The following is a summary of the Easterly Government Properties, Inc. (DEA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Easterly Government Properties reported Q1 net income per share of $0.05, core FFO per share of $0.29 and cash available for distribution was $25.9 million.

• The company is maintaining a full-year core FFO per share guidance for 2024 in a range of $1.14 to $1.16.

• They expect to invest between $100 million and $110 million into growth development-related aspects in 2024.

• An acquisition of an immigration and customs enforcement IT facility near Dallas, Texas, promises strong, predictable cash flows and run rate accretion to shareholders.

Business Progress:

• Easterly secured a new federal courthouse development project in Flagstaff, Arizona for a 20-year lease term and renewed their DEA Albany lease for another 17 years.

• There's a firm commitment to deliver 2%-3% core FFO growth, driven by the acquisition of government-backed cash flows.

• The company plans to maintain a payout ratio below 100% in the next 24 to 36 months without cutting dividends.

• Cost-saving initiatives are in the pipeline for the future, and leasing structures are being improved to include escalators.

• There are plans to expand to the state property market, alongside development in government adjacencies to drive external growth.

More details: Easterly Government Properties Inc IR

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