter into forward starting interest rate swaps to fix the interest rates on $300 million of our 2016 and 2018 term loan, including the anticipated additional $50 million of delayed draw funds from our 2018 term loan.

在季度末之後，我們採取了另一個重要步驟來在不確定的利率環境中管理我們的資本成本。 Easterly 認識到我們債務堆棧中的浮動利率敞口與我們成為 REIT 的通用戰略背道而馳，該戰略為我們的股東提供了可預測性。考慮到這一點，我們選擇主動和機會主義地進行遠期起始利率互換，以固定我們 2016 年和 2018 年定期貸款中 3 億美元的利率，包括預計從 2018 年定期貸款中延遲提取的額外 5000 萬美元資金。

On February 3, 2023, we entered into forward starting SOFR-based swaps, each with a notional $100 million value. The first tranche has an effective date of June 23, 2023, and an 18-month duration with a fixed rate of 4.18%. The second tranche has an effective date of June 23, 2023, and the 21 months duration with a fixed rate of 4.01%. The third tranche has an effective date of September 29, 2023, and a 21-month duration with a fixed rate of 3.7%.

2023 年 2 月 3 日，我們進行了遠期啟動的基於 SOFR 的掉期交易，每筆名義價值為 1 億美元。第一部分的生效日期為 2023 年 6 月 23 日，期限為 18 個月，固定利率為 4.18%。第二期的生效日期為 2023 年 6 月 23 日，期限為 21 個月，固定利率為 4.01%。第三批的生效日期為 2023 年 9 月 29 日，期限為 21 個月，固定利率為 3.7%。

By executing these swaps, we have infused an even greater degree of visibility into our debt stack by managing our exposure to interest rate movements. As a result of the interest rate swaps entered into on February 3, the company extended the maturity of its interest rate swaps from a weighted average maturity of less than 6 months to a weighted average maturity of over 25 months, effectively extending the certainty of the company's fixed rate 2016 and 2018 term loan scheduled by more than 19 months.

通過執行這些互換，我們通過管理利率變動的風險，為我們的債務堆棧注入了更大程度的可見性。由於2月3日簽訂的利率互換協議，公司將其利率互換期限從加權平均期限不足6個月延長至加權平均期限超過25個月，有效延長了利率互換的確定性。公司的固定利率 2016 年和 2018 年定期貸款計劃超過 19 個月。

Another important metric reflecting Easterly's underlying strength is its liquidity and access to capital. As previously mentioned, we believe there may be the potential to help distress developers with over $434 million in debt capacity and just under $93 million in unsettled forward equity, Easterly has ample opportunity to execute on accretive deals without needing to go to the capital markets.

反映 Easterly 潛在實力的另一個重要指標是其流動性和獲得資本的機會。如前所述，我們認為 Easterly 有可能幫助債務能力超過 4.34 億美元且未結算遠期股權略低於 9300 萬美元的陷入困境的開發商，Easterly 有充足的機會執行增值交易而無需進入資本市場。

And finally, before turning to our earnings guidance, allow me to spend a moment highlighting our re-leasing successes as of year-end. As previously mentioned, due to the unique nature of our leases, final renewal rents cannot be ascertained until the exact amount of tenant improvement or TI dollars required by the government at renewal as known and the TI work is complete.

最後，在談到我們的收益指引之前，請允許我花點時間強調一下我們截至年底的轉租成功案例。如前所述，由於我們租約的獨特性，最終續約租金無法確定，直到租戶改善的確切金額或政府在續約時要求的 TI 美元為已知且 TI 工作完成。

As such, there can be a lag in providing re-leasing data relative to the point at which we have signed a renewal lease. As of December 31, 2022, we had executed 13 renewals for which the renewal TI work was complete and accepted by the government. This 13 includes PTO Arlington and IRS Fresnel. When we exclude PTO Arlington and IRS Fresnel, the average rent spread achieved on the remaining 11 renewals was 8%, including approximately $18 per square foot of TI utilized by the government.

因此，相對於我們簽署續租合同的時間點，提供轉租數據可能會有滯後。截至 2022 年 12 月 31 日，我們已經執行了 13 次更新，其中更新 TI 工作已經完成並被政府接受。這 13 個包括 PTO Arlington 和 IRS Fresnel。當我們排除 PTO Arlington 和 IRS Fresnel 時，剩餘 11 次續約的平均租金差為 8%，包括政府使用的每平方英尺 TI 約 18 美元。

The average total renewal term for these 11 renewal leases was 15 years.

這 11 份續約的平均總續約期限為 15 年。

I can also share that we currently expect our single-tenant bullseye properties that have renewed, but for which the new lease has not yet commenced or for which it has commenced, but the TI has not yet been accepted by the government to realize an average renewal rent spread of approximately 26%. This group of assets totaled 650,677 square feet across 11 properties and each have renewed for total lease terms of between 15 and 20 years with an average of 17.6 years.

我還可以分享一下，我們目前預計我們的單租戶 bullseye 物業已經續約，但新租約尚未開始或已經開始，但 TI 尚未被政府接受以實現平均續約租金差幅約為 26%。這組資產共計 650,677 平方英尺，涉及 11 處房產，每處都續簽了 15 至 20 年的總租期，平均為 17.6 年。

Finally, I will conclude with our earnings guidance for 2023. Beginning this year and on a go-forward basis, we will be transitioning our guidance to a core FFO metric. Core FFO, adjusted FFO, as defined by NAREIT, to present an alternative measure of the company's operating performance, which when applicable, excludes items which we believe are not representative of ongoing results. Examples of such exclusions include liability management related costs, including losses on extinguishment of debt, catastrophic event charges and depreciation of non-real estate assets.

最後，我將以我們 2023 年的收益指導作為結尾。從今年開始，我們將在未來的基礎上將我們的指導轉變為核心 FFO 指標。核心 FFO，調整後的 FFO，由 NAREIT 定義，以提供公司經營業績的替代衡量標準，如果適用，不包括我們認為不代表持續結果的項目。此類排除的示例包括負債管理相關成本，包括債務清償損失、災難性事件費用和非房地產資產折舊。

For fiscal year 2022 on a fully diluted basis, the company's FFO per share was $1.27 and its core FFO per share was $1.28. The company is introducing its guidance for full year 2023 core FFO per share on a fully diluted basis in a range of $1.12 to $1.15. This guidance assumes the closing of VA - Corpus Christi, a property within the VA Portfolio, at the company's pro rata share of approximately $21 million and up to $15 million of gross development-related investment during 2023.

在完全稀釋後的 2022 財年，該公司的每股 FFO 為 1.27 美元，其核心 FFO 為每股 1.28 美元。該公司將在完全攤薄的基礎上推出其 2023 年全年核心 FFO 指導，範圍為 1.12 美元至 1.15 美元。本指南假設 VA - Corpus Christi 是 VA Portfolio 中的一處房產，在 2023 年期間按公司的比例份額約 2100 萬美元和高達 1500 萬美元的開發相關投資總額關閉。

At this time, our guidance incorporates the dilution from the disposition of our 10-property portfolio, but does not yet assume any wholly owned acquisitions for the year. We look forward to redeploying that recycled capital at higher cap rates when the market stabilizes. We will be sure to keep everyone informed if we begin to see strengthening opportunities to transact in this market. With that, we thank you for your commitment to our thesis and appreciate your partnership. I will now turn the call back to Shannon.

目前，我們的指引包含了處置我們 10 個物業組合的攤薄，但尚未假設今年有任何全資收購。我們期待在市場穩定時以更高的資本化率重新部署回收資本。如果我們開始看到在這個市場上交易的機會越來越多，我們一定會讓每個人都了解情況。有了這個，我們感謝您對我們論文的承諾，並感謝您的合作夥伴關係。我現在將電話轉回香農。

(Operator Instructions) Our first question is from Michael Griffin with Citi.

（操作員說明）我們的第一個問題來自花旗的邁克爾格里芬。

Meghan, maybe starting back on 2023 guidance. I was curious if you could give some color around maybe some of the other moving pieces. I think about maybe operating expense for the year, kind of interest expense, G&A, any color you can kind of give around that sort of bridge the delta between '22 full year and the expectation for '23?

梅根，也許從 2023 年的指南開始。我很好奇你是否可以在其他一些移動的部分周圍塗上一些顏色。我想可能是今年的運營費用，利息費用，G＆A，你可以給那種橋樑提供任何顏色，即 22 全年和 23 年預期之間的增量？

Good morning, Michael. What I would remind everyone of is that the disposition, obviously, in the low 7 cap rate range, contributed approximately $15 million of NOI on an annualized basis last year. And the debt that we were -- that was available for repayment with that disposition was running at about a 2.5% interest rate annualized last year. When we think of the bridge of removing that and then getting to our 2023 guidance, the residual is coming from inflationary expectations in the environment on both our commodities and our people cost.

早上好，邁克爾。我要提醒大家的是，顯然，在低 7 上限率範圍內，去年按年化計算貢獻了大約 1500 萬美元的 NOI。我們的債務——可以通過這種處置償還的債務去年的年化利率約為 2.5%。當我們考慮消除它然後達到我們的 2023 年指導的橋樑時，殘留物來自環境中對我們的商品和我們的人員成本的通脹預期。

Okay. Great. And then just on transaction expectations, I mean, it seems pretty muted for at least the outset of 2023. I'm just wondering if you're seeing any assets out there trading in the market. I seem to recall a VA asset that might have been in your wheelhouse trade sort of recently. But Bill, maybe any commentary or clarity you could give around you buyer expectations, seller expectations, that would be pretty helpful?

好的。偉大的。然後就交易預期而言，我的意思是，至少在 2023 年初似乎相當低迷。我只是想知道你是否看到市場上有任何資產在交易。我似乎記得最近可能在您的操舵室交易中使用過的 VA 資產。但是比爾，也許你可以就買家的期望、賣家的期望發表任何評論或澄清，這會很有幫助嗎？

No, absolutely. Good morning, Michael. I'm looking forward to seeing you next week. On those assets, there have not been really any assets within our bullseye of trade. And I think it's important to mention to note that there were 2 VA assets that did trade. One of them not being tax compliant. And as you may know, I think we've discussed all of our VA facilities are -- especially all the ones in our new portfolio are tax compliant, which is a requirement of the VA going forward.

不，絕對。早上好，邁克爾。我期待著下週見到你。在這些資產上，我們的交易靶心內實際上沒有任何資產。而且我認為重要的是要注意有 2 種 VA 資產進行了交易。其中之一不符合稅收規定。正如您所知，我認為我們已經討論了我們所有的 VA 設施——尤其是我們新投資組合中的所有設施都符合稅收規定，這是 VA 未來的要求。

And as you know, if we don't see at least another couple of lease turns left in that building, we're not going to buy it. So that property would not qualify just on underwriting a loan to be within our portfolio. So that's why we did and they came as a pair. So that's why we did not participate.

如您所知，如果我們看不到該建築物至少還剩下幾個租約，我們就不會購買它。因此，僅憑承銷貸款就可以將財產納入我們的投資組合。所以這就是我們這樣做的原因，他們成對出現了。所以這就是我們沒有參加的原因。

And Bill, where would cap rates have to get to in or to get you more, I don't know, accretive acquisitive, so to say?

比爾，資本化率必須從哪裡進入或讓你獲得更多，我不知道，可以這麼說嗎？

Well, I think it's interesting. We've obviously spent a lot of time. We had a great meeting with all of the top brokers in the sector earlier in this year. And as Darrell mentioned earlier in the call, I think we're seeing movement between the sellers and the buyers. I think you're going to see in the high 6s to 7 is probably where you're going to see us execute. And I think we haven't quite gotten there yet, but I'm sure we will.

好吧，我覺得這很有趣。我們顯然花了很多時間。今年早些時候，我們與該行業的所有頂級經紀商舉行了一次精彩的會議。正如達雷爾早些時候在電話中提到的那樣，我認為我們看到了買賣雙方之間的動向。我想你會看到在高 6s 到 7 可能是你會看到我們執行的地方。我認為我們還沒有完全到達那裡，但我相信我們會的。

And you can be rest assured that we are participating in anything we see. We're traveling around. We're visiting everything, talking to all the owners. As you recall, we actually have the luxury of knowing all the owners within our space and are confident that we'll be able to do something. But as you mentioned, it's a little slow right now.

你可以放心，我們正在參與我們看到的任何事情。我們四處旅行。我們正在參觀一切，與所有業主交談。正如您所記得的，我們實際上有幸認識我們空間內的所有所有者，並且有信心我們能夠做一些事情。但正如你提到的，它現在有點慢。

(Operator Instructions) Our next question comes from the line of Peter Abramowitz with Jefferies.

（操作員說明）我們的下一個問題來自 Peter Abramowitz 與 Jefferies 的合作。

Just one. I wanted to ask about the acquisition guidance. I noticed that you said it will be Corpus Christi that closed this year. Sorry, if I missed this. Have you closed Jacksonville yet as well? Or is that assumed later on?

只有一個。我想問一下收購指南。我注意到你說今年將關閉 Corpus Christi。對不起，如果我錯過了這個。你也關閉傑克遜維爾了嗎？還是後來假設的？

No, we have not closed Jacksonville. That is assumed to be later on at this point.

不，我們沒有關閉傑克遜維爾。假設在這一點上稍後。

Okay. So that won't be in '23. Got it. And then, I guess, I'm just trying to get a sense here, but also on the acquisition guide, it assumes none beyond Corpus Christi. But I think Darrell's comments were pretty positive that the market is starting to open back up. So just trying to get a sense of how, kind of, is that -- would you say the guide is just more on the conservative side and you just are waiting for things to open up?

好的。所以那不會出現在 23 年。知道了。然後，我想，我只是想在這裡了解一下，而且在收購指南中，它假設沒有超出 Corpus Christi 的範圍。但我認為達雷爾的評論非常積極，市場開始重新開放。所以只是想了解一下，那是——你會說指南更保守，你只是在等待事情的發展嗎？

Yes. I'd say that it's not a surprise, I think, conservative in Easterly Government Properties are probably synonymous in a lot of ways. And so the last thing we need to do is get everybody revved up. I think we've always tried to over deliver. So you can be rest assured that when the market does open up, we will be participating if not driving it.

是的。我想說這並不奇怪，我認為，東風政府財產中的保守派可能在很多方面都是同義詞。所以我們需要做的最後一件事就是讓每個人都振作起來。我認為我們一直試圖過度交付。因此，您可以放心，當市場開放時，即使不推動，我們也會參與。

So -- but I can tell you that I think Darrell is correct. It is moving in the right direction, but the velocity is very marginal right now.

所以——但我可以告訴你，我認為 Darrell 是正確的。它正朝著正確的方向發展，但目前的速度非常有限。

I Would now like to turn the conference back to Darrell Crate, Chairman of Easterly Government Properties for closing remarks.

現在，我想將會議轉回 Easterly Government Properties 主席達雷爾·克拉特 (Darrell Crate) 的閉幕詞。

Great. Thank you, everyone, for joining the Easterly Government Properties Fourth Quarter 2022 Conference Call. I'd like to thank our Board, our vendors, our shareholders and particularly our Easterly team for their dedication and support during the year. We hope this call has been helpful, and we look forward to speaking with you all again soon.

偉大的。感謝大家參加 2022 年第四季度東部政府財產電話會議。我要感謝我們的董事會、我們的供應商、我們的股東，特別是我們的 Easterly 團隊在這一年中的奉獻和支持。我們希望這次電話對您有所幫助，我們期待很快再次與大家交談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。