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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