Easterly Government Properties, Inc. (NYSE:DEA) Q1 2018 Earnings Conference Call - Preliminary Transcript

May 08, 2018 • 10:00 am ET


Easterly Government Properties, Inc. (NYSE:DEA) Q1 2018 Earnings Conference Call - Preliminary Transcript


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Greetings and welcome to Easterly Government Properties First Quarter 2018 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Ms. Lindsay Winterhalter, Vice President, Investor Relations for Easterly Government Properties. Thank you. You may begin.

Lindsay Winterhalter

Good morning. Before the call begins, please note the use of forward-looking statements by the Company on this conference call. Statements made on this call may include statements which are not historical facts and are considered forward-looking. The Company intends these forward-looking statements to be covered by the Safe Harbor provisions for forward-looking statements contained in the Private Securities Litigation Act Reform of 1995, and is making the statement for the purpose of complying with those Safe Harbor provisions. Although, the Company believes that its plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, it can give no assurance that these plans, intentions, expectations or strategies 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 Item 1A, Risk Factors, of its Annual Report on Form 10-K for the year ended December 31, 2017, filed with SEC on March 1, 2018 and in its other SEC filings. The Company assumes no obligations to update publicly any forward-looking statements whether as a result of new information, future events or otherwise.

Additionally, on this conference call, the Company may refer to certain non-GAAP financial measures, such as funds from operation 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

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

Darrell Crate

Thank you, Lindsay. Good morning, everyone, and thank you for joining us for this first quarter conference call. Today, in addition to Lindsay, I'm joined by Bill Trimble, our CEO; and Meghan Baivier, our CFO and COO.

Easterly remains the only public REIT dedicated to the acquisition, development and servicing of mission-critical real estate leased to United States Federal Government. Our strategy has remained consistent since IPO to apply our definable edge in the sourcing, underwriting, acquiring and servicing of mission-critical facilities leased to and backed by the full faith of the US Government. We were to cultivate a robust pipeline and new assets with the goal of accretively scaling and diversifying our portfolio.

Our predecessor company begins a private equity firm in 2010. From there, we built our enterprise while the economy was recovering from financial crisis. Government agencies were financially constrained and