0001564590-22-007604 | 10-K | XBRL Viewer | Easterly Government Properties INC

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Real estate properties, net	$ 2,399,188	$ 2,208,661
Cash and cash equivalents	11,132	8,465
Restricted cash	9,011	6,204
Tenant accounts receivable	58,733	45,077
Investment in unconsolidated real estate venture	131,840
Intangible assets, net	186,307	163,387
Prepaid expenses and other assets	29,901	25,746
Total assets	2,826,112	2,457,540
Liabilities
Revolving credit facility	14,500	79,250
Term loan facilities, net	248,579	248,966
Notes payable, net	695,589	447,171
Mortgage notes payable, net	252,421	202,871
Intangible liabilities, net	19,718	25,406
Deferred revenue	87,134	92,576
Interest rate swaps	5,700	12,781
Accounts payable, accrued expenses and other liabilities	60,890	48,549
Total liabilities	1,384,531	1,157,570
Commitments and contingencies (Note 13)
Equity
Common stock, par value $0.01, 200,000,000 shares authorized, 90,147,868 and 82,106,256 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	901	821
Additional paid-in capital	1,604,712	1,424,787
Retained earnings	62,023	31,965
Cumulative dividends	(379,895)	(291,652)
Accumulated other comprehensive loss	(5,072)	(11,351)
Total stockholders' equity	1,282,669	1,154,570
Non-controlling interest in Operating Partnership	158,912	145,400
Total equity	1,441,581	1,299,970
Total liabilities and equity	$ 2,826,112	$ 2,457,540

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	90,147,868	82,106,256
Common Stock, shares outstanding	90,147,868	82,106,256

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Rental income	$ 267,389	$ 238,131	$ 208,544
Asset management income	136
Total revenues	274,860	245,078	221,722
Expenses
Property operating	56,693	48,430	48,279
Real estate taxes	30,429	27,125	23,643
Depreciation and amortization	91,266	93,803	92,439
Acquisition costs	1,939	2,087	1,738
Corporate general and administrative	23,522	20,630	20,184
Total expenses	203,849	192,075	186,283
Other income (expense)
Income from unconsolidated real estate venture	271
Interest expense, net	(38,632)	(35,480)	(33,460)
Gain (loss) on the sale of operating properties	1,307	(3,995)	6,245
Net income	33,957	13,528	8,224
Non-controlling interest in Operating Partnership	(3,899)	(1,567)	(1,017)
Net income available to Easterly Government Properties, Inc.	$ 30,058	$ 11,961	$ 7,207
Net income available to Easterly Government Properties, Inc. per share:
Basic	$ 0.35	$ 0.15	$ 0.10
Diluted	$ 0.35	$ 0.15	$ 0.10
Weighted-average common shares outstanding
Basic	84,043,012	78,219,491	68,769,526
Diluted	84,619,390	78,791,453	69,208,966
Dividends declared per common share	$ 1.05	$ 1.04	$ 1.04
Tenant Reimbursements [Member]
Revenues
Total revenues	$ 5,187	$ 4,497	$ 10,210
Other Income [Member]
Revenues
Total revenues	$ 2,148	$ 2,450	$ 2,968

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 33,957	$ 13,528	$ 8,224
Other comprehensive loss:
Unrealized gain (loss) on interest rate swaps, net	7,080	(7,485)	(8,061)
Other comprehensive gain (loss):	7,080	(7,485)	(8,061)
Comprehensive income	41,037	6,043	163
Non-controlling interest in Operating Partnership	(3,899)	(1,567)	(1,017)
Other comprehensive (gain) loss attributable to non-controlling interest	(801)	824	959
Comprehensive income attributable to Easterly Government Properties, Inc.	$ 36,337	$ 5,300	$ 105

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Consolidated Statements of Stockholders Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock Par Value [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Deficit) [Member]	Retained Earnings (Deficit) [Member] Cumulative Effect, Period of Adoption, Adjustment	Cumulative Dividends [Member]	Accumulated Other Comprehensive Income [Member]	Non-controlling Interest in Operating Partnership [Member]
Beginning balance at Dec. 31, 2018	$ 1,025,253		$ 608	$ 1,017,415	$ 12,831		$ (139,103)	$ 2,412	$ 131,090
Beginning balance (Accounting Standards Update 2016-02) at Dec. 31, 2018		$ (34)				$ (34)
Balance (in shares) at Dec. 31, 2018			60,849,206
Stock based compensation	4,909			841					4,068
Grant of unvested restricted stock			89,961
Dividends and distributions paid	$ (81,894)						(71,657)		(10,237)
Redemption of common units to common stock			$ 4	5,824					(5,828)
Redemption of common units to common stock (in shares)	396,929		396,929
Issuance of common stock, net	$ 251,444		$ 135	251,309
Issuance of common stock, net (in shares)			13,496,196
Unrealized gain (loss) on interest rate swaps	(8,061)							(7,102)	(959)
Net income	8,224				7,207				1,017
Allocation of NCI in Operating Partnership				(18,069)					18,069
Balance at Dec. 31, 2019	1,199,841		$ 748	1,257,319	20,004		(210,760)	(4,690)	137,220
Balance (in shares) at Dec. 31, 2019			74,832,292
Stock based compensation	4,093			960					3,133
Grant of unvested restricted stock			21,930
Dividends and distributions paid	$ (91,748)						(80,892)		(10,856)
Redemption of common units to common stock			$ 2	3,605					(3,607)
Redemption of common units to common stock (in shares)	255,210		255,210
Contribution of Property for common units	$ 21,550								21,550
Issuance of common stock, net	160,191		$ 70	160,121
Issuance of common stock, net (in shares)			6,996,824
Unrealized gain (loss) on interest rate swaps	(7,485)							(6,661)	(824)
Net income	13,528				11,961				1,567
Allocation of NCI in Operating Partnership				2,783					(2,783)
Balance at Dec. 31, 2020	1,299,970		$ 821	1,424,787	31,965		(291,652)	(11,351)	145,400
Balance (in shares) at Dec. 31, 2020			82,106,256
Stock based compensation	5,050			833					4,217
Grant of unvested restricted stock			35,865
Dividends and distributions paid	$ (99,994)						(88,243)		(11,751)
Redemption of common units to common stock			$ 3	4,827					(4,830)
Redemption of common units to common stock (in shares)	343,515		343,515
Contribution of Property for common units	$ 20,791								20,791
Issuance of common stock, net	174,727		$ 77	174,650
Issuance of common stock, net (in shares)			7,662,232
Unrealized gain (loss) on interest rate swaps	7,080							6,279	801
Net income	33,957				30,058				3,899
Allocation of NCI in Operating Partnership				(385)					385
Balance at Dec. 31, 2021	$ 1,441,581		$ 901	$ 1,604,712	$ 62,023		$ (379,895)	$ (5,072)	$ 158,912
Balance (in shares) at Dec. 31, 2021			90,147,868

Consolidated Statements of Stockholders Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Stockholders Equity [Abstract]
Dividends and distributions paid	$ 1.05	$ 1.04	$ 1.04

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income	$ 33,957	$ 13,528	$ 8,224
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	91,266	93,803	92,439
Straight line rent	(4,417)	(3,432)	(2,276)
Income from unconsolidated real estate venture	(271)
Amortization of above- / below-market leases	(4,589)	(5,894)	(6,320)
Amortization of unearned revenue	(5,616)	(3,528)	(1,007)
Amortization of loan premium / discount	(290)	(78)	(80)
Amortization of deferred financing costs	1,659	1,519	1,413
Amortization of lease inducements	864	888
(Gain) loss on the sale of operating properties	(1,307)	3,995	(6,245)
Non-cash compensation	5,050	4,093	4,909
Other	74	79
Net change in:
Tenant accounts receivable	(8,675)	971	(8,490)
Prepaid expenses and other assets	(3,123)	(9,450)	(3,439)
Deferred revenue associated with operating leases	557	41,445	51,593
Principal payments on operating lease obligations	(352)	(470)	(471)
Accounts payable, accrued expenses and other liabilities	13,557	7,728	12,065
Net cash provided by operating activities	118,344	145,197	142,315
Cash flows from investing activities
Real estate acquisitions and deposits	(214,674)	(232,679)	(394,480)
Additions to operating properties	(17,919)	(18,010)	(7,196)
Additions to development properties	(6,217)	(43,001)	(60,608)
Proceeds from sale of operating properties, net	7,336	3,515	19,943
Investment in unconsolidated real estate venture	(131,568)
Net cash used in investing activities	(363,042)	(290,175)	(442,341)
Cash flows from financing activities
Payment of deferred financing costs	(5,306)		(1,996)
Issuance of common shares	175,929	162,023	258,556
Credit facility draws	466,250	272,750	337,000
Credit facility repayments	(531,000)	(193,500)	(471,750)
Issuance of notes payable	250,000		275,000
Repayments of mortgage notes payable	(4,233)	(3,564)	(3,391)
Dividends and distributions paid	(99,994)	(91,748)	(81,894)
Payment of offering costs	(1,474)	(1,863)	(7,055)
Net cash provided by financing activities	250,172	144,098	304,470
Net increase (decrease) in Cash and cash equivalents and Restricted cash	5,474	(880)	4,444
Cash and cash equivalents and Restricted cash, beginning of year	14,669	15,549	11,105
Cash and cash equivalents and Restricted cash, end of year	20,143	14,669	15,549
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Cash paid for interest, net of capitalized interest	35,478	34,248	29,120
Capitalized interest	951	1,605	2,273
Non-cash investing and financing activities:
Deferred asset acquisition		119	105
Offering costs, accrued not paid	29	34	65
Unrealized gain (loss) on interest rate swaps, net	7,080	(7,485)	(8,061)
Mortgage notes assumed on acquisition of operating property	53,816
Properties acquired for common units	20,791	21,550
Contingent consideration accrued, not paid		336
Recognition of operating lease right-of-use assets	1,677
Recognition of liabilities related to operating lease right-of-use assets	1,677
Derecognition of operating lease right-of-use assets	74
Derecognition of liabilities related to operating lease right-of-use assets	74
Exchange of Common Units for Shares of Common Stock
Non-controlling interest in Operating Partnership	(4,830)	(3,607)	(5,828)
Common stock	3	2	4
Additional paid-in capital	4,827	3,605	5,824
Operating Properties [Member]
Non-cash investing and financing activities:
Additions to properties accrued, not paid	3,634	3,447	1,465
Development Properties [Member]
Non-cash investing and financing activities:
Additions to properties accrued, not paid	$ 1,222	$ 4,469	$ 13,274

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Organization and Basis of Presentation

1. Organization and Basis of Presentation

Easterly Government Properties, Inc. (the “Company”) is a Maryland corporation that has elected to be taxed as a real estate investment trust (a “REIT”) under the Internal Revenue Code, as amended (the “Code”) commencing with its taxable year ended December 31, 2015. The operations of the Company are carried out primarily through Easterly Government Properties, LP (the “Operating Partnership”) and the wholly owned subsidiaries of the Operating Partnership. As used herein, the “Company,” “we,” “us,” or “our” refer to Easterly Government Properties, Inc. and its consolidated subsidiaries and partnerships, including the Operating Partnership, except where context otherwise requires.

We are an internally managed REIT, focused primarily on the acquisition, development, and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential functions. We generate substantially all of our revenue by leasing our properties to such agencies either directly or through the U.S. General Services Administration (“GSA”). Our objective is to generate attractive risk-adjusted returns for our stockholders over the long term through dividends and capital appreciation.

We focus on acquiring, developing and managing U.S. Government-leased properties that are essential to supporting the mission of the tenant agency and strive to be a partner of choice for the U.S. Government, working closely with the tenant agency to meet its needs and objectives. As of December 31, 2021, we wholly owned 85 operating properties and four operating properties through an unconsolidated joint venture in the United States encompassing approximately 8.6 million leased square feet, including 88 operating properties that were leased primarily to U.S. Government tenant agencies and one operating property that was entirely leased to a private tenant. As of December 31, 2021, our operating properties were 99% leased. For purposes of calculating percentage leased, we exclude from the denominator total square feet that was unleased and to which we attributed no value at the time of acquisition. In addition, we wholly owned one property under development that we expect will encompass approximately 0.2 million leased square feet upon completion.

The Operating Partnership holds substantially all of our assets and conducts substantially all our business. The Company is the sole general partner of the Operating Partnership and owned approximately 89.0% of the aggregate limited partnership interests in the Operating Partnership, which we refer to herein as common units, as of December 31, 2021. We have elected to be taxed as a REIT and believe that we have operated and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015.

Principles of Consolidation

The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, including Easterly Government Properties TRS, LLC and Easterly Government Services, LLC, the Operating Partnership and its other subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Real Estate Properties

Real estate properties comprise all tangible assets we hold for rent or development. Real property is recognized at cost less accumulated depreciation. Third party costs related to asset acquisitions are capitalized. Development, re-development and certain costs directly related to the improvement of real properties are capitalized. Maintenance and repair expenses are charged to expense as incurred.

When we acquire properties, we allocate the purchase price to numerous tangible and intangible components. Our process for determining the allocation to these components requires many estimates and assumptions, including the following: (1) determination of market land, rental, discount and capitalization rates; (2) estimation of leasing and tenant improvement costs associated with the remaining term of acquired leases; (3) assumptions used in determining the in-place lease and if-vacant value including the rental rates, period of time that it would take to lease vacant space and estimated tenant improvement and leasing costs; (4) renewal

probabilities; and (5) allocation of the if-vacant value between land and building. A change in any of the above key assumptions can materially change not only the presentation of acquired properties in our consolidated financial statements but also our reported results of operations. The allocation to different components affects the following:

•

the amount of the purchase price allocated among different categories of assets and liabilities on our consolidated balance sheets; and the amount of costs assigned to individual properties in multiple property acquisitions;

•

where the amortization of the components appear over time in our consolidated statements of operations. Allocations to above- and below-market leases are amortized into rental revenue, whereas allocations to most of the other tangible and intangible assets are amortized into depreciation and amortization expense. As a REIT, this is important to us since much of the investment community evaluates our operating performance using non-GAAP measures such as Funds From Operations, the computation of which includes rental revenue but does not include depreciation and amortization expense; and

•

the timing over which the items are recognized as revenue or expense in our consolidated statements of operations. For example, for allocations to the as-if vacant value, the land portion is not depreciated and the building portion is depreciated over a longer period of time than the other components (generally 40 years). Allocations to above- and below-market leases and in-place lease value are amortized over significantly shorter timeframes, and if individual tenants’ leases are terminated early, any unamortized amounts remaining associated with those tenants are written off upon termination. These differences in timing can materially affect our reported results of operations.

Tenant improvements are capitalized in real property when we own the improvement. When we are required to provide improvements under the terms of a lease, we determine whether the improvements constitute landlord assets or tenant assets. If the improvements are considered landlord assets, we capitalize the cost of the improvements and recognize depreciation expense associated with such improvements over the shorter of the useful life of the assets or the term of the lease and recognize any payments from the tenant as rental revenue over the term of the lease. If the improvements are considered tenant assets, we defer the cost of improvements funded by us as a lease incentive asset and amortize it as a reduction of rental revenue over the term of the lease. Our determination of whether improvements are landlord assets or tenant assets also may affect when we commence revenue recognition in connection with a lease. In determining whether improvements constitute landlord or tenant assets, we consider numerous factors that may require subjective or complex judgments, including: whether the improvements are unique to the tenant or reusable by other tenants; whether the tenant is permitted to alter or remove the improvements without our consent or without compensating us for any lost fair value; whether the ownership of the improvements remains with us or remains with the tenant at the end of the lease term; and whether the economic substance of the lease terms is properly reflected.

We capitalize pre-development costs incurred in pursuit of new development opportunities for which we currently believe future development is probable. Additionally, we capitalize interest expense, real estate taxes and direct and indirect project costs (including related compensation and other indirect costs) associated with properties, or portions thereof, undergoing construction, development and redevelopment activities. In capitalizing interest expense, if there is a specific borrowing for the property undergoing construction, development and redevelopment activities, we apply the interest rate of that borrowing to the average accumulated expenditures that do not exceed such borrowing; for the portion of expenditures exceeding any such specific borrowing, we apply our weighted average interest rate on unsecured borrowings to the expenditures. We continue to capitalize costs while construction, development or redevelopment activities are underway until the building is substantially complete and ready for its intended use, at which time rental income recognition can commence and rental operating costs, real estate taxes, insurance, and other subsequent carrying costs are expensed as incurred.

Depreciation of an asset begins when it is available for use and is calculated using the straight-line method over the estimated useful lives. Each period, depreciation is charged to expense and credited to the related accumulated depreciation account. A used asset acquired is depreciated over its estimated remaining useful life, not to exceed the life of a new asset. Range of useful lives for depreciable assets are as follows:

Category		Term
Buildings		40 years
Building improvements		5 - 40 years
Tenant improvements		Shorter of remaining life of the lease or useful life
Furniture and equipment		3 - 7 years

We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. We determine the amount of any impairment loss by comparing the historical carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial

performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining lives of our long lived assets. If we change our estimate of the remaining lives, we allocate the carrying value of the affected assets over their revised remaining lives.

Cash and Cash Equivalents

Cash and cash equivalents on the accompanying Consolidated Balance Sheets include all cash and liquid investments that mature three months or less from when they were purchased. Cash equivalents are reported at cost, which approximates fair value. We maintain our cash in bank accounts in amounts that may exceed federally insured limits at times. We have not experienced any losses in these accounts and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions.

Restricted Cash

Restricted cash on the accompanying Consolidated Balance Sheets consists of amounts escrowed for future real estate taxes, insurance, capital expenditures and debt service, as required by certain of our mortgage debt agreements or lease agreements.

Investment in Unconsolidated Real Estate Venture

We analyze each real estate venture to determine whether the entity should be consolidated. If it is determined that an entity is a variable interest entity (“VIE”) in which we have a variable interest, we assess whether we are the primary beneficiary of the VIE to determine whether it should be consolidated. We are not the primary beneficiary of an entity when we do not have voting control, lack the power to direct the activities that most significantly impact the entity's economic performance or other partners have substantive participatory rights, we do not have the obligation to absorb losses or we do not have the right to receive returns from the VIE that could potentially be significant. If we determine that the entity is not a VIE, then we base our consolidation assessment on whether we have a controlling financial interest in the entity. Management uses its judgment when determining if we are the primary beneficiary of, or have a controlling financial interest in, an entity in which we have a variable interest. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity's economic performance include voting rights, involvement in day-to-day capital and operating decisions, and the extent of our involvement in the entity.

We use the equity method of accounting for investments in unconsolidated real estate ventures when we have significant influence but do not control the entity. Under the equity method, we record our investment in "Investment in unconsolidated real estate venture" on our Consolidated Balance Sheets and our proportionate share of earnings or losses, pursuant to the terms of the joint venture agreement as these may change depending on returns, in "Income from unconsolidated real estate venture" in the accompanying Consolidated Statements of Operations. We classify distributions received from equity method investees within our Consolidated Statements of Cash Flows using the nature of distribution approach. Under this method, cash flows generated from the operations of an unconsolidated real estate venture are classified as a return on investment (cash inflow from operating activities) and cash flows from property sales, debt refinancing or sales of our investments are classified as a return of investment (cash inflow from investing activities).

We earn revenue from asset management services to our unconsolidated real estate venture. These fees are determined following the terms specific to each arrangement. We account for this revenue gross of our ownership interest in the respective real estate venture and recognize such revenue as "Asset management income" in our Consolidated Statements of Operations when earned. Our proportionate share of related expense is recognized in "Income from unconsolidated real estate venture".

Periodically, we assess whether there are any indicators, including underlying property operating performance and general market conditions, that the value of our investment may be impaired. We consider an investment in a real estate venture impaired if we determine that its fair value is less than the net carrying value of the investment on an other-than-temporary basis. If our analysis indicates that there is an other-than-temporary impairment related to the investment in a particular real estate venture, the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment.

Rent Receivable and Accounts Receivable

Rent receivable and Accounts receivable on the accompanying Consolidated Balance Sheets include accrued rental income and other tenant accounts receivable, respectively. The Company accrues rental and other tenant income earned, but not yet received, in accordance with GAAP.

Deferred Costs

Deferred financing fees and debt issuance costs include costs incurred in obtaining debt that are capitalized and are presented as a direct deduction from the carrying amount of the associated debt liability that is not a line-of-credit arrangement on the accompanying Consolidated Balance Sheets. Deferred financing fees and debt issuance costs related to line-of-credit arrangements are presented as an asset in Prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The deferred financing fees and debt issuance costs are amortized through interest expense over the life of the respective loans on a basis which approximates the effective interest method. Any unamortized amounts upon early repayment of debt are written off in the period of repayment as a loss on extinguishment of debt. Fully amortized deferred financing fees and debt issuance costs are removed from the books upon maturity of the underlying debt.

Deferred offering costs include certain legal, accounting and other third party fees that are directly associated with in-process equity financings until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction to capital. Should the equity no longer be considered probable of being consummated, the deferred offering costs would be expensed immediately as a charge to Corporate general and administrative expenses in the accompanying Consolidated Statement of Operations.

Deferred leasing commissions include commissions, compensation costs of leasing personnel for those leases which commenced prior to the adoption of Accounting Standards Codification Topic 842, Leases (“ASC 842”) on January 1, 2019, and other direct and incremental costs incurred to obtain new tenant leases as well as to renew existing tenant leases and are presented in Prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Leasing commissions are capitalized and amortized over the terms of the related leases upon lease commencement using the straight-line method. If a lease terminates prior to the expiration of its initial term, any unamortized costs related to the lease are accelerated into amortization expense. Changes in leasing commissions are presented in the cash flows from operating activities section of the accompanying Consolidated Statements of Cash Flows.

Interest Rate Swaps

The Company’s primary objective in using interest rate derivatives is to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable- rate amounts from a counterparty in exchange for our making fixed- rate payments over the life of the agreements without exchange of the underlying notional amount. Derivatives are used to hedge the cash flows associated with interest rates on existing debt as well as future debt. We recognize derivatives as assets or liabilities on the balance sheet at fair value. We defer the effective portion of changes in fair value of the designated cash flow hedges to accumulated other comprehensive income (“AOCI”) or loss (“AOCL”) and reclassify such deferrals to interest expense as interest expense is recognized on the hedged forecasted transitions. We recognize the ineffective portion of the change in fair value of interest rate derivatives directly in interest expense. When an interest rate swap designated as a cash flow hedge no longer qualifies for hedge accounting, we recognize changes in fair value of the hedge previously deferred to AOCI or AOCL, along with any changes in fair value occurring thereafter, through earnings. We do not use interest rate derivatives for trading or speculative purposes. We manage counterparty risk by only entering into contracts with major financial institutions based upon their credit ratings and other risk factors.

We use standard market conventions and techniques such as discounted cash flow analysis, option pricing models, replacement cost and termination cost in computing the fair value of derivatives at each balance sheet date. The Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a gross basis by counterparty portfolio.

Please refer to Note 6 for more information pertaining to interest rate derivatives.

Fair Value Measurements

Accounting standards define fair value as the exit price, or the amount that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standards also establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy of these inputs is broken down into three levels: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active

markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Categorization within the valuation hierarchy is based upon the lowest level of input that is most significant to the fair value measurement.

Recurring fair value measurements

The fair values of our interest rate swaps are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities in such interest rates. While the Company determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the Company’s derivatives held as of December 31, 2021 and 2020 were classified as Level 2 of the fair value hierarchy.

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, other assets and accounts payable and accrued expenses are reasonable estimates of fair values because of the short maturities of these instruments.

Please refer to Note 7 for more information pertaining to fair value measurements.

Deferred Revenue

Deferred revenue consists primarily of lump sum reimbursements made by tenants to the Company for landlord improvements in excess of a tenant improvement allowance. Lump sum reimbursements are recorded as Deferred revenue on the Consolidated Balance Sheets and are amortized over the life of the lease through Rental income. Deferred revenue also includes rent received in advance, which is recognized within Rental income once earned.

Non-Controlling Interests

Non-controlling interests relate to the common units of the Operating Partnership not owned by the Company. Unitholders receive a distribution per unit equivalent to the dividend per share of the Company’s common stock. Pursuant to ASC 810 with respect to the accounting and reporting for non-controlling interest changes and changes in ownership interest of a subsidiary, changes in parent’s ownership interest when the parent retains controlling interest in the subsidiary should be accounted for as equity transactions. The carrying amount of the non-controlling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the Company.

Revenue Recognition

Rental income includes base rents paid by each tenant in accordance with its lease agreement conditions. We recognize rental income on a straight-line basis over the lease term of each lease. For acquisitions of existing buildings, we recognize rental income from leases already in place coincident with the date of property closing. Lease incentives are recorded as a deferred asset and amortized as a reduction of revenue on a straight-line basis over the respective lease term. Above- and below-market leases are amortized into rental income over the terms of the respective leases. Further, Rental income includes certain tenant reimbursement income (real estate taxes, operating expenses, utility usage, and other reimbursements), which are accrued as variable lease payments in the same periods as the related expenses are incurred in accordance with ASC 842 which the Company adopted on January 1, 2019.

Tenant reimbursement income includes revenue from tenant construction projects. When revenue and costs for such projects can be estimated with reasonable accuracy, we recognize a percentage of the total estimated revenue on a project based on the cost of services provided on the project as of a point in time relative to the total estimated costs on the project (percentage of completion method). When these criteria do not apply to a project, we recognize revenue from that project using the completed contract method. Fully reimbursed income was included within Tenant reimbursements and associated expenses were included in Property operating expenses within the Consolidated Statements of Operations.

Other income includes income on the associated tenant reimbursement construction projects, parking income and other miscellaneous income.

Asset management income includes revenue from asset management services to our unconsolidated real estate venture. The asset management fees are earned by the Company for managing properties owned by related parties. The asset management fees are

based upon contractual rates applied to actively invested capital, with fee income recognized on a monthly basis. The fees are recognized as a single performance obligation comprised of a series of distinct services related property operations. The Company believes the overall services provided by asset management activities have the same pattern of performance over the term of the agreement. We account for this revenue gross of our ownership interest in the respective real estate venture and recognize such revenue as "Asset management income" in our Consolidated Statements of Operations when earned. Our proportionate share of related expense is recognized in "Income from unconsolidated real estate venture."

Income Taxes

We believe that we have operated and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015. So long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on our net income that we distribute to our stockholders. To maintain our qualification as a REIT, we are required under the Code to distribute at least 90% of our REIT taxable income (without regard to the deduction for dividends paid and excluding net capital gains) to our stockholders and meet certain other requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate rates. Even if we qualify as a REIT, we will be subject to certain U.S. federal, state and local taxes on our income and property, and on taxable income that we do not distribute to our stockholders. In addition, we may provide services that are not customarily provided by a landlord, hold properties for sale and engage in other activities (such as a management business) through Taxable REIT Subsidiaries (“TRSs”) and the income of those subsidiaries will be subject to U.S. federal income tax at regular corporate rates. For the years ended December 31, 2021, 2020 and 2019, we did not incur any material tax liability associated with any of the above.

We do not anticipate any potential expense related to uncertain tax positions as we closely monitor our REIT compliance, do not have any prohibited transactions related to property sales, and the states in which we operate do not subject us to withholding tax requirements.

The following table reconciles GAAP net income to taxable income (amounts in thousands):

	For the years ended December 31,
	2021				2020				2019
Net income	$	33,957			$	13,528			$	8,224
Book depreciation and amortization		90,268				93,367				92,248
Above/Below market lease amortization		(4,589	)			(5,894	)			(6,320	)
Straight-line rent and other non-cash adjustments		(4,536	)			(3,377	)			(2,239	)
Book/Tax differences on unearned rent		(5,575	)			(2,585	)			1,646
Book/Tax differences on stock based compensation		4,195				3,634				4,156
Book/Tax differences on (gain) loss on sale of rental property		(1,858	)			3,995				(6,245	)
Book/Tax differences on lease inducement		904				864				—
Other book/tax differences, net		331				137				588
Tax depreciation		(56,245	)			(52,152	)			(47,025	)
Loss attributable to non-controlling interest		(7,081	)			(6,750	)			(6,922	)
Taxable income subject to distribution requirements	$	49,771		⁽¹⁾	$	44,767		⁽²⁾	$	38,111		⁽³⁾

(1)	The Company’s distributions are characterized as 54.43% ordinary taxable dividend and 45.57% return of capital.

(2)	The Company’s distributions are characterized as 53.63% ordinary taxable dividend and 46.37% return of capital.

(3)	The Company’s distributions are characterized as 51.47% ordinary taxable dividend and 48.53% return of capital.

Stock Based Compensation

The Company grants equity-based compensation awards to its officers, employees and non-employee directors in the form of restricted shares of common stock and long-term incentive plan units in the Operating Partnership (“LTIP units”). See Note 8 for further discussion of restricted shares of common stock and LTIP units. The restricted shares of common stock and LTIP units issued to officers, employees, and non-employee directors vest over a period of time as determined by our board of directors at the date of grant. The Company recognizes compensation expense for non-vested restricted shares of common stock and LTIP units granted to officers, employees and non-employee directors on a straight-line basis over the requisite service and/or performance period based upon the fair market value of the shares on the date of grant, as adjusted for forfeitures.

Earnings Per Share of Common Stock Amount

Basic earnings per share is calculated by dividing net income available to Easterly Government Properties, Inc. by the weighted-average number of shares of common stock outstanding during the period, excluding the weighted average number of unvested restricted shares. Diluted earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding during the period plus other potentially dilutive securities such as unvested restricted shares, LTIP units, and shares issuable under forward sales agreements. Unvested restricted shares and LTIP units are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share.

Segments

The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. All revenue has been generated and all tangible assets are held in the United States.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

Real Estate and Intangibles

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Real Estate and Intangibles

3. Real Estate and Intangibles

Acquisitions

During the year ended December 31, 2021, we acquired eight wholly-owned operating properties in asset acquisitions, consisting of FBI – Knoxville, ICE – Louisville, USAO – Louisville, USAO – Springfield, NWS – Kansas City, VAR – Cleveland, USCIS – Kansas City and VA – Midwest for an aggregate purchase price of $287.6 million. During the year ended December 31, 2020, we acquired nine wholly-owned operating properties in asset acquisitions, consisting of Tricare – Aurora, FBI/DEA – El Paso, VA – Mobile, VA – Chico, FBI – Mobile, VA – North Charleston, HRSA – Baton Rouge, DOI – Billings and JUD – Jackson for an aggregate purchase price of $252.7 million.

We allocated the aggregate purchase price of these acquisitions based on the estimated fair values of the acquired assets and assumed liabilities as follows (amounts in thousands):


	December 31, 2021			December 31, 2020
Real estate
Land	$	10,933		$	21,292
Building		216,112			200,593
Acquired tenant improvements		13,799			8,138
Total real estate		240,844			230,023
Intangible assets
In-place leases		32,948			16,218
Acquired leasing commissions		10,489			8,758
Payment in lieu of taxes		6,394			—
Above-market leases		301			6,553
Total intangible assets		50,132			31,529
Intangible liabilities
Below-market leases		(427	)		(8,491	)
Total intangible liabilities		(427	)		(8,491	)
Accounts payable, accrued expenses and other liabilities
Contingent consideration		—			(336	)
Debt
Premium on mortgage notes payable		(2,985	)		—
Purchase price		287,564			252,725

USCIS Kansas City benefits from a payment in lieu of tax (“PILOT”) program with Lees Summit, MO. The PILOT provides the Company with an average annual property tax savings of approximately 68% through December 31, 2028.

In conjunction with the acquisition of USCIS – Kansas City, the Company assumed $51.5 million of mortgage notes payable. No debt was assumed on the other acquisitions made during the years ended December 31, 2021 and 2020. The intangible assets and liabilities of the acquired operating properties have an aggregate weighted average amortization period of 13.85 years and 10.39 as of December 31, 2021 and 2020, respectively.

During the year ended December 31, 2021, we included $11.8 million of revenues and $2.9 million of net income in our Consolidated Statement of Operations related to the operating properties acquired. Additionally, we incurred $1.9 million of acquisition-related costs primarily consisting of internal costs associated with the property acquisitions.

During the year ended December 31, 2020, we included $11.5 million of revenues and $3.8 million of net income in our Consolidated Statement of Operations related to the operating properties acquired. Additionally, we incurred $2.1 million of acquisition-related costs primarily consisting of internal costs associated with the property acquisitions.

Dispositions

On September 28, 2021, we sold United Technologies – Midland to a third party. Net proceeds from the sale of operating property were approximately $4.0 million and we recognized a gain on the sale of operating property of approximately $0.8 million for the year ended December 31, 2021.

On June 4, 2021, we sold SSA – Mission Viejo to a third party. Net proceeds from the sale of operating property were approximately $3.3 million and we recognized a gain on the sale of operating property of approximately $0.5 million for the year ended December 31, 2021.

On November 24, 2020, we sold DEA – Otay to a third party. Net proceeds from the sale of the operating property were approximately $3.5 million and we recognized the full loss on the sale of the operating property of approximately $4.0 million for the year ended December 31, 2020.

Development Placed in Service

On September 25, 2020, the FDA – Lenexa development project was substantially completed and a 20-year lease commenced with the GSA for the beneficial use of the Food and Drug Administration (“FDA”).

Consolidated Real Estate and Intangibles

In addition to the operating property acquisitions and development property placed in service, we acquired a 597,426 square foot parcel of land in Lincoln, Nebraska, which is adjacent to our USCIS – Lincoln facility, during the year ended December 31, 2020.

Real estate and intangibles on our consolidated balance sheets consisted of the following (amounts in thousands):

	December 31, 2021			December 31, 2020
Real estate properties, net
Land	$	222,838		$	215,073
Building		2,334,465			2,103,808
Acquired tenant improvements		90,055			76,756
Construction in progress		29,207			26,237
Accumulated depreciation		(277,377	)		(213,213	)
Total Real estate properties, net	$	2,399,188		$	2,208,661
Intangible assets, net
In-place leases		286,614		$	254,870
Acquired leasing commissions		71,542			61,358
Above market leases		17,541			17,607
Payment in lieu of taxes		6,394			—
Accumulated amortization		(195,784	)		(170,448	)
Total Intangible assets, net	$	186,307		$	163,387
Intangible liabilities, net
Below market leases		(73,909	)	$	(73,615	)
Accumulated amortization		54,191			48,209
Total Intangible liabilities, net	$	(19,718	)	$	(25,406	)

Amortization of all identified intangible assets (a component of Depreciation and amortization expense) was $25.4 million, $35.0 million and $41.2 million for the years ended December 31, 2021, 2020 and 2019, respectively.

The projected amortization of total intangible assets and intangible liabilities as of December 31, 2021 are as follows (amounts in thousands):

	Total
Intangible assets
2022	$	26,072
2023		24,267
2024		20,625
2025		17,783
2026		16,314
Thereafter		81,246
	$	186,307
Intangible liabilities
2022	$	(4,367	)
2023		(4,024	)
2024		(2,877	)
2025		(2,170	)
2026		(1,932	)
Thereafter		(4,348	)
	$	(19,718	)

The following table summarizes the scheduled amortization of the Company’s acquired above- and below-market lease intangibles for each of the five succeeding years as of December 31, 2021 (amounts in thousands):

	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2022	$	1,413	$	(4,367	)
2023		1,390		(4,024	)
2024		1,341		(2,877	)
2025		1,286		(2,170	)
2026		1,217		(1,932	)

Above-market lease amortization reduces Rental income on our Consolidated Statements of Operations and below-market lease amortization increases Rental income on our Consolidated Statements of Operations.

Investments in Unconsolidated Real Estate Ventures

12 Months Ended

Dec. 31, 2021

Unconsolidated Real Estate Ventures [Abstract]

Investments in Unconsolidated Real Estate Ventures

4. Investment in Unconsolidated Real Estate Venture

The following is a summary of our investment in our unconsolidated real estate venture (dollars in thousands):

		As of December 31,
Joint Venture	Ownership Interest	2021		2020
MedBase Venture	53.0%	$	131,840	$	—

On October 13, 2021, the Company formed a new joint venture with a global investor to fund the acquisition of a portfolio of ten properties anticipated to encompass 1,214,165 leased square feet. We own a 53.0% interest in the JV, subject to preferred allocations as provided in the JV agreement.

During the year ended December 31, 2021, the JV acquired four properties with our joint venture partner, consisting of VA – Lubbock, VA – Lenexa, VA – Chattanooga and VA – San Antonio for an aggregate purchase price of $236.4 million.

We provide asset management services to our unconsolidated real estate venture. We recognized asset management service revenue of $0.1 million for the year ended December 31, 2021.

The following is a summary of financial information for our unconsolidated real estate venture:

	As of December 31,
Balance sheet information:	2021		2020
Real estate, net ⁽¹⁾	$	200,996	$	—
Other assets, net		53,955		—
Total assets	$	254,951	$	—

Total liabilities ⁽²⁾	$	6,904	$	—
Total equity		248,047		—
Total liabilities and equity	$	254,951	$	—

Company's share of equity	$	131,465	$	—
Basis differential ⁽³⁾		375		—
Carrying value of the Company's investment in the unconsolidated venture	$	131,840	$	—

(1)	At December 31, 2021 this amount included right-of-use assets - finance leases totaling approximately $5.0 million representing a ground lease at VA – Lubbock.

(2)	At December 31, 2021 this amount included lease liabilities - finance leases totaling approximately $5.0 million representing a ground lease at VA – Lubbock.

(3)	This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level.

	For the year ended December 31,
Income statement information:	2021		2020		2019
Total revenue	$	1,864	$	—	$	—
Operating income		548		—		—
Net income		512		—		—

Company's share of net income	$	271	$	—	$	—

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

5. Debt

At December 31, 2021 and December 31, 2020 (dollars in thousands):

	Principal Outstanding						Interest	Current
Loan	December 31, 2021			December 31, 2020			Rate ⁽¹⁾	Maturity
Revolving credit facility:
Revolving credit facility ⁽²⁾	$	14,500		$	79,250		L + 120bps	July 2025 ⁽³⁾
Total revolving credit facility		14,500			79,250

Term loan facilities:
2016 term loan facility		100,000			100,000		2.62% ⁽⁵⁾	March 2024
2018 term loan facility⁽⁴⁾		150,000			150,000		3.91% ⁽⁶⁾	July 2026
Total term loan facilities		250,000			250,000
Less: Total unamortized deferred financing fees		(1,421	)		(1,034	)
Total term loan facilities, net		248,579			248,966

Notes payable:
2017 series A senior notes		95,000			95,000		4.05%	May 2027
2017 series B senior notes		50,000			50,000		4.15%	May 2029
2017 series C senior notes		30,000			30,000		4.30%	May 2032
2019 series A senior notes		85,000			85,000		3.73%	September 2029
2019 series B senior notes		100,000			100,000		3.83%	September 2031
2019 series C senior notes		90,000			90,000		3.98%	September 2034
2021 series A senior notes		50,000			—		2.62%	October 2028
2021 series B senior notes		200,000			—		2.89%	October 2030
Total notes payable		700,000			450,000
Less: Total unamortized deferred financing fees		(4,411	)		(2,829	)
Total notes payable, net		695,589			447,171

Mortgage notes payable:
DEA – Pleasanton		15,700			15,700		L + 150bps ⁽⁷⁾	October 2023
VA – Golden		8,832			9,011		5.00% ⁽⁷⁾	April 2024
MEPCOM – Jacksonville		6,764			7,926		4.41% ⁽⁷⁾	October 2025
USFS II – Albuquerque		15,135			15,914		4.46% ⁽⁷⁾	July 2026
ICE – Charleston		14,824			16,150		4.21% ⁽⁷⁾	January 2027
VA – Loma Linda		127,500			127,500		3.59% ⁽⁷⁾	July 2027
CBP – Savannah		11,203			11,991		3.40% ⁽⁷⁾	July 2033
USCIS - Kansas City		51,500			—		3.68% ⁽⁷⁾	August 2024
Total mortgage notes payable		251,458			204,192
Less: Total unamortized deferred financing fees		(1,852	)		(1,441	)
Less: Total unamortized premium/discount		2,815			120
Total mortgage notes payable, net		252,421			202,871

Total debt	$	1,211,089		$	978,258

(1)

At December 31, 2021, the one-month LIBOR (“L”) was 0.10%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for each of our revolving credit facility, our 2018 term loan facility and our 2016 term loan facility (each as defined below) is based on the Company’s consolidated leverage ratio, as set forth in the respective loan agreements.

(2)	Our revolving credit facility had available capacity of $435.5 million at December 31, 2021, with an accordion feature that permits us to request additional lender commitments for up to $250.0 million of additional capacity, subject to the satisfaction of customary terms and conditions.

(3)	Our revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.

(4)	Our 2018 term loan facility has undrawn capacity up to $50.0 million of which is available during a delayed draw period.

(5)	Entered into two interest rate swaps with an effective date of March 29, 2017 with an aggregate notional value of $100.0 million to effectively fix the interest rate at 2.62% annually, based on the Company’s consolidated leverage ratio, as defined in our 2016 term loan facility agreement.

(6)	Entered into four interest rate swaps with an effective date of December 13, 2018 with an aggregate notional value of $150.0 million to effectively fix the interest rate at 3.91% annually, based on the Company’s consolidated leverage ratio, as defined in our 2018 term loan facility agreement.

(7)	Effective interest rates are as follows: DEA – Pleasanton 1.80%, VA – Golden 5.03%, MEPCOM – Jacksonville 3.89%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%, USCIS – Kansas City 2.05%.

As of December 31, 2021 and 2020, the net carrying value of real estate collateralizing our mortgages payable totaled $380.7 million and $295.0 million. We were not in default under any mortgage loan as of December 31, 2021. See Note 7 to the Consolidated Financial Statements, for the fair value of our debt instruments.

2021 Activity

Private Placement of Senior Unsecured Notes

On May 11, 2021, the Company and the Operating Partnership entered into a note purchase agreement pursuant to which the Operating Partnership would issue and sell an aggregate of up to $250.0 million of fixed rate, senior unsecured notes (the “Notes”) consisting of (i) 2.62% Series A Senior Notes due October 14, 2028, in an aggregate principal amount of $50.0 million, and (ii) 2.89% Series B Senior Notes due October 14, 2030, in an aggregate principal amount of up to $200.0 million.

On September 30, 2021, the Operating Partnership exercised its option under the note purchase agreement to increase the Series B tranche of the Notes to a principal amount of $200.0 million.

On October 14, 2021, the Operating Partnership issued and sold, an aggregate of $250.0 million of the Notes pursuant to the note purchase agreement entered into on May 11, 2021. The Notes are unconditionally guaranteed by the Company and various subsidiaries of the Operating Partnership.

Senior Unsecured Credit Facility and 2016 Term Loan Facility

On July 23, 2021, we entered into a second amended and restated senior unsecured credit agreement (the “second amended senior unsecured credit agreement”) governing our senior unsecured credit facility. The second amended senior unsecured credit agreement increased the borrowing capacity under our prior senior unsecured credit facility by $50.0 million for a total credit facility size of $650.0 million, consisting of: (i) a $450.0 million senior unsecured revolving credit facility (our “revolving credit facility”), and (ii) a $200.0 million senior unsecured term loan facility (our “2018 term loan facility”), up to $50.0 million of which will be available for a 364-day delayed draw period. Our revolving credit facility also includes an accordion feature that will provide us with additional capacity, subject to the satisfaction of customary terms and conditions, of up to $250.0 million.

The Operating Partnership is the borrower, and certain of our subsidiaries that directly own certain of our properties are guarantors under our senior unsecured credit facility. Our revolving credit facility has an initial four-year term and will mature in July 2025, with two six-month as-of-right extension options, subject to certain conditions and the payment of an extension fee. Our 2018 term loan facility has a five-year term and will mature in July 2026. In addition, our 2018 term loan facility is prepayable without penalty for the entire term of the loan.

Borrowings under our senior unsecured credit facility bear interest, at our option, at floating rates equal to either:

•

a Eurodollar rate equal to a periodic fixed rate equal to LIBOR plus, a margin ranging from 1.20% to 1.80% for advances under our revolving credit facility and a margin ranging from 1.20% to 1.70% for advances under our 2018 term loan facility; or

•

a fluctuating rate equal to the sum of (a) the highest of (x) Citibank, N.A.’s base rate, (y) the federal funds effective rate plus 0.50% and (z) the one-month Eurodollar rate plus 1.00% plus (b) a margin ranging from 0.20% to 0.80% for

advances under our revolving credit facility and a margin ranging from 0.20% to 0.70% for advances under our 2018 term loan facility, in each case with a margin based on our leverage ratio.

If the Operating Partnership achieves certain sustainability targets as defined in the second amended senior unsecured credit agreement, the applicable margin will decrease by 0.01%.

In addition, on July 23, 2021, we entered into a fourth amendment to the loan agreement governing our $100.0 million senior unsecured term loan facility (our “2016 term loan facility”). The fourth amendment amends certain provisions in the loan agreement governing our 2016 term loan facility to conform to certain changes made to corresponding provisions in our second amended senior unsecured credit agreement.

Financial Covenant Considerations

As of December 31, 2021, we were in compliance with all financial and other covenants related to our revolving credit facility, 2016 term loan facility, 2018 term loan facility, notes payable and mortgage notes payable.

Aggregate Debt Maturities

The Company’s aggregate debt maturities based on outstanding principal as of December 31, 2021 are as follows (dollars in thousands):

	Total
2022	$	5,297
2023		21,285
2024		165,626
2025		22,050
2026		160,054
Thereafter		841,646
		1,215,958
Unamortized premium/discount & deferred financing		(4,869	)
	$	1,211,089

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Derivatives and Hedging Activities

12 Months Ended

Dec. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

6. Derivatives and Hedging Activities

The following table sets forth the key terms and fair values of our interest rate swap derivatives, each of which was designated as a cash flow hedge (dollars in thousands):

								Fair Value at December 31,
Notional Amount		Fixed Rate			Floating Rate Index	Effective Date	Expiration Date	2021			2020
$	100,000		1.41	%	One-Month LIBOR	March 29, 2017	September 29, 2023	$	(1,165	)	$	(3,397	)
	150,000		2.71	%	One-Month LIBOR	December 13, 2018	June 19, 2023		(4,535	)		(9,384	)

The table below sets forth the fair value of our interest rate derivatives as well as their classification on our Consolidated Balance Sheets (dollars in thousands):

	Fair Value at December 31,
Balance Sheet Line Item	2021			2020
Interest rate swaps-Liability	$	(5,700	)	$	(12,781	)

Cash Flow Hedges of Interest Rate Risk

The gains or losses on derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income (loss) (“AOCI”) and will be reclassified to interest expense in the period that the hedged forecasted transactions affect earnings on the Company’s variable rate debt.

Amounts reported in AOCI related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company's variable rate debt. The Company estimates that $4.4 million will be reclassified from AOCI as an increase to interest expense over the next 12 months.

The table below presents the effects of our interest rate derivatives on our Consolidated Statements of Operations and Comprehensive Income (Loss) (dollars in thousands):

	For the years ended December 31,
	2021			2020			2019
Unrealized gain (loss) recognized in AOCI	$	1,787		$	(11,554	)	$	(7,884	)
Gain (loss) reclassified from AOCI into interest expense		(5,293	)		(4,069	)		177

Credit-Risk Related Contingent Features

The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on such indebtedness. As of December 31, 2021, the net fair value of derivatives in a liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $6.0 million. As of December 31, 2021, the Company had not breached these provisions of these agreements and had not posted any collateral related to these agreements. If the Company had breached any of the provisions of these agreements it would be required to settle its obligations under the agreements at their termination value of $6.0 million.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

7. Fair Value Measurements

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020, aggregated by the level in the fair value hierarchy within which those measurements fall (amounts in thousands).

	As of December 31, 2021
Balance Sheet Line Item	Level 1		Level 2			Level 3
Interest rate swaps - Liability	$	—	$	(5,700	)	$	—

	As of December 31, 2020
Balance Sheet Line Item	Level 1		Level 2			Level 3
Interest rate swaps - Liability	$	—	$	(12,781	)	$	—

For our disclosure of debt fair values, we estimated the fair value of our 2016 term loan facility and our 2018 term loan facility based on the variable interest rate and credit spreads (categorized within Level 3 of the fair value hierarchy) and estimated the fair value of our other debt based on the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans, or groups of loans, with similar maturities and credit quality, and the estimated future payments included scheduled principal and interest payments. Fair value estimates are made as of a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. Settlement at such fair value amounts may not be possible and may not be a prudent management decision.

Financial assets and liabilities not measured at fair value

As of December 31, 2021 and 2020, all financial instruments and liabilities were reflected in our balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following:

	December 31, 2021				December 31, 2020
Financial liabilities	Carrying Amount⁽¹⁾		Fair Value ⁽²⁾		Carrying Amount⁽¹⁾		Fair Value ⁽²⁾
Revolving credit facility	$	14,500	$	14,500	$	79,250	$	79,250
2016 Term loan facility	$	100,000	$	100,000	$	100,000	$	99,384
2018 Term loan facility	$	150,000	$	150,000	$	150,000	$	149,219
Notes payable	$	700,000	$	749,141	$	450,000	$	506,922
Mortgages payable	$	251,458	$	261,602	$	204,192	$	215,065

(1)	The carrying amount consists of principal only.

(2)	We deem the fair value measurement of the financial liability instrument a Level 3 measurement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Equity Incentive Pan

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity Incentive Plan

8. Equity Incentive Plan

Our board of directors adopted, and our sole stockholder approved, our 2015 Equity Incentive Plan, as amended (the “2015 Equity Incentive Plan”) under which we may grant cash and equity incentive awards to our executive officers, non-employee directors and employees. The 2015 Equity Incentive Plan is administered by the compensation committee of our board of directors and permits us to make grants of options, stock appreciation rights, restricted stock units, restricted stock, dividend equivalent rights, cash-based awards, performance-based awards and other equity-based awards, including LTIP units, or any combination of the foregoing.

There are an aggregate 5,273,959 shares of our common stock authorized for issuance under the 2015 Equity Incentive Plan. The shares of our common stock underlying any awards that are forfeited, cancelled, or are otherwise terminated (other than by exercise) under the 2015 Equity Incentive Plan are added back to the shares available for issuance. As of December 31, 2021, 1,616,685 shares were available for issuance under the 2015 Equity Incentive Plan.

Restricted Shares

The Company awards restricted stock to certain members of management and non‑employee directors. Management awards generally vest over a range of two to four years. Non‑employee director shares vest upon the earlier of the anniversary of the date of the grant or the next annual stockholder meeting, as long as the grantee remains a director or employee on such date. Restricted stock awards issued under the 2015 Equity Incentive Plan may not be sold or otherwise transferred until restrictions have lapsed, as established by the compensation committee.

We value our non-vested restricted share awards at the grant date fair value, which was the market price of our common stock as of the applicable grant date. We recognized $0.8 million, $1.0 million and $0.8 million in compensation expense, related to restricted common stock awards, for the years ended December 31, 2021, 2020 and 2019, respectively.

The fair value of restricted stock that vested was $0.9 million during 2021, $0.6 million during 2020, and $0.4 million during 2019, based on the market price at the vesting date. The balance of unamortized restricted stock expense as of December 31, 2021, was $0.5 million, which is expected to be recognized over a weighted‑average period of 1.4 years.

A summary of the status of our restricted shares as of December 31, 2021, 2020 and 2019 and changes during the years then ended are presented below:

	Restricted Shares			Restricted Shares Weighted average grant date fair value
Outstanding, December 31, 2018		24,020		$	20.74
Vested		(21,784	)		20.81
Granted		89,961			17.49
Forfeited		—			—
Outstanding, December 31, 2019		92,197		$	17.55
Vested		(24,236	)	$	18.36
Granted		21,930			25.85
Forfeited		—			—
Outstanding, December 31, 2020		89,891		$	19.36
Vested		(39,750	)	$	21.50
Granted		38,288			21.08
Forfeited		(2,423	)		18.36
Outstanding, December 31, 2021		86,006		$	19.16

LTIP Units

The Company grants LTIP units to certain members of management and non‑employee directors. Management awards generally vest immediately or over a range of two to four years. Non‑employee director shares vest upon the earlier of the anniversary of the date of the grant or the next annual stockholder meeting, as long as the grantee remains a director or employee on such date. Performance-based LTIP units are earned subject to the Company achieving certain thresholds, including absolute total shareholder returns, relative total shareholder returns, or operational hurdles through the performance period. Service-based LTIP units are earned over time, subject to continued employment and other terms of the awards.

The following is a summary of our granted LTIP unit awards:

Award

Type

Grant

Date

Performance Period

End Date

Vest Date

Units Granted

Units Earned

Performance

January 18, 2019

December 31, 2020

45,238

98,776

Performance

January 18, 2019

December 31, 2021

98,300

Performance

December 19, 2019

99,803

2019 LTIP Grant

243,341

198,579

Service

January 3, 2020

December 31, 2022

89,242

⁴

Operational

January 3, 2020

December 31, 2022

⁵

64,506

⁴

Performance

January 3, 2020

December 31, 2022

⁵

81,693

⁴

2020 LTIP Grant

235,441

—

Service

January 4, 2021

December 31, 2023

113,703

⁴

Operational

January 4, 2021

December 31, 2023

⁶

82,108

⁴

Performance

January 4, 2021

December 31, 2023

⁶

82,070

⁴

Service

May 19, 2021

December 31, 2023

⁷

6,647

⁴

2021 LTIP Grant

284,528

—

(1)	Units vested 50% on January 19, 2021 and 50% on January 2, 2022.

(2)	Units vested 50% on January 18, 2022 and 50% will vest on January 2, 2023.

(3)	On January 18, 2022, the Compensation Committee approved and determined 210,546 units were earned.

(4)	Compensation Committee determination of units earned was not made as of December 31, 2021.

(5)	Units will vest 50% on date of Compensation Committee determination of performance, and 50% on the third anniversary of the grant date.

(6)	Units will vest on date of Compensation Committee determination of performance.

(7)	Units will vest on the earlier of May 18, 2022 or the 2022 annual stockholder meeting.

We value our LTIP unit awards that are subject to the Company achieving certain operational performance conditions at the grant date fair value, which is the market price of our common stock as of the applicable grant date. We value our service-based LTIP unit awards at the grant date fair value, which is the market price of our common stock as of the applicable grant date, discounted by the risk related to the timing of book-up events. For the LTIP unit awards granted that are subject to the Company achieving certain total shareholder return performance thresholds we used a Monte Carlo Simulation (risk-neutral approach) to determine the number of shares that may be issued pursuant to the award.

The following is a summary of the significant assumptions used to value the total shareholder return performance-based LTIP units:

	Year Ended December 31,
	2021			2020			2019
Expected volatility		28.0	%		16.0	%		19.0	%
Dividend yield		4.9	%		4.8	%		5.6	%
Risk-free interest rate		0.2	%		1.7	%		2.6	%
Expected life	3 years			3 years			2 - 3 years

The fair value of LTIP units that vested were $4.5 million during 2021, $1.4 million during 2020, and $20.8 million during 2019, based on the market price at the vesting date. We recognized $4.2 million, $3.1 million and $4.1 million in compensation expense related to LTIP unit awards, for the years ended December 31, 2021, 2020 and 2019, respectively. The balance of unamortized LTIP expense as of December 31, 2021 was $6.0 million, which is expected to be recognized over a weighted‑average period of 1.7 years. As of December 31, 2021, management considers it probable that the operational performance conditions on our 2021 grants will be achieved.

A summary of the status of our LTIP units as of December 31, 2021, 2020 and 2019 and changes during the years then ended are presented below:

	LTIP Units ⁽¹⁾			LTIP Units Weighted average grant date fair value
Outstanding, December 31, 2018		636,381		$	11.47
Vested		(562,803	)		10.97
Granted		243,341			19.75
Forfeited		(32,448	)		19.15
Outstanding, December 31, 2019		284,471		$	18.66
Vested		(27,732	)	$	18.34
Granted		235,441			21.17
Forfeited		—			—
Outstanding, December 31, 2020		492,180		$	19.88
Vested		(93,085	)	$	18.55
Granted		284,528			22.18
Forfeited		(32,385	)		21.03
Outstanding, December 31, 2021		651,238		$	21.02

(1)	Reflects the number LTIP units issued to the grantee on the grant date which may be different from the number of LTIP units actually earned in the case of performance-based LTIP units.

Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity

9. Equity

Offering of Common Stock on a Forward Basis

On August 11, 2021, the Company and the Operating Partnership completed an underwritten public offering of 6,300,000 shares of common stock offered by forward dealers. The Company also entered into separate forward sale agreements with each of the forward purchasers (the “Forward Sales Agreements”), pursuant to which the forward purchasers borrowed and sold to the underwriters an aggregate of 6,300,000 shares of the Company’s common stock. On December 28, 2021, we issued 3,991,000 shares of common stock for net proceeds to us of $85.0 million, which shares were issued in partial settlement of the forward sale agreements entered into in connection with our third quarter underwritten public offering. The Company expects to physically settle the Forward Sale Agreements and receive proceeds, subject to certain adjustments, from the sale of those shares of common stock upon one or more such physical settlements within approximately one year. Although the Company expects to settle the Forward Sale Agreements entirely by the physical delivery of shares of its common stock for cash proceeds, the Company may also elect to cash or net-share settle all or a portion of its obligations under the Forward Sale Agreements, in which case, the Company may receive, or may owe, cash or shares of its common stock from or to the forward purchasers. The Forward Sale Agreements provide for an initial forward price of $21.64 per share, subject to certain adjustments pursuant to the terms of each of the Forward Sale Agreements. The Forward Sale Agreements are subject to early termination or settlement under certain circumstances.

Redemption of Common Units to Common Stock

During the year ended December 31, 2019, we issued 396,929 shares of our common stock upon the redemption of 396,929 common units in accordance with the terms of the partnership agreement of the Operating Partnership. During the year ended December 31, 2020, we issued 255,210 shares of our common stock upon the redemption of 255,210 common units in accordance with the terms of the partnership agreement of the Operating Partnership. During the year ended December 31, 2021, we issued 343,515 shares of our common stock upon the redemption of 343,515 common units in accordance with the terms of the partnership agreement of the Operating Partnership.

Dividends and Distributions Paid

A summary of dividends declared by the board of directors per share of common stock and per common unit of our operating partnership at the date of record is as follows:

Quarter	Declaration Date	Record Date	Pay Date	Dividend
Q1 2019	May 2, 2019	June 10, 2019	June 27, 2019		0.260
Q2 2019	July 31, 2019	September 12, 2019	September 26, 2019		0.260
Q3 2019	October 30, 2019	November 13, 2019	December 27, 2019		0.260
Q4 2019	February 19, 2020	March 5, 2020	March 26, 2020		0.260
Q1 2020	April 29, 2020	May 14, 2020	June 25, 2020		0.260
Q2 2020	July 29, 2020	August 13, 2020	September 11, 2020		0.260
Q3 2020	October 27, 2020	November 11, 2020	December 11, 2020		0.260
Q4 2020	February 18, 2021	March 5, 2021	March 17, 2021		0.260
Q1 2021	April 29, 2021	May 14, 2021	May 26, 2021		0.260
Q2 2021	July 27, 2021	August 12, 2021	August 24, 2021		0.265
Q3 2021	October 28, 2021	November 12, 2021	November 24, 2021		0.265
Q4 2021	February 22, 2022	March 10, 2022	March 22, 2022		0.265

Prior to the end of the performance period as set forth in the applicable LTIP unit award, holders of performance-based LTIP units are entitled to receive dividends per LTIP unit equal to 10% of the dividend paid per common unit of our operating partnership. After the end of the performance period, the number of LTIP units, both vested and unvested, that LTIP award recipients have earned, if any, are entitled to receive dividends in an amount per LTIP unit equal to dividends, both regular and special, payable per common unit of our operating partnership. Holders of LTIP units that are not subject to the attainment of performance goals are entitled to receive dividends per LTIP unit equal to 100% of the dividend paid per common unit beginning on the grant date.

ATM Programs

On March 3, 2017, the Company entered into separate equity distribution agreements with various financial institutions pursuant to which it may issue and sell shares of its common stock having an aggregate offering price of up to $100.0 million, from time to time (the “2017 ATM Program”) in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act.

On each of March 4, 2019 and December 20, 2019, the Company entered into separate equity distribution agreements with various financial institutions pursuant to which it may issue and sell shares of its common stock having an aggregate offering price of up to $200.0 million and $300.0 million, respectively, from time to time (the “2019 ATM Programs”) in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act. The 2019 ATM Programs implemented on March 4, 2019 and December 20, 2019 are referred to as the “March 2019 ATM Program” and “December 2019 ATM Program” respectively. Under each of the 2019 ATM Programs, the Company may also enter into one or more forward transactions (each, a “forward sale transaction”) under separate master forward sale confirmations and related supplemental confirmations with each of the financial institutions and, under the December 2019 ATM Program only, Truist Bank, for the sale of shares of its common stock on a forward basis.

On June 22, 2021, the Company entered into separate equity distribution agreements with various financial institutions pursuant to which it may issue and sell shares of its common stock having an aggregate offering price of up to $300.0 million from time to time (the “2021 ATM Program”) in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act. Under the 2021 ATM Program, the Company may also enter into one or more forward sale transactions under separate master forward sale confirmations and related supplemental confirmations with each of the financial institutions for the sale of shares of its common stock on a forward basis.

The following table sets forth certain information with respect to issuances, including in settlement of forward sales transactions, made under each of the ATM Programs as of December 31, 2021 (amounts in thousands except share amounts):

	2017 ATM Program				March 2019 ATM Program				December 2019 ATM Program
For the Year Ended:	Number of Shares Issued		Net Proceeds		Number of Shares Issued⁽¹⁾		Net Proceeds⁽¹⁾		Number of Shares Issued⁽¹⁾		Net Proceeds⁽¹⁾
December 31, 2019		1,765,269	$	31,998		4,730,927	$	95,159		—	$	—
December 31, 2020		—	$	—		4,120,992	$	93,774		2,875,832	$	66,630
December 31, 2021		—	$	—		246,363	$	6,451		3,424,869	$	83,554

(1)

Shares issued by us, which were all issued in settlement of forward sales transactions. Additionally, as of December 31, 2021, we had entered into forward sales transactions under the December 2019 ATM Program for the sale of an additional 2,135,289 shares of our common stock that have not yet been settled. Subject to our right to elect net share settlement, we expect to physically settle the forward sales transactions by the maturity dates set forth in each applicable forward sale transaction placement notice, which dates range from January 2022 to December 2022. Assuming the forward sales transactions are physically settled in full utilizing a net weighted average initial forward sales price of $21.97 per share, we expect to receive net proceeds of approximately $46.9 million, after deducting offering costs, subject to adjustments in accordance with the applicable forward sale transaction. We accounted for the forward sale agreements as equity.

No sales of shares of the Company’s common stock were made under the 2021 ATM Program during the year ended December 31, 2021. We have used the net proceeds received from such sales for general corporate purposes. As of December 31, 2021, we had $300.0 million of gross sales of our common stock available under the December 2021 ATM Program, $93.2 million of gross sales of its common stock available under the December 2019 ATM Program and no remaining availability under the 2017 ATM Program and March 2019 ATM Program.

Contribution of Property for Common Units

On May 20, 2021, the Company acquired NWS – Kansas City for which it paid, as partial consideration, 975,452 common units. The issuance of the common units was effected in reliance upon an exemption from registration provided by Section 4(a)(2) under the Securities Act.

On March 26, 2020, the Company acquired FBI / DEA – El Paso for which it paid, as partial consideration, 870,730 common units. The issuance of the common units was effected in reliance upon an exemption from registration provided by Section 4(a)(2) under the Securities Act.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

10. Earnings Per Share

Basic earnings or loss per share of common stock (“EPS”) is calculated by dividing net income or loss attributable to common stockholders by the weighted average shares of common stock outstanding for the periods presented. Diluted EPS is computed after adjusting the basic EPS computation for the effect of dilutive common equivalent shares outstanding during the periods presented. Unvested restricted shares of common stock and unvested LTIP units are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. The following table sets forth the computation of the Company’s basic and diluted earnings per share of common stock for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands, except per share amounts):

	For the years ended December 31,
	2021			2020			2019
Numerator
Net income	$	33,957		$	13,528		$	8,224
Less: Non-controlling interest in Operating Partnership		(3,899	)		(1,567	)		(1,017	)
Net income available to Easterly Government Properties, Inc.		30,058			11,961			7,207
Less: Dividends on participating securities		(470	)		(289	)		(119	)
Net income available to common stockholders	$	29,588		$	11,672		$	7,088
Denominator for basic EPS		84,043,012			78,219,491			68,769,526
Dilutive effect of share-based compensation awards		52,500			55,567			22,855
Dilutive effect of LTIP units ⁽¹⁾		434,631			507,050			416,585
Dilutive effect of shares issuable under forward sales agreements ⁽²⁾		89,247			9,345			—
Denominator for diluted EPS		84,619,390			78,791,453			69,208,966
Basic EPS	$	0.35		$	0.15		$	0.10
Diluted EPS	$	0.35		$	0.15		$	0.10

(1)

During the years ended December 31, 2021 and December 31, 2020, there were approximately 116,595 and 74,481 unvested performance-based LTIP units, respectively, that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.

(2)

During the years ended December 31, 2021 and 2020, there were approximately 326,000 and 2,397,232 shares, respectively, of underlying unsettled forward sales transactions that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

11. Leases

Lessor

The Company leases commercial space to the U.S. Government through the GSA or other federal agencies or nongovernmental tenants. These leases may contain extension options that are predominately at the sole discretion of the tenant. Certain of our leases contain a “soft-term” period of the lease, meaning that the U.S. Government tenant agency has the right to terminate the lease prior to its stated lease end date. While certain of our leases are contractually subject to early termination, we do not believe that our tenant agencies are likely to terminate these leases early given the build-to-suit features at the properties subject to the leases, the weighted average age of these properties based on the date the property was built or renovated-to-suit, where applicable (approximately 16.4 years as of December 31, 2021), the mission-critical focus of the properties subject to the leases and the current level of operations at such properties. Certain lease agreements include variable lease payments that, in the future, will vary based on changes in inflationary measures, real estate tax rates, usage, or share of expenditures of the leased premises.

On September 25, 2020, the FDA – Lenexa development project was substantially completed and a 20-year lease commenced with the GSA for the beneficial use of the FDA. Upon completion and their acceptance of work, the U.S. Government was obligated to pay a $41.7 million lump sum reimbursement to the Company for landlord improvements in excess of the U.S. Government’s tenant improvement allowance. The Company recorded the payment as Deferred revenue on the Consolidated Balance Sheet and began amortizing the amount over the life of the lease through Rental income.

On August 27, 2019, the FDA – Alameda development project was substantially completed and a 20-year non-cancelable lease commenced with the GSA for the beneficial use of the FDA. Upon completion and their acceptance of work, the U.S. Government paid a $52.5 million lump sum reimbursement to the Company for landlord improvements in excess of the U.S. Government’s tenant improvement allowance. The Company recorded the payment as Deferred revenue on the Consolidated Balance Sheets and began amortizing the amount over the life of the lease through Rental income.

The following table summarizes the maturity of fixed lease payments under the Company’s leases as of December 31, 2021 (dollars in thousands):

	Payments due by period
	Total		2022		2023		2024		2025		2026		Thereafter
Fixed lease payments	$	2,036,279		224,210		210,077		193,551		180,978		172,450		1,055,013

The following is a summary of property rental revenue from our non-cancellable leases (dollars in thousands):

	Years Ended December 31,
	2021		2020		2019
Fixed	$	248,399	$	221,305	$	192,595
Variable		18,990		16,826		15,949
Property rental revenue		267,389		238,131		208,544

Information about our leases for our development property as of December 31, 2021 is set forth in the table below:

Property Name

Location

Tenant

Property

Type ⁽¹⁾

Lease Term

Estimated Leased

Square

Feet

FDA - Atlanta

Atlanta, GA

Food and Drug Administration

20-year

162,000

Total

162,000

(1)	L=Laboratory

Lessee

In August 2020, we entered into a lease agreement for office space in Washington, D.C. to replace our previous sublease that commenced March 2016 and was terminated in March 2021. This new lease commenced in March 2021 and expires in August 2026. We also lease office space in San Diego, CA under an operating lease that commenced in February 2015 and expires in April 2022.

The commenced leases include variable lease payments that, in the future, will vary based on changes in real estate tax rates, usage, or share of expenditures of the leased premises. The Company has elected not to separate lease and non-lease components for its corporate office leases.

As of December 31, 2021, the unamortized balances associated with the Company’s right-of-use operating lease asset and operating lease liability were $1.5 million and $1.6 million, respectively. As of December 31, 2020, the unamortized balance associated with the Company’s right-of-use operating lease asset and operating lease liability for the Company’s two commenced office leases was $0.4 million. The Company’s right-of-use operating lease asset and operating lease liability were included in “Prepaid expenses and other assets” and “Accounts payable, accrued expenses and other liabilities” on the Consolidated Balance Sheet, respectively as of December 31, 2021, and 2020. The Company used its incremental borrowing rate, which was arrived at utilizing prevailing market rates and the spread on our revolving credit facility, in order to determine the net present value of the minimum lease payments.

The following table provides quantitative information for the Company’s commenced operating leases for the year ended December 31, 2021 and 2020 (dollars in thousands):

	Years Ended December 31,
	2021			2020			2019
Cash flows from operating lease costs	$	421		$	458		$	461

Other Information
Weighted average remaining lease term (in years)		4.51		1.01			1.91
Weighted average discount rate		2.36	%		3.83	%		3.84	%

In addition, the maturity of future minimum lease payments under the Company’s commenced corporate office leases as of December 31, 2021 is summarized in the table below (dollars in thousands):

Revenue

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue

12. Revenue

The table below sets forth revenue from tenant construction projects disaggregated by tenant agency for the years ended December 31, 2021, 2020, and 2019 (dollars in thousands).

	For the year ended December 31,		For the year ended December 31,		For the year ended December 31,
Tenant	2021		2020		2019
Federal Bureau of Investigation ("FBI")	$	2,384	$	2,040	$	4,021
Department of Veteran Affairs ("VA")		1,660		1,135		1,528
U.S. Joint Staff Command ("JSC")		520		89		—
Internal Revenue Service ("IRS")		207		77		18
Environmental Protection Agency ("EPA")		204		572		30
U.S. Coast Guard ("USCG")		98		—		22
Department of Energy ("DOE")		95		—		—
Food and Drug Administration ("FDA")		93		266		5,104
U.S. Citizenship and Immigration Services ("USCIS")		91		—		158
Bureau of the Fiscal Service ("BFS")		59		34		46
Immigration and Customs Enforcement ("ICE")		57		144		53
Department of Transportation ("DOT")		49		8		137
National Park Service ("NPS")		41		116		—
Drug Enforcement Administration ("DEA")		40		—		127
General Services Administration - Other		25		25		1
Military Entrance Processing Command ("MEPCOM")		18		68		—
Federal Emergency Management Agency ("FEMA")		15		422		136
The Judiciary of the U.S. Government ("JUD")		11		12		40
Health Resources and Services Administration ("HRSA")		3		—		—
Occupational Safety and Heath Administration ("OSHA")		1		—		—
Bonneville Power Administration ("BPA")		—		—		1
Customs and Border Protection ("CBP")		—		23		23
Department of Labor ("DOL")		—		—		26
Patent and Trademark Office ("PTO")		—		8		—
Small Business Administration ("SBA")		—		—		68
Social Security Administration ("SSA")		—		19		146
U.S. Forest Service ("USFS")		—		—		16
	$	5,671	$	5,058	$	11,701

The balance in Accounts receivable related to tenant construction projects and the associated project management income was $5.0 million and $3.0 million, as of December 31, 2021 and 2020, respectively. The duration of the majority of tenant construction project reimbursement arrangements are less than a year and payment is typically due once a project is complete and work has been accepted by the tenant. There were no projects ongoing as of December 31, 2021 or as of December 31, 2020 with a duration of greater than one year.

During the years ended December 31, 2021, 2020, and 2019, the Company also recognized $0.4 million, $0.6 million, and $1.0 million, respectively, in parking garage income generated from the operations of a parking garages situated on both the Various GSA – Buffalo property and on the Various GSA - Portland property. The monthly and transient daily parking revenue falls within the scope of Revenue from Contracts with Customers (“ASC 606”) and is accounted for at the point in time when control of the goods or services transfers to the customer and the Company’s performance obligation is satisfied. As of December 31, 2021 and 2020, there was less than $0.1 million in Accounts receivable attributable to parking garage income.

During the year ended December 31, 2021 and 2020 the Company recognized $1.1 million and $0.7 million in income, respectively for providing COVID-19 related cleaning services to certain tenants. The income falls within the scope of ASC 606 and is recognized over time as the performance obligation is satisfied. The balance in Accounts receivable related to these services was $0.1 million and $0.3 million as of December 31, 2021 and 2020, respectively.

There were no contract assets or liabilities as of December 31, 2021 and 2020.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. Commitments and Contingencies

a) Environmental

As an owner of real estate, the Company is subject to various environmental laws of federal, state, and local governments. The Company’s compliance with existing laws has not had a material adverse effect on its financial condition and results of operations, and the Company does not believe it will have a material adverse effect in the future. However, the Company cannot predict the impact of unforeseen environmental contingencies or new or changed laws or regulations on its current properties or on properties that the Company may acquire.

b) Tax Protection Agreements

Concurrent with the completion of our initial public offering and the related formation transactions, the Company also entered into a tax protection agreement with Michael P. Ibe, a director and our Vice Chairman and Executive Vice President — Development and Acquisitions, under which we agreed to indemnify Mr. Ibe for any taxes incurred as a result of a taxable sale of the properties contributed by certain entities beneficially owned by Mr. Ibe in the formation transactions for a period of eight years after the closing of the initial public offering and the formation transactions. The Company also agreed in the tax protection agreement with Mr. Ibe to use the “traditional method” of making allocations under Section 704(c) of the Code for the eight-year period.

On October 21, 2015, the Company entered into a second tax protection agreement with Mr. Ibe, under which the Company agreed to indemnify Mr. Ibe for any taxes incurred as a result of a taxable sale of the DEA – Pleasanton property for a period of eight years after the closing of the acquisition and to offer Mr. Ibe and certain affiliates of Mr. Ibe the opportunity to guarantee, in the aggregate, up to approximately $15.7 million of indebtedness of the Operating Partnership for two years following the contribution of the DEA – Pleasanton property and up to approximately $7.2 million of indebtedness thereafter until the eighth anniversary of the closing of the acquisition, subject to certain conditions. The Company also agreed in the tax protection agreement with Mr. Ibe to use the “traditional method” of making allocations under Section 704(c) of the Code for the eight-year period.

In connection with our acquisition of a property in 2017, we entered into a tax protection agreement, under which we agreed to indemnify the contributor for any taxes incurred as a result of a taxable sale of such property for a period of two years. The Company also agreed in the tax protection agreement with the contributor to use the “traditional method” of making allocations under Section 704(c) of the Code for the two-year period. As of December 31, 2019, the applicable tax protection period had expired without a taxable disposition of the property.

In connection with our acquisitions of certain properties in 2018, 2020 and 2021 we entered into a tax protection agreement, under which we agreed to indemnify the contributor for any taxes incurred as a result of a taxable sale of such property for a period of four years. The Company also agreed in the tax protection agreement with the contributor to use the “traditional method” of making allocations under Section 704(c) of the Code for the four-year period.

Letters of Credit

As of December 31, 2021 and 2020, the Company had $0.1 million and $0.1 million of standby letters of credit, respectively. There were no draws against these letters of credit during the years ended December 31, 2021 or 2020.

Concentrations Risk

12 Months Ended

Dec. 31, 2021

Risks And Uncertainties [Abstract]

Concentrations Risk

14. Concentration Risk

Concentrations of credit risk arise for the Company when multiple tenants of the Company are engaged in similar business activities, are located in the same geographic region or have similar economic features that impact in a similar manner their ability to meet contractual obligations, including those to the Company. The Company regularly monitors its tenant base to assess potential concentrations of credit risk.

As stated in Note 1 above, the Company leases commercial space to the U.S. Government or nongovernmental tenants. At December 31, 2021, the U.S. Government accounted for 96.0% of our total leased square feet and non-governmental tenants accounted for the remaining 4.0% of our total leased square feet. At December 31, 2020, the U.S. Government accounted for 96.4% of our leased square feet and non-governmental tenants accounted for the remaining 3.6% of our total leased square feet.

At December 31, 2021, 17 of our 89 wholly-owned and unconsolidated operating properties were located in California, accounting for approximately 15.5% of our total leased square feet. At December 31, 2020, 18 of our 79 operating properties were located in California, accounting for approximately 18.5% of our total leased square feet. To the extent that weak economic or real estate conditions or natural disasters affect California, our business, financial condition and results of operations could be negatively impacted.

Related Party

12 Months Ended

Dec. 31, 2021

Related Party

15. Related Parties

The Company has reimbursement arrangements with entities controlled by our Chairman and Vice Chairman, which provide for reimbursement of costs paid on our behalf, or those we pay on their behalf. For the years ended December 31, 2021, 2020 and 2019, the Company was responsible for reimbursing costs of $0.3 million, $0.1 million and $0.1 million and received reimbursement for costs of less than $0.1 million, $0.1 million and $0.1 million, respectively.

The Company provides asset management services to properties owned by our Unconsolidated real estate venture. For the year ended December 31, 2021, we recognized Asset management fees of $0.1 million and reimbursement for certain costs that we paid on their behalf of $0.5 million.

As of December 31, 2021, and 2020, Accounts receivable from related parties was $0.7 million and less than $0.1 million, respectively. As of December 31, 2021, and 2020, Accounts Payable, accrued expenses and other liabilities included less than $0.1 million owed to related parties.

Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

For its consolidated financial statements as of December 31, 2021, the Company evaluated subsequent events as of the filing date of this Annual Report on Form 10-K and noted the following significant events:

On January 3, 2022, the Company granted an aggregate of 238,695 performance-based LTIP units to members of management pursuant to the 2015 Equity Incentive Plan, consisting of (i) 158,535 LTIP units that are subject to the Company achieving certain total shareholder return performance thresholds (on both an absolute and relative basis) and (ii) 80,160 LTIP units that are subject to the Company achieving certain operational performance hurdles, in each case through a performance period ending on December 31, 2024. The performance-based LTIP units will vest to the extent earned following the end of the performance period on December 31, 2024. On January 3, 2022, the Company also granted an aggregate of 110,906 service-based LTIP units to members of management pursuant to the 2015 Equity Incentive Plan, which will vest on December 31, 2024. The LTIP units are subject to the grantee's continued employment and the other terms of the awards.

On January 20, 2022, the Company through our JV, issued 125 Series A Preferred Units (“preferred units”) which resulted in net proceeds of $0.1 million. Holders of the preferred units are entitled to receive, when declared, cumulative preferential cash distributions.

Subsequent to December 31, 2021, the Company entered into forward sales transactions under the December 2019 ATM Program for the sale of an additional 250,000 shares of its common stock that have not yet been settled. Subject to its right to elect net share settlement, the Company expects to physically settle the forward sales transactions no later than January 2023. Assuming the forward sales transactions are physically settled in full utilizing a net weighted average initial forward sales price of $23.24 per share, the Company expects to receive net proceeds of approximately $5.8 million, after deducting offering costs, subject to adjustments in accordance with the applicable forward sale transaction.

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

Real Estate And Accumulated Depreciation Disclosure [Abstract]

Schedule III, Real Estate and Accumulated Depreciation

Easterly Government Properties, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2021

(Amounts in thousands)

				Initial Cost to Company						Cost amount carried at Close of Period
Location	Type⁽¹⁾	Encumbrances⁽²⁾		Land		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition⁽³⁾		Land		Buildings and Improvements		Total⁽⁴⁾		Accumulated Depreciation⁽⁵⁾		Original Construction Date(s) (Unaudited)	Date Acquired
Aberdeen, MS	C/O	$	—	$	1,147	$	14,044	$	148	$	1,147	$	14,192	$	15,339	$	2,433	2005	6/17/2015
Alameda, CA	L		—		5,438		4,312		70,306		5,438		74,618		80,056		4,371	2019	8/1/2016
Albany, NY	O		—		1,801		11,544		314		1,801		11,858		13,659		2,134	2004	2/11/2015
Albany, NY	O		—		1,412		17,128		2,244		1,412		19,372		20,784		2,327	1998	11/22/2016
Albuquerque, NM	O		—		3,062		28,201		126		3,062		28,327		31,389		5,312	2011	2/17/2016
Albuquerque, NM	O		—		2,905		23,804		797		2,905		24,601		27,506		5,195	2006	2/11/2015
Albuquerque, NM	O		15,385		2,345		28,611		507		2,345		29,118		31,463		6,862	2011	2/11/2015
Aurora, CO	O				1,785		9,450		289		1,785		9,739		11,524		873	1998	1/7/2020
Arlington, VA	O		—		14,350		44,442		1,350		14,350		45,792		60,142		11,047	2009	2/11/2015
Bakersfield, CA	O		—		438		2,253		73		438		2,326		2,764		211	2000	10/16/2018
Baton Rouge, LA	OC		—		344		5,241		100		344		5,341		5,685		432	2004	10/16/2018
Baton Rouge, LA	O				565		8,733		—		565		8,733		9,298		262	1981 / 2020	12/1/2020
Billings, MT	O/W				1,722		42,708		451		1,722		43,159		44,881		1,262	2013	12/23/2020
Birmingham, AL	O		—		408		10,853		116		408		10,969		11,377		1,798	2005	7/1/2016
Birmingham, AL	O		—		755		22,537		865		755		23,402		24,157		3,444	2005	7/1/2016
Birmingham, AL	O		—		1,410		17,276		25		1,410		17,301		18,711		1,784	2014	11/9/2018
Brownsburg, IN	OC				1,774		26,300		—		1,774		26,300		28,074		110	2021	11/1/2021
Buffalo, NY	O		—		246		80,913		1,732		246		82,645		82,891		10,789	2004	9/13/2018
Charleston, SC	C/O		—		1,325		21,189		377		1,325		21,566		22,891		1,733	1999	10/16/2018
Charleston, WV	O		—		551		13,732		1,251		551		14,983		15,534		1,516	1959 / 2000	9/13/2018
Chico, CA	OC				5,183		24,405		12		5,183		24,417		29,600		1,019	2019	4/30/2020
Clarksburg, WV	O		—		108		13,421		1,143		108		14,564		14,672		1,263	1999	9/13/2018
Cleveland, OH	O				563		18,559		—		563		18,559		19,122		281	1981 / 2021	7/22/2021
College Park, MD	L		—		4,927		28,037		1,724		4,927		29,761		34,688		2,298	2004	1/31/2019
Dallas, TX	O		—		1,005		14,546		563		1,005		15,109		16,114		3,234	2001	2/11/2015
Dallas, TX	L		—		2,753		23,848		1,564		2,753		25,412		28,165		3,781	2001	12/1/2015
Dallas, TX	O		—		740		8,191		565		740		8,756		9,496		843	2005	9/13/2018
Del Rio, TX	C/O		—		210		30,676		702		210		31,378		31,588		6,301	1992 / 2004	2/11/2015
Des Plaines, IL	O		—		1,742		9,325		302		1,742		9,627		11,369		1,028	1971 / 1999	9/13/2018
El Centro, CA	C/O		—		1,084		20,765		1,092		1,084		21,857		22,941		4,413	2004	2/11/2015
El Paso, TX	O/W				2,430		33,649		1,206		2,430		34,855		37,285		1,541	1998 -2005	3/26/2020
Fresno, CA	O		—		1,499		68,309		5,358		1,499		73,667		75,166		13,184	2003	2/11/2015
Golden, CO	O/W		8,826		4,080		8,933		256		4,080		9,189		13,269		1,251	1996 / 2011	5/24/2018
Jackson, TN	C/O				332		24,324		301		332		24,625		24,957		630	1998	12/24/2020
Jacksonville, FL	O		6,841		2,532		16,621		102		2,532		16,723		19,255		3,918	2010	2/11/2015
Kansas City, KS	L		—		828		33,035		806		828		33,841		34,669		5,089	2003	7/1/2016
Kansas City, MO	O				645		24,431		—		645		24,431		25,076		502	1998 / 2020	5/20/2021
Knoxville, TN	O				2,840		25,775		114		2,840		25,889		28,729		860	2010	3/17/2021

Easterly Government Properties, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2021

(Amounts in thousands)

				Initial Cost to Company						Cost amount carried at Close of Period
Location	Type⁽¹⁾	Encumbrances⁽²⁾		Land		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition⁽³⁾		Land		Buildings and Improvements		Total⁽⁴⁾		Accumulated Depreciation⁽⁵⁾		Original Construction Date(s) (Unaudited)	Date Acquired
Lakewood, CO	O		—		1,377		18,204		1,124		1,377		19,328		20,705		3,579	1999	4/1/2015
Lakewood, CO	O		—		1,521		32,865		750		1,521		33,615		35,136		7,378	2004	2/11/2015
Lees Summit, MO	O		53,650		2,974		90,858		207		2,974		91,065		94,039		523	1969 / 1999	10/14/2021
Lenexa, KS	O		—		4,367		42,692		300		4,367		42,992		47,359		3,624	2007 / 2012	8/22/2019
Lenexa, KS	L		—		649		3,449		62,337		649		65,786		66,435		2,083	2020	5/27/2017
Lincoln, NE	O		—		2,310		26,328		1,184		2,310		27,512		29,822		5,716	2005	11/12/2015
Little Rock, AR	O		—		2,278		19,318		386		2,278		19,704		21,982		4,258	2001	2/11/2015
Loma Linda, CA	OC		126,299		12,476		177,357		243		12,476		177,600		190,076		20,367	2016	6/1/2017
Louisville, KY	O				1,005		5,473		—		1,005		5,473		6,478		118	2011	3/17/2021
Louisville, KY	O				1,015		21,885		20		1,015		21,905		22,920		493	2011	3/17/2021
Lubbock, TX	W/D		—		541		972		—		541		972		1,513		228	2013	2/11/2015
Martinsburg, WV	O		—		1,700		13,294		220		1,700		13,514		15,214		2,747	2007	2/11/2015
Mobile, AL	O				2,045		20,400		752		2,045		21,152		23,197		648	2001	9/18/2020
Mobile, AL	OC				6,311		31,030		—		6,311		31,030		37,341		1,353	2018	4/3/2020
New Orleans, LA	O		—		664		24,471		396		664		24,867		25,531		1,644	1999 / 2006	5/9/2019
North Charleston, SC	O		14,974		963		34,987		737		963		35,724		36,687		6,842	1994 / 2012	2/11/2015
North Charleston, SC	W				918		14,033		—		918		14,033		14,951		407	2020	11/3/2020
Omaha, NE	O		—		4,635		41,319		1,133		4,635		42,452		47,087		9,990	2009	2/11/2015
Omaha, NE	O		—		1,517		14,156		372		1,517		14,528		16,045		2,588	2004	5/19/2016
Orange, CT	OC		—		3,098		23,613		—		3,098		23,613		26,711		1,246	2019	11/21/2019
Parkersburg, WV	O		—		365		52,200		537		365		52,737		53,102		5,202	2004 / 2006	9/13/2018
Pittsburgh, PA	O		—		384		24,877		2,658		384		27,535		27,919		2,237	2001	9/13/2018
Pittsburgh, PA	O		—		200		5,339		113		200		5,452		5,652		514	2004	9/13/2018
Pleasanton, CA	L		15,669		5,765		20,859		155		5,765		21,014		26,779		3,262	2015	10/21/2015
Portland, OR	O		—		4,913		75,794		1,427		4,913		77,221		82,134		6,493	2002	1/31/2019
Richmond, VA	O		—		3,041		23,931		1,830		3,041		25,761		28,802		4,494	2001	12/7/2015
Riverside, CA	O		—		1,983		6,755		650		1,983		7,405		9,388		1,452	1997	2/11/2015
Sacramento, CA	O		—		1,434		9,369		2,321		1,434		11,690		13,124		2,091	2002	2/11/2015
Salt Lake City, UT	O		—		2,049		79,955		380		2,049		80,335		82,384		9,773	2012	9/28/2017
San Antonio, TX	O		—		3,745		49,153		1,670		3,745		50,823		54,568		10,807	2007	2/11/2015
San Diego, CA	W		—		3,060		510		914		3,060		1,424		4,484		411	1999	2/11/2015
San Diego, CA	O		—		2,252		12,280		326		2,252		12,606		14,858		2,485	2001	9/11/2015
San Diego, CA	O		—		773		2,481		1,016		773		3,497		4,270		585	2003	2/11/2015
San Jose, CA	OC		—		10,419		52,750		6		10,419		52,756		63,175		4,580	2018	7/11/2018
Sandy, UT	L		—		2,361		31,574		126		2,361		31,700		34,061		4,442	2003	2/3/2017
Santa Ana, CA	O		—		6,413		8,635		684		6,413		9,319		15,732		2,116	2004	2/11/2015
Savannah, GA	L		10,777		3,220		10,687		380		3,220		11,067		14,287		2,161	2013	2/11/2015
South Bend, IN	C/O		—		514		6,590		352		514		6,942		7,456		972	1996 / 2011	12/23/2016
South Bend, IN	OC		—		3,954		38,503		32		3,954		38,535		42,489		3,977	2017	11/16/2017
Springfield, MO	O				118		16,629		9		118		16,638		16,756		288	2002	4/22/2021

Easterly Government Properties, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2021

(Amounts in thousands)


				Initial Cost to Company						Cost amount carried at Close of Period
Location	Type⁽¹⁾	Encumbrances⁽²⁾		Land		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition⁽³⁾		Land		Buildings and Improvements		Total⁽⁴⁾		Accumulated Depreciation⁽⁵⁾		Original Construction Date(s) (Unaudited)	Date Acquired
Sterling, VA	L		—		2,556		21,817		1,307		2,556		23,124		25,680		1,602	2001	1/31/2019
Suffolk, VA	O		—		7,141		61,577		4,107		7,141		65,684		72,825		4,341	1993 / 2004	5/8/2019
Sunburst, MT	O		—		2,192		9,423		425		2,192		9,848		12,040		1,992	2008	2/11/2015
Tracy, CA	W		—		2,678		548		29,641		2,678		30,189		32,867		2,404	2018	10/4/2017
Tustin, CA	O		—		8,532		24,279		284		8,532		24,563		33,095		1,722	1979 / 2019	10/22/2019
Upper Marlboro, MD	L		—		5,054		18,301		265		5,054		18,566		23,620		1,466	2002	11/15/2018
Vista, CA	L		—		3,998		24,053		1,386		3,998		25,439		29,437		4,345	2002	2/11/2015
Various	Various		—		4,076		15,691		12,299		4,076		27,990		32,066		—	N/A	Various
		$	252,421	$	222,838	$	2,221,385	$	232,342	$	222,838	$	2,453,727	$	2,676,565	$	277,377

(1)

OC=Outpatient Clinic; O=Office; C=Courthouse; L=Laboratory; W=Warehouse; D=Distribution; M=Manufacturing.

(2)

Includes the unamortized balance of the fair value adjustments.

(3)

Includes write-offs of acquired tenant improvements upon the tenant vacating the space.

(4)

Excludes value of real estate intangibles.

(5)

Depreciation of real estate property is computed on a straight-line basis over the estimated useful lives of the assets. The estimated lives of our assets range from 5 to 40 years or to the term of the underlying lease.

The aggregate cost and accumulated depreciation for tax purposes was approximately $2,645.1 million and $331.7 million, respectively.

Analysis of the carrying amount of real estate properties and accumulated depreciation:

	Real Estate Properties			Accumulated Depreciation
Balance at December 31, 2018		1,732,446			105,829
Additions		426,516			51,132
Dispositions		(14,167	)		(892	)
Balance at December 31, 2019		2,144,795			156,069
Additions		285,882			58,437
Dispositions		(8,803	)		(1,293	)
Balance at December 31, 2020		2,421,874			213,213
Additions		261,347			65,015
Dispositions		(6,656	)		(851	)
Balance at December 31, 2021		2,676,565			277,377

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Real Estate Properties

•

Category		Term
Buildings		40 years
Building improvements		5 - 40 years
Tenant improvements		Shorter of remaining life of the lease or useful life
Furniture and equipment		3 - 7 years

Cash and Cash Equivalents

Restricted Cash

Investments in Real Estate Ventures

Investment in Unconsolidated Real Estate Venture

Rent Receivable and Accounts Receivable

Deferred Costs

Interest Rate Swaps

Please refer to Note 6 for more information pertaining to interest rate derivatives.

Fair Value Measurements

Recurring fair value measurements

Please refer to Note 7 for more information pertaining to fair value measurements.

Deferred Revenue

Non-controlling Interests

Non-Controlling Interests

Revenue Recognition

Other income includes income on the associated tenant reimbursement construction projects, parking income and other miscellaneous income.

Income Taxes

The following table reconciles GAAP net income to taxable income (amounts in thousands):

	For the years ended December 31,
	2021				2020				2019
Net income	$	33,957			$	13,528			$	8,224
Book depreciation and amortization		90,268				93,367				92,248
Above/Below market lease amortization		(4,589	)			(5,894	)			(6,320	)
Straight-line rent and other non-cash adjustments		(4,536	)			(3,377	)			(2,239	)
Book/Tax differences on unearned rent		(5,575	)			(2,585	)			1,646
Book/Tax differences on stock based compensation		4,195				3,634				4,156
Book/Tax differences on (gain) loss on sale of rental property		(1,858	)			3,995				(6,245	)
Book/Tax differences on lease inducement		904				864				—
Other book/tax differences, net		331				137				588
Tax depreciation		(56,245	)			(52,152	)			(47,025	)
Loss attributable to non-controlling interest		(7,081	)			(6,750	)			(6,922	)
Taxable income subject to distribution requirements	$	49,771		⁽¹⁾	$	44,767		⁽²⁾	$	38,111		⁽³⁾

(1)	The Company’s distributions are characterized as 54.43% ordinary taxable dividend and 45.57% return of capital.

(2)	The Company’s distributions are characterized as 53.63% ordinary taxable dividend and 46.37% return of capital.

(3)	The Company’s distributions are characterized as 51.47% ordinary taxable dividend and 48.53% return of capital.

Stock Based Compensation

Earnings Per Share of Common Stock Amount

Segments

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Range of useful Lives For Depreciable Assets

Range of useful lives for depreciable assets are as follows:

Category		Term
Buildings		40 years
Building improvements		5 - 40 years
Tenant improvements		Shorter of remaining life of the lease or useful life
Furniture and equipment		3 - 7 years

Reconciliation of GAAP Net Income to Taxable Income

The following table reconciles GAAP net income to taxable income (amounts in thousands):

	For the years ended December 31,
	2021				2020				2019
Net income	$	33,957			$	13,528			$	8,224
Book depreciation and amortization		90,268				93,367				92,248
Above/Below market lease amortization		(4,589	)			(5,894	)			(6,320	)
Straight-line rent and other non-cash adjustments		(4,536	)			(3,377	)			(2,239	)
Book/Tax differences on unearned rent		(5,575	)			(2,585	)			1,646
Book/Tax differences on stock based compensation		4,195				3,634				4,156
Book/Tax differences on (gain) loss on sale of rental property		(1,858	)			3,995				(6,245	)
Book/Tax differences on lease inducement		904				864				—
Other book/tax differences, net		331				137				588
Tax depreciation		(56,245	)			(52,152	)			(47,025	)
Loss attributable to non-controlling interest		(7,081	)			(6,750	)			(6,922	)
Taxable income subject to distribution requirements	$	49,771		⁽¹⁾	$	44,767		⁽²⁾	$	38,111		⁽³⁾

(1)	The Company’s distributions are characterized as 54.43% ordinary taxable dividend and 45.57% return of capital.

(2)	The Company’s distributions are characterized as 53.63% ordinary taxable dividend and 46.37% return of capital.

(3)	The Company’s distributions are characterized as 51.47% ordinary taxable dividend and 48.53% return of capital.

Real Estate and Intangibles (Tables)

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Fair Values of Assets Acquired and Liabilities Assumed

We allocated the aggregate purchase price of these acquisitions based on the estimated fair values of the acquired assets and assumed liabilities as follows (amounts in thousands):


	December 31, 2021			December 31, 2020
Real estate
Land	$	10,933		$	21,292
Building		216,112			200,593
Acquired tenant improvements		13,799			8,138
Total real estate		240,844			230,023
Intangible assets
In-place leases		32,948			16,218
Acquired leasing commissions		10,489			8,758
Payment in lieu of taxes		6,394			—
Above-market leases		301			6,553
Total intangible assets		50,132			31,529
Intangible liabilities
Below-market leases		(427	)		(8,491	)
Total intangible liabilities		(427	)		(8,491	)
Accounts payable, accrued expenses and other liabilities
Contingent consideration		—			(336	)
Debt
Premium on mortgage notes payable		(2,985	)		—
Purchase price		287,564			252,725

Schedule of Real Estate and Intangibles

Real estate and intangibles on our consolidated balance sheets consisted of the following (amounts in thousands):

	December 31, 2021			December 31, 2020
Real estate properties, net
Land	$	222,838		$	215,073
Building		2,334,465			2,103,808
Acquired tenant improvements		90,055			76,756
Construction in progress		29,207			26,237
Accumulated depreciation		(277,377	)		(213,213	)
Total Real estate properties, net	$	2,399,188		$	2,208,661
Intangible assets, net
In-place leases		286,614		$	254,870
Acquired leasing commissions		71,542			61,358
Above market leases		17,541			17,607
Payment in lieu of taxes		6,394			—
Accumulated amortization		(195,784	)		(170,448	)
Total Intangible assets, net	$	186,307		$	163,387
Intangible liabilities, net
Below market leases		(73,909	)	$	(73,615	)
Accumulated amortization		54,191			48,209
Total Intangible liabilities, net	$	(19,718	)	$	(25,406	)

Amortization of Total Intangible Assets and Intangible Liabilities

The projected amortization of total intangible assets and intangible liabilities as of December 31, 2021 are as follows (amounts in thousands):

	Total
Intangible assets
2022	$	26,072
2023		24,267
2024		20,625
2025		17,783
2026		16,314
Thereafter		81,246
	$	186,307
Intangible liabilities
2022	$	(4,367	)
2023		(4,024	)
2024		(2,877	)
2025		(2,170	)
2026		(1,932	)
Thereafter		(4,348	)
	$	(19,718	)

Summary of Scheduled Amortization Market Lease Intangibles

	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2022	$	1,413	$	(4,367	)
2023		1,390		(4,024	)
2024		1,341		(2,877	)
2025		1,286		(2,170	)
2026		1,217		(1,932	)

Investments in Unconsolidated Real Estate Ventures (Tables)

12 Months Ended

Dec. 31, 2021

Unconsolidated Real Estate Ventures [Abstract]

Summary of Investment in Unconsolidated Real Estate Ventures

The following is a summary of our investment in our unconsolidated real estate venture (dollars in thousands):

		As of December 31,
Joint Venture	Ownership Interest	2021		2020
MedBase Venture	53.0%	$	131,840	$	—

Summary of Financial Information for Unconsolidated Real Estate Venture

The following is a summary of financial information for our unconsolidated real estate venture:

	As of December 31,
Balance sheet information:	2021		2020
Real estate, net ⁽¹⁾	$	200,996	$	—
Other assets, net		53,955		—
Total assets	$	254,951	$	—

Total liabilities ⁽²⁾	$	6,904	$	—
Total equity		248,047		—
Total liabilities and equity	$	254,951	$	—

Company's share of equity	$	131,465	$	—
Basis differential ⁽³⁾		375		—
Carrying value of the Company's investment in the unconsolidated venture	$	131,840	$	—

(1)	At December 31, 2021 this amount included right-of-use assets - finance leases totaling approximately $5.0 million representing a ground lease at VA – Lubbock.

(2)	At December 31, 2021 this amount included lease liabilities - finance leases totaling approximately $5.0 million representing a ground lease at VA – Lubbock.

(3)	This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level.

	For the year ended December 31,
Income statement information:	2021		2020		2019
Total revenue	$	1,864	$	—	$	—
Operating income		548		—		—
Net income		512		—		—

Company's share of net income	$	271	$	—	$	—

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Summary of Borrowings

At December 31, 2021 and December 31, 2020 (dollars in thousands):

	Principal Outstanding						Interest	Current
Loan	December 31, 2021			December 31, 2020			Rate ⁽¹⁾	Maturity
Revolving credit facility:
Revolving credit facility ⁽²⁾	$	14,500		$	79,250		L + 120bps	July 2025 ⁽³⁾
Total revolving credit facility		14,500			79,250

Term loan facilities:
2016 term loan facility		100,000			100,000		2.62% ⁽⁵⁾	March 2024
2018 term loan facility⁽⁴⁾		150,000			150,000		3.91% ⁽⁶⁾	July 2026
Total term loan facilities		250,000			250,000
Less: Total unamortized deferred financing fees		(1,421	)		(1,034	)
Total term loan facilities, net		248,579			248,966

Notes payable:
2017 series A senior notes		95,000			95,000		4.05%	May 2027
2017 series B senior notes		50,000			50,000		4.15%	May 2029
2017 series C senior notes		30,000			30,000		4.30%	May 2032
2019 series A senior notes		85,000			85,000		3.73%	September 2029
2019 series B senior notes		100,000			100,000		3.83%	September 2031
2019 series C senior notes		90,000			90,000		3.98%	September 2034
2021 series A senior notes		50,000			—		2.62%	October 2028
2021 series B senior notes		200,000			—		2.89%	October 2030
Total notes payable		700,000			450,000
Less: Total unamortized deferred financing fees		(4,411	)		(2,829	)
Total notes payable, net		695,589			447,171

Mortgage notes payable:
DEA – Pleasanton		15,700			15,700		L + 150bps ⁽⁷⁾	October 2023
VA – Golden		8,832			9,011		5.00% ⁽⁷⁾	April 2024
MEPCOM – Jacksonville		6,764			7,926		4.41% ⁽⁷⁾	October 2025
USFS II – Albuquerque		15,135			15,914		4.46% ⁽⁷⁾	July 2026
ICE – Charleston		14,824			16,150		4.21% ⁽⁷⁾	January 2027
VA – Loma Linda		127,500			127,500		3.59% ⁽⁷⁾	July 2027
CBP – Savannah		11,203			11,991		3.40% ⁽⁷⁾	July 2033
USCIS - Kansas City		51,500			—		3.68% ⁽⁷⁾	August 2024
Total mortgage notes payable		251,458			204,192
Less: Total unamortized deferred financing fees		(1,852	)		(1,441	)
Less: Total unamortized premium/discount		2,815			120
Total mortgage notes payable, net		252,421			202,871

Total debt	$	1,211,089		$	978,258

(1)

(2)	Our revolving credit facility had available capacity of $435.5 million at December 31, 2021, with an accordion feature that permits us to request additional lender commitments for up to $250.0 million of additional capacity, subject to the satisfaction of customary terms and conditions.

(3)	Our revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.

(4)	Our 2018 term loan facility has undrawn capacity up to $50.0 million of which is available during a delayed draw period.

(5)	Entered into two interest rate swaps with an effective date of March 29, 2017 with an aggregate notional value of $100.0 million to effectively fix the interest rate at 2.62% annually, based on the Company’s consolidated leverage ratio, as defined in our 2016 term loan facility agreement.

(6)	Entered into four interest rate swaps with an effective date of December 13, 2018 with an aggregate notional value of $150.0 million to effectively fix the interest rate at 3.91% annually, based on the Company’s consolidated leverage ratio, as defined in our 2018 term loan facility agreement.

(7)	Effective interest rates are as follows: DEA – Pleasanton 1.80%, VA – Golden 5.03%, MEPCOM – Jacksonville 3.89%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%, USCIS – Kansas City 2.05%.

Schedule of Aggregate Debt Maturities

The Company’s aggregate debt maturities based on outstanding principal as of December 31, 2021 are as follows (dollars in thousands):

	Total
2022	$	5,297
2023		21,285
2024		165,626
2025		22,050
2026		160,054
Thereafter		841,646
		1,215,958
Unamortized premium/discount & deferred financing		(4,869	)
	$	1,211,089

Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Key Terms and Fair Values of Our Interest Rate Swap Derivatives

The following table sets forth the key terms and fair values of our interest rate swap derivatives, each of which was designated as a cash flow hedge (dollars in thousands):

								Fair Value at December 31,
Notional Amount		Fixed Rate			Floating Rate Index	Effective Date	Expiration Date	2021			2020
$	100,000		1.41	%	One-Month LIBOR	March 29, 2017	September 29, 2023	$	(1,165	)	$	(3,397	)
	150,000		2.71	%	One-Month LIBOR	December 13, 2018	June 19, 2023		(4,535	)		(9,384	)

Schedule of Fair Value of Our Interest Rate Derivatives as Well as Their Classification on Our Consolidated Balance Sheets

The table below sets forth the fair value of our interest rate derivatives as well as their classification on our Consolidated Balance Sheets (dollars in thousands):

	Fair Value at December 31,
Balance Sheet Line Item	2021			2020
Interest rate swaps-Liability	$	(5,700	)	$	(12,781	)

Schedule of Effects of Our Interest Rate Derivatives on Our Consolidated Statements of Operations and Comprehensive Income (Loss)

The table below presents the effects of our interest rate derivatives on our Consolidated Statements of Operations and Comprehensive Income (Loss) (dollars in thousands):

	For the years ended December 31,
	2021			2020			2019
Unrealized gain (loss) recognized in AOCI	$	1,787		$	(11,554	)	$	(7,884	)
Gain (loss) reclassified from AOCI into interest expense		(5,293	)		(4,069	)		177

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

	As of December 31, 2021
Balance Sheet Line Item	Level 1		Level 2			Level 3
Interest rate swaps - Liability	$	—	$	(5,700	)	$	—

	As of December 31, 2020
Balance Sheet Line Item	Level 1		Level 2			Level 3
Interest rate swaps - Liability	$	—	$	(12,781	)	$	—

Schedule of Fair Value Financial Assets And Liabilities Not measured At Fair Value

	December 31, 2021				December 31, 2020
Financial liabilities	Carrying Amount⁽¹⁾		Fair Value ⁽²⁾		Carrying Amount⁽¹⁾		Fair Value ⁽²⁾
Revolving credit facility	$	14,500	$	14,500	$	79,250	$	79,250
2016 Term loan facility	$	100,000	$	100,000	$	100,000	$	99,384
2018 Term loan facility	$	150,000	$	150,000	$	150,000	$	149,219
Notes payable	$	700,000	$	749,141	$	450,000	$	506,922
Mortgages payable	$	251,458	$	261,602	$	204,192	$	215,065

(1)	The carrying amount consists of principal only.

(2)	We deem the fair value measurement of the financial liability instrument a Level 3 measurement.

Equity Incentive Pan (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Restricted Shares

A summary of the status of our restricted shares as of December 31, 2021, 2020 and 2019 and changes during the years then ended are presented below:

	Restricted Shares			Restricted Shares Weighted average grant date fair value
Outstanding, December 31, 2018		24,020		$	20.74
Vested		(21,784	)		20.81
Granted		89,961			17.49
Forfeited		—			—
Outstanding, December 31, 2019		92,197		$	17.55
Vested		(24,236	)	$	18.36
Granted		21,930			25.85
Forfeited		—			—
Outstanding, December 31, 2020		89,891		$	19.36
Vested		(39,750	)	$	21.50
Granted		38,288			21.08
Forfeited		(2,423	)		18.36
Outstanding, December 31, 2021		86,006		$	19.16

Long Term Incentive Plan

Summary of Restricted Shares

A summary of the status of our LTIP units as of December 31, 2021, 2020 and 2019 and changes during the years then ended are presented below:

	LTIP Units ⁽¹⁾			LTIP Units Weighted average grant date fair value
Outstanding, December 31, 2018		636,381		$	11.47
Vested		(562,803	)		10.97
Granted		243,341			19.75
Forfeited		(32,448	)		19.15
Outstanding, December 31, 2019		284,471		$	18.66
Vested		(27,732	)	$	18.34
Granted		235,441			21.17
Forfeited		—			—
Outstanding, December 31, 2020		492,180		$	19.88
Vested		(93,085	)	$	18.55
Granted		284,528			22.18
Forfeited		(32,385	)		21.03
Outstanding, December 31, 2021		651,238		$	21.02

Summary of Grants

The following is a summary of our granted LTIP unit awards:

Award

Type

Grant

Date

Performance Period

End Date

Vest Date

Units Granted

Units Earned

Performance

January 18, 2019

December 31, 2020

45,238

98,776

Performance

January 18, 2019

December 31, 2021

98,300

Performance

December 19, 2019

99,803

2019 LTIP Grant

243,341

198,579

Service

January 3, 2020

December 31, 2022

89,242

⁴

Operational

January 3, 2020

December 31, 2022

⁵

64,506

⁴

Performance

January 3, 2020

December 31, 2022

⁵

81,693

⁴

2020 LTIP Grant

235,441

—

Service

January 4, 2021

December 31, 2023

113,703

⁴

Operational

January 4, 2021

December 31, 2023

⁶

82,108

⁴

Performance

January 4, 2021

December 31, 2023

⁶

82,070

⁴

Service

May 19, 2021

December 31, 2023

⁷

6,647

⁴

2021 LTIP Grant

284,528

—

(1)	Units vested 50% on January 19, 2021 and 50% on January 2, 2022.

(2)	Units vested 50% on January 18, 2022 and 50% will vest on January 2, 2023.

(3)	On January 18, 2022, the Compensation Committee approved and determined 210,546 units were earned.

(4)	Compensation Committee determination of units earned was not made as of December 31, 2021.

(5)	Units will vest 50% on date of Compensation Committee determination of performance, and 50% on the third anniversary of the grant date.

(6)	Units will vest on date of Compensation Committee determination of performance.

(7)	Units will vest on the earlier of May 18, 2022 or the 2022 annual stockholder meeting.

Summary of Significant Assumptions Used to Value the Total Shareholder

The following is a summary of the significant assumptions used to value the total shareholder return performance-based LTIP units:

	Year Ended December 31,
	2021			2020			2019
Expected volatility		28.0	%		16.0	%		19.0	%
Dividend yield		4.9	%		4.8	%		5.6	%
Risk-free interest rate		0.2	%		1.7	%		2.6	%
Expected life	3 years			3 years			2 - 3 years

Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Summary of Dividends Declared

Dividends and Distributions Paid

A summary of dividends declared by the board of directors per share of common stock and per common unit of our operating partnership at the date of record is as follows:

Quarter	Declaration Date	Record Date	Pay Date	Dividend
Q1 2019	May 2, 2019	June 10, 2019	June 27, 2019		0.260
Q2 2019	July 31, 2019	September 12, 2019	September 26, 2019		0.260
Q3 2019	October 30, 2019	November 13, 2019	December 27, 2019		0.260
Q4 2019	February 19, 2020	March 5, 2020	March 26, 2020		0.260
Q1 2020	April 29, 2020	May 14, 2020	June 25, 2020		0.260
Q2 2020	July 29, 2020	August 13, 2020	September 11, 2020		0.260
Q3 2020	October 27, 2020	November 11, 2020	December 11, 2020		0.260
Q4 2020	February 18, 2021	March 5, 2021	March 17, 2021		0.260
Q1 2021	April 29, 2021	May 14, 2021	May 26, 2021		0.260
Q2 2021	July 27, 2021	August 12, 2021	August 24, 2021		0.265
Q3 2021	October 28, 2021	November 12, 2021	November 24, 2021		0.265
Q4 2021	February 22, 2022	March 10, 2022	March 22, 2022		0.265

Schedule of Information with Respect to ATM Program

	2017 ATM Program				March 2019 ATM Program				December 2019 ATM Program
For the Year Ended:	Number of Shares Issued		Net Proceeds		Number of Shares Issued⁽¹⁾		Net Proceeds⁽¹⁾		Number of Shares Issued⁽¹⁾		Net Proceeds⁽¹⁾
December 31, 2019		1,765,269	$	31,998		4,730,927	$	95,159		—	$	—
December 31, 2020		—	$	—		4,120,992	$	93,774		2,875,832	$	66,630
December 31, 2021		—	$	—		246,363	$	6,451		3,424,869	$	83,554

(1)

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of the Company’s basic and diluted earnings per share of common stock for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands, except per share amounts):

	For the years ended December 31,
	2021			2020			2019
Numerator
Net income	$	33,957		$	13,528		$	8,224
Less: Non-controlling interest in Operating Partnership		(3,899	)		(1,567	)		(1,017	)
Net income available to Easterly Government Properties, Inc.		30,058			11,961			7,207
Less: Dividends on participating securities		(470	)		(289	)		(119	)
Net income available to common stockholders	$	29,588		$	11,672		$	7,088
Denominator for basic EPS		84,043,012			78,219,491			68,769,526
Dilutive effect of share-based compensation awards		52,500			55,567			22,855
Dilutive effect of LTIP units ⁽¹⁾		434,631			507,050			416,585
Dilutive effect of shares issuable under forward sales agreements ⁽²⁾		89,247			9,345			—
Denominator for diluted EPS		84,619,390			78,791,453			69,208,966
Basic EPS	$	0.35		$	0.15		$	0.10
Diluted EPS	$	0.35		$	0.15		$	0.10

(1)

(2)

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of Maturity of Fixed Lease Payments Under Company's Leases

The following table summarizes the maturity of fixed lease payments under the Company’s leases as of December 31, 2021 (dollars in thousands):

	Payments due by period
	Total		2022		2023		2024		2025		2026		Thereafter
Fixed lease payments	$	2,036,279		224,210		210,077		193,551		180,978		172,450		1,055,013

Summary of Property Rental Revenue From Our Non-Cancellable Leases

The following is a summary of property rental revenue from our non-cancellable leases (dollars in thousands):

	Years Ended December 31,
	2021		2020		2019
Fixed	$	248,399	$	221,305	$	192,595
Variable		18,990		16,826		15,949
Property rental revenue		267,389		238,131		208,544

Schedule of Information about Leases for Development Properties

Information about our leases for our development property as of December 31, 2021 is set forth in the table below:

Property Name

Location

Tenant

Property

Type ⁽¹⁾

Lease Term

Estimated Leased

Square

Feet

FDA - Atlanta

Atlanta, GA

Food and Drug Administration

20-year

162,000

Total

162,000

Schedule of Quantitative Information for Company's Operating Leases

The following table provides quantitative information for the Company’s commenced operating leases for the year ended December 31, 2021 and 2020 (dollars in thousands):

	Years Ended December 31,
	2021			2020			2019
Cash flows from operating lease costs	$	421		$	458		$	461

Other Information
Weighted average remaining lease term (in years)		4.51		1.01			1.91
Weighted average discount rate		2.36	%		3.83	%		3.84	%

Schedule of Maturity of Fixed Lease Payments Under Company's Corporate Office Leases

In addition, the maturity of future minimum lease payments under the Company’s commenced corporate office leases as of December 31, 2021 is summarized in the table below (dollars in thousands):

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Summary of Revenue from Tenant Construction Projects Disaggregated by Tenant Agency

The table below sets forth revenue from tenant construction projects disaggregated by tenant agency for the years ended December 31, 2021, 2020, and 2019 (dollars in thousands).

	For the year ended December 31,		For the year ended December 31,		For the year ended December 31,
Tenant	2021		2020		2019
Federal Bureau of Investigation ("FBI")	$	2,384	$	2,040	$	4,021
Department of Veteran Affairs ("VA")		1,660		1,135		1,528
U.S. Joint Staff Command ("JSC")		520		89		—
Internal Revenue Service ("IRS")		207		77		18
Environmental Protection Agency ("EPA")		204		572		30
U.S. Coast Guard ("USCG")		98		—		22
Department of Energy ("DOE")		95		—		—
Food and Drug Administration ("FDA")		93		266		5,104
U.S. Citizenship and Immigration Services ("USCIS")		91		—		158
Bureau of the Fiscal Service ("BFS")		59		34		46
Immigration and Customs Enforcement ("ICE")		57		144		53
Department of Transportation ("DOT")		49		8		137
National Park Service ("NPS")		41		116		—
Drug Enforcement Administration ("DEA")		40		—		127
General Services Administration - Other		25		25		1
Military Entrance Processing Command ("MEPCOM")		18		68		—
Federal Emergency Management Agency ("FEMA")		15		422		136
The Judiciary of the U.S. Government ("JUD")		11		12		40
Health Resources and Services Administration ("HRSA")		3		—		—
Occupational Safety and Heath Administration ("OSHA")		1		—		—
Bonneville Power Administration ("BPA")		—		—		1
Customs and Border Protection ("CBP")		—		23		23
Department of Labor ("DOL")		—		—		26
Patent and Trademark Office ("PTO")		—		8		—
Small Business Administration ("SBA")		—		—		68
Social Security Administration ("SSA")		—		19		146
U.S. Forest Service ("USFS")		—		—		16
	$	5,671	$	5,058	$	11,701

Organization and Basis of Presentation - Additional Information (Detail) ft² in Millions	12 Months Ended
	Dec. 31, 2021 ft² Property
Easterly Government Properties LP [Member]
Organization And Significant Accounting Policies [Line Items]
Outstanding common units of aggregate limited partnership interest owned percentage	89.00%
Joint Venture [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	4
Wholly Owned Operating Properties [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	85
Leased percentage of operating properties	99.00%
Aggregate area of land \| ft²	8.6
Wholly Owned Operating Properties [Member] \| Government [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	88
Wholly Owned Operating Properties [Member] \| Private Tenants [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	1
Wholly Owned Properties Under Development [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	1
Aggregate area of land \| ft²	0.2

Summary of Significant Accounting Policies - Summary of Range of useful Lives For Depreciable Assets (Detail)	12 Months Ended
	Dec. 31, 2021
Building [Member]
Property Plant And Equipment [Line Items]
Useful lives for depreciable assets	40 years
Building Improvements [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives for depreciable assets	5 years
Building Improvements [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives for depreciable assets	40 years
Furniture and Equipment [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives for depreciable assets	3 years
Furniture and Equipment [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives for depreciable assets	7 years

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021
Minimum [Member]
Accounting Policies [Line Items]
Distribution of REIT taxable income	90.00%

Summary of Significant Accounting Policies - Reconciliation of GAAP Net Income to Taxable Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Net income	$ 33,957	$ 13,528	$ 8,224
Book depreciation and amortization	90,268	93,367	92,248
Above/Below market lease amortization	(4,589)	(5,894)	(6,320)
Straight-line rent and other non-cash adjustments	(4,536)	(3,377)	(2,239)
Book/Tax differences on unearned rent	(5,575)	(2,585)	1,646
Book/Tax differences on stock based compensation	4,195	3,634	4,156
Book/Tax differences on (gain) loss on sale of rental property	(1,858)	3,995	(6,245)
Book/Tax differences on lease inducement	904	864
Other book/tax differences, net	331	137	588
Tax depreciation	(56,245)	(52,152)	(47,025)
Loss attributable to non-controlling interest	(7,081)	(6,750)	(6,922)
Taxable income subject to distribution requirements	$ 49,771	$ 44,767	$ 38,111

Summary of Significant Accounting Policies - Reconciliation of GAAP Net Income to Taxable Income (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Ordinary taxable dividend	54.43%	53.63%	51.47%
Return of capital	45.57%	46.37%	48.53%

Real Estate and Intangibles - Additional Information (Detail) $ in Thousands				12 Months Ended
	Sep. 28, 2021 USD ($)	Jun. 04, 2021 USD ($)	Nov. 24, 2020 USD ($)	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 USD ($) ft² Property	Dec. 31, 2019 USD ($)	Sep. 25, 2020	Aug. 27, 2019
Real Estate Properties [Line Items]
Revenues				$ 274,860	$ 245,078	$ 221,722
Net income available to Easterly Government Properties, Inc.				30,058	11,961	7,207
Acquisition-related expenses				1,939	2,087	1,738
Net proceeds from the sale of operating property				7,336	3,515	19,943
Gain (loss) on the sale of operating properties				1,307	(3,995)	6,245
Lease term								20 years
Amortization of intangible assets				25,400	35,000	$ 41,200
Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Revenues				11,800	11,500
Net income available to Easterly Government Properties, Inc.				2,900	3,800
Acquisition-related expenses				$ 1,900	2,100
Net proceeds from the sale of operating property			$ 3,500
Gain (loss) on the sale of operating properties					$ 4,000
Lease term							20 years
Operating Properties Acquired [Member] \| Lincoln, Nebraska [Member]
Real Estate Properties [Line Items]
Area of properties acquired \| ft²					597,426
USCIS – Kansas City
Real Estate Properties [Line Items]
Annual property tax percentage				68.00%
Mortgage notes payable				$ 51,500
United Technologies – Midland
Real Estate Properties [Line Items]
Net proceeds from the sale of operating property	$ 4,000
Gain (loss) on the sale of operating properties				800
SSA – Mission Viejo
Real Estate Properties [Line Items]
Net proceeds from the sale of operating property		$ 3,300
Gain (loss) on the sale of operating properties				$ 500
FBI – Knoxville, ICE – Louisville, USAO – Louisville, USAO – Springfield, NWS – Kansas City, VAR – Cleveland, USCIS – Kansas City and VA – Midwest [Member] \| Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Number of properties \| Property				8
Purchase price				$ 287,600
Weighted average amortization period				13 years 10 months 6 days
Tricare – Aurora, FBI/DEA – El Paso, VA – Mobile, VA – Chico, FBI – Mobile, VA – North Charleston, HRSA – Baton Rouge, DOI – Billings and JUD – Jackson \| Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Number of properties \| Property					9
Purchase price					$ 252,700
Weighted average amortization period					10 years 4 months 20 days

Real Estate and Intangibles - Fair Values of Assets Acquired and Liabilities Assumed (Detail) - Operating Properties Acquired [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
FBI – Knoxville, ICE – Louisville, USAO – Louisville, USAO – Springfield, NWS – Kansas City, VAR – Cleveland, USCIS – Kansas City and VA – Midwest [Member]
Business Acquisition [Line Items]
Total real estate	$ 240,844
Total intangible assets	50,132
Total intangible liabilities	(427)
Premium on mortgage notes payable	(2,985)
Purchase price	287,564
Tricare – Aurora, FBI/DEA – El Paso, VA – Mobile, VA – Chico, FBI – Mobile, VA – North Charleston, HRSA – Baton Rouge, DOI – Billings and JUD – Jackson
Business Acquisition [Line Items]
Total real estate		$ 230,023
Total intangible assets		31,529
Total intangible liabilities		(8,491)
Contingent consideration		(336)
Purchase price		252,725
Real Estate Investment [Member] \| FBI – Knoxville, ICE – Louisville, USAO – Louisville, USAO – Springfield, NWS – Kansas City, VAR – Cleveland, USCIS – Kansas City and VA – Midwest [Member]
Business Acquisition [Line Items]
Land	10,933
Building	216,112
Acquired tenant improvements	13,799
Real Estate Investment [Member] \| Tricare – Aurora, FBI/DEA – El Paso, VA – Mobile, VA – Chico, FBI – Mobile, VA – North Charleston, HRSA – Baton Rouge, DOI – Billings and JUD – Jackson
Business Acquisition [Line Items]
Land		21,292
Building		200,593
Acquired tenant improvements		8,138
In-place leases [Member] \| FBI – Knoxville, ICE – Louisville, USAO – Louisville, USAO – Springfield, NWS – Kansas City, VAR – Cleveland, USCIS – Kansas City and VA – Midwest [Member]
Business Acquisition [Line Items]
Total intangible assets	32,948
In-place leases [Member] \| Tricare – Aurora, FBI/DEA – El Paso, VA – Mobile, VA – Chico, FBI – Mobile, VA – North Charleston, HRSA – Baton Rouge, DOI – Billings and JUD – Jackson
Business Acquisition [Line Items]
Total intangible assets		16,218
Acquired Leasing Commissions [Member] \| FBI – Knoxville, ICE – Louisville, USAO – Louisville, USAO – Springfield, NWS – Kansas City, VAR – Cleveland, USCIS – Kansas City and VA – Midwest [Member]
Business Acquisition [Line Items]
Total intangible assets	10,489
Acquired Leasing Commissions [Member] \| Tricare – Aurora, FBI/DEA – El Paso, VA – Mobile, VA – Chico, FBI – Mobile, VA – North Charleston, HRSA – Baton Rouge, DOI – Billings and JUD – Jackson
Business Acquisition [Line Items]
Total intangible assets		8,758
Payment in Lieu of Taxes [Member] \| FBI – Knoxville, ICE – Louisville, USAO – Louisville, USAO – Springfield, NWS – Kansas City, VAR – Cleveland, USCIS – Kansas City and VA – Midwest [Member]
Business Acquisition [Line Items]
Total intangible assets	6,394
Above Market Leases [Member] \| FBI – Knoxville, ICE – Louisville, USAO – Louisville, USAO – Springfield, NWS – Kansas City, VAR – Cleveland, USCIS – Kansas City and VA – Midwest [Member]
Business Acquisition [Line Items]
Total intangible assets	301
Above Market Leases [Member] \| Tricare – Aurora, FBI/DEA – El Paso, VA – Mobile, VA – Chico, FBI – Mobile, VA – North Charleston, HRSA – Baton Rouge, DOI – Billings and JUD – Jackson
Business Acquisition [Line Items]
Total intangible assets		6,553
Below Market Leases [Member] \| FBI – Knoxville, ICE – Louisville, USAO – Louisville, USAO – Springfield, NWS – Kansas City, VAR – Cleveland, USCIS – Kansas City and VA – Midwest [Member]
Business Acquisition [Line Items]
Total intangible liabilities	$ (427)
Below Market Leases [Member] \| Tricare – Aurora, FBI/DEA – El Paso, VA – Mobile, VA – Chico, FBI – Mobile, VA – North Charleston, HRSA – Baton Rouge, DOI – Billings and JUD – Jackson
Business Acquisition [Line Items]
Total intangible liabilities		$ (8,491)

Real Estate and Intangibles - Schedule of Real Estate and Intangibles (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate properties, net
Land	$ 222,838	$ 215,073
Building	2,334,465	2,103,808
Acquired tenant improvements	90,055	76,756
Construction in progress	29,207	26,237
Accumulated depreciation	(277,377)	(213,213)
Total Real estate properties, net	2,399,188	2,208,661
Intangible assets, net
Accumulated amortization	(195,784)	(170,448)
Total Intangible assets, net	186,307	163,387
Intangible liabilities, net
Intangible Liabilities, Below market leases	(73,909)	(73,615)
Intangible Liabilities, Accumulated amortization	54,191	48,209
Total Intangible liabilities, net	(19,718)	(25,406)
In-place leases [Member]
Intangible assets, net
Above market leases	286,614	254,870
Acquired Leasing Commissions [Member]
Intangible assets, net
Above market leases	71,542	61,358
Above Market Leases [Member]
Intangible assets, net
Above market leases	17,541	$ 17,607
Payment in Lieu of Taxes [Member]
Intangible assets, net
Above market leases	$ 6,394

Real Estate and Intangibles - Amortization of Total Intangible Assets and Intangible Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Intangible assets, 2020	$ 26,072
Intangible assets, 2021	24,267
Intangible assets, 2022	20,625
Intangible assets, 2023	17,783
Intangible assets, 2024	16,314
Intangible assets, Thereafter	81,246
Intangible assets, Total	186,307
Intangible liabilities, 2020	(4,367)
Intangible liabilities, 2021	(4,024)
Intangible liabilities, 2022	(2,877)
Intangible liabilities, 2023	(2,170)
Intangible liabilities, 2024	(1,932)
Intangible liabilities, Thereafter	(4,348)
Intangible liabilities, Total	$ (19,718)	$ (25,406)

Real Estate and Intangibles - Summary of Scheduled Amortization Market Lease Intangibles (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Acquired Above-Market Lease Intangibles
2022	$ 1,413
2023	1,390
2024	1,341
2025	1,286
2026	1,217
Acquired Below-Market Lease Intangibles
2022	(4,367)
2023	(4,024)
2024	(2,877)
2025	(2,170)
2026	$ (1,932)

Investments in Unconsolidated Real Estate Ventures - Summary of Investments in Unconsolidated Real Estate Ventures (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Joint Venture	$ 131,840
MedBase Venture [Member]
Related Party Transaction [Line Items]
Joint Venture	$ 131,840
Effective Ownership Interest	53.00%

Investments in Unconsolidated Real Estate Ventures - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) Property	Oct. 13, 2021 ft² Property
Subsequent Event [Line Items]
Asset management service revenue \| $	$ 0.1
J V Partner
Subsequent Event [Line Items]
Number of properties \| Property		10
Area of properties acquired \| ft²		1,214,165
Effective Ownership Interest		53.00%
J V Partner \| V A Lubbock V A Lenexa V A Chattanooga And V A San Antonio
Subsequent Event [Line Items]
Number of properties \| Property	4
Purchase price \| $	$ 236.4

Investments in Unconsolidated Real Estate Ventures - Summary of Financial Information (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Total assets

$ 2,826,112

$ 2,457,540

Total liabilities (2)

1,384,531

1,157,570

Total equity

1,282,669

1,154,570

Total liabilities and equity

2,826,112

2,457,540

Joint Venture

131,840

Revenues

274,860

245,078

$ 221,722

Net income available to Easterly Government Properties, Inc.

30,058

$ 11,961

$ 7,207

Real Estate Joint Venture [Member]

Real estate, net (1)

^[1]

200,996

Other assets, net

53,955

Total assets

254,951

Total liabilities (2)

^[2]

6,904

Total equity

248,047

Total liabilities and equity

254,951

Joint Venture

131,465

Basis differential (3)

^[3]

375

Carrying value of the Company's investment in the unconsolidated venture

131,840

Revenues

1,864

Operating income

548

Net income available to Easterly Government Properties, Inc.

512

Company's share of net income

$ 271

[1]	At December 31, 2021 this amount included right-of-use assets - finance leases totaling approximately $5.0 million representing a ground lease at VA – Lubbock.
[2]	At December 31, 2021 this amount included lease liabilities - finance leases totaling approximately $5.0 million representing a ground lease at VA – Lubbock.
[3]	This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level.

Investments in Unconsolidated Real Estate Ventures - Summary of Financial Information (Parenthetical) (Details) $ in Millions	Dec. 31, 2021 USD ($)
Unconsolidated Real Estate Ventures [Abstract]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets
Finance lease, right-of-use asset	$ 5.0
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable, accrued expenses and other liabilities
Finance lease, liability	$ 5.0

Debt - Summary of Borrowings (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Oct. 14, 2021

Dec. 31, 2020

Debt - Summary of Borrowings (Parenthetical) (Detail)	12 Months Ended
Debt - Summary of Borrowings (Parenthetical) (Detail)	Dec. 31, 2021 USD ($) Swap
CBP Savannah [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate	4.12%
ICE Charleston [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate	3.93%
MEPCOM Jacksonville [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate	3.89%
USFS II Albuquerque [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate	3.92%
DEA Pleasanton [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate	1.80%
VA Loma Linda [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate	3.78%
VA Golden [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate	5.03%
USCIS – Kansas City \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate	2.05%
2018 Term Loan Facility [Member] \| Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps \| Swap	4
Forward swaps effective date	Dec. 13, 2018
Aggregate notional value of interest rate swaps	$ 150,000,000.0
Forward swaps interest rate	3.91%
2016 Term Loan Facility [Member] \| Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps \| Swap	2
Forward swaps effective date	Mar. 29, 2017
Aggregate notional value of interest rate swaps	$ 100,000,000.0
Forward swaps interest rate	2.62%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount available under revolving credit facility	$ 435,500,000
Credit facility additional maximum borrowing capacity	$ 250,000,000.0
Line of Credit Facility, Description	Revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.
Revolving Credit Facility [Member] \| 2018 Term Loan Facility [Member]
Debt Instrument [Line Items]
Amount available under revolving credit facility	$ 50,000.0
LIBOR [Member]
Debt Instrument [Line Items]
Loan, interest rate	0.10%

Debt - Schedule of Aggregate Debt Maturities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Oct. 14, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 5,297
2023	21,285
2024	165,626
2025	22,050
2026	160,054
Thereafter	841,646
Debt instrument carrying amount	1,215,958	$ 250,000
Unamortized premium/discount & deferred financing	(4,869)
Total debt, Principal Outstanding	$ 1,211,089		$ 978,258

Derivative and Hedging Activities - Schedule of Key Terms and Fair Values of Our Interest Rate Swap Derivatives (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interest Swap Rate at 1.14 % Fixed Rate[Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 100,000,000
Forward swaps interest rate	1.41%
Floating Rate Index	One-Month LIBOR
Forward swaps effective date	Mar. 29, 2017
Expiration Date	Sep. 29, 2023
2021	$ (1,165,000)	$ (3,397,000)
Interest Swap Rate at 2.71 % Fixed Rate[Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 150,000,000
Forward swaps interest rate	2.71%
Floating Rate Index	One-Month LIBOR
Forward swaps effective date	Dec. 13, 2018
Expiration Date	Jun. 19, 2023
2021	$ (4,535,000)	$ (9,384,000)

Derivative and Hedging Activities - Schedule of Fair Value of Our Interest Rate Derivatives as Well as Their Classification on Our Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest rate swaps-Liability	$ (5,700)	$ (12,781)

Derivative and Hedging Activities - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Estimates reclassified from accumulated other comprehensive income (loss) increase to interest expense over the next 12 months	$ 4.4
Credit risk related contingent features derivatives, net fair value of derivatives in liability position	6.0
Breach of agreement termination value	$ 6.0

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps - Liability	$ (5,700)	$ (12,781)
Fair Value Measured on Recurring Basis [Member] \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps - Liability	$ (5,700)	$ (12,781)

Equity Incentive Plan - Summary of Grants (Parenthetical) (Details)	Jan. 02, 2023	Jan. 18, 2022	Jan. 02, 2022	Jan. 19, 2021
Equity [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%	50.00%	50.00%	50.00%

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands									12 Months Ended
	Dec. 28, 2021	Aug. 11, 2021	Jun. 22, 2021	May 20, 2021	Mar. 26, 2020	Dec. 20, 2019	Mar. 04, 2019	Mar. 03, 2017	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stockholders Equity Note Disclosure [Line Items]
Common Stock, shares issued									90,147,868	82,106,256
Underwriters option to purchase additional shares		6,300,000
Initial forward price		$ 21.64
Redemption of common units to common stock (in share)									343,515	255,210	396,929
Contribution of property for common units, partial consideration				975,452	870,730
Two Thousand Seventeen And Two Thousand Nineteen A T M Program
Stockholders Equity Note Disclosure [Line Items]
Aggregate offering price of shares of common stock that the Company may issue and sell							$ 200,000
Two Thousand Nineteen Dollar Two Hundred Millions A T M Program
Stockholders Equity Note Disclosure [Line Items]
Aggregate offering price of shares of common stock that the Company may issue and sell						$ 300,000
2017 ATM Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Aggregate offering price of shares of common stock that the Company may issue and sell								$ 100,000
Two Thousand Twenty One A T M Program
Stockholders Equity Note Disclosure [Line Items]
Aggregate offering price of shares of common stock that the Company may issue and sell			$ 300,000
Number of Shares Sold									0
March 2019 ATM Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Gross sale of common stock available for grant									$ 93,200
December 2021 ATM Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Gross sale of common stock available for grant									300,000
March 2019 ATM Program
Stockholders Equity Note Disclosure [Line Items]
Gross sale of common stock available for grant									$ 0
Performance Based LTIP Units[Member]
Stockholders Equity Note Disclosure [Line Items]
Operating partnership dividend rate percentage									10.00%
Service Based LTIP Units[Member]
Stockholders Equity Note Disclosure [Line Items]
Operating partnership dividend rate percentage									100.00%
Underwritten Public Offering [Member]
Stockholders Equity Note Disclosure [Line Items]
Common Stock, shares issued	3,991,000	6,300,000
Proceeds from issuance initial public offering	$ 85,000

Equity - Summary of Dividends Declared (Detail) - $ / shares												12 Months Ended
	Oct. 28, 2021	Jul. 27, 2021	Apr. 29, 2021	Feb. 18, 2021	Oct. 27, 2020	Jul. 29, 2020	Apr. 29, 2020	Feb. 19, 2020	Oct. 30, 2019	Jul. 31, 2019	May 02, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends Payable [Line Items]
Dividend												$ 1.05	$ 1.04	$ 1.04
Q1 2018 [Member]
Dividends Payable [Line Items]
Declaration Date												May 02, 2019
Record Date												Jun. 10, 2019
Pay Date												Jun. 27, 2019
Dividend											$ 0.260
Q2 2018 [Member]
Dividends Payable [Line Items]
Declaration Date													Jul. 31, 2019
Record Date													Sep. 12, 2019
Pay Date													Sep. 26, 2019
Dividend										$ 0.260
Q3 2018 [Member]
Dividends Payable [Line Items]
Declaration Date												Oct. 30, 2019
Record Date												Nov. 13, 2019
Pay Date												Dec. 27, 2019
Dividend									$ 0.260
Q4 2018 [Member]
Dividends Payable [Line Items]
Declaration Date												Feb. 19, 2020
Record Date												Mar. 05, 2020
Pay Date												Mar. 26, 2020
Dividend								$ 0.260
Q1 2019 [Member]
Dividends Payable [Line Items]
Declaration Date												Apr. 29, 2020
Record Date												May 14, 2020
Pay Date												Jun. 25, 2020
Dividend							$ 0.260
Q2 2019 [Member]
Dividends Payable [Line Items]
Declaration Date												Jul. 29, 2020
Record Date												Aug. 13, 2020
Pay Date												Sep. 11, 2020
Dividend						$ 0.260
Q3 2019 [Member]
Dividends Payable [Line Items]
Declaration Date												Oct. 27, 2020
Record Date												Nov. 11, 2020
Pay Date												Dec. 11, 2020
Dividend					$ 0.260
Q4 2019 [Member]
Dividends Payable [Line Items]
Declaration Date												Feb. 18, 2021
Record Date												Mar. 05, 2021
Pay Date												Mar. 17, 2021
Dividend				$ 0.260
Q1 2020 [Member]
Dividends Payable [Line Items]
Declaration Date												Apr. 29, 2021
Record Date												May 14, 2021
Pay Date												May 26, 2021
Dividend			$ 0.260
Q2 2020 [Member]
Dividends Payable [Line Items]
Declaration Date												Jul. 27, 2021
Record Date												Aug. 12, 2021
Pay Date												Aug. 24, 2021
Dividend		$ 0.265
Q3 2020 [Member]
Dividends Payable [Line Items]
Declaration Date												Oct. 28, 2021
Record Date												Nov. 12, 2021
Pay Date												Nov. 24, 2021
Dividend	$ 0.265
Q4 2020 [Member]
Dividends Payable [Line Items]
Declaration Date												Feb. 22, 2022
Record Date												Mar. 10, 2022
Pay Date												Mar. 22, 2022
Dividend												$ 0.265

Equity - Schedule of Information with Respect to ATM Program (Parenthetical) (Detail) - Underwritten Public Offering [Member] - March 2019 and December 2019 ATM Program [Member] $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Subsidiary Sale Of Stock [Line Items]
Number of unsettled common stock shares sold \| shares	2,135,289
Weighted average price per share \| $ / shares	$ 21.97
Net proceeds from unsettled common stock shares sold \| $	$ 46.9

Earnings Per Share - Summary of Basic and Diluted Earnings Per Common Share (Parenthetical) (Detail) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Unvested Performance-Based Long Term Incentive Plan [Member]
Earnings Per Share Basic And Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	116,595	74,481
Underlying Unsettled Forward Sales Transactions [Member]
Earnings Per Share Basic And Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	326,000	2,397,232

Leases - Additional Information (Detail) $ in Millions	12 Months Ended
Leases - Additional Information (Detail) $ in Millions	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) Agreement	Sep. 25, 2020 USD ($)	Aug. 27, 2019 USD ($)
Lessee Lease Description [Line Items]
Average age of property	16 years 4 months 24 days
Reimbursement from government			$ 41.7	$ 52.5
Lessor, operating lease, term of contract				20 years
Number of lease agreement \| Agreement		2
Operating lease liability	$ 1.6	$ 0.4
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets
Right-of-use asset	$ 1.5
DISTRICT OF COLUMBIA \| Lease
Lessee Lease Description [Line Items]
Operating lease agreement expire date	2026-08
CALIFORNIA \| Lease
Lessee Lease Description [Line Items]
Operating lease agreement expire date	2022-04
General Services Administration [Member]
Lessee Lease Description [Line Items]
Lessor, operating lease, term of contract			20 years

Leases - Summary of Maturity of Fixed Lease Payments Under Company's Leases (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
Fixed lease payments, Total	$ 2,036,279
Fixed lease payments, 2022	224,210
Fixed lease payments, 2023	210,077
Fixed lease payments, 2024	193,551
Fixed lease payments, 2025	180,978
Fixed lease payments, 2026	172,450
Fixed lease payments, Thereafter	$ 1,055,013

Leases - Summary of Information about Leases for Development Properties (Detail) - ft²	Dec. 31, 2021	Aug. 27, 2019
Operating Leased Assets [Line Items]
Lessor, operating lease, term of contract		20 years
Development Properties [Member]
Operating Leased Assets [Line Items]
Estimated Leased Square Feet	162,000
Development Properties [Member] \| Food And Drug Administration ("FDA") [Member] \| GA [Member] \| Aberdeen [Member]
Operating Leased Assets [Line Items]
Lessor, operating lease, term of contract	20 years
Estimated Leased Square Feet	162,000

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2017	Oct. 21, 2015
Commitments And Contingencies [Line Items]
Tax Protection Agreement Period	4 years	4 years	4 years	2 years	8 years
Property acquisition, tax protection committed amount					$ 15,700,000
Property acquisition, tax protection committed amount, thereafter					$ 7,200,000
Outstanding borrowings	$ 14,500,000	$ 79,250,000
Standby Letters of Credit [Member]
Commitments And Contingencies [Line Items]
Outstanding borrowings	100,000	100,000
Letters of Credit Outstanding, Amount	$ 0	$ 0

Concentrations Risk - Additional Information (Detail) - Property	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Wholly Owned Properties [Member]
Concentration Risk [Line Items]
Number of properties	89	79
CALIFORNIA
Concentration Risk [Line Items]
Number of properties	17	18
Rentable Square Feet [Member] \| Credit Concentration Risk [Member] \| CALIFORNIA
Concentration Risk [Line Items]
Percentage of concentrations risk	15.50%	18.50%
U.S. Government [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	96.00%	96.40%
Non Governmental Tenants [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	4.00%	3.60%

Schedule III - Real Estate and Accumulated Depreciation - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Aggregate cost	$ 2,645.1
Accumulated depreciation for tax purposes	$ 331.7