Allison Marino, executive vice president and CFO at Easterly Government Properties (NYSE: DEA), sat down for a video interview at Nareit’s REITwise: 2026 Educational Conference in Hollywood, Florida, March 24-26.
As a REIT that derives roughly 90% of its income from leasing properties to the federal government, Easterly operates in a niche that many investors view as highly defensive—and Marino explained how that stability shapes the company’s growth strategy.
“Easterly is predominantly a federal lessor,” Marino said, noting that the company benefits from a weighted average lease term of about 10 years. Internally, that means maintaining strong portfolio fundamentals through high occupancy, healthy NOI margins, and favorable lease renewals. “We’re really proud of that statistic and our ability to create value in our same store portfolio,” she said, pointing to occupancy levels that range between 90% and 100%.
On external growth, Marino emphasized disciplined capital deployment. Easterly primarily grows through acquisitions, targeting investments that generate spreads above its cost of capital. The company aims for “about 100 basis points of spread” on acquisitions and even higher returns through development opportunities.
Marino also addressed shareholder activism, describing it as less of a threat and more of a governance discipline. “We think about activism not as this big bogeyman,” she said. Instead, Easterly prioritizes board preparedness, clear strategic execution, and consistent communication with shareholders to ensure alignment with long-term investors.