Easterly Government Properties, Inc. (NYSE:DEA) Q3 2019 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 10:00 am ET


Easterly Government Properties, Inc. (NYSE:DEA) Q3 2019 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the Easterly Government Properties Third Quarter 2019 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] Please note this conference is being recorded.

I would now like to turn the conference over to your host, Lindsay Winterhalter, Vice President, Investor Relations. Please go ahead.

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 this statement for the purpose of complying with the 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, they 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 items contained in Item 1A, Risk Factors of its annual report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019, and in its other SEC filings. The company assumes no obligation 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 operations, funds from operations as adjusted 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 W. Crate

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

It was a strong quarter. Each area of our business performed well. We made progress on milestones that we expect will deliver solid performance over the long term. Our bull's-eye properties performed well. The acquisition pipeline is robust, which we expect will allow us to deliver on our $200 million plus target for the next several years, while being selective. Our development effort progresses well with the delivery of FDA - Alameda and our two additional FDA laboratories under development and on schedule. And our balance sheet is well positioned to support all these growth initiatives. It is our goal to deliver