Easterly Government Properties, Inc. (NYSE:DEA) Q3 2023 Earnings Call Transcript

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Peter Abramowitz: Thank you. And apologize team if I missed this stuff. But could you just talk about what the going-in yields were for the wholly-owned acquisitions both the federally leased and the state agency leased?

William Trimble: Good morning Peter. And I think you’re going to see that pretty close to ACAP [ph] across the board on those — which certainly at the time was accretive when we raised the capital to do it.

Peter Abramowitz: Got you. And there wasn’t much of a difference there in terms of–

William Trimble: Not particularly. No, no.

Peter Abramowitz: Okay. Got you. And then just a question on the Anaheim asset. So it is your Department of Industrial Relations and Employment Development department. Can you just talk a little bit more about actually what goes on in this facility, specifically kind of what you say here about training rooms for furthering the employment opportunities.

William Trimble: Yes, they’re adjudicating. So, think of it as almost a court that’s going on, that’s specialized activity for these compensation claims. So, that’s one that we looked at hard and realized that, that is something that is certainly not going to be going away anytime in the future, and we were particularly gratified to see the renewal close pandemic in this. And I think you’re going to see that common thread in every building that we buy, is that there is a real need for this mission, and it has been verified after the pandemic. So, I think that’s probably a new attribute that we’re going to demand in our bull’s eye.

Peter Abramowitz: Okay. I guess I was a little more curious in the second part of that training rooms for furthering employment opportunities. I guess, could you give more — a little more color on that part of what goes on with the asset and what makes it kind of remote work resistant.

William Trimble: Well, if you’re doing it, I think that they like to bring the folks in. It’s a public facility, and they’re helping these folks out that obviously are in a situation in the California certainly is probably at the leading edge of making sure that everybody gets the maximum help from the state in these situations. So, I’ve not sat in that room, Peter. We can join. You come out with me. We can [Indiscernible], cheery on it, but I think it’s — from my all indications, it is an ongoing mission and an important one to the State of California.

Peter Abramowitz: Got you. That’s helpful. Thank you.

Operator: Thank you. I would now like to turn the conference back to Darrell Craig, Chairman of Easterly Government Properties for closing remarks.

Darrell Crate: Thank you, everyone, for joining the Easterly Government Properties’ third quarter 2023 conference call. I’d like to thank our investors and stakeholders for their continued support and trust in our company. We value your confidence and we’re committed to delivering sustained long-term success to our shareholders.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.

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