Darrell Crate, president and CEO of Easterly Government Properties, Inc . (NYSE: DEA), sat down for a video interview during Nareit’s REITworld: 2024 Annual Conference in Las Vegas, Nevada on Nov. 18-21.
Crate shared insights into the company's performance and strategic direction. He highlighted a positive earnings growth outlook, with an expected increase of 2%-3% driven by an expanding portfolio and long-term lease renewals. Crate emphasized that Easterly's investments are strategically positioned for growth, particularly as they have increased the weighted average term of their leases and broadened their total addressable market.
Crate also spoke about the recent acquisition of a Northrop Grumman property, calling it an exciting opportunity to diversify the portfolio and further expand Easterly's reach in the government-adjacent real estate market. He pointed to the success of properties such as those near Wright-Patterson Air Force Base, which offer critical infrastructure for national defense and technology.
Regarding the new Department of Government Efficiency, Crate noted the potential for Easterly to capitalize on the government's need for modern, well-maintained facilities, particularly in high-priority areas such as defense and border protection, which align with Easterly’s core focus.