Easterly Government Properties, Inc.

Greetings. Welcome to Easterly Government Properties' second quarter 2025 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 analyst and Easterly's management team. To ask a question during the session, analysts will need to press star 11 on their telephone. They will then hear an automated message advising their hand is raised. Please be advised that today's conference is being recorded. I would now like to hand the conference over to speaker today, Alison Marino, Executive Vice President and Chief Financial Officer. Please go ahead.

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 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 the company's most recent Form 10-K 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, core funds from operations, 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.easterlyread.com. I would now like to turn over the conference call to Darrell Crate, President and CEO of Easterly Government Properties.

Thanks, Alison. Good morning, and thank you for joining us today. The second quarter of 2025 reflects continued execution on our long-term strategy, discipline growth, essential real estate, and enduring value creation. At Easterly, we've always focused on delivering reliable performance in uncertain times. This quarter is no exception. our business remains grounded in mission-critical infrastructure, long-term leases, and tenants whose work is vital to the safety, health, and security of our country. Our portfolio continues to be a source of strength, diversified across geographies and agencies with long-term leases and outstanding credit quality. We own and operate the kind of facilities that are indispensable to the day-to-day functioning of government, courthouses, law enforcement labs, public health clinics, and secured facilities. These are buildings that will stay full, perform well, and stand the test of time. In the second quarter, we made continued progress across our platform. We advanced several key development projects, each backed by long-term, non-cancellable leases. We strengthened relationships with federal, state, and local partners who rely on our expertise to deliver secure, efficient, and modern facilities. And we remain disciplined in our capital deployment, pursuing opportunities that meet our standards for credit, mission alignment, and value creation. We're not in the business of chasing yield at the expense of long-term portfolio value. Our platform is designed to deliver durable returns supported by stable cash flows and thoughtful stewardship. A big part of that discipline growth comes from the good work being done by Mike Ivey, Chris Wong, and Mark Bauer. Together, they lead our efforts in identifying, underwriting, and executing on accretive development and acquisition opportunities that meet our standards. High credit quality, strong alignment with government missions, and the potential to enhance the long-term value and durability of our portfolio. Our work continues to be a core differentiator for Easterly, It enables us to selectively grow into assets that are not only contributing to earnings, but strengthening our overall strategic position as a go-to partner for government tenancy. At the same time, we're mindful of today's market environment. Our stock price and cost of capital remain modestly challenging, in part due to the near-term overhang from our dividend reset earlier this year. That was a difficult decision, but a necessary one to preserve flexibility and position ourselves for sustainable growth. As we work through this phase, our priority is to rebuild our shareholder base with long-term public investors who understand our mission, believe in our strategy, and have the resources to help fuel our growth. We're confident that our fundamentals, our people, and our execution will attract the right partners over time. What's particularly gratifying this quarter is that the results Both operational and financial continue to validate our approach. We've been preparing for an environment where government real estate decisions are more strategic, more cost conscious, and more mission driven. That environment is now here. Whether it's the federal government streamlining of agency footprints or state and local agencies investing in modernized infrastructure, we're increasingly seen as a trusted partner firm that delivers what's promised and understands the nuance of public sector leasing. This reputation has taken years to build, and we protect it by staying consistent in how we operate and selective in what we pursue. While I'll leave the detailed results to Allison in a moment, I want to highlight that our second quarter reflects strong growth, a solid and improving balance sheet, and continued alignment between our financial outcomes and our long-term strategy. The numbers you'll hear today reinforce what we've always believed, that a focused strategy, executed with discipline, delivers real and lasting value. As we enter the second half of 2025, our focus remains clear. Continue to execute our development pipeline with excellence, deepen our relationships across federal, state, and local agencies, remain agile and disciplined in capital allocation, and above all, stay true to our mission of delivering critical real estate for the public good. We're proud of the platform we've built, proud of the role we play in supporting government operations, and proud of the team that continues to execute at the highest level. To our shareholders, thank you for your continued trust. We remain focused on delivering reliable performance today and building value for tomorrow. And with that, I'll turn the call over to Allison for a deeper look at our financial results.