Overview
Easterly Government Properties, Inc. (NYSE:DEA) is a Real Estate Investment Trust (REIT) focused on serving our investors and the community by providing Class A leased facilities for the use of the United States Federal Government. We are also a Company on a continuous journey to improve its initiatives, efforts, programs and policies, all of which are designed to benefit our tenants, shareholders, employees and community at large.
Easterly's 2021 Environmental, Social, and Governance Report
Environmental, Social and Governance (ESG) is a core component of Easterly’s mission, and our annual ESG Report outlines not only our environmental and social goals, but also the Company’s strategic initiatives and ESG-related policies. Progress towards these goals and the Company’s broader ESG strategy will be documented each year in the annual ESG report. You can read the inaugural 2021 report by clicking the hyperlink below.
As a public company Easterly works hard for its shareholders on a daily basis. Beyond this duty to serve the interest of its shareholders, Easterly is also dedicated to a culture of corporate responsibility focused on the following principles:
- Promote Health & Well Being –
Easterly is committed to a holistic approach to health and wellness, both through a clean working environment and through programs that support health and wellness for our tenants and employees - Support the Community –
Giving back and strengthening the community through volunteerism and philanthropy. Easterly employees contribute their time and talent to a variety of community organizations. In addition, many of our officers provide leadership by serving on non-profit boards - Support Our Tenants & Their Needs –
Easterly strives to be the U.S. Government’s partner of choice by providing clean, safe and efficient working environments for the federal workforce. Easterly is always seeking to partner with the Government and improve performance by introducing new, environmentally sustainable platforms to the existing portfolio - Environmental Responsibility –
Seeking to minimize the portfolio’s impact on its surrounding environment through the use of sustainable building materials and energy efficient upgrades. As Easterly expands its environmental platform we actively seek out opportunities to better assess the portfolio’s performance and explore methods of increased efficiency over time
- Climate Related Strategy-
Easterly maintains an Environmental Management System (EMS) that is ISO 14001 attested and models the Plan-Do-Check-Act framework. This strategy enables continuous feedback for identifying, assessing, and managing climate related risks. It is a cornerstone of the Company’s sustainability strategy and allows a constant feedback loop in order to address environmental issues in a timely manner. For more information, review Easterly’s Environmental Management System document. - Learning Through Diversity –
Easterly values diversity of experiences and backgrounds, and actively seeks to promote from within. Further, Easterly is always seeking to improve and become better constituents to our community, our company, and our shareholders. Opportunity and growth occur when we draw from the strengths of our diverse leadership and background - Supporting Human Rights –
Respect for human rights is paramount at Easterly. Easterly is committed to upholding respect and human dignity and seek to promote human rights in all our relationships with our employees, vendors and tenants. Our Code of Business Conduct and Ethics and our Vendor Code of Conduct reflect the responsibility to respect human rights in all business functions, including our supply chain.
For more detail on Easterly’s commitment to its environmental sustainability, social responsibility and human rights initiatives, programs and policies, please view the Company’s current Environmental Sustainability, Social Responsibility & Human Rights Policy.
Easterly is a Washington, DC-based REIT and an active member of the DC business community. While Easterly strives to maximize returns over the long-term for its investors, it also understands that corporate social responsibility goes hand in hand with business growth and is committed to supporting volunteer efforts in the community.
Easterly partnered with a local non-profit, Anacostia Riverkeeper, whose mission centers on protecting national resources and spearheading environmental initiatives through the protection and restoration of the Anacostia River for all who live, work and play in and along its watershed, as well as advocating for a clean river in all its counties.
Our team is committed to continuing to make Easterly a place where people want to work, a company that people want to do business with, and a responsible corporation that helps our communities thrive.
Through Easterly’s efforts with Anacostia Riverkeepers, we were able to collect an impressive
- 176 lbs. of trash off the banks of the Anacostia River
- 101 lbs. collected were improperly disposed plastic bottle
Easterly collected the trash and bottles and properly recycled and disposed of its contents.
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176 lbs.Amount of trash collected
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101 lbs.Amount of plastic bottles collected
Easterly has a culture of continuous improvement and partnership with the U.S. Government that extends to minimizing our impact on the natural environment. From day-to-day operations to capital investments, we strategically seek to implement initiatives that positively impact the environment and improve building operations. Representative projects include LED lighting retrofits, utilization of pre-cooling systems, proactive maintenance and replacement of major building equipment, retro-commissioning of building systems, adding smart controls to HVAC systems and utilizing sprinkler systems that adjust operation based on rainfall. The portfolio also includes a solar array and a geothermal heating/cooling system. All new construction aims to be LEED certified.
Easterly formed an ESG Committee, comprised of individuals with a variety of experience and knowledge (i.e., LEED Green Associate certification), is focused on triple bottom line outcomes and is in the process of identifying a framework and metrics that will allow us to provide greater transparency around the portfolio’s environmental accomplishments and goals. As we strive to achieve even more transparency and greater efficiency, this ability to track our progress will provide accountability and reinforce our commitment to sustainable practices. We are excited to share this journey with our stakeholders.
Corporate Values
Easterly is built on a foundation of values that serve as the basis of the Company’s core operations. These values include:
- Integrity
- Collaboration
- Stewardship
- Excellence
Diversity & Inclusion
We take pride in our Company’s diverse backgrounds and experiences. An environment inclusive of age, race, gender, sexual orientation, ethnicity, military status, and education strengthens the Company’s operations and enriches lives.
Striving for diversity starts at the top and touches upon every vertical in the Company. We value a diverse range of backgrounds and experiences, which enables us to better adapt to real world scenarios.
Diversity of thought sparks creativity and encourages collaboration, which are both core values to the Company.
Investing in Our People
The cornerstone of Easterly is its people and the success of the Easterly depends on the people who have dedicated their careers to the advancement of the Company and its values. In order for our Company to continue to succeed it is imperative that Easterly is meeting the needs of our diverse workforce and supporting the health and well being of employees and their families.
Easterly offers a comprehensive benefits program, which is designed to promote health and well being, as well as financial stability and choice for its employees. The Company covers 80% of health, dental and vision coverage through a comprehensive health insurance plan. This provides choice and flexibility of coverage to meet the specific needs of each employee and his or her family. Easterly also has a 401(k) with a generous matching contribution, dependent care reimbursement accounts, flexible spending accounts, income protection through our sick pay, salary continuation and long term disability policies, paid vacation, paid maternity, paternity and adoption leave, holiday and personal days to balance work and personal life.
Workplace Quality
Providing a workplace that promotes innovation, collaboration and well being is of utmost importance to Easterly. Maintaining a quality workplace is a commitment made to each and every employee.
As an Affirmative Action and Equal Opportunity Employer, Easterly is committed to the fair and impartial treatment of all employees and will be satisfied with nothing less than a respectful workplace free of harassment and discrimination.
Each employee signs a Business Code of Conduct and Employee Handbook, which was updated and each employee was required to reaffirm in 2018. Further, the Company has a comprehensive Whistleblower Policy (p. 6) and hotline, which each Employee is routinely made aware of throughout the regular course of business.
Performance reviews are a routine part of Easterly’s best practices and are performed on a semi-annual basis, allowing employees a forum in which to discuss their careers and growth opportunities within the Company, deriving value and pride in their work.
The health and well being of Easterly’s employees extends to everyday activities within the Company. Easterly is more than just an employer – it is a community of partners and friends, all aligned with the same goal of propelling the Company forward. As such, and in addition to the comprehensive benefits previously mentioned, the Company invests in its employees’ wellbeing through:
- Close proximity to public transit
- Commuter subsidy package
- In-building state-of-the-art fitness center with locker room and shower access
- Bike storage
- Stand-up desks
- Recycling program
- LED lighting
- Ergonomic support
- Outdoor space
- Complimentary healthy foods in the company kitchen
- Lactation breaks for nursing mothers
- Low flow plumbing fixtures
- Abundant natural lighting throughout space
- LEED-certified building
- Frequent team building activities
- Complimentary filtered water
- Annual holiday party
Easterly’s ESG Committee
The formation of Easterly’s ESG Committee starts at the top. The ESG Committee is comprised of team members with different backgrounds and strengths, spanning different verticals and levels of leadership within the Company’s organization. Executive Management is intimately involved in the efforts and undertakings of Easterly’s ESG initiative and serves as critical team members on the ESG Committee..
Members of the Community
Giving back is a core principle at Easterly. We see it as our duty to help improve the communities in which we live, work and play. Easterly encourages employees to volunteer in their communities. Volunteerism at Easterly takes a number of forms and our employees spend their time together as teams, and separately as individuals. Charitable giving coupled with volunteering is what helps make Easterly such a dynamic place to work. In addition, many of our officers provide leadership by serving on non-profit boards.
Equal Opportunity & Pay
Easterly recognizes pay discrimination as a real threat to the U.S. workforce and is proud to support equal pay for women in the Company.
- Our Chief Financial Officer (CFO) and Chief Operating Officer (COO) and our Chief Accounting Officer (CAO) are women
- 40% – The percentage of the named executive officer positions at Easterly that is female
- 39% – The percentage of Directors and above at Easterly that are female
Real Estate & Professional Associations
Easterly is proud to be involved in many important real estate organizations, which allow us to stay up-to-date on important developments and trends in the community. This allows Easterly to grow and adapt in accordance with newer standards. Examples of such organizations include:
- Nareit
- Commercial Real Estate Women (CREW) Network
- DC Real Estate Group
- CFA Washington
- CFA Institute
- National Federal Development Association (NFDA)
Board Leadership & Diversity
Our Board brings a unique set of knowledge and diversity, drawing on their variance in age, gender, race, politics and past experiences in the private and public sector that helps further the Company’s strategic goals and objectives. Each member has a unique set of experiences, qualifications, attributes and skills to our Board.
Governance Practices
Our Board’s Corporate Governance guidelines reflect a strong commitment to the strength and success of the Company.
Our Board has implemented many best in practice governance policies, which include:
- Per our Company’s charter, our directors are elected annually by stockholders
- Our Board is comprised of a majority of independent directors, who meet regularly in executive sessions without the presence of the Company’s executive officers
- The Board has established three standing committees: an Audit Committee, a Compensation Committee and a Nominating and Corporate Governance Committee. These three committees are solely comprised of independent directors.
- We have an established process whereby shareholders can communicate directly with the independent board members
- Separate Chairman & CEO
- Robust risk oversight by Board and Committees
- Annual Board self-assessment process
- Active shareholder engagement
- Regular succession planning
- Align executive compensation pay and performance by linking a substantial portion of compensation to performance metrics, such as Total Shareholder Return (TSR). Greater emphasis is placed on performance metrics than non-performance metrics
- A prohibition against hedging of Company shares without the approval of independent directors
- No shareholder rights plan
- Internal Disclosure Committee for financial reporting
Shareholder Communications & Transparency
In 2018 an independent panel of portfolio managers and analysts selected Easterly Government Properties for Nareit’s Investor Communications & Reporting Excellence (CARE) Bronze Award in the Small Cap Equity REITs category. This was awarded in recognition of communications and reporting excellence among stock exchange traded REITs for those that have demonstrated superior performances in shareholder communications. All Nareit listed corporate members – approximately 200 companies – are evaluated for the award on an annual basis.
