Easterly Government Properties Inc (DEA) 2025 Q3 法說會逐字稿

Greetings. Welcome to Easterly Government Properties third-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

問候。歡迎參加 Easterly Government Properties 2025 年第三季財報電話會議。（操作人員指示）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, Allison Marino, Executive Vice President and Chief Financial Officer. Please go ahead.

現在我謹將會議交給今天的主講人，執行副總裁兼財務長艾莉森·馬裡諾女士。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 attained or achieved.

早安.在電話會議開始之前，請注意，本次電話會議期間所作的某些陳述可能包含並非歷史事實的陳述，並且根據 1995 年《私人證券訴訟改革法案》的定義，這些陳述屬於前瞻性陳述。儘管公司認為其在任何前瞻性聲明中反映的預期是合理的，但公司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向美國證券交易委員會提交的 10-K 表格以及其他向美國證券交易委員會提交的文件中所包含的風險和因素。本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，在本次電話會議中，公司可能會提及某些非GAAP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的公司收益報告和單獨的補充資訊包中找到這些非 GAAP 財務指標與最可比較的當前 GAAP 數據的表格調整表。

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

現在我謹將電話會議交給 Easterly Government Properties 的總裁兼執行長 Darrell Crate。

Thanks, Allison, and good morning, everyone. As we report our third quarter results, it comes at a time when the federal government remains partially closed. For most companies, that kind of disruption would be concerning. For Easterly history offers important perspective. What is important to understand is that a shutdown is part of the [Kabuki] theater related to budget negotiations.

謝謝艾莉森，大家早安。在我們公佈第三季業績之際，聯邦政府仍處於部分關閉狀態。對大多數公司而言，這種程度的干擾令人擔憂。東方歷史能提供重要的視角。重要的是要明白，停工是與預算談判相關的[歌舞伎]表演的一部分。

Our investors should be comfortable that the government will not default on our leases because that would be tantamount to defaulting on the US treasury obligation. We are highly confident they will find a way to avoid that as they did with each of the previous 21 shutdowns.

我們的投資者應該放心，政府不會拖欠我們的租賃款項，因為這相當於拖欠美國國債。我們非常有信心，他們會像前21次停工一樣，找到避免停工的方法。

As we enter the final stretch of 2025, I'm pleased to share that Easterly continues to execute against the growth strategy our leadership team embarked upon last year, a disciplined plan centered on three long-term priorities. One is growing core FFO by 2% to 3% annually. The second is increasing same-store performance through thoughtful diversification into state and local, and high credit government adjacent tenancy.

隨著我們進入 2025 年的最後階段，我很高興地宣布，Easterly 繼續執行我們領導團隊去年制定的成長策略，這是一項以三個長期優先事項為中心的嚴謹計劃。一是核心FFO每年成長2%至3%。第二點是透過深思熟慮地多元化經營，進軍州和地方政府以及信用良好的政府鄰近租賃市場，來提高同店業績。

And third, continued execution on value-creating development opportunities where we can create portfolio-enhancing improvements to weighted average lease terms and building age. This strategy is designed to balance growth and durability, and to build a portfolio that performs consistently regardless of the economic or policy backdrop.

第三，繼續執行創造價值的發展機會，我們可以改善加權平均租賃期限和建築物年齡，從而提升投資組合價值。該策略旨在平衡成長和持久性，並建立一個無論經濟或政策背景如何都能持續表現的投資組合。

The third quarter is another example of that approach in action. At the core of our business is a portfolio of essential facilities where government work truly happens. Immigration facilities, courthouses, public health laboratories, law enforcement offices and secure administrative buildings. These are not speculative assets. They are long leased, purpose-built and vital to the functioning of our nation.

第三季是這種方法的另一個例證。我們業務的核心是一系列重要的設施，政府工作正是在這些設施中真正運作的。移民設施、法院、公共衛生實驗室、執法辦公室和安全的行政大樓。這些並非投機性資產。這些建築都是長期租賃，專門建造，對我們國家的運作至關重要。

Our tenants' missions endure across administrations and cycles. That endurance is the foundation of Easterly's ability to deliver consistent compounding growth over time. As demand for secure modernized government facilities continues to expand with population growth at federal, state and municipal levels, we remain uniquely positioned to serve that need.

我們租戶的使命貫穿歷屆政府和政治週期。這種韌性是 Easterly 能夠隨著時間推移持續實現複合成長的基礎。隨著聯邦、州和市級政府人口的增長，對安全現代化政府設施的需求不斷擴大，我們仍然擁有獨特的優勢來滿足這一需求。

Now turning to the specifics of the quarter. We delivered strong operating performance, maintained high portfolio occupancy, strengthened relationships across agencies, and refined our balance sheet with a prudent and disciplined approach to capital deployment. We are pleased to deliver 3% core FFO growth from 2024 to the midpoint of our guidance range for '25. That was driven by growth from acquisitions, strong renewal execution and prudent portfolio management.

現在來看本季的具體情況。我們實現了強勁的營運業績，維持了較高的投資組合入住率，加強了與各機構的關係，並透過審慎和嚴謹的資本部署方式優化了資產負債表。我們很高興地宣布，從 2024 年到 2025 年，核心 FFO 將成長 3%，達到我們先前預測範圍的中點。這主要得益於收購帶來的成長、強有力的續約執行以及審慎的投資組合管理。

Our portfolio occupancy remains near historical highs at 97%, and a weighted average lease term of approximately 10 years, underscoring the durability of our tenancy and the strength of our mission-critical focus. Our most recent acquisition of the York Space Systems headquarters in Colorado positions us nicely towards our stated goal, a 15% government adjacent exposure, and reflects the demand for specialized facilities supporting the US.

我們的物業組合入住率仍接近歷史最高水平，達到 97%，加權平均租賃期限約為 10 年，這凸顯了我們租戶的穩定性以及我們對關鍵任務的重視程度。我們最近收購了位於科羅拉多州的約克航太系統總部，這使我們朝著既定目標——15% 的政府相關業務佔比——邁出了堅實的一步，也反映了美國對專業設施的需求。

Defense and Space partners. Our development pipeline remains very active with major projects progressing nicely. We continue to identify accretive opportunities that meet our standards for credit quality, mission alignment and durable returns. The acquisition team has built one of the most robust pipelines in our company's history, allowing us to be highly selective with an eye to deploying capital in excess of 100 basis points to our weighted average cost.

國防和航太領域的合作夥伴。我們的研發專案依然非常活躍，多個主要專案進展順利。我們持續尋找符合我們信貸品質、使命契合度和持久回報標準的增值機會。收購團隊建立了公司歷史上最強大的收購管道之一，使我們能夠進行高度選擇性的收購，並將資金投入到加權平均成本超過 100 個基點的收購項目中。

The team's leadership in sourcing, underwriting and executing accretive opportunities has been exceptional. The work they're doing today will support growth well into the next decade. We are intently focused on improving our cost of capital. While we believe we will unlock further opportunities in our acquisition and development pipeline, one of the ways we seek to improve our cost of capital, both debt and equity, is leverage optimization.

團隊在尋找、承銷和執行增值機會方面的領導力非常出色。他們今天所做的工作將為未來十年的發展提供強而有力的支持。我們正全力以赴降低資金成本。雖然我們相信會在收購和開發管道中挖掘更多機會，但我們尋求改善債務和股權資本成本的方法之一是優化槓桿率。

While Easterly's portfolio of long-term high credit leases is capable of sustaining higher leverage levels than other REIT peers, we recognize that comparability with that broader REIT universe matters. To that effect, we are targeting a medium-term cash leverage goal of 6 times. This is a decline to our historical cash leverage results, which have been 7 to 8 times.

雖然 Easterly 的長期高信用租賃組合能夠承受比其他 REIT 同行更高的槓桿水平，但我們認識到與更廣泛的 REIT 領域進行比較很重要。為此，我們的中期現金槓桿目標為 6 倍。這比我們以往的現金槓桿率（7 到 8 倍）有所下降。

This shifts to a more conventional leverage, target enhances investor comparability, and together with improved funding access, sets Easterly on a clear path towards structurally lower capital costs. We believe we can deliver this expectation while also meeting our attractive growth objectives.

這種轉向更傳統的槓桿方式，目標提高了投資者的可比性，再加上融資管道的改善，使 Easterly 走上了一條結構性降低資本成本的明確道路。我們相信，我們既能滿足這項期望，又能實現我們極具吸引力的成長目標。

As Allison will detail, we have already made progress on this front this quarter. As we close the third quarter, I want to recognize the collective effort of everyone at Easterly. We're thankful for the trust and partnership of our tenants, our employees and our shareholders. And we're confident in our strategy, encouraged by the progress we've made and energized by the opportunities ahead.

正如艾莉森將要詳細介紹的那樣，本季度我們在這方面已經取得了進展。第三季即將結束，我想對 Easterly 的每一位成員的共同努力表示感謝。我們感謝租戶、員工和股東的信任與合作。我們對我們的策略充滿信心，我們所取得的進展令我們備受鼓舞，未來的機會也讓我們倍感振奮。

As we enter the final quarter of 2025, our priorities remain very clear. Continue executing on our development and acquisition pipeline, advance our cost of capital and leverage initiatives, and deepen our relationships across the federal, state and local agencies we serve. Easterly's mission remains simple. To deliver essential real estate that keeps government moving and our nation secure.

進入 2025 年最後一個季度，我們的工作重點依然非常明確。繼續推動我們的開發和收購計劃，推動我們的資本成本和槓桿舉措，並深化我們與我們所服務的聯邦、州和地方機構的關係。Easterly 的使命依然很簡單。提供維持政府運作和保障國家安全所需的房地產。

And with that, I'll turn our call over to Alison Marino, our Chief Financial Officer.

接下來，我將把電話交給我們的財務長艾莉森·馬裡諾。

Thanks, Darrell, and good morning, again, everyone. I am pleased to report the financial results for the third quarter. Both on a fully diluted basis, net income per share was $0.03, and core FFO per share grew to $0.76, slightly above expectations. Our cash available for distribution was $29.3 million, reflecting steady operational performance. During the quarter, we successfully extended the lease at [US CIS Lincoln] and executed a long-term renewal at VA [Golden].

謝謝你，達雷爾，再次祝大家早安。我很高興地向大家報告第三季的財務表現。完全稀釋後的每股淨收入為 0.03 美元，核心 FFO 每股成長至 0.76 美元，略高於預期。我們可供分配的現金為 2,930 萬美元，反映了穩定的營運績效。本季度，我們成功延長了 [US CIS Lincoln] 的租賃期限，並與 VA [Golden] 簽訂了長期續約合約。

We continue to make progress on the remainder of our 2025 and 2026 renewals, and more broadly, we continue to find the government to be in a specially constructive partner, and the concerns relating to (inaudible) in our mission-critical portfolio over loan. Our development pipeline is making exciting progress.

我們繼續推進 2025 年和 2026 年剩餘的續約工作，更廣泛地說，我們仍然認為政府是一個特別有建設性的合作夥伴，並且與（聽不清）有關的問題，在我們關鍵任務組合的貸款方面，也得到了解決。我們的研發項目正在取得令人振奮的進展。

In August, we broke ground on the previously announced [State Crime Lab] in Fort Myers, Florida, and we are on track for our fourth quarter 2026 delivery. As a reminder, our growth into mission-critical leases not only diversifies our portfolio, but also increases our weighted average lease term.

8 月，我們在佛羅裡達州邁爾斯堡破土動工興建了先前宣布的[州犯罪實驗室]，我們正按計劃於 2026 年第四季度交付。需要提醒的是，我們拓展關鍵任務租賃業務不僅使我們的投資組合多元化，而且還延長了我們的加權平均租賃期限。

While US government leases are limited to 20 years, state governments can lease for as long as 40 years, attractively are increasing our vault to strong credit tenancy. Our largest development project in the company's history, FDA Atlanta, is nearing the finish line, and we expect the government to accept the premises and the lease to commence in December of this year.

雖然美國政府的租期限制為 20 年，但州政府可以租期長達 40 年，這無疑增加了我們獲得良好信用租戶的資金儲備。該公司歷史上最大的開發項目——FDA亞特蘭大項目——即將完工，我們預計政府將接受該場地，租賃將於今年12月開始。

Notably, at FDA Atlanta, we received a third progress payment on the lump sum reimbursement during the quarter. The receipt of $102 million meaningfully reduced cash leverage from 7.9 times to 7.6 for the quarter. We expect that cash leverage will further improve upon the project's completion to below 7.5 times.

值得注意的是，在亞特蘭大 FDA，我們在本季收到了一次性報銷款的第三筆進度款。收到 1.02 億美元後，本季現金槓桿從 7.9 倍大幅下降至 7.6 倍。我們預計，工程完成後，現金槓桿將進一步改善至 7.5 倍以下。

Echoing Darrell's comments, this is an important step in reducing cash leverage and furtherance of our medium-term leverage goals. On the debt capital front, Easterly continues to be a creditworthy borrower reflected in our successful recast and upsize of our 2018 senior unsecured term loan from $174.5 million to $200 million, as well as the new [accordion] feature added to that loan.

正如達雷爾所說，這是降低現金槓桿、推動其中期槓桿目標的重要一步。在債務資本方面，Easterly 仍然是一個信譽良好的借款人，這體現在我們成功地將 2018 年高級無擔保定期貸款從 1.745 億美元重組並擴大到 2 億美元，以及為該貸款新增的 [可折疊] 功能。

Further in October, [KBRA] reaffirmed Easterly's investment-grade rating with a stable outlook. We also continue to work towards receiving additional investment-grade ratings, which we will believe will position us to healthily tap the public bond markets, securing access to debt capital at attractive levels allows us to unlock pipeline value in the medium term.

10 月份，[KBRA] 再次確認 Easterly 的投資等級評級，展望穩定。我們也將繼續努力爭取更多投資級評級，我們相信這將使我們能夠健康地進入公共債券市場，以有吸引力的價格獲得債務資本，使我們能夠在中期內釋放管道價值。

Turning to guidance. We are narrowing our full year core FFO per share guidance range for 2025 to $2.98, to $3.02 on a fully diluted basis. This range is consistent with our stated goal of 2% to 3% annual core FFO growth, and at its midpoint reflects strong 3% growth over 2024. For 2026, we are issuing full year core FFO per share guidance in the range of $3.05 to $3.12.

尋求指導。我們將 2025 年全年核心 FFO 每股預期範圍縮小至 2.98 美元至 3.02 美元（完全稀釋後）。這一區間與我們設定的 2% 至 3% 的年度核心 FFO 成長目標一致，其中點反映了到 2024 年強勁的 3% 成長。對於 2026 年，我們發布全年核心 FFO 每股指引，範圍為 3.05 美元至 3.12 美元。

This guidance range implies a growth rate in our stated 2% to 3% range, supported by the delivery of FDA Atlanta, successes of 2025 renewal execution, sustained operational efficiencies and continued expansion of the portfolio through acquisitions. At the midpoint, this guidance assumes that we will have $50 million to $100 million of gross development-related investment during the year, and $50 million in wholly-owned acquisitions.

這項指導範圍意味著成長率在我們先前宣布的 2% 至 3% 的範圍內，這得益於 FDA 亞特蘭大的批准、2025 年續簽的成功執行、持續的營運效率以及透過收購不斷擴大產品組合。根據該指導意見，在年中，我們將有 5,000 萬美元至 1 億美元的開發相關總投資，以及 5,000 萬美元的全資收購。

We can see ourselves achieving the upper end of this range and executing on $400 million of acquisitions, given our $1.5 billion pipeline, and the spread we can [create] to our cost of capital. We remain focused and disciplined in capital management, tenant retention and execution across our development pipeline. These fundamentals underpin Easterly's ability to generate stable growing cash flows and long-term shareholder value. Thank you for your time this morning.

鑑於我們擁有 15 億美元的專案儲備，以及我們可以降低資本成本的利潤空間，我們預計能夠實現這一目標的上限，完成 4 億美元的收購。我們始終專注於資本管理、租戶保留和開發項目的執行，並保持嚴謹的態度。這些基本面支撐著 Easterly 產生穩定成長的現金流和長期股東價值的能力。感謝您今天上午抽出時間。

We appreciate your partnership and look forward to updating you on our progress. With that, I will now turn the call back to Shannon.

我們感謝您的合作，期待向您報告我們的進展。接下來，我將把電話轉回給香農。

(Operator Instructions)

（操作說明）

Seth Bergey, Citi.

Seth Bergey，花旗集團。

Hey, thanks for taking my question. I just wanted to ask about the Flagstaff warehouse completion. It looks like -- they got pushed out on two quarters. Just could you talk a little bit about what's happening there?

嘿，謝謝你回答我的問題。我只是想問一下弗拉格斯塔夫倉庫的完工情況。看起來——他們在兩節比賽中都被淘汰了。能簡單談談那裡發生了什麼事嗎？

Yes. So the government continues to work through the design of that courthouse. They're balancing three or four agencies in the building that collaborate on the space design, and we are expecting that they will finalize the lump sum and the TI project in total in 2026, which would then naturally push the ultimate delivery. But that is not unexpected, and we think the new date is certainly achievable.

是的。因此，政府仍在繼續推動法院大樓的設計工作。他們正在協調大樓內三到四個機構的空間設計，我們預計他們將在 2026 年最終確定總價和 TI 項目，這自然會推動最終交付。但這並不出乎意料，我們認為新的日期絕對可以實現。

Great. Thanks, and then just a second one. I think on -- you kind of target 100 to 150 basis points of spread on development of your cost of capital. But issue equity kind of below at least consensus NAV. Can you just talk about your overall thoughts on capital allocation? And have you considered other sources of funding for development?

偉大的。謝謝，那就再來一個吧。我認為——你的目標應該是將資本成本發展價差控制在 100 到 150 個基點以內。但發行價低於市場普遍預期的淨資產值。您能否談談您對資本配置的整體看法？您是否考慮過其他發展資金來源？

Yes. I mean I think broadly, we -- there's two ways we sort of think about cost of equity. I mean, broadly, there's -- think about it as FFO cost of equity. Essentially, our estimate next year, divided by the share price, and we look at our debt cost in the sort of 5.5% to 6% range. All of that gets you to a cost of -- weighted average cost of capital while we delever and do all those good things, of -- in the high 9s.

是的。我的意思是，總的來說，我認為我們——我們對股權成本的思考方式大致上有兩種。我的意思是，從廣義上講，可以把它看作是 FFO 權益成本。基本上，我們明年的預期收益除以股價，得出的債務成本約為 5.5% 至 6%。所有這些措施使加權平均資本成本（在我們去槓桿化並做所有這些好事的時候）達到 9 分之幾。

When we also just think about our cost of equity relative to peers and real estate risk, you look at dividend plus growth, or there's a whole set of other ways to think about it, but those vector into a cost of equity that's somewhere between 8% and 8.5%. So we believe that we can be developing at 100 basis points to the upper end to that FFO range.

當我們考慮相對於同業和房地產風險的權益成本時，你會考慮股息加上成長，或者還有其他一系列的考慮方式，但這些都指向一個介於 8% 到 8.5% 之間的權益成本。因此，我們相信我們可以將 FFO 範圍的上限提高 100 個基點。

And we're able to do that just because we've learned how to do this very well, specifically with the agencies that we're close to. But we also -- it's not lost on us that we believe that's adding considerable real value to the overall enterprise and the long-term value of the portfolio. That further said, we have some strong relationships with large sovereign wealth fund and some other partners.

我們之所以能夠做到這一點，是因為我們已經學會瞭如何很好地完成這項工作，特別是與我們關係密切的機構合作。但我們也清楚地認識到，我們相信這會為整個企業和投資組合的長期價值帶來相當大的實際價值。此外，我們與一些大型主權財富基金和其他合作夥伴建立了牢固的關係。

They value this long vault in a significant way and add values that are sort of well below all the NAV kinds of conversation. So there, that's also -- that could end up being a more attractive way to go while we're in this interim period, where the stock price starts to become more comparable to office and net lease peers, which would materially reduce our cost of capital and get us sort of, again, get us closer to on an FFO basis, or FFO cost of equity. Quite similar to the cost of equity that we look at with the sort of more simple metrics of dividend plus growth.

他們非常重視這個長期存在的金庫，並賦予其遠低於所有 NAV 類型討論的價值。所以，這也是——當我們處於過渡時期時，這可能最終會成為一種更具吸引力的方式，因為股價開始與辦公室和淨租賃同行更加具有可比性，這將大幅降低我們的資本成本，並使我們再次更接近 FFO 基礎，或者說 FFO 權益成本。這與我們使用股息加成長這種更簡單的指標來衡量權益成本非常相似。

Great, thanks.

太好了，謝謝。

Michael Lewis, Truist Securities.

Michael Lewis，Truist Securities。

Great, thank you. My first question, I wanted to ask about the $50 million acquisition guidance for '26. I think that's a little lower than you've typically done in the past. I'm guessing that's not a reflection of the opportunity set, the investment opportunity set. Is it more constrained by the cost of capital and what you were just talking about? Or maybe give us some thought on that?

太好了，謝謝。我的第一個問題是，我想詢問一下 2026 年 5,000 萬美元的收購預期。我認為這比你以往通常的水平要低一些。我猜這並不能反映機會集，或者說投資機會集。是資金成本的限制較大，還是你剛才提到的那些因素的限制較大？或者您能給我們一些建議嗎？

It's a great point. I mean the -- I think given our cost of capital and what we've heard is, hey, there might be some challenges with your cost of capital. How are you ever going to get acquisitions done? We are hoping for some mean reversion as we continue to deliver consistently on this 2% to 3%. As I said this last year, we're delivering 3% growth.

這是一個很好的觀點。我的意思是——我認為考慮到我們的資金成本，以及我們聽到的消息，嘿，你們的資金成本可能會面臨一些挑戰。你們到底要怎麼完成收購？我們希望隨著我們持續穩定地達到 2% 到 3% 的收益率，能夠出現均值回歸。正如我去年所說，我們實現了 3% 的成長。

We're going to we're looking to next year, and again, we're going to be squarely in that 2% to 3% range, possibly with some upside. So as folks tune into that message and we get away from the dividend cut, and the reverse split, and those other things that where people wonder if DOGE or the headline risk is going to get in our way, we imagine we're going to get that kind of mean reversion.

我們展望明年，預計成長率將穩定在 2% 到 3% 的範圍內，可能還有一定的上升空間。所以，當人們關注到這一信息，並且我們不再關注股息削減、反向拆股以及其他那些讓人們懷疑狗狗幣或頭條新聞風險是否會阻礙我們的事情時，我們認為我們將迎來那種均值回歸。

That all said, as we move forward, the range that we have for next year really only requires us to get $50 million done. So we're trying to send a message, which is we are right on track for the growth that people want while doing something that's well below what we've done before.

綜上所述，展望未來，我們明年的目標實際上只需要完成 5000 萬美元。所以，我們想傳達的訊息是，我們正朝著人們期望的成長方向穩步前進，而我們目前所取得的成就卻遠低於我們以往的成就。

I mean even with our cost of capital this year, which we did a very nice job finding some terrific buildings like New York and others, we were able to deliver what's been almost $200 million of acquisitions with a cost of capital that stinks, quite frankly, and we can continue to deliver growth. So I think we've set a pretty low expectation.

我的意思是，即使考慮到我們今年的資本成本，儘管我們出色地找到了一些非常棒的建築，例如紐約的那些，我們仍然能夠以糟糕的資本成本完成近 2 億美元的收購，坦白說，我們還能繼續實現成長。所以我覺得我們設定的期望值相當低。

We don't want folks to think that we're not going to make the 2% to 3% growth because cost of capital could get in our way. And I would say with $50 million of acquisitions and the strength of the pipeline that is $1.5 billion. If our acquisition team hasn't already identified that $50 million that gets us to the right place, I would be very, very, very, very surprised. So it's meant to be a low bar. It's meant for people to accept the guidance that we're putting forward, and we're very excited to continue to deliver on that in 2026.

我們不希望人們認為，由於資本成本可能會阻礙我們實現 2% 到 3% 的成長目標。我認為，加上 5000 萬美元的收購以及強大的項目儲備，總價值將達到 15 億美元。如果我們的收購團隊還沒有找到那 5,000 萬美元，讓我們能夠達到目標，我會非常、非常、非常、非常驚訝。所以，這個標準本來就應該很低。其目的是希望人們接受我們提出的指導方針，我們非常高興能在 2026 年繼續落實這些方針。

Okay. Great. And then it looks like you sold the property in the third quarter. Is it possible that dispositions could become part of this getting down to your leverage target? And also related to the leverage target, what does that mean for development starts?

好的。偉大的。然後看起來你在第三季把房產賣掉了。資產處置是否有可能成為實現槓桿目標的一部分？另外，關於槓桿目標，這對開發專案啟動意味著什麼？

Obviously, development, you put money out now it impacts your leverage. You don't get the cash flow until later. So your thoughts on those two pieces, dispositions and also what that means for development?

顯然，開發過程中你現在投入的資金會影響你的槓桿率。你得過一段時間才能拿到現金流。那麼，您對這兩方面——性格傾向以及這對發展意味著什麼——有什麼看法？

Sure. I think we probably need a little kick from interest rates in order for dispositions to lead to any leverage reduction. I think when we look forward to the sort of medium term 6x, again, we stepped back and we looked at net lease peers, we look at office. Our job is to run a portfolio of mission-critical assets, and we're doing that well, but it's also our job as we try to manage that portfolio in this public vehicle that we should be delivering people what they want and looking what they're paying for other organizations.

當然。我認為，利率可能需要稍微提高，才能促使資產處置最終降低槓桿率。我認為，當我們展望中期6倍成長時，我們再次退後一步，審視了淨租賃同行，我們審視了辦公大樓市場。我們的工作是管理一系列關鍵任務資產，我們在這方面做得很好，但同時，當我們試圖在這個公共機構中管理這些資產時，我們的工作也是要為人們提供他們想要的東西，並關注他們為其他組織支付的費用。

And -- and so as we think about -- as we think about what we're executing, we find ourselves in a place where we would like to get our leverage in line with those peers. And in that case, our stock should be materially higher than it is right now. That said, we think we can continue to bring in acquisitions, move towards that -- move towards that lower leverage state.

因此，當我們思考我們正在執行的事情時，我們發現自己處於這樣一種境地：我們希望獲得與同行相符的影響力。那樣的話，我們的股價應該會比現在高出許多。也就是說，我們認為我們可以繼續進行收購，朝著降低槓桿率的方向發展。

And I think that as we think about development and moving forward, we will try to work towards that lower leverage. We could use some external partners and JVs in order to make that more possible. But it's -- we really just need to be working with shareholders who are supportive of the company, and be delivering on the metrics that they need to feel good about what we're doing, and using our pipeline and all the work that we've done with agencies to deliver value for shareholders.

我認為，在思考發展和前進方向時，我們將努力降低槓桿。我們可以利用一些外部合作夥伴和合資企業來使其更容易實現。但實際上，我們只需要與支持公司的股東合作，並達到他們需要的指標，讓他們對我們正在做的事情感到滿意，並利用我們的管道以及我們與各機構合作所做的一切工作，為股東創造價值。

Okay. And then one last one for me. Just to put a bow on your comments about the government shutdown. Does that lead to delays in leasing and just slow things down? And is there any threat to any agencies, you think, from this process?

好的。最後，我還要再來一個。最後再補充一句你關於政府停擺的評論。這是否會導致租賃延誤，從而拖慢整個流程？你認為這個過程會對任何機構構成威脅嗎？

In the first part, it absolutely slows things down a bit. I mean in that -- folks are working less. I don't see that's any diminution in value of the portfolio, and there will be a quick catch up. And I'd also say, post the sort of newer environment of working with the government, where they are thinking about efficiency, they are working more closely with us and other private partners in order to make things work.

第一部分確實稍微放慢了節奏。我的意思是，人們的工作時間減少了。我認為這不會降低投資組合的價值，而且很快就會恢復。我還要說，在與政府合作的新環境下，他們更加重視效率，他們正在與我們和其他私人合作夥伴更緊密地合作，以使事情順利進行。

So while the government is shut, we're still doing our good work for the government and moving things along, and we're excited for them to come back online. I don't think the shutdown threatens any particular agency, maybe some things get recrafted over time in the spirit of efficiency. But the big dials as you know, are making sure entitlement programs are getting organized.

所以，雖然政府停擺了，但我們仍在為政府做好工作，推動各項事務進展，我們期待他們重新上線。我不認為政府停擺會對任何特定機構構成威脅，也許隨著時間的推移，為了提高效率，一些工作會被重新調整。但如你所知，真正掌權的是確保各項福利計畫有序進行。

Health care, you're going to see a lot of movement on that as we get into this next year. None of which has really very much to do with us. And as we focus on mission-critical, that means law enforcement that is drugs, that is all the things that keep American safe.

醫療保健領域，明年將會出現很多變化。這一切都跟我們關係不大。當我們專注於關鍵任務時，這意味著執法，也就是禁毒，這意味著所有保障美國安全的事情。

So we find our agencies today more than ever to be enthusiastic about what they're doing moving forward. And for the agencies that we work with in the main, they are they are showing up at work doing their job and feeling the support of the government and their mission.

因此，我們發現，如今各機構比以往任何時候都更熱情地投入未來的工作。而對於我們主要合作的機構來說，他們都在正常上班，履行職責，並感受到政府和他們使命的支持。

Great, thank you.

太好了，謝謝。

Carroll, RBC Capital Markets.

卡羅爾，加拿大皇家銀行資本市場。

Darrell, can you provide some bigger picture trends, I guess, how to achieve this 6 times cash flow leverage. I know you kind of mentioned a little bit throughout this call. But is that going to be through, a more like, joint venture sales to kind of achieve that? Or can you kind of describe what are some of the levers you can pull to get to that number?

達雷爾，你能從更宏觀的角度分析一下，如何達到6倍現金流槓桿嗎？我知道你在通話過程中稍微提過這一點。但實現這目標的方式，更像是透過合資銷售之類的模式嗎？或者您能否大致描述一下，您可以透過哪些途徑來實現這個數字？

Sure. I think working with joint venture partners is probably the least important, but it's absolutely an avenue that we can pursue. I think first and foremost, these development projects that we're putting in place are very attractive. We've -- as we see the FDA Atlanta is going to be coming online at the end of the year, and that's certainly going to start adding to our EBITDA, and we're going to get another lump sum payments.

當然。我認為與合資夥伴合作可能是最不重要的，但這絕對是我們可以探索的途徑之一。我認為，首先，我們正在實施的這些發展項目非常有吸引力。我們看到，FDA亞特蘭大分局將於年底投入使用，這肯定會增加我們的EBITDA，而且我們還將獲得另一筆一次性付款。

So that's going to take us down closer between 7 and 7.5 times. And as we look forward to these other development projects that we're moving, will basically financially structure them so that we get to a cost of capital that is about 100 basis points above what we believe the cost of capital to be, by looking into the market and all the metrics that we've articulated.

這樣一來，最終結果將接近 7 倍到 7.5 倍之間。展望我們正在推進的其他開發項目，我們將從財務結構上進行調整，使資本成本比我們認為的資本成本高出約 100 個基點，這是透過考察市場和我們闡述的所有指標得出的結論。

And then we will lever them less when we have return that's in excess of that amount. And we believe -- and we do have a very robust pipeline, and our team continues to do a terrific job moving those things forward. And I think that as we find it, if we set our goal at 100 basis points above cost of capital for our projects, we're going to find ourselves nicely delevering over the next 24 to 36 months.

然後，當收益超過該金額時，我們將減少槓桿率。我們相信—而且我們確實擁有非常強大的產品線，我們的團隊也一直在出色地推動這些產品線的發展。我認為，如果我們把專案的目標設定為比資本成本高出 100 個基點，那麼在接下來的 24 到 36 個月內，我們將能夠很好地降低槓桿率。

Okay. Is that the time frame of the medium-term goal of 2 to 3 --

好的。這是中期目標2到3年的時間範圍嗎？

Yes, I think so. yes. And again, I don't view the 6% as -- our number one priority is to grow 2% to 3% a year consistently and be known as a grower that's in that space. That said, our target is going to be 6x. We're not going to take a direct line there, but we want investors to understand that that's what we're marching towards.

是的，我也這麼認為。是的。再次強調，我不認為 6% 是——我們的首要任務是每年持續成長 2% 到 3%，並成為該領域知名的成長者。也就是說，我們的目標是6倍。我們不會直接採取這種方式，但我們希望投資人明白，這就是我們努力的方向。

That's a very important priority for us. And I know when we sit here in three to four years, we're going to be a lot closer to 6% than we are today. And I think that, that's going to be comparable to -- you're going to look at net lease peers, and you're going to look at office peers, and we're going to compare very favorably, especially when you think about the strength of our tenancy credit and the [WALT] that's in the portfolio.

這對我們來說是非常重要的優先事項。我知道，三、四年後我們坐在這裡時，我們的失業率將會比今天更接近 6%。我認為，這與淨租賃同行以及辦公大樓同行的情況類似，我們的表現將非常出色，尤其是在考慮到我們租戶信用的實力和投資組合中的 [WALT] 時。

And we certainly get that feedback from large possible joint venture partners today, and we are hopeful that the public markets, especially as large REIT funds and others, as money sort of comes back to real estate rather than being in outflows, we're very -- we're a terrific anchor for folks' portfolios with our sort of new mission of making sure the company is growing at those levels.

我們今天確實從一些潛在的大型合資夥伴那裡得到了這樣的反饋，我們希望公開市場，特別是大型房地產投資信託基金和其他機構，隨著資金回流房地產而不是流出，我們非常——我們憑藉確保公司在這些水平上增長的新使命，成為人們投資組合的絕佳錨點。

And is that trend kind of reflected in your 2026 guidance kind of overequitizing some acquisitions and development expenditures?

這種趨勢是否也反映在你們 2026 年的業績指引中，也就是過度強調某些收購和開發支出？

Yes. I mean, my expectation would be that leverage is going to be -- will be lower at the end of '26 than it is at the beginning. I think we should have a six handle within something on the end of it. And we're going to continue to report on our leverage in this way. As I said, it's not going to be a straight line, but we're -- we're going to absolutely be driving towards growing the business, hitting that kind of 3% target, which is at the upper end of the range, and making sure we're getting the leverage down so that folks don't consider it a concern for the company.

是的。我的意思是，我預計到 2026 年底，槓桿率會比年初低。我認為我們應該在末端某個地方裝一個六孔把手。我們將繼續以這種方式報告我們的槓桿情況。正如我所說，這不會是一條直線，但我們——我們絕對會努力發展業務，達到 3% 的目標（這是目標範圍的上限），並確保降低槓桿率，這樣人們就不會認為這是公司的一個問題。

I mean we've always been of the mindset and especially in the private markets that these assets, given the term of the lease and given the strength of the tendency that they can handle a lot more leverage. But it's also just clear to us in the public markets when you -- when we -- when the leadership team got together 24 months ago, and we laid out a strategy, it became clear to us that growing 3% a year is a very good target.

我的意思是，我們一直都認為，尤其是在私募市場，這些資產考慮到租賃期限和強勁的趨勢，可以承受更高的槓桿率。但對於我們這些身處公開市場的人來說，也很清楚，當領導團隊在 24 個月前聚在一起制定策略時，我們意識到每年成長 3% 是一個非常好的目標。

If we're delivering 2%, we are right in the ZIP code of where we need to be. We think that growing same-store sales and getting that to be better over the sort of the medium term is also important. So that's why we moved into a place where we have great scale which is state, local and government adjacency.

如果我們能達到 2% 的交付率，我們就剛好達到目標了。我們認為，提高同店銷售額並在中期內使其有所改善也很重要。所以，這就是我們搬到這樣一個規模龐大的地方的原因，這裡毗鄰州、地方和政府部門。

Those are all those mission-critical facilities or just like the facilities that we manage today and we know how to do that very well. But the great news is, once we finally get 30% of our portfolio to have those types of leases with bumps, we start the year with 60 basis points of growth as opposed to zero, in a flat lease environment, waiting for renewals.

這些都是關鍵任務設施，或者就像我們今天管理的設施一樣，我們非常擅長管理這些設施。但好消息是，一旦我們最終使 30% 的投資組合擁有這種帶有遞增條款的租賃合同，那麼在租賃市場平穩、等待續約的情況下，我們年初的增長率為 60 個基點，而不是零。

So I think with lease renewals plus same-store sales, we sort of get ourselves 100 basis points of growth as we look forward over the next 10 years. And then if we're rewarded and supported by shareholders, adding another 2% to 3% of growth on top of that eventually, with leverage levels that are attractive, seems to be the model in the space that investors are willing to reward, and we think we can get there and achieve it.

所以我認為，隨著租約續約和同店銷售額的成長，展望未來 10 年，我們有望實現 100 個基點的成長。如果股東給予我們回報和支持，最終在此基礎上再增加 2% 到 3% 的成長，同時保持有吸引力的槓桿水平，這似乎是投資者願意在這個領域給予回報的模式，我們認為我們可以達到並實現這一目標。

We talked to investors for a long time about covering our dividend and the capital markets didn't support it, and we held on to our dividend for a little while, knowing that our portfolio could grow into it. But our portfolio doesn't reprice as fast as -- certainly storage or many other areas of real estate.

我們與投資者就支付股息的問題進行了長時間的討論，但資本市場並不支持，所以我們暫時保留了股息，因為我們知道我們的投資組合可以增長到足以支付股息的水平。但是我們的投資組合價格調整速度不如倉儲或其他許多房地產領域那麼快。

And we looked at ourselves and said, we're going to gut it out for a couple of years here, and we're going to cover our dividend, and that's all going to be good. But that's not what the capital markets want. So it's important for us to do what we do well, which is supporting these mission-critical agencies.

我們審視自身，然後說，我們要在這裡咬牙堅持幾年，我們要支付股息，一切都會好起來的。但這並非資本市場所希望的。因此，對我們來說，做好我們擅長的事情，也就是支持這些關鍵任務機構，就顯得特別重要。

But likewise, making sure that the metrics when somebody comes to learn about Easterly Government Properties and what we're doing, that they don't have any allergy to the stats that they're starting with. And I think the more that they take the time to do the work and understand the portfolio of the business and what we're trying to do and our years of expertise doing this, that they'll be pretty pleased for it to be part of their portfolio over the longer term.

但同樣地，也要確保當有人來了解東部政府地產和我們正在做的事情時，他們所看到的統計數據不會讓他們感到反感。我認為，他們越花時間去了解公司的業務組合、我們正在做的事情以及我們多年積累的專業知識，他們就越會樂意在長期內將其納入自己的投資組合。

Okay, great. I appreciate it, Darryl.

好的，太好了。謝謝你，達裡爾。

Yeah, no, I appreciate the question.

是的，謝謝你的提問。

Merrill Ross, Compass Point Research & Trading.

Merrill Ross，Compass Point Research & Trading。

Good morning. I wanted to ask a few questions about York, and then I had a separate question about mix. Remind us what the total investment was for York, but the cap rate is going in. And maybe a little bit about York's history of government contracts and renewals just to get a sense of the ongoing nature of their contracts with the federal government. And how this property is essential to their mission as you often described your federal portfolio be?

早安.我想問幾個關於約克的問題，然後我還有一個關於混合的問題。請提醒我們約克的總投資金額是多少，但資本化率即將公佈。或許還可以簡單介紹約克公司與政府簽訂合約和續約合約的歷史，以便了解他們與聯邦政府合約的持續性。那麼，正如您經常描述的那樣，這處房產對他們的聯邦資產組合而言，究竟有何重要意義？

Sure. So the acquisition price on that asset was $29 million and the cap rate was in the low 11s. That definitely reflects the fundamentals of the overall Denver market and a motivated seller. So that's what I would share in terms of cap rate compared to some of our others. In terms of the building itself, so this functions as their company headquarters, it's kind of a fascinating building.

當然。因此，該資產的收購價格為 2,900 萬美元，資本化率在 11% 左右。這無疑反映了丹佛整體市場的基本面，以及賣家急於出售的情況。所以，這就是我想分享的，與我們其他一些公司相比，資本化率方面的情況。就建築本身而言，作為他們的公司總部，這是一座非常迷人的建築。

They have a clean room in the first floor where they construct satellites and other items for their government contracts. So it's unique, right? When you think about the work that goes into fulfilling a government contract, this is very practical, but also very strategic for them.

他們在一樓有一個無塵室，在那裡他們為政府合約製造衛星和其他物品。所以它是獨一無二的，對吧？當你想到履行政府合約需要投入多少工作時，你會發現這非常實際，而且對他們來說也具有非常重要的戰略意義。

Our partnership with the US government goes back years. They are a very trusted partner in terms of their overall contract base. The work that they do in the Aeronautics and Defense industry is very integral to their overall business success, and I think they have been quite successful over the years.

我們與美國政府的合作關係可以追溯到很多年前。就整體合約基礎而言，他們是非常值得信賴的合作夥伴。他們在航空航太和國防工業領域的工作對其整體業務成功至關重要，我認為多年來他們取得了相當大的成功。

And Merrill, we spent a bunch of time with management and other folks. The talent base that supports their business in and around the Colorado area is profound, deep and enduring. So the ability for them to move is difficult. They love the building. And I think we're -- we're excited about the lease that we have in place, and I think we're even more excited for renewal when that time comes, far in the future.

還有，我們花了很多時間和美林的管理階層和其他人員交流。支撐他們在科羅拉多州及其周邊地區業務發展的人才基礎雄厚、深厚且持久。因此，他們的行動能力受到限制。他們很喜歡這棟建築。我認為我們對目前的租賃合約感到非常興奮，而且我認為我們對未來續約時會更加興奮，雖然那還需要很長時間。

I would just observe that in your supplement, you say that 88% of your lease income is from federal government. And then not -- the rest is 12%. And I'm just curious how -- and you're trying to meet your 3% goal, and your leverage goal. What do you see that mix moving toward, maybe in the longer term in the next six months? But where are you going with that?

我想指出的是，在您的補充文件中，您提到您88%的租賃收入來自聯邦政府。然後就不是了——剩下的是 12%。我只是好奇你是怎麼做到的——你正在努力實現 3% 的目標和槓桿目標。您認為這種組合在未來六個月的長期發展趨勢會是什麼？但你這麼說的目的又是什麼呢？

Sure. So we have a goal of 70% GSA or federal exposure, a 15% state and local, and another 15% in that adjacent space. So we're definitely on the lookout for our sourcing opportunities where we can continue to grow the state and local and adjacent exposure in the portfolio, while still being able to acquire high credit mission-critical US government properties as well. So I think this year was very demonstrative of how we're going to achieve that.

當然。因此，我們的目標是 70% 的 GSA 或聯邦政府業務，15% 的州和地方業務，以及另外 15% 的相鄰業務。因此，我們肯定會尋找新的收購機會，以便繼續擴大投資組合中州、地方及週邊地區的投資，同時也能收購信用評級高、任務關鍵的美國政府資產。所以我認為今年很好地展現了我們將如何實現這一目標。

So you saw us acquire D.C. Plaza and an adjacent building with the short space systems. But you've also -- we've also acquired Burlington, which is a government asset as well. So it's a good example of how we'll continue to do all of it. But the state and local and adjacent space is certainly an area where we can create more growth because of these escalators that Darryl is talking about.

所以你們看到了我們收購了 D.C. Plaza 和一棟相鄰的、配備短空間系統的建築物。但是，我們也收購了伯靈頓公司，它也是政府資產。所以這很好地說明了我們將繼續如何完成所有這些工作。但是，由於達裡爾所說的這些扶梯，州、地方和鄰近領域肯定是一個我們可以創造更多成長的領域。

Right. Do you see, as a result, [Dodge], the DSA considering other forms of leases other than their standard contract?

正確的。因此，[道奇]，您是否認為DSA正在考慮採用標準合約以外的其他租賃形式？

I think the GSA is willing to entertain discussions around a more modern lease structure. Escalators is a very good example of that. So in our most recent short-term renewal at USFS in Albuquerque, we were successful in embedding lease escalators into that renewal.

我認為美國總務署願意就更現代化的租賃結構展開討論。自動扶梯就是一個很好的例子。因此，在我們最近與美國林務局在阿爾伯克基的短期續約中，我們成功地將租金上漲條款納入了續約合約。

So for us, I think that's a really good example of where we -- the GSA is evolving and the GSA is becoming more modern in its leasing practices. And particularly as the government's desire to lease versus own expands, that is an area that we believe [that will] become more competitive.

所以，我認為這是一個很好的例子，說明美國總務署 (GSA) 正在發展，並且在租賃實踐方面變得更加現代化。尤其隨著政府租賃而非購買意願的增強，我們認為這一領域將變得更加具有競爭性。

That's it for me. Thank you.

就這些了。謝謝。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

Thank you, Darrell, at early last year, you provided a new strategy at your Analyst Day. You talked about delivering 4% growth in earnings consistently. And with that came some higher leverage, which I think made sense given the high credit nature of your tenancy.

謝謝你，達雷爾，去年年初你在分析師日上提出了新的策略。你曾說過要持續實現4%的獲利成長。隨之而來的是更高的槓桿率，考慮到你租戶的高信用狀況，我認為這是合理的。

Today, it seems like you're focusing -- going back to the 2% to 3% growth with lower leverage. What's changed in the last few months and why the change in strategy?

今天看來，你們似乎專注於以較低的槓桿率恢復到 2% 到 3% 的成長速度。過去幾個月發生了哪些變化？為什麼需要改變策略？

Yes. So I think we've never set 4% as the promise in target, but we're certainly, that's our stretch goal. I mean our job is to set some expectations and obviously, work on exceeding them. So that -- we've always stated sort of 2% to 3% is the right -- is a growth rate that should give us a cost of capital that's attractive. We hit 3% this year.

是的。所以我覺得我們從來沒有把 4% 當作承諾的目標，但這當然是我們的遠大目標。我的意思是，我們的工作是設定一些預期目標，當然，還要努力超越這些目標。所以——我們一直認為 2% 到 3% 的成長率是合適的——這樣的成長率應該能為我們帶來有吸引力的資本成本。我們今年達到了3%。

As Allison is mentioning, our guidance for next year actually has 4% of growth at the upper end of the range. I think to get there, if we are having $300 million to $400 million of acquisitions, which does not seem implausible to me. We can start getting to those 4% rates. What I just don't want to do is set expectations that are too high, and then we feel like we've tripled the growth rate of the company, but we're still failing in the eyes of our investors.

正如艾莉森所提到的，我們對明年的預期成長率上限實際上為 4%。我認為要達到這個目標，我們需要進行 3 億至 4 億美元的收購，這在我看來並非不可能。我們可以開始達到4%的利率了。我最不想看到的就是設定過高的期望，然後我們感覺到公司成長率提高了三倍，但在投資人眼中我們仍然失敗。

Today, at $22, I think that -- 3% is a very attractive alternative. I mean our dividend plus growth is in the mid 11s, which given the stability of the company is really strong. So we just don't want to be able to get out in front of ourselves. That said, and as you know, I know you well know, if our stock was $28 to $32, we could grow a lot faster.

今天，以 22 美元的價格來看，我認為 3% 的收益率是一個非常有吸引力的選擇。我的意思是，我們的股息加上成長率在 11% 左右，考慮到公司的穩定性，這真的非常強勁。所以我們只是不想走太遠。也就是說，如你所知，我也知道你很清楚，如果我們的股價在 28 美元到 32 美元之間，我們的成長速度會快得多。

And if our stock price was anywhere near our net lease peers, we could grow even faster still. The pipeline, I mean, I didn't say it lightly, and it's no BS in our script that the pipeline that our acquisitions team with the addition of [Chris Wang] and [Mike Ibe], a fantastic team, developing a broad range of development and acquisition opportunities.

如果我們的股價能接近淨租賃同業的水平，我們的成長速度還可以更快。我的意思是，我這麼說並非輕率之舉，我們的計劃中也絕無虛言，那就是隨著 [Chris Wang] 和 [Mike Ibe] 的加入，我們的收購團隊——一個優秀的團隊——正在開發廣泛的開發和收購機會。

I mean the idea that we can put a couple of hundred million dollars to work, I think, so effectively with the cost of equity that's high is a real shout out to them. And if we had a cost of equity that was more in line with what comps would show, I think we can start achieving growth rates that are even higher. But so hopefully, that just gives you context. I feel better about the company today than I did a year ago and a year ago, I felt better about the company than I did a year before that. And so the team is terrific. The pipeline is outstanding.

我的意思是，考慮到股權成本如此之高，我們能夠如此有效地利用幾億美元，我認為這真的要向他們致敬。如果我們的權益成本與可比較公司所顯示的水平更加一致，我認為我們可以開始實現更高的成長率。希望這些資訊能給你一些背景知識。我現在對公司的好感比一年前強，而一年前我對公司的好感又比前一年強。所以這支隊伍非常棒。這條管道非常出色。

I think as we march towards getting an investment-grade rating that will -- at some point, we will be a terrific healthy issuer of investment-grade debt, which will take our cost of capital down another 50 to 100 basis points. And I think that we'll be delivering an earnings -- set of metrics to the market where investors will be pleased for this to be an anchor for the portfolio. And an opportunity for compounding IRRs over many years.

我認為，隨著我們朝著獲得投資等級評級的目標邁進，在某個時候，我們將成為一個非常健康的投資等級債務發行人，這將使我們的資本成本再降低 50 到 100 個基點。我認為我們將向市場提供一套獲利指標，投資者會樂於看到這成為投資組合的錨點。而且，它還提供了一個在多年內實現複利內部收益率 (IRR) 成長的機會。

So to summarize, your line of thinking now is getting lower leverage with more moderate growth will lead to a better cost of capital?

綜上所述，你現在的想法是，降低槓桿率並保持較為溫和的成長將帶來更好的資本成本？

I think that's right. But my growth objective is really -- they really are unchanging in that I think that we are growing very nicely, but getting to lower leverage seems to be -- when I look at -- and again, we spend 90% of our time focused on working with the US government, building our portfolio, and doing our job in real estate world.

我覺得是對的。但我的成長目標其實是——它們其實並沒有改變，因為我認為我們發展得非常好，但降低槓桿率似乎是——當我審視——而且，我們90%的時間都專注於與美國政府合作、構建我們的投資組合以及在房地產領域做好我們的工作。

But when you look at the comps, you have to wonder why with our growth rate, why with our dividend and why would our -- the strength of tenancy, why is our stock at $22? It just doesn't make sense. And when I look at the I think our growth rate is right in line. We're certainly at the upper end of office. We're a little 100 basis points below net lease peers. If we were in line with office, our stock would be $28 to $32. If we were in line with net lease peers, it would be $36.

但當你查看同業比較數據時，你會不禁疑惑，為什麼我們的成長率、股息以及租戶實力都如此強勁，我們的股價卻只有 22 美元？這根本說不通。我認為，我們的成長率完全符合預期。我們辦公室的等級肯定算是比較高的。我們比淨租賃同業低100個基點。如果我們的股價與辦公室一致，我們的股價應該在 28 美元到 32 美元之間。如果我們與淨租賃同業保持一致，那麼價格將是 36 美元。

And the only thing that I can see is that our leverage level on a cash basis continues to be higher than the other folks. And I can also imagine that when we reverse split our stock and cut our dividend, those are generally not signs of portfolio health. But what became clear is that the capital markets weren't supporting that our portfolio could grow into our dividend. So it was time to husband resources were -- that -- obviously, it's a lot easier to manage the growth in the company with a lower dividend. And back when we cut our dividend, we were saying 2% to 3%.

我唯一能看到的就是，我們以現金為基礎的槓桿水平仍然高於其他人。我也可以想像，當我們進行股票反向分割並削減股利時，這些通常都不是投資組合健康的跡象。但很明顯，資本市場並不支持我們的投資組合能夠成長到足以支付股利的水平。所以是時候合理分配資源了——顯然，降低股息更容易管理公司的成長。而當初我們削減股利的時候，我們說的是 2% 到 3%。

And I think, as I said, maybe [I know in] to you that getting closer to 3%, it's a lot easier when you have retained earnings in the company. And so we're in a place where I think we're poised for significant growth and a little support from the capital markets would go an awfully long way to accelerating that growth.

而且我認為，正如我所說，也許對你來說，要接近 3% 的目標，如果公司有留存收益，那就容易得多。因此，我認為我們已經做好了實現顯著成長的準備，而資本市場的一點支持將對加速這一成長大有幫助。

Okay. And then on your '26 guidance that came in below consensus. You've had some holiday accretive acquisitions this year that we thought would boost earnings. Can you talk about some of the headwinds in '26?

好的。然後，你們在 2026 年的指導意見低於共識。今年貴公司進行了一些假期季節增值收購，我們認為這些收購將提振獲利。能談談2026年遇到的一些不利因素嗎？

I mean it looks like you have some dispositions lined up just based on the impairment that you recorded this quarter? And maybe you want to talk about the cap rate on some of the asset sales?

我的意思是，看起來你們已經根據本季提列的減損損失安排了一些資產處置方案？或許您想談談部分資產出售的資本化率？

Yes. So I mean, we don't have any decisions, but I'll let Allison just talk a little bit about the model. And again, I think in our minds, we don't -- I think if we put a 10% growth rate on the company, the stock price wouldn't change. I mean, I think we need to get people -- I think we need to build a base of shareholders, and we try to be very transparent about what we're building. And I think the cash flow stream that we're creating is one that's very valuable.

是的。所以我的意思是，我們還沒有做出任何決定，但我會讓艾莉森簡單談談這個模型。而且，我認為在我們看來，即使我們為公司設定 10% 的成長率，股價也不會改變。我的意思是，我認為我們需要吸引人——我認為我們需要建立一個股東基礎，並且我們努力對我們正在建立的東西保持高度透明。我認為我們正在創造的現金流非常有價值。

And the idea of putting high expectations out there that we can exceed is not going to benefit us. So that said, I think we're promising to shareholders something that is way more attractive than the $22 stock price. But Allison, why don't you just talk about '26 and what we're going to do?

而設定過高的目標，試圖超越這些目標，對我們並沒有好處。所以說，我認為我們向股東承諾的東西比 22 美元的股價更有吸引力。但是艾莉森，你為什麼不談談2026年以及我們接下來要做什麼呢？

Sure. So at its midpoint '26 guidance is roughly an $0.08 increase over the midpoint of '25. And if we look at how that sort of $0.08 comes to be -- you're right. There is absolutely some growth from 2025 accretive acquisitions that occurred. But largely, the largest acquisition we did in 2025 was completed in very early April.

當然。因此，2026 年的業績指引中位數比 2025 年的業績指引中位數約高出 0.08 美元。如果我們看看這0.08美元是怎麼來的——你說得對。2025 年發生的增值收購確實帶來了一定的成長。但總的來說，我們在 2025 年完成的最大一筆收購是在 4 月初完成的。

So there's only about quarter of delta, NOI delta, from that particular property year-over-year that's going to increase 2026. So as we look to sort of the $0.08 mark, what I would share with you is that it's predominantly FDA Atlanta. FDA Atlanta has been a very accretive opportunity for us to drive earnings growth. So that represents a very large portion of that $0.08. We are expecting some same-store growth.

因此，到 2026 年，該特定物業的淨營業收入 (NOI) 年比增幅只有大約四分之一。所以，當我們展望 0.08 美元左右的價格點時，我想和大家分享的是，這主要與 FDA 亞特蘭大有關。FDA Atlanta 為我們提供了一個非常有利於提升獲利成長的機會。所以這佔了那0.08美元的很大一部分。我們預期同店銷售額會有所成長。

We typically target about up 0 to 100 basis points. That's inclusive of leases renewing as well as the commencement of [TI and B SAC] rents throughout other already executed leases. And then that is offset by some increases in G&A. If you remember, when Bill retired, we accelerated all of the vesting of his existing awards. So this will be the first year we step into a run rate noncash comp number.

我們通常的目標是0到100個基點左右。這包括續約以及在其他已執行的租賃合約中開始收取 [TI 和 B SAC] 租金。然後，這些增加會被一般及行政費用的一些成長所抵銷。如果你還記得的話，當比爾退休時，我們加快了他所有現有獎勵的歸屬進程。所以今年我們將首次採用非現金補償的運行率指標。

Okay. So no dispositions as part of that guidance?

好的。所以，該指導方針中沒有包含任何處置措施嗎？

There are no dispositions expected for 2026.

預計2026年不會有任何資產處置。

Final question for me -- sorry for asking so many, but -- you weathered a number of government shutdowns in the past. I think you said in the prior calls, going back many years that there was enough to pay for 30 days of a government shutdown. I'm wondering if that's still the case? Or do you expect to have an accounts receivable balance at this --

最後一個問題——不好意思問這麼多，但是——您過去經歷過多次政府停擺。我認為您在之前的通話中，追溯到很多年前，說過有足夠的資金來支付政府停擺 30 天的費用。我想知道現在情況是否仍然如此？還是您預計此時會有應收帳款餘額？--

Yes, that's a great question. Thanks for asking. Because just to be super specific, I mean, all of leases are funded for six months-plus in the government already. And the point being that as you're seeing, the administration and Congress are moving money around to meet sets of obligations that are ongoing. In our leases, right at the bottom, it says United States of America, full stop.

是的，這是一個很好的問題。謝謝你的提問。具體來說，政府已經為所有租賃項目提供了六個月以上的資金。關鍵在於，正如你所看到的，政府和國會正在調撥資金來履行一系列持續存在的義務。我們的租賃合約最底部寫著“美利堅合眾國”，句點就在這裡。

It's not some subsidiary. It's not an agency. It's the same thing it says on your dollar bill, and it's the same thing as it does on a US Treasury. So if they don't send us our money, that is a default, and you will see that on the front page of every financial newspaper on the planet Earth.

它不是什麼子公司。它不是一家機構。它和你美元鈔票上的內容一樣，也和美國國債上的內容一樣。所以如果他們不給我們匯款，那就是違約，你會在地球上每一份財經報紙的頭版看到相關報道。

And I think that they're going to find the money to continue to pay bonds, T-bills and our rent. And it would be very surprising to not. And that's why I think government shutdowns are serious business, but I also call it [Kobuki] theater because it is a negotiating tool that's partisan right now. And the -- each party has got a better idea on how to run the government, and that's fine. But they are going to pay their bills and the country is not going to stop moving.

我認為他們會找到錢來繼續支付債券、國庫券和我們的房租。如果沒有，那真是令人驚訝。所以我認為政府停擺是一件嚴肅的事情，但我同時也稱之為（小歌舞伎）表演，因為它現在是一種黨派談判工具。每個政黨對如何治理國家都有更好的想法，這很好。但他們會支付帳單，國家也不會停止運作。

So we're very sanguine about the shutdown. And as we've also seen, we can't wait for the headline risk related to that to go away so that we can, again, talk about one less thing related to our strong portfolio and get on our growth path and deliver some fabulous returns to shareholders over the next 5 to 10 years.

所以我們對停工這件事非常樂觀。正如我們所看到的，我們不能坐等與此相關的頭條風險消失，這樣我們就可以再次少談論一件與我們強大的投資組合有關的事情，走上增長之路，並在未來 5 到 10 年內為股東帶來一些豐厚的回報。

It's a great color. Thank you.

這個顏色真好看。謝謝。

Anything else? I mean, seriously, we love to hear the criticism because I think that we -- your questions because we want to make sure that -- and I really appreciate you asking all the questions, John, because we want to be very specific with investors about what are any perceived challenges in the model, because we are very proud of the portfolio, and we're proud of the growth that we're delivering.

還要別的嗎？說真的，我們非常樂意聽到批評，因為我認為我們——你的問題，因為我們想確保——我真的很感謝你提出所有問題，約翰，因為我們希望非常具體地向投資者說明該模式中存在的任何挑戰，因為我們為投資組合感到非常自豪，也為我們取得的增長感到非常自豪。

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。現在我謹將會議交還給 Easterly Government Properties 的總裁兼執行長 Darrell Crate，請他致閉幕詞。

Great. Well, thanks, everybody, for joining us on our third quarter conference call. We very much look forward to talking to you as the year ends, and we begin 2026. We're -- and I appreciate the robust conversation. We are excited to rebuild the shareholder base and again, deliver growth, deliver strong dividends and deliver an enduring portfolio that keeps America safe. All the best.

偉大的。謝謝大家參加我們第三季財報電話會議。我們非常期待在年末之際、2026 年開始與您交流。我們正在進行深入的討論，我很欣賞這種富有建設性的對話。我們很高興能夠重建股東基礎，再次實現成長，派發強勁的股息，並打造一個能夠保障美國安全的持久投資組合。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了。