Easterly Government Properties, Inc. (NYSE:DEA) Q4 2022 Earnings Conference Call February 28, 2023 10:00 AM ET

Company Participants

Lindsay Winterhalter - Vice President, Investor Relations

Darrell Crate - Chairman

Bill Trimble - Chief Executive Officer

Meghan Baivier - Chief Financial Officer & Chief Operating Officer

Conference Call Participants

Michael Griffin - Citi

Peter Abramowitz - Jefferies

Operator

Greetings. Welcome to the Easterly Government Properties Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session between the company’s research analysts and Easterly’s management team. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Lindsay Winterhalter, Head of Investor Relations. Please go ahead.

Lindsay Winterhalter

Good morning. Before the call begins, please note that certain statements made during this conference call may include statements that are not historical facts and are considered forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Although, the company believes that its expectations as reflected in any forward-looking statements are reasonable it can give no assurance that these expectations will be obtained 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 the company's most recent Form 10-K to be filed with the SEC and in its other SEC filings.

The company assumes no obligation to update publicly any forward-looking statements. 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 the 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

Good morning, everyone, and thank you for joining us for this fourth 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.

2022 as a year of change for real estate generally and office in particular. I'm going to contrast our business, with office because many of the analysts who follow our company compare our performance to the office universe of REITs. One meaningful way our portfolio is differentiated from office is our occupancy profile. As we've seen, office has been materially affected by the adoption of work from home flexibility that was born from the pandemic.