Easterly Government Properties Inc (DEA) 2025 Q1 法說會逐字稿

Greetings. Welcome to Easterly Government Properties First Quarter 2025 Earnings Conference Call.

問候。歡迎參加 Easterly Government Properties 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

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 1,995. 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 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 risks and factors that are beyond the company's control, including without limitation, those contained in the company's Form 10K and in its other SEC filings. The company assumes no obligation to update publicly any forward-looking statements. 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.

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。儘管公司認為其在任何前瞻性陳述中反映的預期是合理的，但它不能保證這些預期將會實現。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 10K 表格和其他 SEC 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。此外，在本次電話會議上，本公司可能會參考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。

You can find a tabular reconciliation of these non-gap 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.easterly re.com.

您可以在公司網站 ir.easterly re.com 的投資者關係頁面上找到這些非差距財務指標與公司收益報告和單獨補充資訊包中最具可比性的當前 GAAP 數據的表格對帳。

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

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

Thank you, Lindsay. Good morning, everyone and thank you for joining us for our First Quarter 2025 Conference Call. This quarter, we implemented key changes to our capital allocation strategy to create more flexibility for growth and to position Easterly to capitalize on a major shift underway in the Government real estate market. Earlier this month, we announced a reduction of our quarterly dividend and a 2 for 5 reverse stock split, which became effective yesterday. We made these strategic corporate actions intentionally to position easterly for long-term growth and to free up significant capital for creative investments.

謝謝你，林賽。大家早安，感謝您參加我們的 2025 年第一季電話會議。本季度，我們對資本配置策略進行了重大調整，為成長創造了更大的靈活性，並使 Easterly 能夠利用政府房地產市場正在發生的重大轉變。本月初，我們宣布減少季度股息並進行 2 比 5 的反向股票分割，該決定於昨天生效。我們有意採取這些策略性企業行動，為長期成長做好準備，並釋放大量資本用於創意投資。

Our updated capital strategy reflects three critical priorities. First, we aligned our dividend philosophy to better match our peers. Our focus is firmly on return on equity and value creation over time.

我們更新的資本策略反映了三個關鍵優先事項。首先，我們調整了股利理念，以便更好地與同業保持一致。我們的重點是長期的股本回報率和價值創造。

Second, we created substantial flexibility to accelerate our growth initiatives, particularly acquisitions and new development opportunities at a moment when demand for leased government facilities is increasing dramatically.

其次，我們創造了相當大的靈活性來加速我們的成長計劃，特別是在政府租賃設施需求急劇增加的情況下的收購和新的開發機會。

Third, we strengthened our balance sheet by right-sizing our payout ratio, improving dividend coverage, and maintaining our investment grade foundation.

第三，我們透過調整派息率、提高股利覆蓋率和維持投資等級基礎來增強資產負債表。

We are strategically reinvesting to drive future cash flow growth and long-term shareholder value rather than simply recycling discounted capital into the market.

我們正在進行策略性再投資，以推動未來現金流成長和長期股東價值，而不是簡單地將折價資本回收到市場。

Today, the federal government is undergoing a historic transformation through the DOGE initiative.

如今，聯邦政府正透過 DOGE 計畫經歷歷史性的轉變。

DOGE is focused on shifting the government's real estate strategy, moving the government away from its traditional model of owning its office space and toward a more flexible leased model to drive cost efficiencies.

DOGE 致力於改變政府的房地產策略，使政府擺脫擁有辦公空間的傳統模式，轉向更靈活的租賃模式，以提高成本效率。

Easterly is uniquely positioned to benefit. We've built a strong track record as a private sector leader in delivering mission-critical leased government facilities on time, on budget, and at a reduced cost to taxpayers.

伊斯特利擁有得天獨厚的有利條件。作為私營部門的領導者，我們在按時、按預算並以較低的納稅人成本交付關鍵任務租賃政府設施方面有著良好的業績記錄。

Importantly, our exposure to DOGE-related risks remains minimal. To date, we have not had a single lease cancelled due to DOGE. In fact, we see opportunities to expand our leasing relationships with key government agencies as DOGE accelerates.

重要的是，我們面臨的 DOGE 相關風險仍然很小。到目前為止，我們還沒有因為 DOGE 而取消任何租約。事實上，隨著 DOGE 的加速發展，我們看到了擴大與主要政府機構的租賃關係的機會。

In line with our growth strategy, this morning we announced two highly accretive additions to our portfolio. The first is our award to develop a roughly 40,000 square foot federal courthouse facility in Medford, Oregon under a 20-year non-cancellable lease.

根據我們的成長策略，今天早上我們宣布了兩項對我們投資組合具有高度增值潛力的新增資產。第一個是我們獲得的合同，根據 20 年不可取消的租約，在俄勒岡州梅德福開發一個約 40,000 平方英尺的聯邦法院設施。

This facility will house multiple agencies, including US Senators' offices, the US Marshals Office, and the US Attorney's offices, and a probation office all under the same lease.

該設施將容納多個機構，包括美國參議員辦公室、美國法警辦公室、美國檢察官辦公室以及緩刑辦公室，所有這些機構都將在同一租約下。

This project highlights our advantage in today's market with development contracts structured to protect us against cost increases and backed by the full faith and credit of the US government. This courthouse strengthens our presence in a mission critical sector and supports our long-term earnings growth objectives.

該專案凸顯了我們在當今市場的優勢，其開發合約旨在保護我們免受成本增加的影響，並得到美國政府的充分信任和信用支持。該法院加強了我們在關鍵任務領域的影響力，並支持了我們的長期獲利成長目標。

The second edition is the acquisition of a 290,000 square foot facility, 98% leased to the AA plus rated District of Columbia government. With strong mission critical tenants in public education and environmental management, the DC government recently extended its tenancy through the year 2038 with many renewal options. And under new mandatory return to office policies, the facility is consistently occupied at high levels.

第二步是收購一個佔地 29 萬平方英尺的設施，其中 98% 租給了 AA 以上評級的哥倫比亞特區政府。由於在公共教育和環境管理方面擁有強大的關鍵任務租戶，華盛頓特區政府最近將其租約延長至 2038 年，並提供多種續約選項。根據新的強制返回辦公室政策，該設施的佔用率一直很高。

This acquisition aligns perfectly with national trends of decentralizing education oversight to the state and local level, ensuring strong, stable demand for this property going forward.

此次收購完全符合將教育監督權下放到州和地方層級的國家趨勢，確保了未來對該資產的強勁、穩定的需求。

Across our portfolio, we continue to actively manage our assets to enhance cash flow and portfolio quality.

在我們的投資組合中，我們繼續積極管理我們的資產，以提高現金流和投資組合品質。

One example is our recent re-tenanting of the US Forest Service facility in Albuquerque.

其中一個例子就是我們最近重新租用了位於阿爾伯克基的美國森林服務設施。

Anticipating a possible reduction in the footprint of the US Department of Agriculture, the parent agency of the US Forest Service, we proactively repositioned this facility.

由於預計美國林務局的上級機構美國農業部的佔地面積可能會減少，我們主動重新定位了該設施。

We secured a new 10-year non-cancellable lease with the state of New Mexico, a tenant deeply committed to the local community and to the strategic use of the facility. In fact, the state has already expressed interest in future expansion within the building, making it not only a strong replacement tenant, but also a potential source of future growth.

我們與新墨西哥州簽訂了一份新的 10 年不可取消的租約，該州是當地社區和設施策略使用方面做出巨大貢獻的租戶。事實上，州政府已經表示對建築物未來擴建的興趣，這不僅使其成為一個強大的替代租戶，也成為未來成長的潛在來源。

This repositioning effort demonstrates our proactive asset management strategy and our focus on maximizing long-term value at the property level.

這項重新定位的努力體現了我們積極主動的資產管理策略以及我們對最大化房地產長期價值的關注。

We are operating from a position of strength, making deliberate forward-looking changes to capitalize on a rapidly shifting market. The DOGE initiative represents a significant tailwind for leased government real estate, and Easterly is exceptionally well positioned to grow with it. We remain committed to delivering predictable, stable, and growing value to our shareholders for years to come.

我們憑藉實力開展運營，並做出深思熟慮的前瞻性變革，以利用快速變化的市場。DOGE 計劃對政府租賃房地產而言是一股巨大的推動力，而 Easterly 則擁有極佳的條件來伴隨其發展。我們將繼續致力於在未來幾年為股東提供可預測、穩定且不斷增長的價值。

Thank you again for joining us this morning and I'll now turn the call over to Allison Marino, our Chief Financial Officer.

再次感謝您今天早上加入我們，現在我將把電話轉給我們的財務長 Allison Marino。

Thanks Darrell. Good morning, everyone. I'm pleased to report the financial results for the first quarter of 2025 for the quarter, both on a fully diluted basis, net income per share was $0.07 and core FFO per share was $0.73. Our cash available for distribution was $31.1 million.

謝謝達雷爾。大家早安。我很高興地報告 2025 年第一季的財務業績，以完全稀釋後計算，每股淨收入為 0.07 美元，每股核心 FFO 為 0.73 美元。我們可供分配的現金為 3,110 萬美元。

We met consensus and remained on track to deliver an estimated 2% to 3% core FFO per share growth in 2025. This, coupled with our right size dividend yield of roughly 8% today presents a highly attractive total return opportunity for shareholders through long standing investment grade tendency.

我們達到了共識，並預計在 2025 年實現每股核心 FFO 預計 2% 至 3% 的成長。再加上我們目前約 8% 的適當股息收益率，透過長期投資等級趨勢為股東提供了極具吸引力的總回報機會。

The first quarter performed as expected, with no lease terminations from DOGE or otherwise. Our weighted average remaining lease term remains strong at 9.8 years. With over 95% of our lease income in firm term, which means the government has self-acknowledged they cannot cancel. We feel very good about the performance of this portfolio and our ability to provide mission-critical real estate solutions for key government agencies.

第一季表現符合預期，沒有 DOGE 或其他公司終止租約。我們的加權平均剩餘租賃期限仍為 9.8 年。我們的租賃收入中有超過 95% 都是固定期限的，這意味著政府已經承認他們無法取消租賃。我們對這個投資組合的表現以及我們為主要政府機構提供關鍵任務房地產解決方案的能力感到非常滿意。

We continue to increase our borrowing capacity and extend the maturity date of our debt obligations. As previously announced this quarter, we amended our $100 million senior unsecured term loan agreement originally executed in 2016. We also executed in the private placement market, raising an additional $125 million of debt capacity with a combination of new and existing investors.

我們繼續提高借貸能力並延長債務到期日。正如本季早些時候宣布的那樣，我們修改了最初於 2016 年執行的 1 億美元高級無擔保定期貸款協議。我們也在私募市場進行了投資，透過新舊投資者的共同努力，額外籌集了 1.25 億美元的債務融資能力。

With a successful first quarter concluded, I would like to turn to the recent corporate actions that took place subsequent to quarter end.

隨著第一季的成功結束，我想談談季度末之後公司採取的近期行動。

As mentioned in Darrell's remarks, we elected to undertake a thorough review of our capital allocation strategy.

正如達雷爾在演講中提到的，我們選擇對我們的資本配置策略進行徹底審查。

We believe resetting our dividend helps position the company for durable long-term value creation, and this was done with a clear focus on shareholder return.

我們相信，重新設定股利有助於公司實現持久的長期價值創造，而且這樣做明確是為了股東回報。

Through this action, we are proactively positioning the company for sustainable earnings growth, increased flexibility, and improved capital efficiency.

透過這項行動，我們正在積極地幫助公司實現可持續的獲利成長、增強靈活性並提高資本效率。

Cutting our dividend was the prudent decision for growth. While we saw a path to full dividend coverage by year end 2026, and some of you may have even noticed that we achieved dividend coverage this current quarter at our old level, we believe the capital markets were not valuing our dividend at a premium, nor were we being rewarded with the multiple that reflected the cash we were distributing.

削減股利是為了成長而做出的審慎決定。雖然我們看到了到 2026 年底實現全額股息覆蓋的途徑，而且你們中的一些人甚至可能已經註意到，我們在本季度實現了與以前相同的股息覆蓋率，但我們認為資本市場並沒有對我們的股息給予溢價，我們也沒有獲得反映我們分配的現金的倍數回報。

Maintaining an outsized dividend in that environment was inefficient and a poor use of capital.

在這種環境下維持高股息是低效率的，也是對資本的浪費。

The reset allows us to better align with our peers and adopt a more sustainable performance-driven dividend policy going forward.

此次調整使我們能夠更好地與同業保持一致，並在未來採取更永續的、以業績為導向的股利政策。

As Darrell mentioned, we are excited to put our capital to work for a recently awarded federal courthouse development project in Medford, Oregon. Like our flagstaff courthouse, this highly secure asset, once delivered, will carry a 20 year non-cancellable lease term, and we look forward to partnering with the GSA and the judiciary branch to get started on this exciting new opportunity.

正如達雷爾所提到的，我們很高興將我們的資金投入俄勒岡州梅德福最近中標的聯邦法院開發項目中。與我們的旗桿法院一樣，這一高度安全的資產一旦交付，將享有 20 年不可取消的租賃期，我們期待與 GSA 和司法部門合作，開啟這一激動人心的新機會。

Additionally, I'd like to highlight the ongoing development of the FDA laboratory facility in Atlanta, Georgia.

此外，我想強調一下喬治亞州亞特蘭大 FDA 實驗室設施的持續發展。

This mission critical project remains on budget and is on track for completion by the end of this year.

這個關鍵任務項目仍在預算之內，預計今年底完成。

Importantly, the cost structure is not expected to be impacted by recent tariff uncertainty, as our contracts are largely insulated from these market variables.

重要的是，成本結構預計不會受到近期關稅不確定性的影響，因為我們的合約基本上不受這些市場變數的影響。

Between now and the commissioning of the building, the company anticipates receiving approximately $115 million in lump sum payments. This project not only enhances our long-term cash flow profile but also underscores the strength of our development platform and the value we bring as a trusted federal partner.

從現在到大樓投入使用，該公司預計將收到約 1.15 億美元的一次性付款。該計畫不僅增強了我們的長期現金流狀況，也凸顯了我們開發平台的實力以及我們作為值得信賴的聯邦合作夥伴所帶來的價值。

Additionally, we acquired a highly accretive asset leased primarily to the AA plus rated District of Columbia government through 2038.

此外，我們也收購了一項高價值的資產，主要租賃給 AA 加級哥倫比亞特區政府，租賃期至 2038 年。

With a long-standing tenancy in this facility, the asset further our duration of investment grade cash flows and delivers accretion to shareholders at a spread to our cost of capital.

透過對該設施的長期租賃，該資產進一步延長了我們的投資等級現金流期限，並以高於我們資本成本的價差為股東帶來了增值。

This asset was acquired and funded assertively and helps us to achieve our growth goals in 2025.

這項資產的收購和融資非常積極，有助於我們實現 2025 年的成長目標。

By addressing our dividend, Easterly is poised to take advantage of the opportunities set in front of us today fully. We have a robust pipeline of many opportunities, and with over $200 million of dry powder comprised of savings from our dividend, lump sum reimbursements from Atlanta, and revolver capacity, we feel our balance sheet is well positioned to execute on the growth strategy.

透過解決股息問題，Easterly 準備充分利用今天擺在我們面前的機會。我們擁有眾多機會，並且擁有超過 2 億美元的現金儲備，包括股息儲蓄、亞特蘭大的一次性償還款和循環信貸能力，我們認為我們的資產負債表已做好準備，可以執行成長策略。

Before handing the call back to our operator, I am pleased to report that we are bringing up the bottom end of our full year core FFO per share guidance for 2025 for the second consecutive quarter to a range of $2.98 to $3.03 on a fully diluted basis.

在將電話交還給我們的接線員之前，我很高興地報告，我們連續第二個季度將 2025 年全年核心 FFO 每股指導的底端上調至完全稀釋後的 2.98 美元至 3.03 美元的範圍。

This guidance assumes an additional $20 million in wholly owned acquisitions on top of the roughly $120 million we already closed and $25 million to $75 million of gross development related investment during the year.

該指引假設，在我們已經完成的約 1.2 億美元的基礎上，再進行 2,000 萬美元的全資收購，並在年內完成 2,500 萬至 7,500 萬美元的總開發相關投資。

To be clear, that 2% to 3% earnings growth target is inclusive of known outcomes in the portfolio, including the FAA finally moving from our display's facility. This is consistent with our established goal of delivering 2% to 3% core FFO per share growth year over year for shareholders. We are proud of the earnings power of the portfolio and the growth it can deliver to 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.

需要明確的是，2% 至 3% 的獲利成長目標包括投資組合中的已知結果，包括 FAA 最終從我們展示的設施中轉移。這與我們既定的目標一致，即為股東實現每股核心 FFO 逐年成長 2% 至 3%。我們為投資組合的獲利能力及其為股東帶來的成長感到自豪。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。現在我將把電話轉回給香農。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Our first question is from Seth Burge of City. Please proceed with your question.

我們的第一個問題來自 City 的 Seth Burge。請繼續您的問題。

Guys, thanks for taking my question. I was just kind of wondering if you could kind of get into the economics of the acquisition and the development, whether that's, the cap rate or unlevered IRR, just however you think about it.

夥計們，謝謝你們回答我的問題。我只是有點想知道您是否可以深入了解收購和開發的經濟學，無論是資本化率還是無槓桿 IRR，無論您如何看待它。

Oh.

哦。

Sure, so I'll touch on the DC acquisition first and then I'll hit on the development at Medford. So, for DC that asset was roughly $120 million in acquisition costs, and we acquired that in the high nines which does provide for that 100 magic 100 basis point premium to our cost of capital that we hope to achieve. So, we're very, pleased with that acquisition. We did a ton of underwriting on it and we think it really compliments and augments the state and local exposure that we're growing within the portfolio.

當然，我先會談 DC 的收購，然後再談梅德福的發展。因此，對於 DC 來說，該資產的收購成本約為 1.2 億美元，我們以高價收購了該資產，這確實為我們的資本成本帶來了我們希望實現的 100 個神奇的 100 個基點溢價。因此，我們對此次收購非常滿意。我們對此進行了大量的承保，我們認為這確實補充並增強了我們在投資組合中不斷增長的州和地方風險敞口。

On Medford, we are still in the very beginning stages of design on that lease award, so without the final determination of lump sum, it would be hard to put a very specific number to it, but broadly we achieve and seek to achieve 150 basis point spread to our cost of capital, particularly on a yield basis, and you'll continue to see us execute that level on this particular project.

在梅德福，我們仍處於租賃授予設計的初始階段，因此，如果未最終確定總金額，則很難給出一個非常具體的數字，但大體上，我們已實現並尋求實現 150 個基點的資本成本利差，特別是在收益率基礎上，您將繼續看到我們在這個特定項目中執行該水平。

Great, thanks.

太好了，謝謝。

Our next question comes from Peter Abramowitz of Jefferies. Please proceed with your question.

我們的下一個問題來自 Jefferies 的 Peter Abramowitz。請繼續您的問題。

Yes, thank you very much. Just wondering, could you quantify kind of what the size of the pipeline of opportunities you're looking at right now and sort of how that breaks down between GSA opportunities versus developments versus state and local government facilities.

是的，非常感謝。只是想知道，您能否量化您目前正在考慮的機會管道的規模，以及這些機會在 GSA 機會、開發項目以及州和地方政府設施之間的分佈。

Yeah, thanks, Peter.

是的，謝謝，彼得。

We have about $1.5 million in our pipeline, that that doesn't mean that's what we're executing, but we really have a choice of opportunities. Not only, the GSA opportunities, US federal. But also some state and local, as well as these government adjacent facilities, and it's really a unique time in our history. There are certain developments for the US government. That we are looking at where not one, but 2 or 3 folks who are also looking at that have come to partner with us, on those projects. Why is that? Because as I've shared some prior calls.

我們的籌備資金約為 150 萬美元，這並不意味著這就是我們正在執行的，但我們確實可以選擇機會。不僅有 GSA 機會，還有美國聯邦政府。但也有一些州和地方，以及這些政府鄰近設施，這確實是我們歷史上一個獨特的時期。美國政府取得了一些進展。我們正在考慮尋找不只是一個人，而是兩三個同樣關注這個問題的人來與我們合作這些計畫。這是為什麼？因為正如我之前分享過的一些電話。

The government lease backed by the full faith and credit of the US government, it was terrific collateral in going to going to banks. So, like two people and a dog could start a development company and be able to get an exceptional amount of financing.

政府租賃以美國政府的充分信任和信用為後盾，是向銀行提供極佳的抵押品。因此，兩個人和一隻狗可以創辦一家開發公司並獲得大量融資。

With the DOGE overhang and folks not being able to actually underwrite to the agencies, many of the mid-tier banks that don't have insights into this have stepped away from the market and are no longer providing those Folks with the capital that they would need in order to begin a development project.

由於 DOGE 的懸而未決以及人們無法真正向機構承銷，許多對此沒有洞察力的中型銀行已經退出市場，不再向這些人提供啟動開發項目所需的資金。

What's also happened, with DOGE is that they do understand the capital markets and today more than ever. The government actually has to look at the balance sheet quality of a developer, particularly in larger products. Before they award a development award. So, with that, obviously we're very well positioned. Relative to some other folks that we've competed with. Our Medford, Oregon Courthouse is a terrific win for us. It speaks to our strengths and as you can hear from Alison, our ability to develop at a premium, is robust. So, for us to continue to achieve, our 2% to 3% growth going forward.

同樣，DOGE 也確實了解資本市場，而且現在比以往任何時候都更了解。政府實際上必須關注開發商的資產負債表質量，尤其是大型產品的資產負債表品質。在他們頒發發展獎之前。因此，顯然我們處於非常有利的位置。相對於我們曾經競爭過的其他一些人而言。對我們來說，俄勒岡州梅德福法院的勝利是一場巨大的勝利。這說明了我們的優勢，正如您從艾莉森那裡聽到的，我們以優質產品進行開發的能力非常強大。因此，為了繼續實現 2% 至 3% 的成長，我們將繼續努力。

We feel very well positioned with our existing portfolio to do exactly that. And we continue to see ways to put our money to work in a very creative way that'll build our portfolio and with each of the three, areas that we focused on, we would over the next 3 to 5 years like 15% of our portfolio to be state and local and 15% of it to be government adjacent. And we will, see, given that development is our most decretive way to put capital to work, I think you'll see most of what we do in the federal space, is development going Forward.

我們認為，我們現有的投資組合非常適合實現這一目標。我們將繼續尋找方法，以非常有創意的方式將我們的資金投入到我們的投資組合中，在未來 3 到 5 年內，我們將重點放在三個領域，並將 15% 的投資組合用於州和地方，15% 用於政府相關領域。我們將會看到，鑑於發展是我們讓資本發揮作用的最有效方式，我想你會看到我們在聯邦領域所做的大部分工作都是向前發展的。

Okay, that's helpful, thank you, Darrell and then a question for Alison just on the balance sheet so you executed that, senior unsecured deal, I guess just before we got the liberation day announcement, which is sent, I guess the credit markets into a bit of a frenzy. So, just curious, do you have a sense of where you think comparable price. Would be on on a similar deal if you were to do that today and then a second part to that just wonder if you can comment, just given the terms are pretty favorable there especially relative to your cost of equity which is maybe not cooperating, just how you're thinking about kind of the range for your leverage target longer term.

好的，這很有幫助，謝謝你，達雷爾，然後我想問艾莉森一個關於資產負債表的問題，所以你執行了那筆高級無擔保交易，我想就在我們收到解放日公告之前，我猜信貸市場有點瘋狂。所以，只是好奇，您是否知道您認為可比價格在哪裡。如果您今天要這樣做，那麼就會進行類似的交易，然後第二部分只是想知道您是否可以發表評論，只是考慮到那裡的條款非常有利，特別是相對於您的股權成本而言，這可能不合作，您是如何考慮長期槓桿目標範圍的。

Yeah sure so you know we we've definitely heard in the market that spreads have widened anywhere from 25 to 50 basis points for more recent deals, so I think we do very much believe that we time the market well, and took advantage of, some of the slide and the treasury when we price that deal so we're very pleased with that execution. And I think the credit quality of the portfolio and the long term nature of the leases really continues to resonate with those investors and you know it's very clear to that group that this is a different portfolio than just Office or just GSA exposure. It really speaks to the mission of each of the buildings and I think that that's shown through and getting that deal done.

是的，當然，所以你知道，我們確實在市場上聽說，最近交易的利差已經擴大了 25 到 50 個基點，所以我認為我們非常相信我們很好地把握了市場時機，並在為該交易定價時利用了一些下滑和資金，所以我們對執行情況非常滿意。我認為投資組合的信用品質和租賃的長期性質確實繼續引起這些投資者的共鳴，而且你知道，對於這些投資者來說，這是一個不同於辦公室或 GSA 風險敞口的投資組合。它確實體現了每棟建築的使命，我認為這透過達成交易得到了體現。

In terms of, leverage we do have that stated range of 6.5 to 7.5 times, adjusted obviously for development.

就槓桿率而言，我們確實有所述的 6.5 到 7.5 倍的範圍，顯然根據發展進行了調整。

As we look forward, we're navigating to that range. We're certainly aware that our cost of equity is maybe not as favorable to our cost of debt, but, that's something we look forward to continue to providing, total shareholder return to shareholders and core FFO growth hopefully driving some change in that to our favor so. When we look to incremental cost of equity and cost of debt, we're still able to do deals at in the creative level. They, certainly take a lot more effort and a lot more creativity and volume, but they're, as you can see from the DC building, there's opportunities in the market where we can acquire, and provide value to core FFO growth.

展望未來，我們正在朝著這個目標前進。我們當然知道我們的股權成本可能不如我們的債務成本那麼有利，但是，我們希望繼續提供股東總回報和核心 FFO 成長，希望這能推動一些對我們有利的變化。當我們考慮股權和債務成本的增量時，我們仍然能夠在創意層面上達成交易。他們當然需要付出更多的努力、更多的創造力和數量，但正如您從 DC 大樓看到的那樣，市場上存在著我們可以獲得並為核心 FFO 成長提供價值的機會。

And maybe just to speak to DC a little bit. I mean because some might imagine that, be a bit of a contrarian investment. But I would say it was a place where we really could apply our underwriting. I mean, obviously, we're based in Washington, we work with the federal government, we work with state and local, and we really had an opportunity to diligence, the building, the. Mission, the structure of leases.

也許只是想和 DC 聊一聊。我的意思是，有些人可能會認為這是一種逆向投資。但我想說，這是一個我們真正可以應用承保能力的地方。我的意思是，顯然，我們的總部設在華盛頓，我們與聯邦政府合作，我們與州和地方政府合作，我們確實有機會進行盡職調查、建設。使命，租賃的結構。

How DC works, how it interfaces with the federal government, and we had access to many of the Folks who have control over the long-term planning on how these leases work. So, we were very excited again to take advantage of the edge and information edge that, we've developed over time, in order to find a very attractive asset for our investors.

華盛頓特區是如何運作的，如何與聯邦政府互動，我們接觸到了許多對這些租賃如何運作的長期規劃有控制權的人士。因此，我們再次非常高興地利用我們長期以來開發的優勢和資訊優勢，為我們的投資者找到非常有吸引力的資產。

Alright it's all for me.

好吧，這一切都是為了我。

Thank you.

謝謝。

Our next question comes from Michael Carroll of RBC. Please proceed with your question.

我們的下一個問題來自加拿大皇家銀行的邁克爾·卡羅爾。請繼續您的問題。

Yeah, thanks, Darrell. I wanted to circle back on your prepared remarks regarding the Department of Forestry building in Albuquerque.

是的，謝謝，達雷爾。我想回顧一下您關於阿爾伯克基林業部大樓的準備好的演講。

I think you said that you brought in the state of New Mexico. I mean, can you provide some details on this? Did the Department of Forestry hand back some space and then you backfilled it with the state of New Mexico?

我想您說過您引入了新墨西哥州。我的意思是，您能提供一些有關此方面的細節嗎？林業部是否歸還了一些空間，然後你們與新墨西哥州一起填補了這些空間？

Well yeah, so in, we, we've been working with the state of New.

嗯，是的，我們一直在與紐約州合作。

Mexico for some time, and there's an interest in that space. We have, two agencies there, the New Mexico Education Department and New Mexico Healthcare Authority.

墨西哥已經有一段時間了，人們對那裡很感興趣。我們在那裡有兩個機構，新墨西哥州教育部和新墨西哥州醫療保健局。

We were in a place where the US Forestry Services, we were reading, headlines and this is back in sort of the early times of those uncertainty, and we knew that was a place where. There may be some consolidation we ended up creating not only a say an auction, but we created some, alternatives, to working with the Forestry Service, and we ended up going with the state of New Mexico, as a better alternative for the building and also their desire to continue to expand in that space made it seem like a better portfolio decision for us. So, lower volatility in the future more certainty, and we've got some, nice OpEx funks in that lease that make it a little more attractive, than a traditional federal lease.

我們當時正在閱讀美國林業服務局的頭條新聞，這又回到了那些不確定性的早期階段，我們知道那是一個地方。我們最終創建了一些合併，不僅是拍賣，而且我們還創建了一些與林業局合作的替代方案，我們最終選擇了新墨西哥州，因為這是對建築更好的選擇，而且他們希望繼續在該地區擴張，這對我們來說似乎是一個更好的投資組合決策。因此，未來的波動性更低，確定性更強，而且我們在租賃中獲得了一些不錯的營運支出優勢，這使其比傳統的聯邦租賃更具吸引力。

Allison, do you have anything else to.

艾莉森，你還有什麼事嗎？

Share just about that, or no?

只分享這些，還是不分享？

Yeah. I would also add that the term of the lease is very attractive. It's a 10-year firm term with an additional 25-year renewal options. So, for a total term of 30 years that's certainly better than the US government provides today. So, we think on a durability and length of cash flows that was a really attractive opportunity. As well as, the rents are more or less the same as what was in the building. So, from a cash basis, we feel like this was a great opportunity to again expand our exposure to state and local and really get commitment to the building.

是的。我還要補充一點，租賃期限非常吸引人。這是一個為期 10 年的固定期限，另外還有 25 年的續約選擇權。因此，總任期 30 年肯定比美國政府目前提供的任期更好。因此，我們認為，從現金流的持久性和長度來看，這是一個真正有吸引力的機會。而且，租金與大樓內的租金大致相同。因此，從現金基礎來看，我們認為這是一個很好的機會，可以再次擴大我們在州和地方的影響力，並真正獲得對建設的承諾。

And then just to be clear, did the Department of Forestry completely vacate, or did they only give back some of the space to the state of New Mexico?

然後需要明確的是，林業部是否完全撤離了，還是只將部分空間歸還給新墨西哥州？

Yeah, the building, consolidated into our other building which is sort of like across the business park and we sort of saw that in some of the discussions with them that that was the plan, hence we enacted our marketing process through which we were very successful in retenanting with the state of New Mexico.

是的，該建築與我們位於商業園區對面的另一棟建築合併了，我們在與他們的一些討論中看到了這一點，這就是計劃，因此我們制定了營銷流程，通過該流程我們非常成功地與新墨西哥州重新簽訂了租約。

Okay, so the two buildings now are 100% leased one to the Department of Forestry and one to the state of New Mexico.

好的，現在這兩棟建築已 100% 出租，一棟租給了林業部，一棟租給了新墨西哥州。

Correct.

正確的。

Okay, and then can you remind us when the Department of Forestry lease actually expires? I think it's still pretty far out there in the 2034 region if I remember correctly, but is there any soft term related to that or anything we need to know about?

好的，那麼您能提醒我們林業部租約的實際到期時間嗎？如果我沒記錯的話，我認為在 2034 年左右它仍然相當遙遠，但是有沒有與此相關的軟術語或我們需要知道的任何內容？

I believe it's the end of next year but let me grab it for you.

我相信這是明年年底的事了，但讓我幫你抓住它。

And then.

進而。

Again Michael, good question.

邁克爾，你又問得好。

And just to give just a little bit.

並且只給予一點點。

More color, I think that you know these things, you obviously, take time and months and, the, we work closely with the agencies that are in our building. And before the return-to-work mandate, I think there was real interest in consolidating space and finding opportunities, and I, we moved in that direction. I think the government, now as they've had returned to work and demand for more space.

更多色彩，我想你知道這些事情，你顯然需要時間和幾個月的時間，而且，我們與我們大樓裡的機構密切合作。在復工令頒布之前，我認為人們確實有興趣鞏固空間並尋找機會，而我們正朝著這個方向前進。我認為政府現在已經恢復工作並需要更多的空間。

We're seeing, some of the buildings where we're trying to find efficiencies, to, we're seeing, demand for more space or you know some needing to retrigger space to accommodate more folks.

我們看到，我們正在努力提高一些建築物的效率，我們看到，它們需要更多的空間，或者你知道有些建築物需要重新分配空間來容納更多的人。

Yeah, and then just coming back to your question, it expires in 2026. We are, as we are with other expirations and renewals working through that process with the government, to define terms.

是的，回到你的問題，它將於 2026 年到期。正如我們處理其他到期和續約事宜一樣，我們正在與政府一起透過這項流程來定義條款。

Okay, there is no stop term on the second building though.

好的，但是第二棟建築沒有停止術語。

Okay, so those discussions haven't happened already since that you've already downsized in one building, I mean, do you have an idea of what they're thinking about if they want to keep that space at all?

好的，由於您已經縮小了一棟建築的規模，所以這些討論還沒有發生，我的意思是，您是否知道他們是否想保留該空間？

Yeah, I mean the as you can probably imagine speed has never been the hallmark of a government lease procurement process, so we have been in discussions on that, renewal for some time now we expect that, it will continue over the rest of 2025, and then you know our hope would be to share any news as a does come along.

是的，我的意思是，正如您可能想像的那樣，速度從來都不是政府租賃採購流程的標誌，因此我們一直在討論這個問題，續約已經有一段時間了，我們預計它將在 2025 年的剩餘時間內繼續下去，然後您知道我們希望分享任何新聞。

Yeah, I mean, I think they're pleased with the space. And I think they find themselves in in need of the space, given the reduced footprint size and then and the stabilization of the number of folks who are working in that department post the reduction in force.

是的，我的意思是，我認為他們對這個空間很滿意。而且我認為，考慮到佔地面積的縮小以及裁員後該部門工作人員數量的穩定，他們發現自己需要這個空間。

Okay, great. And then just my last question going to the DC acquisition. I know Darrell in the beginning of like the IPO Easter used to always talk about how their unique functions to these buildings that keep the tenants, kind of locked into that space, kind of like the FBI and DEA spaces. I mean, does the DC acquisition have anything similar to that, or is it just a good credit with a long-term lease?

好的，太好了。我的最後一個問題是關於 DC 收購的。我知道 Darrell 在 IPO Easter 之初總是談論這些建築的獨特功能如何將租戶鎖定在那個空間裡，有點像 FBI 和 DEA 的空間。我的意思是，DC 收購是否有類似的東西，或者它只是具有長期租賃的良好信用？

I would say it's a good credit with a long-term lease but it's a little bit more than that, which it is the center. If you think about building hierarchy among, the Washington, the state government. Education is one of the primary purposes and they are they've developed really, a centre of excellence. Around running DC schools, you know, from this building and it is a very high in the hierarchy of DC government in, of the facilities, that they're looking at.

我想說，長期租賃是一種很好的信用，但它比這還要多一點，這是中心。如果你考慮在華盛頓州政府之間建立等級制度。教育是主要目的之一，他們確實已經發展成為一個卓越中心。您知道，圍繞著管理華盛頓特區的學校，從這座建築開始，它是華盛頓特區政府在他們所關注的設施中級別非常高的一個。

Alison.

艾莉森。

It's also located physically and geographically within the District of Columbia and one of the DC government's sorts of Economic focus zones so that you know they're trying to drive more demand and redevelopment in that area, and they purposely choose areas like that to commit to long term to sort of augment the sort of economic ferocity in the area so we do. See them, have having expanded in the building over the last few years, and I think that sort of demonstrates their commitment to that local market as well specifically.

從地理上講，它位於哥倫比亞特區內，是哥倫比亞特區政府的經濟重點區域之一，所以你知道他們正試圖推動該地區更多的需求和重建，他們特意選擇這樣的地區進行長期投資，以增強該地區的經濟活力，我們也這樣做了。看看他們在過去幾年不斷擴張的建築規模，我認為這也具體表明了他們對當地市場的承諾。

And maybe, following on that and one of the things that we learned in our diligence and with the dozens of people, that we that we spoke with. I think DC, is one of the second to last, I believe, in the country to remove the mask mandate. The city, was sort of drained of commuters and I think the DC Government looks today and says from an economic development perspective maybe they overreacted relatively to other cities around the country, so they have a real renewed, energy and effort to, build economic activity in these centers, and we know this building, as Alison pointed out, is in one of the target areas where DC wants the city to remain a strong, vibrant, growing. It's got plenty of residential space, as well as, retail, a robust retail sort of sense neighbourhood and It's an affordable place to live. So, it's a, exciting space and I think our diligence got us very comfortable that the that we were able to buy at a very attractive, surprisingly attractive price just given, that when we were negotiating. This it was in the middle of, some of the great headline uncertainties related to DC. So, we're very grateful for it. We're, this will probably be the only building, that we own in DC. I mean. I Don't mean to say that's forever, but it was a special asset and we, we're very excited to acquire it.

也許，這是我們在勤奮工作以及與數十人交談中學到的一件事。我認為華盛頓特區是全國倒數第二個取消口罩強制令的地區之一。這個城市的通勤者有點少，我認為華盛頓政府今天從經濟發展的角度來看，也許他們對全國其他城市的反應過度了，所以他們真正重新投入了精力和努力，在這些中心建立經濟活動，我們知道這座建築，正如艾莉森指出的那樣，是華盛頓希望城市保持強大、充滿活力和不斷發展的目標區域之一。這裡有充足的居住空間和零售空間，是一個充滿活力的零售社區，而且居住成本低廉。所以，這是一個令人興奮的領域，我認為我們的勤奮讓我們非常放心，我們能夠以非常有吸引力的價格，令人驚訝的有吸引力的價格購買，就在我們談判的時候。此時正值與 DC 相關的一些重大不確定性事件的發生之際。因此，我們對此非常感激。這可能是我們在華盛頓特區擁有的唯一一棟建築。我是說。我並不是說這是永遠的，但它是一項特殊的資產，我們非常高興獲得它。

Okay.

好的。

Great, thank you.

太好了，謝謝。

As a reminder to ask a question at this time, please press 11 on your telephone.

提醒一下，如果您此時要提問，請在電話上按 11。

Our next question is from John Kim of BMO Capital Markets. Please proceed with your question.

下一個問題來自 BMO 資本市場的 John Kim。請繼續您的問題。

Thank you. Can I just clarify, so now you've had no lease terminations with DOGE, do you believe now you're in the clear with DOGE , especially with Elon Musk stepping back, or is still, is there still some assessing and right sizing of the office footprint that they're just looking at?

謝謝。我可以澄清一下嗎，現在您還沒有終止與 DOGE 的租約，您是否認為現在您與 DOGE 的關係已經很清楚了，尤其是在伊隆馬斯克退出之後，或者他們是否仍在對辦公室佔地面積進行評估和正確調整？

Yeah, I mean, I think to say we're in the clear and it's over would be sort of, brash and inappropriate, but what we absolutely know today is what do specific objectives are, and I think as we've said along the way, we spend time with folks in the Senate, which are they're the next the next chapter of all these things that are going on with the administrative agencies and working, with the GSA, we understand what they're trying to maximize to, and they be, as I've said we find them to be more receptive to our ideas for efficiency than ever before in our history. So, the opportunity for us to demonstrate value and bring value to this very important client is right in front of us and so, I think that we when we. So, the statement that I'd make knowing our portfolio and looking at the assets we have the weighted average lease term that we have, and what is happening in those buildings, we feel very good about our portfolio's ability and the power of the portfolio going forward. I mean, as 95% of our leases are firm term and some of the leases that we have, that are that are nearing their renewal are mission critical, our buildings that for a set of reasons will be very attractive to the US government, so we've. While DOGE is a continues to be in the headlines, I think we feel like.

是的，我的意思是，我認為說我們已經清楚了一切，一切都結束了，這種說法有點輕率和不合適，但我們今天絕對知道的具體目標是什麼，我想，正如我們一路以來所說的那樣，我們花時間與參議院的人士在一起，他們是行政機構正在進行的所有這些事情的下一個篇章，與 GSA 合作，我們了解他們想要什麼，正如我所說的理念比以往任何時候都更容易接受的理念。因此，我們向這位非常重要的客戶展示價值並帶來價值的機會就在我們面前，所以，我認為當我們。因此，我要說的是，了解我們的投資組合，並查看我們擁有的資產、加權平均租賃期限以及這些建築物的情況，我們對我們的投資組合的能力以及未來投資組合的實力感到非常滿意。我的意思是，由於我們的 95% 租約都是固定期限的，而且我們即將續簽的一些租約對於任務至關重要，我們的建築由於一系列原因對美國政府非常有吸引力，所以我們。雖然 DOGE 繼續成為頭條新聞，但我認為我們感覺如此。

We understand what it's trying to do and in fact, I think can be a very good partner in helping DOGE achieve its objectives, beyond what It could achieve on its own.

我們理解它想要做什麼，事實上，我認為我們可以成為 DOGE 的一個非常好的合作夥伴，幫助它實現其目標，超越它自己所能實現的目標。

On the DC acquisition is there anything you could share as far as the lease structure, whether it's a triple net or gross modified, any annual escalators it has or CapEx requirements, and maybe just, if you could provide any insight as to why the seller, principal was looking to exit this asset at a non-cap.

關於 DC 收購，您能否分享租賃結構方面的信息，無論是三重淨租賃還是總租賃，是否有任何年度自動調整措施或資本支出要求，或許，您是否可以提供任何見解，說明為什麼賣方、委託人希望以非上限價格退出該資產。

Awesome why don't you do a little on lease structure again we really appreciate the lease structure, of this so I'll let Alison give you the details.

太棒了，為什麼你不再對租賃結構做一些研究呢？我們真的很欣賞租賃結構，所以我會讓艾莉森給你詳細資訊。

Sure, so it would be a typical modified gross lease. It provides a roughly a 1% annual escalation for a majority of the space. There are a few private tenants as well, those would have, in typical retail CDS, Wells Fargo, those types of space holder, so that would have, kind of like your standard retail lease associated with it but for the DC government, it does have escalators, it would have a modified gross recovery structure, and, would be have real estate tax and sort of operating expense escalations as well.

當然，所以這將是一個典型的修改後的總租賃。它為大部分空間提供了大約 1% 的年度增長。還有一些私人租戶，在典型的零售 CDS 中，他們將擁有富國銀行這類空間持有者，所以這有點像與之相關的標準零售租賃，但對於華盛頓特區政府來說，它確實有自動扶梯，它會有一個修改後的總回收結構，並且會有房地產稅和某種運營費用的升級。

As we think about again the long term growth strategy, especially with, the with the dividend cut and repositioning the cash flows of the business, I mean we've been trying to, we're focused on long term growth of 2% to 3% which we think is very achievable with that additional capital, I think we're going to be pushing, I think for this call we'll say to the upper end of that growth range. And we're also trying to build a portion of the portfolio that leads us to have, sort of 60 to 100 basis points of escalating growth, in the portfolio over time so we can continue to get those long-term growth rates, to be even higher.

當我們再次考慮長期成長策略時，特別是在削減股息和重新定位業務現金流的情況下，我的意思是我們一直在努力，我們專注於 2% 到 3% 的長期增長，我們認為透過額外的資本，這是非常可以實現的，我認為我們會努力，我認為在這次電話會議上，我們會說這個增長範圍的上限。我們也試圖建立一部分投資組合，以便隨著時間的推移，投資組合能夠實現 60 到 100 個基點的逐步成長，從而讓我們能夠繼續實現更高的長期成長率。

Why the seller was selling, I think they had a renewal. I think they were certainly in a place where this would be an appropriate time for them to think about exiting, and I think with the confusion in the DC market generally that led them to probably make a decision. I think we were able to acquire this property at a significant discount to the original broker talk, and we were very pleased when it when it when it ends up coming our way.

賣家為什麼要賣，我想他們已經續約了。我認為他們現在肯定是考慮退出的適當時機，而且我認為，華盛頓市場普遍的混亂可能導致他們做出決定。我認為我們能夠以比經紀人最初談的價格大幅折扣的價格獲得這處房產，當它最終來到我們手中時，我們感到非常高興。

Okay, my final question, Alison, you talked about your balance sheet and maybe using a little bit more leverage and being more creative to make a creative acquisitions work. Can you just talk about other funding sources you may have, in case or in the event that your stock continues to trade, where it is today?

好的，我的最後一個問題，艾莉森，你談到了你的資產負債表，也許可以使用更多的槓桿並更具創造力來實現創造性的收購。您能否談談萬一您的股票繼續交易，或者萬一您的股票現在在哪裡，您可能擁有的其他資金來源？

Sure, so you know we obviously have a number of debt products at our disposal. We have been very active in the private placement market; over the last few years we've been 5 times. Certainly, we have a broad and well positioned syndicate of banks that have provided us term loan capacity as well as revolver capacity over the last few years, and we think those relationships have really been a great partnership and we are excited to continue there. In terms of and maybe one of the areas that we don't talk about as much is our joint venture partner they have been a wonderful partner to us and we have we think that portfolio has really demonstrated an ability to create return and there, broadly looking for ways to continue to partner with Easterly, so we are, excited to find ways that we can continue to work with them creatively on deals as well.

當然，您知道我們顯然擁有多種債務產品可供使用。我們在私募市場一直非常活躍；在過去的幾年裡我們已經去過五次了。當然，我們擁有一個廣泛且定位良好的銀行財團，他們在過去幾年中為我們提供了定期貸款能力以及循環貸款能力，我們認為這些關係確實是一種很好的伙伴關係，我們很高興能夠繼續這種關係。就我們可能不常談論的領域之一而言，那就是我們的合資夥伴，他們是我們的優秀合作夥伴，我們認為投資組合確實展示了創造回報的能力，並且我們正在廣泛尋找繼續與 Easterly 合作的方式，因此，我們很高興找到可以繼續在交易上與他們進行創造性合作的方式。

Yeah, I mean, I just add to that maybe just to punctuate it a bit, for us to continue on our growth strategy as we as we look forward, we don't have to access the equity markets in order to accomplish what we are intending to accomplish. We would issue equity if we can do that on an accretive basis, but we feel like we have the resources, both from debt, both from internal cash, from lump sum payment money, as well as our joint venture partner that can continue to enable us to achieve all of our strategic objectives and repositioning our portfolio and continuing to produce an elevated, compounding growth rate to Shareholders.

是的，我的意思是，我只是想補充一點，也許只是為了強調一下，為了讓我們繼續執行我們的成長策略，展望未來，我們不必進入股票市場就能實現我們想要實現的目標。如果我們能夠在增值的基礎上做到這一點，我們就會發行股票，但我們覺得我們擁有資源，包括債務、內部現金、一次性付款以及我們的合資夥伴，這些資源可以繼續幫助我們實現所有戰略目標和重新定位我們的投資組合，並繼續為股東創造更高的複合增長率。

Okay, great.

好的，太好了。

Thank you.

謝謝。

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

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

Thank you again to everybody for joining us on the Easterly Government Properties First Quarter Conference call. We very much look forward to continuing to work to build shareholder value, cultivate our pipeline, and we look forward to getting together here in a Quarter and reporting those results.

再次感謝大家參加伊斯特利政府地產第一季電話會議。我們非常期待繼續努力創造股東價值，培育我們的管道，我們期待在一個季度內聚在一起報告這些結果。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線。