Easterly Government Properties Inc (DEA) 2024 Q4 法說會逐字稿

Greetings. Welcome to Easterly Government Properties fourth-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

問候。歡迎參加 Easterly Government Properties 2024 年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

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

現在，我想將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 are as reflected in any forward-looking statements are reasonable, it can give no assurance that these expectations will be attained or achieved.

早安.在電話會議開始之前，請注意，本次電話會議中所做的某些陳述可能包括非歷史事實的陳述，並被視為《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。儘管公司認為任何前瞻性陳述中所反映的預期都是合理的，但無法保證這些預期將會實現。

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 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聲明中所述的結果有重大差異，並會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向美國證券交易委員會提交的 10-K 表格和其他美國證券交易委員會文件中包含的風險和因素。該公司不承擔公開更新任何前瞻性聲明的義務。

Additionally, on this conference call, the company may refer to certain non-GAAP financial measures, such as funds from operations, core funds from operations, and cash available for distribution. You can find a 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，本公司可能會提及某些非公認會計準則財務指標，例如營運資金、核心營運資金和可供分配的現金。您可以在公司網站 ir.easterlyreit.com 的投資者關係頁面上找到這些非 GAAP 財務指標與公司收益報告和單獨的補充資訊包中最具可比性的當前 GAAP 數據的表格對帳表。

I'd now like to turn the conference call over to Darrell Crate, President and CEO of Easterly Government Properties.

現在，我想將電話會議轉給 Easterly Government Properties 總裁兼執行長 Darrell Crate。

Thank you, Lindsay. Good morning, everyone, and thanks for joining us for this fourth-quarter 2024 conference call. We are in the midst of a shift in how government will function. Some of the headlines are dramatic, the actions we see show us that the change is real, and we're pleased to say that we have been underwriting to DOGE before DOGE since we founded the company.

謝謝你，林賽。大家早安，感謝您參加 2024 年第四季電話會議。我們正處於政府運作方式的轉變之中。一些標題非常引人注目，我們看到的行動表明變化是真實的，我們很高興地說，自從我們成立公司以來，我們一直在 DOGE 之前為 DOGE 提供承保。

What I mean is that we have been focused on truly mission-critical facilities in agencies that align with what the American people would imagine their government does well: law enforcement, care for veterans, protecting the food and legal drug supply just to name a few. We're pleased to share the progress we've made in strengthening our partnerships with the government's mission-critical agencies.

我的意思是，我們一直專注於真正關鍵的設施，這些設施位於與美國人民想像中的政府做得好的事情相一致的機構中：執法、照顧退伍軍人、保護食品和合法藥品供應，僅舉幾例。我們很高興分享我們在加強與政府關鍵任務機構的合作方面取得的進展。

The Department of Government Efficiency, or DOGE, has made speedy progress in cutting wasteful spending across federal agencies and optimizing expenditures on its real estate portfolio. DOGE's message to the American people is clear, taxpayer funds must be utilized on government functions critical to the safety and well-being of the country.

政府效率部（DOGE）在削減聯邦機構的浪費性開支和優化房地產投資組合支出方面取得了迅速進展。DOGE 向美國人民傳達的訊息很明確，納稅人的資金必須用於對國家安全和福祉至關重要的政府職能。

Its real estate portfolio is no exception. As a private sector specialist, we have a long time proven track record of delivering cost efficiencies to the agencies that we serve. Through the GSA, the federal government owns over 1,500 buildings. The average age of its owned facilities is over 50 years, and it holds over $80 billion in deferred maintenance and repair liabilities as of fiscal year 2022.

其房地產投資組合也不例外。作為私營部門的專家，我們長期以來一直致力於為我們服務的機構提供成本效益方面的服務。透過 GSA，聯邦政府擁有超過 1,500 棟建築。其所擁有設施的平均使用年限超過 50 年，截至 2022 財年，其遞延維護和維修負債超過 800 億美元。

This is a remarkable 57% increase from just five years earlier. This exists in stark contrast to our portfolio of state-of-the-art Class A assets, which hold a weighted average age of 15.7 years. These figures underscore the importance of the GSA's outlook as published on February 12 of this year. The GSA states in its press release, optimizing the GSA's real estate portfolio prioritizes reducing our deferred maintenance liabilities, supporting the return to office of federal employees and taking advantage of a stronger private government partnership in managing the workforce in the future.

與五年前相比，這一數字成長了 57%，十分驚人。這與我們最先進的 A 類資產組合形成了鮮明對比，該資產組合的加權平均年齡為 15.7 年。這些數字強調了今年 2 月 12 日發布的 GSA 展望的重要性。GSA 在新聞稿中表示，優化 GSA 的房地產投資組合的優先事項是減少我們的遞延維護負債、支持聯邦僱員重返辦公室以及利用更強大的私人政府合作夥伴關係來管理未來的勞動力。

As a private sector partner to the GSA, we have championed government efficiency long before DOGE was created. Take our development projects at the FDA, for example, we estimate we can deliver a laboratory to the government 3 times cheaper and notably faster than it would cost for the government to develop and own it itself. The GSA and DOGE have recognized the value in federally leased real estate as a source of cost efficiency for taxpayers, and we are uniquely positioned to help them deliver quickly.

身為 GSA 的私部門合作夥伴，我們早在 DOGE 成立之前就一直倡導政府效率。以我們在 FDA 的開發項目為例，我們估計，我們向政府交付一個實驗室的成本比政府自己開發和擁有實驗室的成本要低 3 倍，而且速度要快得多。美國總務管理局 (GSA) 和美國能源部 (DOGE) 已經認識到聯邦租賃房地產作為納稅人成本效益來源的價值，而我們擁有獨特的優勢來幫助他們快速實現這一目標。

Thomas Shedd, the GSA's Deputy Federal Acquisition Service Commissioner and Director of Technology Transformation Services recently echoed this sentiment directly to his staffers, stating the intention of the GSA and the whole federal government is to reduce the number of old buildings that are owned with high liabilities in favor of newer leased buildings which can be more flexible and are more modern.

美國總務管理局聯邦採購服務副專員兼技術轉型服務主管 Thomas Shedd 最近向他的工作人員直接表達了這種觀點，他表示，美國總務管理局和整個聯邦政府的意圖是減少負債累累的舊建築的數量，轉而青睞更靈活、更現代化的新型租賃建築。

While we see DOGE in the headlines, as we've said, we believe mission-critical properties will continue to be an important and ongoing component of the government real estate portfolio. As evidenced by that, just last week, we renewed a 33,000-square-foot firm term noncancelable lease for the US Army Corps of Engineers in Portland, Oregon. While typically immaterial to our investors, we believe this execution is significant given the renewed emphasis on government efficiency. Allison will go into this later on our call, but 95% of our portfolio today is comprised of firm term leases, and we look forward to strengthening its weighted average lease term under this new administration.

儘管我們在頭條新聞中看到了 DOGE，但正如我們所說，我們相信關鍵任務資產將繼續成為政府房地產投資組合中重要且持續的組成部分。有證據表明，就在上週，我們與俄勒岡州波特蘭市的美國陸軍工程兵團續約了一份 33,000 平方英尺的不可取消的固定期限租約。雖然這對我們的投資者來說通常並不重要，但我們認為，鑑於對政府效率的重新重視，這項執行意義重大。艾莉森將在稍後的電話會議上討論這個問題，但我們今天的投資組合中有 95% 是由固定期限租賃組成的，我們期待在新政府的領導下加強其加權平均租賃期限。

A second emerging theme with DOGE is the redistribution of government spending away from Washington. Recently confirmed FBI Director, Kash Patel, stated that he will relocate 1,500 agents from the DC headquarters to field offices like ours across the country. This should help the FBI fulfill its essential role in tackling high-profile crime from homicides to terror threats, drug enforcement, gang violence, and more. From Salt Lake City, Utah to Albany, New York, our FBI field offices have been housing these operations all along, and we look forward to supporting the agency as it increases its footprint across the country.

DOGE 出現的第二個主題是政府支出從華盛頓轉移的再分配。最近上任的聯邦調查局局長卡什·帕特爾表示，他將把 1,500 名特工從華盛頓特區總部遷至全國各地的外地辦事處。這將有助於聯邦調查局履行其在打擊從兇殺到恐怖威脅、禁毒、幫派暴力等重大犯罪方面的重要職責。從猶他州鹽湖城到紐約州奧爾巴尼，我們的聯邦調查局外地辦事處一直負責這些行動，我們期待支持該機構擴大其在全國範圍內的影響力。

As DOGE addresses the inefficiencies that exist in the thicket of the federal bureaucracy, we've continued to execute accretive acquisitions with a renewed emphasis on the cost savings value proposition we deliver to our government agency partner. We closed 10 new assets, either wholly owned or through our joint venture, in 2024. We also materially expanded our total addressable market through leasing to investment-grade government adjacent tenants like Northrop Grumman. And we expect our exposure in the sector to expand as defense-focused corporations demonstrate a consistent demand for secure facilities to fulfill their government contracts.

在 DOGE 解決聯邦官僚機構中存在的低效率問題的同時，我們繼續執行增值收購，並重新強調我們向政府機構合作夥伴提供的成本節約價值主張。2024 年，我們透過全資或合資方式完成了 10 項新資產的收購。我們也透過向諾斯羅普·格魯曼等投資級政府鄰近租戶出租，大幅擴大了我們的總目標市場。而且，隨著以國防為重點的公司為履行政府合約而表現出對安全設施的持續需求，我們預計我們在該領域的曝光度將會擴大。

We remain focused on growing the portfolio, executing accretive lease renewals, and acquiring buildings that add value to our shareholders. We believe we're well positioned to execute these stated priorities. Thank you again for taking the time to join us this morning.

我們將繼續專注於擴大投資組合、執行增值租約續約以及收購可為股東增值的建築。我們相信，我們有能力執行這些既定的優先事項。再次感謝您今天早上抽出時間參加我們的活動。

And with that, I'll turn the call over to Allison Marino, our Chief Financial and Chief Accounting Officer.

接下來，我將把電話轉給我們的財務兼首席會計官 Allison Marino。

Thanks, Darrell. Good morning, everyone. I'm pleased to report the financial results for the fourth quarter and full year 2024. For the quarter, both on a fully diluted basis, net income per share was $0.05 and core FFO per share grew 3% year over year end with $0.29. Our cash available for distribution was $25.1 million. For the year, also both on a fully diluted basis, net income per share was $0.19, and core FFO met the upper end of our raised guidance at $1.17. Our cash available for distribution was $100.9 million.

謝謝，達雷爾。大家早安。我很高興報告 2024 年第四季和全年的財務表現。本季度，以完全稀釋後計算，每股淨收入為 0.05 美元，每股核心 FFO 較去年末成長 3%，至 0.29 美元。我們可供分配的現金為 2,510 萬美元。就本年度而言，以完全稀釋後計算，每股淨利潤為 0.19 美元，核心 FFO 達到我們上調後的預期上限 1.17 美元。我們可供分配的現金為 1.009 億美元。

In 2024, we successfully delivered 3% earnings growth, a direct result of cultivating a robust pipeline of opportunities. A critical element of this success has been our ability to expand our total addressable market, opening new avenues for growth in the state and local and government-adjacent space while maintaining our disciplined approach to portfolio management. This expansion not only enhances our near-term prospects but positions us strongly for continued long-term value creation. As Darrell mentioned, a cornerstone of our strategy is the recognition that our current portfolio of assets is considered mission-critical. Many of the government operations we serve are dependent on the continued functionality of our real estate with key tenants relying on these spaces to perform essential work.

2024 年，我們成功實現了 3% 的獲利成長，這是培育強勁機會管道的直接結果。這項成功的關鍵因素是我們能夠擴大我們的整體目標市場，為州、地方和政府鄰近領域的成長開闢新的途徑，同時保持我們對投資組合管理的嚴謹方法。此次擴張不僅增強了我們的近期前景，也為我們持續創造長期價值奠定了堅實的基礎。正如達雷爾所提到的，我們策略的基石是認識到我們當前的資產組合被視為關鍵任務。我們服務的許多政府業務都依賴我們房地產的持續運作，主要租戶依靠這些空間來進行基本工作。

This unique characteristic further solidifies the resilience of our business as the demand for our mission-critical properties continues to outperform commodity government office. Subsequent to quarter end, we amended our $100 million senior unsecured term loan agreement originally executed in 2016. By doing this, we have successfully extended the maturity date of the loan from 2025 to 2028.

由於我們對關鍵任務資產的需求持續超過商品管理辦公室，因此這項獨特特性進一步鞏固了我們業務的彈性。季度末之後，我們修改了最初於 2016 年簽訂的 1 億美元高級無擔保定期貸款協議。透過此舉，我們成功將貸款到期日從 2025 年延長至 2028 年。

Additionally, we have secured two one-year extension options, which could extend the maturity date to 2030, subject to certain conditions. We also increased the borrowing capacity available through the accordion feature, providing us with greater flexibility moving forward. We believe this amendment underscores the strength of our banking relationships and the stability of our balance sheet.

此外，我們還獲得了兩個為期一年的延期選擇權，在某些條件下可以將到期日延長至 2030 年。我們也透過手風琴功能增加了可用的借貸能力，為我們未來的發展提供了更大的靈活性。我們相信，此項修訂凸顯了我們銀行關係的強度和資產負債表的穩定性。

Thanks to these favorable terms, we can now focus even more intently on executing our disciplined investment strategy and continuing to drive long-term growth for our shareholders. Additionally, in connection with the amended term loan, we entered into an interest rate swap that provides greater certainty around our rate exposure. These moves will strengthen our ability to pursue our strategic goals.

由於這些優惠條件，我們現在可以更專注於執行我們嚴謹的投資策略，並繼續為股東推動長期成長。此外，結合修改後的定期貸款，我們簽訂了利率互換協議，從而提高了我們的利率風險確定性。這些舉措將增強我們實現策略目標的能力。

Further, as is customary on our fourth-quarter earnings call, we'd like to discuss our re-leasing successes as of year-end. But before doing so, I'd like to remind the audience of the underlying fundamentals behind the GSA or a VA lease within the US government. There have been a lot of questions circulating in the news about the government's ability to cancel a lease, so here are the facts as it relates to our leases.

此外，按照我們第四季財報電話會議上的慣例，我們想討論截至年底的重新租賃成功情況。但在此之前，我想提醒聽眾了解美國政府內部 GSA 或 VA 租賃背後的基本原則。新聞中流傳著許多關於政府取消租約的能力的疑問，因此這裡列出與我們的租約相關的事實。

This is not necessarily true for a defense lease, so please keep that in mind. A GSA or a VA lease can be structured in one of two ways. First, it can be a firm term lease or noncancelable for the entirety of the term or second, it can be a combination of firm term and soft term. A typical example you'll see is a 20-year lease with a 15-year firm term. If the lease is in firm term, the GSA cannot unilaterally cancel the lease.

對於國防租賃來說，這並不一定正確，所以請記住這一點。GSA 或 VA 租賃可以兩種方式建構。首先，它可以是固定期限租賃或整個租賃期間內不可取消的租賃；其次，它可以是固定期限和軟期限的組合。您會看到一個典型的例子是，租賃期為 20 年，其中固定期限為 15 年。如果租約期限已確定，GSA 不能單方面取消租約。

To do so unilaterally would be the equivalent of a government default. When a lease is in soft term, the government is allowed to terminate its lease but because our assets are so young and important to key government agencies, the company believes this does not pose a significant risk to the portfolio. As of quarter end, roughly 5% of the portfolio's annualized lease income is in soft term, and we feel comfortable with the ongoing need for those facilities. The weighted average remaining lease term of the entire portfolio is exactly 10 years. If you back out the portions of the portfolio that have soft term, the weighted average remaining lease term is still a healthy 8.6 years.

單方面這樣做就等於政府違約。當租約處於軟租期時，政府可以終止租約，但由於我們的資產非常年輕，且對主要政府機構來說很重要，因此公司認為這不會對投資組合構成重大風險。截至季末，該投資組合的年化租賃收入中約有 5% 屬於軟租賃，我們對這些設施的持續需求感到放心。整個投資組合的加權平均剩餘租賃期限剛好是10年。如果退出投資組合中具有軟期限的部分，加權平均剩餘租賃期限仍為8.6年。

We have curated a portfolio where no more than 6% of our annualized lease income rolls in any given year, and we remain committed to our high credit leases with the US government. With that, as a reminder, due to the unique nature of the leases, final renewal rents cannot be ascertained until the exact amount of TI dollars required by the government at renewal is known and that TI work is complete. As such, there can be a lag in providing re-leasing data relative to the point at which we have signed a renewal lease.

我們精心策劃了一個投資組合，其中任何一年的年化租賃收入不超過 6%，並且我們將繼續致力於與美國政府簽訂高信用租賃。在此，需要提醒的是，由於租約的特殊性，只有在了解政府在續約時所需的 TI 美元確切金額並且 TI 工作完成後，才能確定最終的續約租金。因此，相對於我們簽署續約租約時點而言，提供重新租賃資料可能會有所延遲。

As we scale and grow over the coming years, we remain focused on attractive tenant retention rates, ensuring that no single asset erodes value as a priority as we balance expansion with careful stewardship of our existing properties. As of December 31, 2024, we have renewed 34 leases since IPO. Of that 34, 22 are renewals for which there was no associated renewal TI work or renewal TI work has been complete and accepted by the government.

隨著我們未來幾年的規模和發展，我們仍將重點關注具有吸引力的租戶保留率，確保沒有任何單一資產會侵蝕價值，同時我們在擴張與對現有物業的精心管理之間取得平衡。截至 2024 年 12 月 31 日，我們自 IPO 以來已續簽 34 份租約。在這 34 項續展中，有 22 項是沒有相關續展 TI 工作的續展，或是續展 TI 工作已經完成並獲得政府認可。

There are 12 other renewals with pending TI projects. This combined 2.3 million square feet across 34 renewals, it includes PTO Arlington, IRS Fresno, and various smaller leases at Buffalo. When we exclude these assets, the average rent spread achieved on the remaining renewals is anticipated to be 16%, including an estimated amount of $41.55 a square foot of TI utilized by the government. The weighted average total remaining renewal term for these leases was 17.4 years.

還有 12 個其他續簽的 TI 項目正在等待處理。該租賃共涉及 34 份續約文件，總面積達 230 萬平方英尺，包括阿靈頓 PTO 租賃文件、弗雷斯諾 IRS 租賃文件以及布法羅的多份小型租賃文件。當我們排除這些資產時，剩餘續約實現的平均租金差價預計為 16%，其中包括政府使用的 TI 每平方英尺 41.55 美元的估計金額。這些租約的加權平均剩餘續約期限為 17.4 年。

Stepping back, we achieved our 2024 objectives, and we are on track to continue our strong execution in 2025 and beyond. Our long-term vision remains clear. We have a strong pipeline, a disciplined growth strategy, and a continued focus on operational excellence as we look to the future. I remain optimistic about the opportunities ahead and look forward to keeping you informed on our continued progress.

回顧過去，我們實現了 2024 年的目標，並且預計在 2025 年及以後繼續強勁執行。我們的長期願景依然清晰。展望未來，我們擁有強大的產品線、嚴謹的成長策略以及對卓越營運的持續關注。我對未來的機會保持樂觀，並期待向您通報我們持續取得的進展。

Before handing the call back to our operator, I'm pleased to report that we're bringing up the bottom end of our core FFO guidance for 2025 to a range of $1.18 to $1.21 on a fully diluted basis. This guidance assumes $100 million in wholly owned acquisitions and $25 million to $75 million of gross development-related investment during 2025.

在將電話交還給我們的接線員之前，我很高興地報告，我們將把 2025 年核心 FFO 指導的底線上調至完全稀釋後的 1.18 美元至 1.21 美元的範圍。該指引假設 2025 年期間全資收購金額為 1 億美元，開發相關總投資為 2,500 萬至 7,500 萬美元。

This is consistent with our established goal of delivering 2% to 3% core FFO growth for shareholders. With that, we thank you for your time this morning and for your ongoing support and commitment to our shared goals. I will now turn the call back to Shannon.

這與我們為股東實現 2% 至 3% 核心 FFO 成長的既定目標一致。最後，我們感謝您今天上午抽出時間，並感謝您對我們共同目標的持續支持和承諾。我現在將電話轉回給香農。

(Operator Instructions) Michael Griffin, Citi.

（操作員指示）花旗銀行的麥可‧格里芬 (Michael Griffin)。

Appreciate all the commentary there. Maybe just going and starting off with the acquisition pipeline and the opportunity set that you're seeing. If I recall, you're looking at deals around the mid 8s versus your cost of capital, which on an implied cap rate basis, probably in the mid-7. How are you viewing the accretion of these deals now, just given it seems like we're going to be at higher interest rates for longer than previously expected?

感謝那裡的所有評論。也許只是從您看到的收購管道和機會集開始。如果我沒記錯的話，你正在考慮 8 月中旬左右的交易，而你的資本成本，根據隱含的資本化率，可能在 7 月中旬。鑑於我們似乎將要比之前預期的更長時間維持高利率，您現在如何看待這些交易的累積？

Maybe Allison, I will just ham and egg the answer to this a bit, which is we have a really strong pipeline, I mean, both in acquisitions as well as development opportunities. The broad context, while we spend a lot of time talking about DOGE on investor calls and with the media, but the background is banks are still not lending to particularly developers. And that being the case, having capital puts you in a very strong position.

也許艾莉森，我會對這個問題的答案做一些誇張和強調，也就是說，我們有一個非常強大的管道，我的意思是，無論是在收購方面，還是在發展機會方面。大體背景是，雖然我們花了很多時間在投資者電話會議和媒體上談論 DOGE，但背景是銀行仍然沒有向開發商提供貸款。既然如此，擁有資本會讓你處於非常有利的地位。

And we've seen for a set of sellers that are either facing maturities or it's just time for them to sell an asset, and they're looking and saying interest rates are going to be longer -- higher for longer. That now is an appropriate time to sell. So the pipeline continues to grow, I think, with opportunities that are very attractive. As you know, Michael, I view our business principally as a net lease business in that we look at cost of capital, we look at the spread, we look at the risk of where we're underwriting -- so I think we have plenty of accretive acquisitions.

我們看到，一些賣家要么面臨到期債務，要么正是出售資產的時候，他們正在觀察並表示，利率將在更長時間內保持在高位。現在正是出售的合適時機。因此，我認為，通路將持續成長，機會也十分誘人。如你所知，邁克爾，我主要將我們的業務視為淨租賃業務，我們關注資本成本，關注利差，關注承保的風險 - 因此我認為我們有很多增值收購。

We've been conservative, I think, in our guidance. I mean in that, as you heard, we have about $100 million of acquisitions in the guidance range. Obviously, as we think about targeting a midpoint when we give parameters around what the company is going to do, I mean, 2.5% growth rate is what we're targeting, and really the course that we're setting ourselves on for the next set of years.

我認為，我們的指導一直比較保守。我的意思是，正如你所聽到的，我們在指導範圍內有大約 1 億美元的收購。顯然，當我們為公司的未來發展給出參數時，我們會考慮瞄準一個中點，我的意思是，2.5% 的成長率是我們的目標，也是我們為未來幾年設定的目標。

And so what we've got in our pipeline and harvesting that gets us to those levels. If we're in a space where we can announce more acquisitions in any year, we'd probably bring up the lower end of the guidance range unless it's a robust amount. And that positions us very well for our earnings growth in 2026, which again doesn't seem like a terribly high hurdle as we've increased our TAM and continue to build what we build. And Allison is doing a terrific job on the capital structure.

所以，我們在管道和收穫中所擁有的東西可以讓我們達到這些水準。如果我們可以在某一年宣布更多收購，那麼我們可能會提高指導範圍的下限，除非收購金額相當可觀。這對我們 2026 年的獲利成長非常有利，而且這似乎也不是一個非常高的障礙，因為我們已經增加了 TAM 並繼續建立我們所建造的。艾利森在資本結構方面做得非常出色。

And we've had some good news regarding debt. That has been in our past and how we're modifying that in the future, as you know, REITs generally as debt has rolled over face a headwind in their earnings. But I think we have plenty of opportunities and creativity in ways for us to get cheaper cost of capital. What's your thought, Allison?

我們收到了一些有關債務的好消息。這是我們過去的做法，也是我們將來會如何改變這種狀況，正如你所知，房地產投資信託基金 (REIT) 通常隨著債務的展期而面臨盈利方面的阻力。但我認為我們有很多機會和創造力來獲得更便宜的資本成本。艾莉森，您有什麼想法？

Yeah. So what I would add there is we are looking to an incremental cost of capital as we spread invest to the portfolio of acquisition and opportunity we see. So we are looking to generate that 50 to 100 basis points spread range on the next deals or the broader pipeline, and that will allow us to achieve our growth goals. But that certainly accounts for where interest rates are and are expected to be over the next few years.

是的。因此，我想補充的是，隨著我們將投資擴大到我們看到的收購和機會組合，我們正在考慮增量資本成本。因此，我們希望在下一筆交易或更廣泛的交易中產生 50 到 100 個基點的利差範圍，這將使我們能夠實現成長目標。但這肯定解釋了當前利率水準以及未來幾年的預期利率水準。

Appreciate all the context there. And then, Darrell, just going back to kind of the DOGE initiatives. Obviously, I think you guys have done a good job highlighting the difference of Easterly's portfolio relative to what the market might consider traditional government office space. But as you look to the idea of austerity, whether it's the Pentagon potentially looking to cut its budgets or requisitions getting delayed for new projects, I mean, could that impact the external growth side, whether it's being awarded new developments or some of these government-adjacent properties maybe not being as attractive given worries about defense spending? Any commentary there would be helpful.

感謝那裡的所有背景。然後，達雷爾，讓我們回到 DOGE 計畫。顯然，我認為你們很好地凸顯了 Easterly 的投資組合與市場可能認為的傳統政府辦公空間之間的差異。但是當你考慮緊縮政策時，無論是五角大廈可能削減預算還是新項目的徵用被推遲，這是否會影響外部增長方面，無論是獲得新開發項目還是由於對國防開支的擔憂，其中一些政府鄰近的房產可能不再那麼有吸引力？任何評論都會有幫助。

Yeah. I mean, I think in the short term, I guess the metaphor that I've used internally is we're going to have some like a light chop turbulence here as everybody figures out what is going on in the government. But we are all set for a very smooth landing because if you squint at our company, we've spent over a decade dedicating ourselves to be a specialist in helping and creating a private partnership with the US government.

是的。我的意思是，我認為在短期內，我猜我內部使用的比喻是，當每個人都弄清楚政府正在發生的事情時，我們將會遇到一些輕微的動盪。但我們已經為順利降落做好了準備，因為如果你仔細了解我們的公司，你會發現我們已經花了十多年的時間致力於成為幫助和與美國政府建立私人夥伴關係的專家。

We have terrific relationships with the folks that we've built buildings with or with our leasing officers. I think we try to be very creative in suggesting ways in which they can improve those facilities. And what that really means is improved mission. And I'll tell you, when you step back, maybe this is a little too detailly, but when we speak to folks who work at the GSA, they care deeply about housing folks in the government to satisfy their mission.

我們與一起建造建築物的人員以及我們的租賃官員保持著良好的關係。我認為我們會盡力發揮創造力，提出改善這些設施的方法。這實際上意味著任務的改進。我會告訴你，當你退一步考慮時，也許這有點太詳細了，但當我們與在 GSA 工作的人交談時，他們非常關心為政府人員提供住房以完成他們的使命。

And candidly, what I see from the outside and being somebody who works in private business is that they spend just as much time figuring out the right solution for the facilities that create mission as they do navigating the bureaucracy. I mean -- and it's not irrational because example, we would come to the GSA and have a couple of million bucks that we could save and the reality is they think that's a great idea.

坦白說，作為一名私人企業外部從業者，我看到的是，他們花在為創造使命的設施尋找正確解決方案的時間與處理官僚主義上的時間一樣多。我的意思是——這並非不合理，因為例如，我們可以向 GSA 節省數百萬美元，而事實上他們認為這是一個好主意。

These agents and folks who work for the government are terribly hardworking and sincere and respect the taxpayers. But they would say, the minimum amount of time that we could redo this procurement is eight months, and the reality is it will probably take closer to three years. So our choice is, hey, we can take three years and save a couple of million dollars, but we know that facility that they're housed in today is not adequate and we need for this mission to be accomplished in a way that would make the American People proud. We need a new facility.

這些為政府工作的代理人和人員非常勤奮、真誠並且尊重納稅人。但他們會說，我們重新進行這次採購的最短時間是八個月，而實際情況可能需要接近三年的時間。因此，我們的選擇是，我們可以花三年時間並節省數百萬美元，但我們知道他們今天所處的設施是不夠的，我們需要以一種讓美國人民感到自豪的方式完成這項任務。我們需要一個新設施。

And it's that process that really needs to get fixed, and that's what we call the thicket of bureaucracy. And there is no GSA number that I've ever met that's excited to become professional in navigating the bureaucracy. They want to do the right thing for the American people. They want to get these facilities to be operating and operating quickly.

而這個過程確實需要修正，這就是我們所說的官僚問題。我從未見過哪個 GSA 人員對如何專業地處理官僚機構如此熱衷。他們想為美國人民做正確的事。他們希望這些設施能夠快速投入營運。

And that's why I really applaud their efforts and the DOGE efforts to look to have greater lease portfolio. We're good at real estate. They're good at mission. We can't catch criminals, but we certainly can replace paint carpet and make sure the roof doesn't leak. And that partnership will serve the government very well over time.

這就是為什麼我非常讚賞他們的努力以及 DOGE 尋求擴大租賃組合的努力。我們擅長房地產。他們很擅長完成任務。我們無法抓到罪犯，但我們可以更換油漆地毯並確保屋頂不會漏水。從長遠來看，這種合作關係將為政府帶來良好的服務。

And so when we look forward to getting out of this just little short-term period, I think we're one of the very best positioned to help them find savings. And as the example, the FDA building that I'm mentioning that's in Denver, there are still people who are doing some work on that for reasons that are unaccountable to me because we can deliver it for 1/3 of the cost that they're planning on.

因此，當我們期待擺脫這段短暫的時期時，我認為我們是能夠幫助他們找到節省金錢的最佳人選之一。舉個例子，我提到的位於丹佛的 FDA 大樓，仍然有人在對其進行一些工作，原因我無法解釋，因為我們可以以他們計劃成本的 1/3 來完成它。

So that is what will get fixed. And I know -- I feel 100% aligned with the GSA to help them achieve their objectives. So maybe more than you're asking, but.

所以這就是需要解決的問題。我知道——我完全同意 GSA 的意見，幫助他們實現目標。所以可能比你要求的還要多，但是。

No, I really appreciate that, Darrell.

不，我真的很感激，達雷爾。

John Kim, BMO Capital Markets.

BMO 資本市場部的 John Kim 說。

Question on office utilization which is typically a gauge of how much potential access is in leased real estate. And historically, I know you've been commenting that it's hard to measure within your portfolio. But I'm wondering if you find that that's an important measure for the DOGE leadership. And if it's something that you could take a more proactive approach in engaging?

關於辦公室利用率的問題，通常是衡量租賃房地產的潛在使用量的標準。從歷史上看，我知道您一直在評論說在您的投資組合中很難衡量。但我想知道您是否發現這對 DOGE 領導層來說是一項重要舉措。如果您可以採取更積極主動的方式來參與其中呢？

Yeah. I mean, it's a great question. It's -- we're trying to ask ourselves a version of that question almost every day. And I think here, I would draw the distinction between offices that are in Washington, where we have incredibly limited exposure. I think those are the places where they look at square feet, they look at utilization, and they're trying to navigate low utilization, return to work, and trying to get it figured out. But there will be a reduction in federal office footprint in Washington when all of these things balance out.

是的。我的意思是，這是一個很好的問題。是的——我們幾乎每天都在嘗試問自己這個問題。我想在這裡，我要區分我們位於華盛頓的辦公室，因為我們在那裡的曝光率極其有限。我認為這些都是他們關注平方英尺、關注利用率的地方，他們正在嘗試解決利用率低的問題，恢復工作，並試圖找出解決方案。但當所有這些因素平衡時，華盛頓的聯邦辦公室面積就會減少。

A bunch of our facilities, you think about the lab down in -- I mean, let's just take like the lab in Pleasanton. There's a room that is very stable. It houses a $600,000 machine. In that machine, you can take any organic drug, put it in that machine, go get yourself a nice little Nespresso, and come back. And it will tell you the exact -- think if Colombia had ZIP codes, it would tell you the ZIP code that that drug came from.

您可以想一下我們的一系列設施，例如下面的實驗室——我的意思是，我們就以普萊森頓的實驗室為例。有一個非常穩定的房間。它裝有一台價值60萬美元的機器。在那台機器裡，你可以取出任何有機藥物，把它放進機器裡，然後去給自己一杯美味的 Nespresso 咖啡，然後回來。它會告訴你確切的訊息——想想看，如果哥倫比亞有郵遞區號，它會告訴你該毒品來自哪個郵遞區號。

And what's the utilization in that room? I don't know, but it has to exist. And so when we look at these mission-critical facilities, they have facilities that help them execute mission, and we fully know that they're -- they've been using a lot of utilities all through COVID, and I don't think COVID solved the illegal drug problem. And when we think about the buildings that we're trying to maintain and deliver for the US government, they have those kinds of functions.

那個房間有什麼用途？我不知道，但它一定存在。因此，當我們查看這些關鍵任務設施時，它們擁有幫助他們執行任務的設施，我們完全知道它們——它們在整個 COVID 期間一直在使用大量公用設施，而且我認為 COVID 並沒有解決非法毒品問題。當我們想到我們試圖維護和為美國政府交付的建築時，它們就具有這樣的功能。

And I could go on about romaine lettuce to the cotton that we import to the drugs that get filled for the veterans all of that is happening. And so I see on the other end, the mission delivery is very strong, and we see that happening in our buildings when we go and visit, and we see it in the numbers that the government publishes about what they're up to and what they're doing.

我還可以繼續談論從長葉萵苣到我們進口的棉花再到為退伍軍人補充的藥品的所有正在發生的事情。因此，我看到另一方面，任務的執行非常強大，我們在參觀時看到這種情況發生在我們的建築物中，我們也在政府發布的有關他們正在做什麼和正在做什麼的數字中看到這一點。

Can you provide any commentary on the $100 million of acquisitions that you now have in guidance, whether they will be GSA leases that were in your bulls eye historically? Or are there going to be the non-GSA leases that you've been requiring more recently?

您能否對目前指導的 1 億美元收購項目發表一些評論，它們是否是您過去重點關注的 GSA 租賃？或者您最近是否要求有非 GSA 租賃？

Yeah. I mean, I think we'll look probably to the state and local as well as nonadjacent for that bit that's in the guidance.

是的。我的意思是，我認為我們可能會從州和地方以及非相鄰地區尋找指導方針。

Okay. And then a final question on AFFO or CAD growth. I was wondering if you could provide some commentary on where you think that goes just given there's higher CapEx and TIs in some of these government-adjacent leases?

好的。最後一個問題是關於 AFFO 或 CAD 成長。我想知道您是否可以提供一些評論，說明鑑於其中一些政府相鄰租賃中的資本支出和 TI 較高，您認為這種情況會如何發展？

Great question.

好問題。

Sure. So we are committed to the path of growth that we've been talking about for the last year. And growth in CAD comes through a combination of successful lease renewals, improved operating margins, and managing capital levels to an effective place. And they are also driven by opportunities that Darrell mentioned that we're seeing in the market on an acquisition basis. So we're evaluating CAD impact as we look at new deals as well and trying to do accretive deals on that end.

當然。因此，我們致力於走去年一直在談論的成長道路。CAD 的成長得益於成功續租、提高營業利潤率和有效管理資本水準等多方面的因素。而且他們也受到達雷爾提到的我們在市場上看到的收購機會的推動。因此，我們在研究新交易的同時，也在評估加幣的影響，並嘗試在此方面達成增值交易。

But is it going to be in line with your FFO growth? Or will it lag in the initial phases go forward?

但它是否與您的 FFO 成長保持一致？或者說在初期階段它會落後嗎？

Yeah, yeah. I mean -- and as we've looked at it, as we said, trying to get our CAD generation and dividend within striking distance by the end of 2026 is what we're focused on. I think we'll have some good news as we look to next year. But that said, our stock price at $11 provides -- the paradox of this business is at $11, we've got the guidance that we put forward here.

是啊是啊。我的意思是 - 正如我們所看到的，正如我們所說的那樣，我們關注的是努力在 2026 年底之前讓我們的 CAD 生成和股息達到可比水平。我認為展望明年我們將會有一些好消息。但話雖如此，我們的股價為 11 美元——這項業務的矛盾之處在於，在 11 美元時，我們得到了我們在此提出的指導。

At $12, we're in a place where we're going to see incremental activity because our cost of capital is going down and the price of buildings is staying the same. And at $13 or $14 we can kind of clean up the market. So it's -- that's where we find ourselves. We think we're super excited about the projects and like leaning into what we're doing -- and maybe I'm allowed to say stuff like this, but if the stock was at $13 covering the dividend, no problem. I mean, that's from where we stand today.

當價格達到 12 美元時，我們將會看到增量活動，因為我們的資本成本正在下降，而建築價格保持不變。只要價格達到 13 美元或 14 美元，我們就能清理市場。所以這就是我們所處的境地。我們認為我們對這些項目感到非常興奮，並且喜歡專注於我們正在做的事情——也許我可以說這樣的話，但如果股價為 13 美元，可以覆蓋股息，那就沒問題了。我的意思是，這就是我們今天的立場。

Aditi Balachandran, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Aditi Balachandran。

I know touching on CapEx that we previously spoke about. It was a little higher than a quarter. So is that a good run rate going forward?

我知道我們之前討論過資本支出。它略高於四分之一。那麼，這是一個好的未來運作率嗎？

So Q4 does have what I would call the impact of seasonality. So typically, there are a lot of projects that ramp up in Q4. On a run rate basis, I would expect to share that we're in that $1.75 to $2 per square foot range going forward. Typically, Q1 capital tends to be a little bit lighter as we hit the winter months and then spread more evenly throughout the year.

因此，第四季度確實存在我所說的季節性影響。通常情況下，很多專案會在第四季加速推進。從運行率來看，我預計未來我們的成本將處於每平方英尺 1.75 美元至 2 美元的範圍內。通常，進入冬季後，第一季的資本往往會稍微減少一些，然後在全年中更均勻地分佈。

That's not to say at 0, it just seasonality tends to put things in the last three months of the quarter or three quarters of the year.

這並不是說為 0，只是季節性因素往往會將事情置於季度的最後三個月或一年的三個季度。

All right. Got it. And then what's your plan for the SAA Chicago building post the exploration? Do you plan on releasing the facility? Or should we think about this being a sale?

好的。知道了。那麼，在勘探之後，您對 SAA 芝加哥大廈有什麼計劃？您打算開放該設施嗎？或者我們應該認為這是一次銷售？

Yeah. So we acquired that building as part of a portfolio a number of years ago at a 20% cap rate. So this is certainly a victory in terms of the property itself. It's outperformed our underwriting by 3 times in both term and performance. Our goal would be to -- we are not expecting the GSA to remain in that building, and we would look to a disposition outcome following the expiration whenever that might be.

是的。因此，幾年前我們以 20% 的資本化率收購了該建築作為投資組合的一部分。因此從房地產本身來說這無疑是一場勝利。無論是從期限或業績表現來看，其表現都超出我們的承保表現三倍。我們的目標是 - 我們不希望 GSA 繼續留在那棟大樓裡，我們會在到期後尋找處置結果，無論何時。

I mean, if anything, I mean, just a little detail on that building, which is -- I mean, the degree to which DOGE today is examining what they're doing next and how they're moving things forward, the tenancy in that building will either be where we expect it to be or be something a little bit longer. And if you were to go visit the place, you'd see that the market will give us a price that I think investors will be pleased by when the FAA moves to their new facility.

我的意思是，如果有的話，我的意思是，只是關於那棟建築的一些細節，也就是說，DOGE 今天正在研究他們下一步要做什麼以及他們如何推動事情向前發展的程度，那棟建築的租賃期要么是我們預期的，要么會更長一些。如果你去參觀一下，你會發現市場會給我們一個價格，我認為當聯邦航空局遷往新設施時，投資者會對此感到滿意。

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

謝謝。現在，我想請 Easterly Government Properties 總裁兼執行長 Darrell Crate 致閉幕詞。

Thank you, everybody, for joining us for our year-end 2024 conference call. We really look forward to posting you on DOGE and all the events that we have to move the company forward in the coming quarter, and we'll be back to chat with you in three months. All the best.

感謝大家參加我們的 2024 年年終電話會議。我們非常期待在下個季度向您發布有關 DOGE 的資訊以及推動公司向前發展的所有活動，我們將在三個月後回來與您聊天。一切順利。

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。您現在可以斷開連線。