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    Aditi Balachandran

    Senior Associate in Equity Research at RBC Capital Markets

    Aditi Balachandran is a Senior Associate in Equity Research at RBC Capital Markets, specializing in coverage of real estate companies such as Alexandria Real Estate Equities. Since joining RBC Capital Markets in 2023, she has contributed to research reports and communicates with institutional clients, leveraging experience from her prior role at Citigroup Global Markets. Her professional credentials include FINRA registration, demonstrating her licensure and authorization to serve as a securities analyst. Balachandran is recognized for her sector knowledge and analytical rigor in real estate research.

    Aditi Balachandran's questions to Easterly Government Properties (DEA) leadership

    Aditi Balachandran's questions to Easterly Government Properties (DEA) leadership • Q4 2024

    Question

    Aditi Balachandran asked if the higher CapEx in the fourth quarter represents a good run rate going forward. She also inquired about the company's plans for the SAA Chicago building following its lease expiration, specifically whether it would be re-leased or sold.

    Answer

    CFO and CAO Allison Marino clarified that Q4 CapEx was seasonally high and a forward run rate of $1.75 to $2.00 per square foot is a more accurate expectation. Regarding the SAA Chicago building, Ms. Marino stated that they do not expect the GSA to remain in the building and anticipate a disposition after the lease expires. President and CEO Darrell Crate added that the property, acquired at a 20% cap rate, has significantly outperformed underwriting and he expects a sale price that will please investors.

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    Aditi Balachandran's questions to Easterly Government Properties (DEA) leadership • Q3 2024

    Question

    Aditi Balachandran from RBC Capital Markets requested an update on 2024 lease renewals and the outlook for 2025 leasing spreads. She also asked whether recent changes in interest rates have increased competition for assets.

    Answer

    CFO Allison Marino confirmed that all significant 2024 renewals are complete and that for 2025, they expect net effective rent spreads to be in the mid-to-high teens, consistent with prior achievements. CEO Darrell Crate added that competition from private buyers remains low, as they have 'pretty much evaporated from the market,' giving Easterly continued access to debt and attractive opportunities.

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