Investor Presentaiton
Attractive Market Opportunity
Easterly
Government Properties Inc.
The U.S. Government is the largest employer in the world and the largest office tenant in the U.S.
■ Favorable Market Dynamics
■
-
GSA-leased inventory has grown 23.3% since 1998 (as compared
to a 1.1% decline for GSA-owned), and the GSA now rents more
than it owns (1)
Given recent federal budget constraints, we believe it is likely that
the U.S. Government will continue to grow its leased portfolio of
assets
Square Feet (in thousands)
Favorable Demand Dynamics
(1)
GSA-Leased Inventory has Grown Faster than GSA-Owned Inventory
Growth
since '98
250
200
150
100
50
23.3%
(1.1%)
Fragmented Market
-
-
The largest owners of federally-leased assets own approximately
26.1% in aggregate, with no single landlord owning more than
5.4% (2)
No national broker or clearing house for GSA-leased properties
'72 74 76 78 '80 '82 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18
Total GSA Leased RSF
Total GSA Owned RSF
Top Owners of Federally-Leased Real Estate (2)
■ High Barriers to Entry
-
-
Knowledge of GSA procurement process, protocols and culture
Understanding of mission and hierarchy of tenant agencies
Proven experience in acquiring, developing and managing GSA
properties
Access to capital
Boyd Watterson
Source: Company filings, GSA and Colliers International.
(in thousands)
RSF
% Market Ownership
10,062
5.4%
Easterly Government Properties
Office Properties Income Trust
8,692
4.6%
6,273
3.3%
NGP
5,102
2.7%
USAA Real Estate Company
4,736
2.5%
Corporate Office Properties Trust (COPT)
JBG Smith
4,065
2.2%
2,686
1.4%
MetLife Real Estate Investments
2,551
1.4%
LCOR
2,387
1.3%
Brookfield Property Partners
2,300
1.2%
Top Owners
48,855
26.1%
Total GSA - Leased RSF
187,496
100.0%
(1) Based on GSA's FY 2018 State of the Portfolio Snapshot.
17
(2) Based on GSA's Lease Inventory from December 2018, Colliers International Top GSA Property Owners (2020 Edition), and the federally leased square footage of the Easterly Portfolio as of 12/31/2023. Reflects 100% of the square footage of
VA Portfolio properties owned by our unconsolidated joint venture.View entire presentation