0000950170-23-005057 | 10-K | XBRL Viewer | Easterly Government Properties INC

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Feb. 21, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Trading Symbol	DEA
Entity Registrant Name	EASTERLY GOVERNMENT PROPERTIES, INC.
Entity Central Index Key	0001622194
Entity File Number	001-36834
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Boston, Massachusetts
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		90,824,220
Entity Public Float			$ 1,722
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Voluntary Filers	No
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Documents Incorporated by Reference [Text Block]	Portions of the Proxy Statement for the Annual Stockholders’ Meeting to be filed within 120 days after the end of the registrant’s fiscal year are incorporated by reference in Part III of this Annual Report on Form 10-K.
Document Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-2047728
Entity Address, Address Line One	2001 K Street NW
Entity Address, Address Line Two	Suite 775
Entity Address, City or Town	Washington
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20006
City Area Code	202
Local Phone Number	595-9500

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Real estate properties, net	$ 2,285,308	$ 2,399,188
Cash and cash equivalents	7,578	11,132
Restricted cash	9,696	9,011
Tenant accounts receivable	58,835	58,733
Investment in unconsolidated real estate venture	271,644	131,840
Intangible assets, net	157,282	186,307
Interest rate swaps	4,020
Prepaid expenses and other assets	35,022	29,901
Total assets	2,829,385	2,826,112
Liabilities
Revolving credit facility	65,500	14,500
Term loan facilities, net	248,972	248,579
Notes payable, net	696,052	695,589
Mortgage notes payable, net	240,847	252,421
Intangible liabilities, net	16,387	19,718
Deferred revenue	83,309	87,134
Interest rate swaps		5,700
Accounts payable, accrued expenses and other liabilities	67,336	60,890
Total liabilities	1,418,403	1,384,531
Commitments and contingencies (Note 13)
Equity
Common stock, par value $0.01, 200,000,000 shares authorized, 90,814,021 and 90,147,868 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	908	901
Additional paid-in capital	1,622,913	1,604,712
Retained earnings	93,497	62,023
Cumulative dividends	(475,983)	(379,895)
Accumulated other comprehensive income (loss)	3,546	(5,072)
Total stockholders' equity	1,244,881	1,282,669
Non-controlling interest in Operating Partnership	166,101	158,912
Total equity	1,410,982	1,441,581
Total liabilities and equity	$ 2,829,385	$ 2,826,112

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
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	90,814,021	90,147,868
Common Stock, shares outstanding	90,814,021	90,147,868

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Rental income	$ 284,488	$ 267,389	$ 238,131
Asset management income	1,409	136
Total revenues	293,606	274,860	245,078
Expenses
Property operating	66,781	56,693	48,430
Real estate taxes	30,900	30,429	27,125
Depreciation and amortization	98,254	91,266	93,803
Acquisition costs	1,370	1,939	2,087
Corporate general and administrative	24,785	23,522	20,630
Total expenses	222,090	203,849	192,075
Other income (expense)
Income from unconsolidated real estate venture	3,374	271
Interest expense, net	(47,378)	(38,632)	(35,480)
Gain (loss) on the sale of operating properties	13,590	1,307	(3,995)
Impairment loss	(5,540)
Net income	35,562	33,957	13,528
Non-controlling interest in Operating Partnership	(4,088)	(3,899)	(1,567)
Net income available to Easterly Government Properties, Inc.	$ 31,474	$ 30,058	$ 11,961
Net income available to Easterly Government Properties, Inc. per share:
Basic	$ 0.34	$ 0.35	$ 0.15
Diluted	$ 0.34	$ 0.35	$ 0.15
Weighted- average common shares outstanding
Basic	90,613,966	84,043,012	78,219,491
Diluted	90,948,701	84,619,390	78,791,453
Dividends declared per common share	$ 1.06	$ 1.05	$ 1.04
Tenant Reimbursements [Member]
Revenues
Total revenues	$ 5,920	$ 5,187	$ 4,497
Other Income [Member]
Revenues
Total revenues	$ 1,789	$ 2,148	$ 2,450

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 35,562	$ 33,957	$ 13,528
Other comprehensive loss:
Unrealized gain (loss) on interest rate swaps, net	9,719	7,080	(7,485)
Other comprehensive gain (loss):	9,719	7,080	(7,485)
Comprehensive income	45,281	41,037	6,043
Non-controlling interest in Operating Partnership	(4,088)	(3,899)	(1,567)
Other comprehensive (gain) loss attributable to non-controlling interest	(1,101)	(801)	824
Comprehensive income attributable to Easterly Government Properties, Inc.	$ 40,092	$ 36,337	$ 5,300

- 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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Consolidated Statements of Stockholders Equity - USD ($) $ in Thousands	Total	Common Stock Par Value [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Deficit) [Member]	Cumulative Dividends [Member]	Accumulated Other Comprehensive Income [Member]	Non-controlling Interest in Operating Partnership [Member]
Beginning 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		$ 1	(1)
Grant of unvested restricted stock (in shares)		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
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 non-controlling interest 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 (in shares)		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
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 non-controlling interest 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
Stock based compensation	6,536		625				5,911
Grant of unvested restricted stock (in shares)		26,477
Dividends and distributions paid	(109,176)				(96,088)		(13,088)
Redemption of common units to common stock		$ 2	2,909				(2,911)
Redemption of common units to common stock (in shares)		204,751
Contribution of Property for common units	17,361						17,361
Issuance of common stock, net	9,399	$ 5	9,394
Issuance of common stock, net (in shares)		434,925
Unrealized gain (loss) on interest rate swaps	9,719					8,618	1,101
Net income	35,562			31,474			4,088
Allocation of non-controlling interest in Operating Partnership			5,273				(5,273)
Balance at Dec. 31, 2022	$ 1,410,982	$ 908	$ 1,622,913	$ 93,497	$ (475,983)	$ 3,546	$ 166,101
Balance (in shares) at Dec. 31, 2022		90,814,021

Consolidated Statements of Stockholders Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends and distributions paid	$ 1.06	$ 1.05	$ 1.04

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income	$ 35,562	$ 33,957	$ 13,528
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	98,254	91,266	93,803
Straight line rent	(410)	(4,417)	(3,432)
Income from unconsolidated real estate venture	(3,374)	(271)
Amortization of above - below-market lease	(3,105)	(4,589)	(5,894)
Amortization of unearned revenue	(5,797)	(5,616)	(3,528)
Amortization of loan premium / discount	(1,122)	(290)	(78)
Amortization of deferred financing costs	2,056	1,659	1,519
Amortization of lease inducements	856	864	888
(Gain) loss on the sale of operating properties	(13,590)	(1,307)	3,995
Impairment loss	5,540
Distributions from investment in unconsolidated real estate venture	6,434
Non-cash compensation	6,536	5,050	4,093
Other		74	79
Net change in:
Tenant accounts receivable	(126)	(8,675)	971
Prepaid expenses and other assets	(2,829)	(3,123)	(9,450)
Deferred revenue associated with operating leases	1,973	557	41,445
Principal payments on operating lease obligations	(599)	(352)	(470)
Accounts payable, accrued expenses and other liabilities	(318)	13,557	7,728
Net cash provided by operating activities	125,941	118,344	145,197
Cash flows from investing activities
Real estate acquisitions and deposits	(93,737)	(214,674)	(232,679)
Additions to operating properties	(22,568)	(17,919)	(18,010)
Additions to development properties	(12,350)	(6,217)	(43,001)
Proceeds from sale of operating properties, net	202,416	7,336	3,515
Distributions from investment in unconsolidated real estate venture	983
Investment in unconsolidated real estate venture	(143,847)	(131,568)
Net cash used in investing activities	(69,103)	(363,042)	(290,175)
Cash flows from financing activities
Payment of deferred financing costs		(5,306)
Issuance of common shares	9,504	175,929	162,023
Credit facility draws	230,750	466,250	272,750
Credit facility repayments	(179,750)	(531,000)	(193,500)
Issuance of notes payable		250,000
Repayments of mortgage notes payable	(10,899)	(4,233)	(3,564)
Dividends and distributions paid	(109,176)	(99,994)	(91,748)
Payment of offering costs	(136)	(1,474)	(1,863)
Net cash provided by (used in) financing activities	(59,707)	250,172	144,098
Net increase (decrease) in Cash and cash equivalents and Restricted cash	(2,869)	5,474	(880)
Cash and cash equivalents and Restricted cash, beginning of year	20,143	14,669	15,549
Cash and cash equivalents and Restricted cash, end of year	17,274	20,143	14,669
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Cash paid for interest, net of capitalized interest	40,207	35,478	34,248
Capitalized interest	1,220	951	1,605
Non-cash investing and financing activities:
Deferred asset acquisition			119
Offering costs, accrued not paid		29	34
Unrealized gain (loss) on interest rate swaps, net	9,719	7,080	(7,485)
Mortgage notes assumed on acquisition of operating property		53,816
Properties acquired for common units	17,361	20,791	21,550
Contingent consideration accrued, not received	125
Contingent consideration accrued, not paid			336
Recognition of operating lease right-of-use assets	2,445	1,677
Recognition of liabilities related to operating lease right-of-use assets	2,445	1,677
Derecognition of operating lease right-of-use assets	689	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	(2,911)	(4,830)	(3,607)
Common stock	2	3	2
Additional paid-in capital	2,909	4,827	3,605
Operating Properties [Member]
Non-cash investing and financing activities:
Additions to properties accrued, not paid	4,859	3,634	3,447
Development Properties [Member]
Non-cash investing and financing activities:
Additions to properties accrued, not paid	$ 4,135	$ 1,222	$ 4,469

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2022

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, 2022, we wholly owned 78 operating properties and eight operating properties through an unconsolidated joint venture (the “JV”) in the United States encompassing approximately 8.7 million leased square feet, including 85 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, 2022, 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 88.3% of the aggregate limited partnership interests in the Operating Partnership, which we refer to herein as common units, as of December 31, 2022. 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, 2022

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 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 whether an asset may be impaired. 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. Fair value estimates are made as of a

specific point in time, are subjective in nature and involve uncertainties and matters of significant judgement. 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. From time to time, natural disasters or other loss events may result in damage or destruction to our assets. In these instances, any loss on involuntary conversion is recognized as Depreciation and amortization in our Consolidated Statements of Operations in the period in which the damage occurred.

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. We accrue 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

Our 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. We 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 we 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 us and our counterparties. We have 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 our derivatives held as of December 31, 2022 and 2021 were classified as Level 2 of the fair value hierarchy.

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 us 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 us. Unitholders receive a distribution per unit equivalent to the dividend per share of our 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 us.

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 we 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 us 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 to property operations. We believe 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."

Sales of Properties

We recognize gains from sales of consolidated interests in properties to non-customer third parties when we have transferred control of such interests.

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, 2022, 2021 and 2020, 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.

Stock Based Compensation

We grant 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. We recognize 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

We manage our 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.

Recently Adopted Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of Reference Rate Reform (topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 will have no impact on our consolidated financial statements for the year ended December 31, 2022.

Real Estate and Intangibles

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Real Estate and Intangibles

3. Real Estate and Intangibles

Acquisitions

During the year ended December 31, 2022, we acquired three operating properties in asset acquisitions, FBI – Tampa, NARA – Broomfield and JUD – Council Bluffs, for an aggregate purchase price of $108.1 million. 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.

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, 2022			December 31, 2021
Real estate
Land	$	9,795		$	10,933
Building		83,403			216,112
Acquired tenant improvements		5,386			13,799
Total real estate		98,584			240,844
Intangible assets
In-place leases		7,927			32,948
Acquired leasing commissions		4,453			10,489
Payment in lieu of taxes		—			6,394
Above-market leases		—			301
Total intangible assets		12,380			50,132
Intangible liabilities
Below-market leases		(2,858	)		(427	)
Total intangible liabilities		(2,858	)		(427	)
Debt
Premium on mortgage notes payable		—			(2,985	)
Purchase price		108,106			287,564

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

In conjunction with the acquisition of USCIS – Kansas City, we assumed $51.5 million of mortgage notes payable. No debt was assumed on the other acquisitions made during the years ended December 31, 2022 and 2021. The intangible assets and liabilities of the acquired operating properties have an aggregate weighted average amortization period of 15.29 years and 13.85 as of December 31, 2022 and 2021, respectively.

During the year ended December 31, 2022, we included $5.3 million of revenues and $1.8 million of net income in our Consolidated Statement of Operations related to the operating properties acquired. Additionally, we incurred $1.4 million of acquisition-related costs primarily consisting of internal costs associated with the property acquisitions.

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.

Dispositions

On October 12, 2022, we entered into a second amended purchase and sale agreement with a third party to dispose of a portfolio of ten properties totaling approximately 668,000 leased square feet (the “Disposition Portfolio Properties”). We completed the sale of nine of the Disposition Portfolio Properties on October 27, 2022, including: DHA – Aurora, HRSA – Baton Rouge, VA – Baton Rouge, FDA – College Park, MEPCOM – Jacksonville, DOE – Lakewood, ICE – Pittsburgh, OSHA – Sandy, and CBP – Sunburst. On December 28, 2022 we closed on DOI – Billings, the last of the Disposition Portfolio Properties. Net proceeds from the sale of the Disposition Portfolio Properties were approximately $202.4 million and we recognized a gain on the sale of the Disposition Portfolio Properties of approximately $13.6 million for the year ended December 31, 2022.

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.

Consolidated Real Estate and Intangibles

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


	December 31, 2022			December 31, 2021
Real estate properties, net
Land	$	213,592		$	222,838
Building		2,266,674			2,334,465
Acquired tenant improvements		81,872			90,055
Construction in progress		44,452			29,207
Accumulated depreciation		(321,282	)		(277,377	)
Total Real estate properties, net	$	2,285,308		$	2,399,188
Intangible assets, net
In-place leases		273,077		$	286,614
Acquired leasing commissions		68,756			71,542
Above market leases		14,620			17,541
Payment in lieu of taxes		6,394			6,394
Accumulated amortization		(205,565	)		(195,784	)
Total Intangible assets, net	$	157,282		$	186,307
Intangible liabilities, net
Below market leases		(72,088	)	$	(73,909	)
Accumulated amortization		55,701			54,191
Total Intangible liabilities, net	$	(16,387	)	$	(19,718	)

During the third quarter of 2022, we recognized an impairment loss totaling approximately $5.5 million for its ICE – Otay property and reduced its carrying value to its estimated fair value, which declined due to changes in expected cash flows related to the existing tenant's lease expiration in 2022. ICE – Otay is a 47,919 rentable square foot office building located in San Diego, California. See Note 7 for additional information.

Amortization of intangible assets within Depreciation and amortization expense was $25.7 million, $25.4 million and $35.0 million for the years ended December 31, 2022, 2021 and 2020, respectively.

The projected amortization of total intangible assets and intangible liabilities as of December 31, 2022 are as follows (amounts in thousands):


	Total
Intangible assets
2023	$	22,031
2024		19,110
2025		16,743
2026		15,624
2027		13,698
Thereafter		70,076
	$	157,282
Intangible liabilities
2023	$	(3,907	)
2024		(2,938	)
2025		(2,246	)
2026		(2,008	)
2027		(1,783	)
Thereafter		(3,505	)
	$	(16,387	)

The following table summarizes the scheduled amortization of our acquired above- and below-market lease intangibles for each of the five succeeding years as of December 31, 2022 (amounts in thousands):


	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2023	$	1,177	$	(3,907	)
2024		1,129		(2,938	)
2025		1,097		(2,246	)
2026		1,096		(2,008	)
2027		1,096		(1,783	)

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. Amortization of above- and below-market lease intangibles increased Rental income by $3.1 million, $4.6 million and $5.9 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Investments in Unconsolidated Real Estate Venture

12 Months Ended

Dec. 31, 2022

Unconsolidated Real Estate Ventures [Abstract]

Investments in Unconsolidated Real Estate Venture

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	2022		2021
MedBase Venture	53.0%	$	271,644	$	131,840

On October 13, 2021, we formed the JV, with a global investor to fund the acquisition of a portfolio of ten properties anticipated to encompass 1,214,165 leased square feet ("the "VA Portfolio"). 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, 2022, the JV acquired four properties, consisting of VA – Birmingham, VA – Marietta, VA – Columbus and VA – Phoenix, for an aggregate purchase price of $273.2 million. During the year ended December 31, 2021, the JV acquired four properties, consisting of VA – Lubbock, VA – Lenexa, VA – Chattanooga and VA – San Antonio for an aggregate purchase price of $236.4 million. As of December 31, 2022, eight of the ten properties in the VA Portfolio had been acquired by the JV.

We provide asset management services to our unconsolidated real estate venture. We recognized asset management service revenue of $1.4 million and $0.1 million for the year ended December 31, 2022 and 2021, respectively. No asset management services were provided to our unconsolidated real estate venture for the year ended December 31, 2020.

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


	As of December 31,
Balance sheet information:	2022		2021
Real estate, net	$	430,823	$	200,996
Other assets, net (1)		90,100		53,955
Total assets	$	520,923	$	254,951

Total liabilities (2)	$	9,026	$	6,904
Total equity		511,897		248,047
Total liabilities and equity	$	520,923	$	254,951

Company's share of equity	$	271,269	$	131,465
Basis differential (3)		375		375
Carrying value of the Company's investment in the unconsolidated venture	$	271,644	$	131,840

(1)

At December 31, 2022 and 2021, this amount included right-of-use assets - finance leases totaling approximately $4.9 million and $5.0 million, respectively, representing a ground lease at VA – Lubbock.

(2)

At December 31, 2022 and 2021, this amount included lease liabilities - finance leases totaling approximately $5.0 million and $5.0 million, respectively, representing a ground lease at VA – Lubbock.

(3)

This amount represents the aggregate difference between our historical cost basis and the basis reflected at the joint venture level.


	For the year ended December 31,
Income statement information:	2022		2021		2020
Total revenue	$	25,898	$	1,864	$	—
Operating income		6,530		548		—
Net income		6,366		512		—

Company's share of net income	$	3,374	$	271	$	—

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

5. Debt

At December 31, 2022 and December 31, 2021 (dollars in thousands):


	Principal Outstanding						Interest	Current
Loan	December 31, 2022			December 31, 2021			Rate (1)	Maturity
Revolving credit facility:
Revolving credit facility (2)	$	65,500		$	14,500		S + 145bps	July 2025 (3)
Total revolving credit facility		65,500			14,500

Term loan facilities:
2016 term loan facility		100,000			100,000		2.82% (5)	March 2024
2018 term loan facility (4)		150,000			150,000		3.98% (6)	July 2026
Total term loan facilities		250,000			250,000
Less: Total unamortized deferred financing fees		(1,028	)		(1,421	)
Total term loan facilities, net		248,972			248,579

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			50,000		2.62%	October 2028
2021 series B senior notes		200,000			200,000		2.89%	October 2030
Total notes payable		700,000			700,000
Less: Total unamortized deferred financing fees		(3,948	)		(4,411	)
Total notes payable, net		696,052			695,589

Mortgage notes payable:
DEA – Pleasanton		15,700			15,700		L + 150bps (7)(8)	October 2023
VA – Golden		8,644			8,832		5.00% (7)	April 2024
MEPCOM – Jacksonville		—			6,764		4.41% (7)(9)	October 2025
USFS II – Albuquerque		13,438			15,135		4.46% (7)	July 2026
ICE – Charleston		13,441			14,824		4.21% (7)	January 2027
VA – Loma Linda		127,500			127,500		3.59% (7)	July 2027
CBP – Savannah		10,389			11,203		3.40% (7)	July 2033
USCIS - Kansas City		51,500			51,500		3.68% (7)	August 2024
Total mortgage notes payable		240,612			251,458
Less: Total unamortized deferred financing fees		(1,405	)		(1,852	)
Less: Total unamortized premium/discount		1,640			2,815
Total mortgage notes payable, net		240,847			252,421

Total debt	$	1,251,371		$	1,211,089

(1)

At December 31, 2022, the one-month SOFR (“S”) was 4.36% and the one-month LIBOR ("L") was 4.39%. 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 our consolidated leverage ratio, as set forth in the respective loan agreements.

(2)

Our revolving credit facility had available capacity of $384.4 million at December 31, 2022, 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 2.82% annually, based on our consolidated leverage ratio, as defined in our 2016 term loan facility agreement. We transitioned the two interest rate swaps from LIBOR to SOFR effective November 29, 2022.

(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 3.98% annually, based on our consolidated leverage ratio, as defined in our 2018 term loan facility agreement. We transitioned the four interest rate swaps from LIBOR to SOFR effective December 23, 2022.

(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%.

(8)

On January 26, 2023, we used $15.7 million of available cash to extinguish the $15.7 million mortgage note obligation on DEA – Pleasanton.

(9)

On October 27, 2022, we extinguished the mortgage note obligation on MEPCOM - Jacksonville in conjunction with the sale of the property.

As of December 31, 2022 and 2021, the net carrying value of real estate collateralizing our mortgages payable totaled $356.8 million and $380.7 million, respectively. We were not in default under any mortgage loan as of December 31, 2022. See Note 7 for the fair value of our debt instruments.

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 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.

On July 22, 2022, we entered into the first amendment to the second amended and restated senior credit agreement, pursuant to which we extended the deadline for the $50.0 million delayed draw portion of the 2018 term loan facility to July 24, 2023 (from July 22, 2022).

On November 23, 2022, we entered into a second amendment to our second amended and restated senior credit agreement, pursuant to which we replaced the LIBOR-based floating interest rate option with a term SOFR-based floating interest rate option as a benchmark rate for borrowings denominated in U.S. dollars for all purposes under our senior unsecured credit facility, including a credit spread adjustment of 0.10%. Other than the foregoing, the material terms of our senior unsecured credit facility remain unchanged.

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.

On November 29, 2022, we entered into a fifth amendment to the loan agreement governing out 2016 term loan facility to replace the LIBOR-based floating interest rate option with a term SOFR-based floating interest rate option as a benchmark rate for borrowings denominated in U.S. dollars for all purposes under our 2016 term loan facility, including a credit spread adjustment of 0.10%. Other than the foregoing, the material terms of our 2016 term loan facility remain unchanged.

The LIBOR transition amendments to our senior unsecured credit facility and our 2016 term loan facility relate to the replacement of the reference rate only in accordance with Accounting Codifications Standard 848 - Reference Rate Reform. There were no other changes to the swaps or hedged interest payments including no change to principal/notional, maturity date, floor, prepayment feature, or any other change that impacts the timing or amount of cash flows.

Mortgage Note Payoff

On October 27, 2022, we used $5.8 million of proceeds from the sale of the Disposition Portfolio Properties to extinguish the $5.8 million mortgage note obligation on MEPCOM – Jacksonville.

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 us and various subsidiaries of the Operating Partnership.

Financial Covenant Considerations

As of December 31, 2022, 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

We aggregate debt maturities based on outstanding principal as of December 31, 2022 are as follows (dollars in thousands):


	Total
2023	$	20,016
2024		164,298
2025		70,098
2026		160,054
2027		230,733
Thereafter		610,913
		1,256,112
Unamortized premium/discount & deferred financing		(4,741	)
	$	1,251,371

- 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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Derivatives and Hedging Activities

12 Months Ended

Dec. 31, 2022

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 (1)	Effective Date	Expiration Date	2022		2021
$	100,000		1.37	%	One-Month SOFR	November 29, 2022	September 29, 2023	$	2,530	$	(1,165	)
	150,000		2.58	%	One-Month SOFR	December 23, 2022	June 19, 2023		1,490		(4,535	)

(1)

In December 2022, we entered into bilateral agreements with its swap counterparties to transition its interest rate swap agreements from LIBOR to SOFR. We made various ASC 848 elections related to changes in critical terms of the hedging relationships due to reference rate reform to not result in a dedesignation of these hedging relationships.

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	2022		2021
Interest rate swaps-Asset	$	4,020	$	—
Interest rate swaps-Liability		—		(5,700	)

Cash Flow Hedges of Interest Rate Risk

The gains or losses on derivatives designated and that qualify as cash flow hedges is recorded in AOCI and will be reclassified to interest expense in the period that the hedged forecasted transactions affect earnings on our 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 our variable rate debt. We estimate that $4.0 million will be reclassified from AOCI as a decrease 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,
	2022			2021			2020
Unrealized gain (loss) recognized in AOCI	$	8,427		$	1,787		$	(11,554	)
Loss reclassified from AOCI into interest expense		(1,292	)		(5,293	)		(4,069	)

Credit-Risk Related Contingent Features

We have agreements with each of its derivative counterparties that contain a provision where we could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on such indebtedness. As of December 31, 2022, we did not have any derivates in a net liability position. As of December 31, 2022, we were in compliance with these agreements and had not posted any collateral related to these agreements.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

7. Fair Value Measurements

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. The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021, aggregated by the level in the fair value hierarchy within which those measurements fall (amounts in thousands):


	As of December 31, 2022
Balance Sheet Line Item	Level 1		Level 2		Level 3
Interest rate swaps - Asset	$	—	$	4,020	$	—


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

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.

Nonrecurring fair value measurements

On a quarterly basis we assess the recoverability of the carrying amount of our real estate and related intangibles. Our assessment resulted in the remeasurement of ICE – Otay in the third quarter of 2022, which was written down to its estimated fair value and was classified as Level 3 in the fair value hierarchy. Our estimate of the fair value was based on a combination of a pending offer from a third party to acquire the property and a discounted cash flow analysis. We used two significant unobservable inputs in the various scenarios, which were the cash flow discount rate (ranging from 6.25%-9.00%) and average price per square foot of comparable sales in the market ($109.08-$185.90). There is no assurance that we will sell ICE – Otay on the terms proposed or at all. The remeasurement resulted in an impairment loss of $5.5 million, which is included in "Impairment loss" in our Consolidated Statements of Operations.

Financial assets and liabilities not measured at fair value

As of December 31, 2022 and 2021, 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, 2022				December 31, 2021
Financial liabilities	Carrying Amount (1)		Fair Value (2)		Carrying Amount (1)		Fair Value (2)
Revolving credit facility	$	65,500	$	65,500	$	14,500	$	14,500
2016 Term loan facility	$	100,000	$	100,000	$	100,000	$	100,000
2018 Term loan facility	$	150,000	$	150,000	$	150,000	$	150,000
Notes payable	$	700,000	$	594,019	$	700,000	$	749,141
Mortgages payable	$	240,612	$	224,462	$	251,458	$	261,602

(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, 2022

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 (the “Compensation Committee”) 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, 2022, 1,229,369 shares were available for issuance under the 2015 Equity Incentive Plan.

Restricted Shares

We award 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 $0.6 million, $0.8 million and $1.0 million in compensation expense, related to restricted common stock awards, for the years ended December 31, 2022, 2021 and 2020, respectively.

The fair value of restricted stock that vested was $1.3 million during 2022, $0.9 million during 2021, and $0.6 million during 2020, based on the market price at the vesting date. The balance of unamortized restricted stock expense as of December 31, 2022, was $0.3 million, which is expected to be recognized over a weighted‑average period of 1.0 year.

A summary of the status of our restricted shares as of December 31, 2022, 2021 and 2020 and changes during the years then ended are presented below:


	Restricted Shares			Restricted Shares Weighted average grant date fair value
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
Vested		(71,168	)	$	18.49
Granted		29,078			18.81
Forfeited		(2,601	)		21.16
Outstanding, December 31, 2022		41,315		$	19.94

LTIP Units

We grant 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 us 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
Service	January 3, 2020		—	December 31, 2022		89,242		85,016
Operational	January 3, 2020	December 31, 2022		1		64,506	2
Performance	January 3, 2020	December 31, 2022		1		81,693	3
2020 LTIP Grant						235,441

Service	January 4, 2021		—	December 31, 2023		113,703	4
Operational	January 4, 2021	December 31, 2023		5		82,108	4
Performance	January 4, 2021	December 31, 2023		5		82,070	4
Service	May 19, 2021		—	May 3, 2022		6,647		6,647
2021 LTIP Grant						284,528

Service	January 3, 2022		—	December 31, 2024		110,906	4
Operational	January 3, 2022	December 31, 2024		5		80,160	4
Performance	January 3, 2022	December 31, 2024		5		158,535	4
Service	May 11, 2022		—	6		11,238	4
2022 LTIP Grant						360,839

(1)

Units vested 50% on January 17, 2023 and will vest 50% on January 3, 2024.

(2)

On January 17, 2023, the Compensation Committee approved and determined 70,436 units were earned.

(3)

On January 17, 2023, the Compensation Committee approved and determined no units were earned.

(4)

Compensation Committee determination of units earned was not made as of December 31, 2022.

(5)

Earned units will vest on date of Compensation Committee determination of performance.

(6)

Units will vest on the earlier of May 10, 2023 or the 2023 annual stockholder meeting.

We value our LTIP unit awards that are subject to us 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 us 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,
	2022			2021			2020
Expected volatility		27.0	%		28.0	%		16.0	%
Dividend yield		4.8	%		4.9	%		4.8	%
Risk-free interest rate		1.0	%		0.2	%		1.7	%
Expected life	3 years			3 years			3 years

The fair value of LTIP units that vested were $5.5 million during 2022, $4.5 million during 2021, and $1.4 million during 2020, based on the market price at the vesting date. We recognized $5.9 million, $4.2 million and $3.1 million in compensation expense related to LTIP unit awards, for the years ended December 31, 2022, 2021 and 2020, respectively. The balance of unamortized LTIP expense as of December 31, 2022 was $6.4 million, which is expected to be recognized over a weighted‑average period of 1.6 years. As of December 31, 2022, management considers it probable that the operational performance conditions on our 2022 and 2021 grants will be achieved.

A summary of the status of our LTIP units as of December 31, 2022, 2021 and 2020 and changes during the years then ended are presented below:


	LTIP Units (1)			LTIP Units Weighted average grant date fair value
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
Vested		(115,412	)	$	18.66
Granted		360,839			17.48
Forfeited		—			—
Outstanding, December 31, 2022		896,665		$	19.90

(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, 2022

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 on a forward basis. In connection with the offering, we 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 our common stock. On December 28, 2021, we issued 3,991,000 shares of its common stock for net proceeds of $85.0 million, which shares were issued in partial settlement of the Forward Sales Agreements entered into in connection with the underwritten public offering. No shares were issued during the year ended December 31, 2022. We expect to physically settle the remaining Forward Sales Agreements and receive proceeds, subject to certain adjustments, from the sale of those shares of common stock upon one or more such physical settlements. During the year ended December 31, 2022, we extended the date by which settlement of the Forward Sales Agreements will occur to August 14, 2023. Although we expect to settle the Forward Sales Agreements entirely by the physical delivery of shares of its common stock for cash proceeds, we may also elect to cash or net-share settle all or a portion of its obligations under the Forward Sales Agreements, in which case, we may receive, or may owe, cash or shares of its common stock from or to the forward purchasers. The Forward Sales 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 Sales Agreements. The Forward Sales Agreements are subject to early termination or settlement under certain circumstances.

Redemption of Common Units to Common Stock

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. During the year ended December 31, 2022, we issued 204,751 shares of our common stock upon the redemption of 204,751 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 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
Q1 2022	April 27, 2022	May 13, 2022	May 25, 2022		0.265
Q2 2022	July 27, 2022	August 11, 2022	August 23, 2022		0.265
Q3 2022	October 26, 2022	November 11, 2022	November 23, 2022		0.265
Q4 2022	February 22, 2023	March 9, 2023	March 21, 2023		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

We entered into separate equity distribution agreements on each of December 20, 2019 (the “2019 ATM Program”) and June 22, 2021 (the “2021 ATM Program” and, together with the 2019 ATM Program, the “ATM Programs”) 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 under each ATM Program from time to time in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). Under each of the ATM Programs, we may 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 various financial institutions party to the respective ATM Program for the sale of shares of its common stock on a forward basis.

The following table sets forth certain information with respect to issuances, made under the 2019 ATM Program in each fiscal quarter for the year ended December 31, 2022 (amounts in thousands except share amounts):


	ATM Program
For the Year Ended:	Number of Shares Issued(1)		Net Proceeds(1)
December 31, 2020		6,996,824	$	160,404
December 31, 2021		3,671,232	$	90,005
December 31, 2022		434,925	$	9,409

(1)

Shares issued by us, which were all issued in settlement of forward sales transactions. Additionally, as of December 31, 2022, we had entered into forward sales transactions under the 2019 ATM Program for the sale of an additional 1,950,000 shares of its common stock that have not yet been settled. Subject to its 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 June 2023 to January 2024. Assuming the forward sales transactions are physically settled in full utilizing a net weighted average initial forward sales price of $21.82 per share, we expect to receive net proceeds of approximately $42.6 million, after deducting offering costs, subject to adjustments in accordance with the applicable forward sale transaction. We accounted for the forward sale transactions as equity.

No sales of shares of our common stock were made under the 2021 ATM Program during the year ended December 31, 2022.

We used the net proceeds received from such sales for general corporate purposes. As of December 31, 2022, we had $300.0 million of gross sales of its common stock available under the 2021 ATM Program and $87.4 million of gross sales of its common stock available under the 2019 ATM Program.

Share Repurchase Program

On April 28, 2022, our board of directors authorized a share repurchase program whereby we may repurchase up to 4,538,994 shares of its common stock, or approximately 5% of its outstanding shares as of the authorization date. We are not required to purchase shares under the share repurchase program, but may choose to do so in the open market or through privately negotiated transactions at times and amounts based on its evaluation of market conditions and other factors.

No repurchases of shares of our common stock were made under the share repurchase program during the year ended December 31, 2022.

Contribution of Property for Common Units

On May 10, 2022, we acquired NARA – Broomfield for which it issued, as partial consideration, 827,791 common units. The issuance of common units was effected in reliance upon an exemption from registration provided by Section 4(a)(2) under the Securities Act.

On May 20, 2021, we 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.

- 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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+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2022

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 our basic and diluted earnings per share of common stock for the years ended December 31, 2022, 2021 and 2020 (dollars in thousands, except per share amounts):


	For the years ended December 31,
	2022			2021			2020
Numerator
Net income	$	35,562		$	33,957		$	13,528
Less: Non-controlling interest in Operating Partnership		(4,088	)		(3,899	)		(1,567	)
Net income available to Easterly Government Properties, Inc.		31,474			30,058			11,961
Less: Dividends on participating securities		(546	)		(470	)		(289	)
Net income available to common stockholders	$	30,928		$	29,588		$	11,672
Denominator for basic EPS		90,613,966			84,043,012			78,219,491
Dilutive effect of share-based compensation awards		19,336			52,500			55,567
Dilutive effect of LTIP units (1)		315,399			434,631			507,050
Dilutive effect of shares issuable under forward sales agreements (2)		—			89,247			9,345
Denominator for diluted EPS		90,948,701			84,619,390			78,791,453
Basic EPS	$	0.34		$	0.35		$	0.15
Diluted EPS	$	0.34		$	0.35		$	0.15

(1)

During the years ended December 31, 2022, 2021 and 2020, there were approximately 314,529, 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, 2022, 2021 and 2020, there were approximately 4,259,000, 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, 2022

Leases [Abstract]

Leases

11. Leases

Lessor

We lease 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 18.7 years as of December 31, 2022), 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 us for landlord improvements in excess of the U.S. Government’s tenant improvement allowance. We 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.

The following table summarizes the maturity of fixed lease payments under our leases as of December 31, 2022 (amounts in thousands):


	Payments due by period
	Total		2023		2024		2025		2026		2027		Thereafter
Fixed lease payments	$	2,005,456		213,102		198,071		187,050		180,241		168,724		1,058,268

The table below sets forth our composition of lease revenue recognized between fixed and variable components (amounts in thousands):


	Years Ended December 31,
	2022		2021		2019
Fixed	$	265,126	$	248,399	$	221,305
Variable		19,362		18,990		16,826
Property rental revenue		284,488		267,389		238,131

Information about our leases for our development property as of December 31, 2022 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

L

20-year

162,000

Total

162,000

(1)

L=Laboratory

Lessee

We lease corporate office space under operating lease arrangements in Washington, D.C. and San Diego, CA. The San Diego, CA operating lease terminated on October 31, 2022. In April 2022, we entered into a lease agreement for new office space in San Diego, CA. This lease has a seven year term and a commencement date of October 26, 2022.

The 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. We have elected not to separate lease and non-lease components for its corporate office leases.

As of December 31, 2022, the unamortized balances associated with our right-of-use operating lease asset and operating lease liability were $3.5 million and $3.5 million, respectively. As of December 31, 2021, the unamortized balance associated with our right-of-use operating lease asset and operating lease liability for our two commenced office leases was $1.5 million and $1.6 million, respectively. Our 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 Sheets, respectively as of December 31, 2022, and 2021. We used our 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 our commenced operating leases for the year ended December 31, 2022 and 2021 (amounts in thousands):


	Years Ended December 31,
	2022			2021			2020
Cash flows from operating lease costs	$	624		$	421		$	458

Other Information
Weighted average remaining lease term (in years)		5.62			4.51		1.01
Weighted average discount rate		3.15	%		2.36	%		3.83	%

In addition, the maturity of future minimum lease payments under our commenced corporate office leases as of December 31, 2022 is summarized in the table below (amounts in thousands):


Year ending December 31,	Payments due by period
2023		586
2024		768
2025		793
2026		661
2027		368
Thereafter		718
Total future minimum lease payments	$	3,894
Imputed interest		(418	)
Total	$	3,476

Revenue

12 Months Ended

Dec. 31, 2022

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, 2022, 2021, and 2020 (amounts in thousands).


	For the year ended December 31,		For the year ended December 31,		For the year ended December 31,
Tenant	2022		2021		2020
Department of Veteran Affairs ("VA")	$	2,373	$	1,660	$	1,135
Federal Bureau of Investigation ("FBI")		1,307		2,384		2,040
U.S. Joint Staff Command ("JSC")		948		520		89
The Judiciary of the U.S. Government ("JUD")		391		11		12
Food and Drug Administration ("FDA")		346		93		266
Federal Emergency Management Agency ("FEMA")		318		15		422
U.S. Citizenship and Immigration Services ("USCIS")		250		91		—
U.S. Coast Guard ("USCG")		182		98		—
Customs and Border Protection ("CBP")		157		—		23
Occupational Safety and Health Administration ("OSHA")		116		1		—
National Park Service ("NPS")		110		41		116
General Services Administration - Other		42		25		25
Drug Enforcement Administration ("DEA")		40		40		—
Internal Revenue Service ("IRS")		37		207		77
Federal Aviation Administration ("FAA")		29		—		—
Patent and Trademark Office ("PTO")		14		—		8
Immigration and Customs Enforcement ("ICE")		7		57		144
Health Resources and Services Administration ("HRSA")		4		3		—
National Weather Service ("NWS")		2		—		—
Bureau of the Fiscal Service ("BFS")		—		59		34
Department of Energy ("DOE")		—		95		—
Department of Transportation ("DOT")		—		49		8
Environmental Protection Agency ("EPA")		—		204		572
Military Entrance Processing Command ("MEPCOM")		—		18		68
Social Security Administration ("SSA")		—		—		19
	$	6,673	$	5,671	$	5,058

The balance in Accounts receivable related to tenant construction projects and the associated project management income was $6.8 million and $5.0 million, as of December 31, 2022 and 2021, 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, 2022 or as of December 31, 2021 with a duration of greater than one year.

During the years ended December 31, 2022, 2021, and 2020, we also recognized $0.4 million, $0.4 million, and $0.6 million, respectively, in parking garage income generated from the operations of 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 our performance obligation is satisfied. As of December 31, 2022 and 2021, there was less than $0.1 million in Accounts receivable attributable to parking garage income.

During the years ended December 31, 2022 and 2021, we recognized $0.1 million and $1.1 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 less than $0.1 million and $0.1 million as of December 31, 2022 and 2021, respectively.

There were no contract assets or liabilities as of December 31, 2022 and 2021.

- 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

3. Commitments and Contingencies

a) Environmental

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

b) Tax Protection Agreements

Concurrent with the completion of our initial public offering and the related formation transactions, we 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. We 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, we entered into a second tax protection agreement with Mr. Ibe, under which we 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. We 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 2018, 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. We 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, 2020, the applicable tax protection period had expired without a taxable disposition of the property.

In connection with our acquisitions of certain properties in 2020, 2021 and 2022 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. We 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, 2022 and 2021, we 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, 2022 or 2021.

Concentrations Risk

12 Months Ended

Dec. 31, 2022

Risks and Uncertainties [Abstract]

Concentrations Risk

14. Concentration Risk

Concentrations of credit risk arise for us 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 us. We regularly monitor our tenant base to assess potential concentrations of credit risk.

As stated in Note 1 above, we lease commercial space to the U.S. Government or nongovernmental tenants. At December 31, 2022, the U.S. Government accounted for 96.4% of our total leased square feet and non-governmental tenants accounted for the remaining 3.6% of our total leased square feet. At December 31, 2021, the U.S. Government accounted for 96.0% of our leased square feet and non-governmental tenants accounted for the remaining 4.0% of our total leased square feet.

At December 31, 2022, 17 of our 86 wholly-owned and unconsolidated operating properties were located in California, accounting for approximately 14.8% of our total leased square feet. At December 31, 2021, 17 of our 89 operating properties were located in California, accounting for approximately 15.5% 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 Parties

12 Months Ended

Dec. 31, 2022

Related Parties

15. Related Parties

We have 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, 2022, 2021 and 2020, we were responsible for reimbursing costs of $0.4 million, $0.3 million and $0.1 million, respectively, and received reimbursement for costs of less than $0.1 million, $0.1 million and $0.1 million, respectively.

We provide asset management services to properties owned by the JV. For the years ended December 31, 2022 and 2021 we recognized Asset management fees of $1.4 million and $0.1 million, respectively, and reimbursement for certain costs that we paid on their behalf of $0.1 million and $0.5 million, respectively. No Asset management fees were recognized nor reimbursement for costs paid on behalf of us for the year ended December 31, 2020.

As of December 31, 2022, and 2021, Accounts receivable from related parties was $0.4 million and $0.7 million, respectively. As of December 31, 2022, and 2021, Accounts Payable, accrued expenses and other liabilities included less than $0.1 million owed to related parties.

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

For its consolidated financial statements as of December 31, 2022, we 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, 2023, we granted an aggregate of 275,924 performance-based LTIP units to members of management pursuant to the 2015 Equity Incentive Plan, consisting of (i) 148,633 LTIP units that are subject to us achieving certain total shareholder return performance thresholds (on both an absolute and relative basis) and (ii) 127,291 LTIP units that are subject to us achieving certain operational performance hurdles, through a performance period ending on December 31, 2025. The performance-based LTIP units will vest to the extent earned following the end of the performance period on December 31, 2025. On January 3, 2023, we also granted an aggregate of 219,859 service-based LTIP units to members of management pursuant to the 2015 Equity Incentive Plan, which will vest on December 31, 2025. The LTIP units are subject to the grantee's continued employment and the other terms of the awards.

On January 26, 2023, we used $15.7 million of available cash to extinguish the $15.7 million mortgage note obligation on DEA – Pleasanton.

On February 3, 2023, we entered into three SOFR-based interest rate swaps each with a notional value of $100.0 million that were designated as cash flow hedges of interest rate risk. These interest rate swaps will become effective as our existing swaps mature in June and September 2023 and will mature in 2024 and 2025.

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 2022

(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(3)(5)		Original Construction Date(s) (Unaudited)	Date Acquired
Aberdeen, MS	C/O	$	—	$	1,147	$	14,044	$	235	$	1,147	$	14,279	$	15,426	$	2,808	2005	6/17/2015
Alameda, CA	L		—		5,438		4,312		70,372		5,438		74,684		80,122		6,242	2019	8/1/2016
Albany, NY	O		—		1,801		11,544		326		1,801		11,870		13,671		2,473	2004	2/11/2015
Albany, NY	O		—		1,412		17,128		6,553		1,412		23,681		25,093		2,819	1998	11/22/2016
Albuquerque, NM	O		—		3,062		28,201		171		3,062		28,372		31,434		6,227	2011	2/17/2016
Albuquerque, NM	O		—		2,905		23,804		867		2,905		24,671		27,576		5,891	2006	2/11/2015
Albuquerque, NM	O		13,620		2,345		28,611		528		2,345		29,139		31,484		7,944	2011	2/11/2015
Arlington, VA	O		—		14,350		44,442		1,436		14,350		45,878		60,228		12,321	2009	2/11/2015
Bakersfield, CA	O		—		438		2,253		717		438		2,970		3,408		281	2000	10/16/2018
Birmingham, AL	O		—		408		10,853		160		408		11,013		11,421		2,072	2005	7/1/2016
Birmingham, AL	O		—		755		22,537		1,814		755		24,351		25,106		4,058	2005	7/1/2016
Birmingham, AL	O		—		1,410		17,276		47		1,410		17,323		18,733		2,353	2014	11/9/2018
Broomfield, CO	O/W		—		4,002		19,253		11		4,002		19,264		23,266		309	2012	5/10/2022
Brownsburg, IN	OC		—		1,774		26,300		—		1,774		26,300		28,074		767	2021	11/1/2021
Buffalo, NY	O		—		246		80,913		1,861		246		82,774		83,020		13,020	2004	9/13/2018
Charleston, SC	C/O		—		1,325		21,189		1,051		1,325		22,240		23,565		2,288	1999	10/16/2018
Charleston, WV	O		—		551		13,732		1,306		551		15,038		15,589		2,013	1959 / 2000	9/13/2018
Chico, CA	OC		—		5,183		24,405		12		5,183		24,417		29,600		1,631	2019	4/30/2020
Clarksburg, WV	O		—		108		13,421		1,174		108		14,595		14,703		1,722	1999	9/13/2018
Cleveland, OH	O		—		563		18,559		13		563		18,572		19,135		919	1981 / 2021	7/22/2021
Council Bluffs, IO	C/O		—		791		11,984		—		791		11,984		12,775		149	2021	8/23/2022
Dallas, TX	O		—		1,005		14,546		1,100		1,005		15,646		16,651		3,625	2001	2/11/2015
Dallas, TX	L		—		2,753		23,848		2,436		2,753		26,284		29,037		4,487	2001	12/1/2015
Dallas, TX	O		—		740		8,191		614		740		8,805		9,545		1,129	2005	9/13/2018
Del Rio, TX	C/O		—		210		30,676		1,358		210		32,034		32,244		7,248	1992 / 2004	2/11/2015
Des Plaines, IL	O		—		1,742		9,325		310		1,742		9,635		11,377		1,280	1971 / 1999	9/13/2018
El Centro, CA	C/O		—		1,084		20,765		1,471		1,084		22,236		23,320		5,030	2004	2/11/2015
El Paso, TX	O/W		—		2,430		33,649		4,137		2,430		37,786		40,216		2,633	1998 -2005	3/26/2020
Fresno, CA	O		—		1,499		68,309		5,370		1,499		73,679		75,178		15,618	2003	2/11/2015
Golden, CO	O/W		8,641		4,080		8,933		489		4,080		9,422		13,502		1,620	1996 / 2011	5/24/2018
Jackson, TN	C/O		—		332		24,324		359		332		24,683		25,015		1,261	1998	12/24/2020
Kansas City, KS	L		—		828		33,035		1,449		828		34,484		35,312		6,056	2003	7/1/2016
Kansas City, MO	O		—		645		24,431		—		645		24,431		25,076		1,319	1998 / 2020	5/20/2021
Knoxville, TN	O		—		2,840		25,775		298		2,840		26,073		28,913		1,964	2010	3/17/2021
Lakewood, CO	O		—		1,521		32,865		750		1,521		33,615		35,136		8,527	2004	2/11/2015
Lees Summit, MO	O		52,823		2,974		90,858		1,572		2,974		92,430		95,404		3,301	1969 / 1999	10/14/2021

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(3)(5)		Original Construction Date(s) (Unaudited)	Date Acquired
Lenexa, KS	O	$	—	$	4,367	$	42,692	$	300		$	4,367	$	42,992	$	47,359	$	5,191	2007 / 2012	8/22/2019
Lenexa, KS	L		—		649		3,449		62,343			649		65,792		66,441		3,727	2020	5/27/2017
Lincoln, NE	O		—		2,310		26,328		1,236			2,310		27,564		29,874		6,505	2005	11/12/2015
Little Rock, AR	O		—		2,278		19,318		414			2,278		19,732		22,010		4,761	2001	2/11/2015
Loma Linda, CA	OC		126,497		12,476		177,357		320			12,476		177,677		190,153		24,835	2016	6/1/2017
Louisville, KY	O		—		1,005		5,473		84			1,005		5,557		6,562		258	2011	3/17/2021
Louisville, KY	O		—		1,015		21,885		33			1,015		21,918		22,933		1,119	2011	3/17/2021
Lubbock, TX	W/D		—		541		972		—			541		972		1,513		262	2013	2/11/2015
Martinsburg, WV	O		—		1,700		13,294		231			1,700		13,525		15,225		3,166	2007	2/11/2015
Mobile, AL	O		—		2,045		20,400		905			2,045		21,305		23,350		1,177	2001	9/18/2020
Mobile, AL	OC		—		6,311		31,030		(7	)		6,311		31,023		37,334		2,126	2018	4/30/2020
New Orleans, LA	O		—		664		24,471		484			664		24,955		25,619		2,273	1999 / 2006	5/9/2019
North Charleston, SC	O		13,555		963		34,987		1,003			963		35,990		36,953		7,874	1994 / 2012	2/11/2015
North Charleston, SC	W		—		918		14,033		—			918		14,033		14,951		758	2020	11/3/2020
Omaha, NE	O		—		4,635		41,319		1,157			4,635		42,476		47,111		11,524	2009	2/11/2015
Omaha, NE	O		—		1,517		14,156		460			1,517		14,616		16,133		3,072	2004	5/19/2016
Orange, CT	OC		—		3,098		23,613		13			3,098		23,626		26,724		1,837	2019	11/21/2019
Parkersburg, WV	O		—		365		52,200		988			365		53,188		53,553		6,536	2004 / 2006	9/13/2018
Pittsburgh, PA	O		—		384		24,877		2,979			384		27,856		28,240		3,333	2001	9/13/2018
Pleasanton, CA	L		15,686		5,765		20,859		182			5,765		21,041		26,806		3,798	2015	10/21/2015
Portland, OR	O		—		4,913		75,794		2,379			4,913		78,173		83,086		8,845	2002	1/31/2019
Richmond, VA	O		—		3,041		23,931		1,888			3,041		25,819		28,860		5,260	2001	12/7/2015
Riverside, CA	O		—		1,983		6,755		1,324			1,983		8,079		10,062		1,638	1997	2/11/2015
Sacramento, CA	O		—		1,434		9,369		2,329			1,434		11,698		13,132		2,658	2002	2/11/2015
Salt Lake City, UT	O		—		2,049		79,955		487			2,049		80,442		82,491		12,082	2012	9/28/2017
San Antonio, TX	O		—		3,745		49,153		1,347			3,745		50,500		54,245		12,100	2007	2/11/2015
San Diego, CA	W		—		3,060		510		914			3,060		1,424		4,484		501	1999	2/11/2015
San Diego, CA	O		—		2,252		12,280		(7,854	)		1,216		5,462		6,678		184	2001	9/11/2015
San Diego, CA	O		—		773		2,481		1,031			773		3,512		4,285		757	2003	2/11/2015
San Jose, CA	OC		—		10,419		52,750		6			10,419		52,756		63,175		5,899	2018	7/11/2018
Santa Ana, CA	O		—		6,413		8,635		723			6,413		9,358		15,771		2,487	2004	2/11/2015
Savannah, GA	L		10,025		3,220		10,687		429			3,220		11,116		14,336		2,505	2013	2/11/2015
South Bend, IN	C/O		—		514		6,590		425			514		7,015		7,529		1,181	1996 / 2011	12/23/2016
South Bend, IN	OC		—		3,954		38,503		41			3,954		38,544		42,498		4,943	2017	11/16/2017
Springfield, MO	O		—		118		16,629		44			118		16,673		16,791		704	2002	4/22/2021

Easterly Government Properties, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2022

(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(3)(5)		Original Construction Date(s) (Unaudited)	Date Acquired
Sterling, VA	L	$	—	$	2,556	$	21,817	$	12,868	$	2,556	$	34,685	$	37,241	$	2,158	2001	1/31/2019
Suffolk, VA	O		—		7,141		61,577		4,970		7,141		66,547		73,688		6,192	1993 / 2004	5/8/2019
Tampa, FL	O		—		5,002		57,553		—		5,002		57,553		62,555		908	2005	5/18/2022
Tracy, CA	W		—		2,678		548		29,739		2,678		30,287		32,965		3,167	2018	10/4/2017
Tustin, CA	O		—		8,532		24,279		324		8,532		24,603		33,135		2,520	1979 / 2019	10/22/2019
Upper Marlboro, MD	L		—		5,054		18,301		2,428		5,054		20,729		25,783		1,972	2002	11/15/2018
Vista, CA	L		—		3,998		24,053		1,691		3,998		25,744		29,742		5,084	2002	2/11/2015
Various	Various		—		4,076		15,691		16,092		4,076		31,783		35,859		—	N/A	Various
		$	240,847	$	214,628	$	2,134,845	$	257,117	$	213,592	$	2,392,998	$	2,606,590	$	321,282

(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 asset impairments recognized, write-offs of involuntary conversions and 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 $2,540.3 million and $383.6 million, respectively.

Easterly Government Properties, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2022

(Amounts in thousands)

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


	Real Estate Properties			Accumulated Depreciation
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
Additions		135,914			69,999
Dispositions		(198,214	)		(23,960	)
Real estate impaired (1)		(7,675	)		(2,134	)
Balance at December 31, 2022		2,606,590			321,282

(1)

During the quarter ended September 30, 2022, we recognized an impairment loss totaling approximately $5.5 million for its ICE – Otay. See Note 3 and Note 7 for additional information.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

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.

Sales of Properties

We recognize gains from sales of consolidated interests in properties to non-customer third parties when we have transferred control of such interests.

Income Taxes

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.

Recently Adopted Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

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

Real Estate and Intangibles (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Fair Values of Assets Acquired and Liabilities Assumed

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, 2022			December 31, 2021
Real estate
Land	$	9,795		$	10,933
Building		83,403			216,112
Acquired tenant improvements		5,386			13,799
Total real estate		98,584			240,844
Intangible assets
In-place leases		7,927			32,948
Acquired leasing commissions		4,453			10,489
Payment in lieu of taxes		—			6,394
Above-market leases		—			301
Total intangible assets		12,380			50,132
Intangible liabilities
Below-market leases		(2,858	)		(427	)
Total intangible liabilities		(2,858	)		(427	)
Debt
Premium on mortgage notes payable		—			(2,985	)
Purchase price		108,106			287,564

Schedule of Real Estate and Intangibles

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


	December 31, 2022			December 31, 2021
Real estate properties, net
Land	$	213,592		$	222,838
Building		2,266,674			2,334,465
Acquired tenant improvements		81,872			90,055
Construction in progress		44,452			29,207
Accumulated depreciation		(321,282	)		(277,377	)
Total Real estate properties, net	$	2,285,308		$	2,399,188
Intangible assets, net
In-place leases		273,077		$	286,614
Acquired leasing commissions		68,756			71,542
Above market leases		14,620			17,541
Payment in lieu of taxes		6,394			6,394
Accumulated amortization		(205,565	)		(195,784	)
Total Intangible assets, net	$	157,282		$	186,307
Intangible liabilities, net
Below market leases		(72,088	)	$	(73,909	)
Accumulated amortization		55,701			54,191
Total Intangible liabilities, net	$	(16,387	)	$	(19,718	)

Amortization of Total Intangible Assets and Intangible Liabilities

The projected amortization of total intangible assets and intangible liabilities as of December 31, 2022 are as follows (amounts in thousands):


	Total
Intangible assets
2023	$	22,031
2024		19,110
2025		16,743
2026		15,624
2027		13,698
Thereafter		70,076
	$	157,282
Intangible liabilities
2023	$	(3,907	)
2024		(2,938	)
2025		(2,246	)
2026		(2,008	)
2027		(1,783	)
Thereafter		(3,505	)
	$	(16,387	)

Summary of Scheduled Amortization Market Lease Intangibles


	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2023	$	1,177	$	(3,907	)
2024		1,129		(2,938	)
2025		1,097		(2,246	)
2026		1,096		(2,008	)
2027		1,096		(1,783	)

Investments in Unconsolidated Real Estate Venture (Tables)

12 Months Ended

Dec. 31, 2022

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	2022		2021
MedBase Venture	53.0%	$	271,644	$	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:	2022		2021
Real estate, net	$	430,823	$	200,996
Other assets, net (1)		90,100		53,955
Total assets	$	520,923	$	254,951

Total liabilities (2)	$	9,026	$	6,904
Total equity		511,897		248,047
Total liabilities and equity	$	520,923	$	254,951

Company's share of equity	$	271,269	$	131,465
Basis differential (3)		375		375
Carrying value of the Company's investment in the unconsolidated venture	$	271,644	$	131,840

(1)

(2)

(3)

This amount represents the aggregate difference between our historical cost basis and the basis reflected at the joint venture level.


	For the year ended December 31,
Income statement information:	2022		2021		2020
Total revenue	$	25,898	$	1,864	$	—
Operating income		6,530		548		—
Net income		6,366		512		—

Company's share of net income	$	3,374	$	271	$	—

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Borrowings

At December 31, 2022 and December 31, 2021 (dollars in thousands):


	Principal Outstanding						Interest	Current
Loan	December 31, 2022			December 31, 2021			Rate (1)	Maturity
Revolving credit facility:
Revolving credit facility (2)	$	65,500		$	14,500		S + 145bps	July 2025 (3)
Total revolving credit facility		65,500			14,500

Term loan facilities:
2016 term loan facility		100,000			100,000		2.82% (5)	March 2024
2018 term loan facility (4)		150,000			150,000		3.98% (6)	July 2026
Total term loan facilities		250,000			250,000
Less: Total unamortized deferred financing fees		(1,028	)		(1,421	)
Total term loan facilities, net		248,972			248,579

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			50,000		2.62%	October 2028
2021 series B senior notes		200,000			200,000		2.89%	October 2030
Total notes payable		700,000			700,000
Less: Total unamortized deferred financing fees		(3,948	)		(4,411	)
Total notes payable, net		696,052			695,589

Mortgage notes payable:
DEA – Pleasanton		15,700			15,700		L + 150bps (7)(8)	October 2023
VA – Golden		8,644			8,832		5.00% (7)	April 2024
MEPCOM – Jacksonville		—			6,764		4.41% (7)(9)	October 2025
USFS II – Albuquerque		13,438			15,135		4.46% (7)	July 2026
ICE – Charleston		13,441			14,824		4.21% (7)	January 2027
VA – Loma Linda		127,500			127,500		3.59% (7)	July 2027
CBP – Savannah		10,389			11,203		3.40% (7)	July 2033
USCIS - Kansas City		51,500			51,500		3.68% (7)	August 2024
Total mortgage notes payable		240,612			251,458
Less: Total unamortized deferred financing fees		(1,405	)		(1,852	)
Less: Total unamortized premium/discount		1,640			2,815
Total mortgage notes payable, net		240,847			252,421

Total debt	$	1,251,371		$	1,211,089

(1)

(2)

(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)

(6)

(7)

(8)

On January 26, 2023, we used $15.7 million of available cash to extinguish the $15.7 million mortgage note obligation on DEA – Pleasanton.

(9)

On October 27, 2022, we extinguished the mortgage note obligation on MEPCOM - Jacksonville in conjunction with the sale of the property.

Schedule of Aggregate Debt Maturities

aggregate debt maturities based on outstanding principal as of December 31, 2022 are as follows (dollars in thousands):


	Total
2023	$	20,016
2024		164,298
2025		70,098
2026		160,054
2027		230,733
Thereafter		610,913
		1,256,112
Unamortized premium/discount & deferred financing		(4,741	)
	$	1,251,371

Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

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 (1)	Effective Date	Expiration Date	2022		2021
$	100,000		1.37	%	One-Month SOFR	November 29, 2022	September 29, 2023	$	2,530	$	(1,165	)
	150,000		2.58	%	One-Month SOFR	December 23, 2022	June 19, 2023		1,490		(4,535	)

(1)

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	2022		2021
Interest rate swaps-Asset	$	4,020	$	—
Interest rate swaps-Liability		—		(5,700	)

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,
	2022			2021			2020
Unrealized gain (loss) recognized in AOCI	$	8,427		$	1,787		$	(11,554	)
Loss reclassified from AOCI into interest expense		(1,292	)		(5,293	)		(4,069	)

- 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

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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

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


	As of December 31, 2022
Balance Sheet Line Item	Level 1		Level 2		Level 3
Interest rate swaps - Asset	$	—	$	4,020	$	—


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

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


	December 31, 2022				December 31, 2021
Financial liabilities	Carrying Amount (1)		Fair Value (2)		Carrying Amount (1)		Fair Value (2)
Revolving credit facility	$	65,500	$	65,500	$	14,500	$	14,500
2016 Term loan facility	$	100,000	$	100,000	$	100,000	$	100,000
2018 Term loan facility	$	150,000	$	150,000	$	150,000	$	150,000
Notes payable	$	700,000	$	594,019	$	700,000	$	749,141
Mortgages payable	$	240,612	$	224,462	$	251,458	$	261,602

(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, 2022

Summary of Restricted Shares

A summary of the status of our restricted shares as of December 31, 2022, 2021 and 2020 and changes during the years then ended are presented below:


	Restricted Shares			Restricted Shares Weighted average grant date fair value
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
Vested		(71,168	)	$	18.49
Granted		29,078			18.81
Forfeited		(2,601	)		21.16
Outstanding, December 31, 2022		41,315		$	19.94

Long Term Incentive Plan

Summary of Restricted Shares

A summary of the status of our LTIP units as of December 31, 2022, 2021 and 2020 and changes during the years then ended are presented below:


	LTIP Units (1)			LTIP Units Weighted average grant date fair value
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
Vested		(115,412	)	$	18.66
Granted		360,839			17.48
Forfeited		—			—
Outstanding, December 31, 2022		896,665		$	19.90

(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.

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
Service	January 3, 2020		—	December 31, 2022		89,242		85,016
Operational	January 3, 2020	December 31, 2022		1		64,506	2
Performance	January 3, 2020	December 31, 2022		1		81,693	3
2020 LTIP Grant						235,441

Service	January 4, 2021		—	December 31, 2023		113,703	4
Operational	January 4, 2021	December 31, 2023		5		82,108	4
Performance	January 4, 2021	December 31, 2023		5		82,070	4
Service	May 19, 2021		—	May 3, 2022		6,647		6,647
2021 LTIP Grant						284,528

Service	January 3, 2022		—	December 31, 2024		110,906	4
Operational	January 3, 2022	December 31, 2024		5		80,160	4
Performance	January 3, 2022	December 31, 2024		5		158,535	4
Service	May 11, 2022		—	6		11,238	4
2022 LTIP Grant						360,839

(1)

Units vested 50% on January 17, 2023 and will vest 50% on January 3, 2024.

(2)

On January 17, 2023, the Compensation Committee approved and determined 70,436 units were earned.

(3)

On January 17, 2023, the Compensation Committee approved and determined no units were earned.

(4)

Compensation Committee determination of units earned was not made as of December 31, 2022.

(5)

Earned units will vest on date of Compensation Committee determination of performance.

(6)

Units will vest on the earlier of May 10, 2023 or the 2023 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,
	2022			2021			2020
Expected volatility		27.0	%		28.0	%		16.0	%
Dividend yield		4.8	%		4.9	%		4.8	%
Risk-free interest rate		1.0	%		0.2	%		1.7	%
Expected life	3 years			3 years			3 years

Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Summary of Dividends Declared

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 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
Q1 2022	April 27, 2022	May 13, 2022	May 25, 2022		0.265
Q2 2022	July 27, 2022	August 11, 2022	August 23, 2022		0.265
Q3 2022	October 26, 2022	November 11, 2022	November 23, 2022		0.265
Q4 2022	February 22, 2023	March 9, 2023	March 21, 2023		0.265

Schedule of Information with Respect to 2019 ATM Program


	ATM Program
For the Year Ended:	Number of Shares Issued(1)		Net Proceeds(1)
December 31, 2020		6,996,824	$	160,404
December 31, 2021		3,671,232	$	90,005
December 31, 2022		434,925	$	9,409

(1)

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of our basic and diluted earnings per share of common stock for the years ended December 31, 2022, 2021 and 2020 (dollars in thousands, except per share amounts):


	For the years ended December 31,
	2022			2021			2020
Numerator
Net income	$	35,562		$	33,957		$	13,528
Less: Non-controlling interest in Operating Partnership		(4,088	)		(3,899	)		(1,567	)
Net income available to Easterly Government Properties, Inc.		31,474			30,058			11,961
Less: Dividends on participating securities		(546	)		(470	)		(289	)
Net income available to common stockholders	$	30,928		$	29,588		$	11,672
Denominator for basic EPS		90,613,966			84,043,012			78,219,491
Dilutive effect of share-based compensation awards		19,336			52,500			55,567
Dilutive effect of LTIP units (1)		315,399			434,631			507,050
Dilutive effect of shares issuable under forward sales agreements (2)		—			89,247			9,345
Denominator for diluted EPS		90,948,701			84,619,390			78,791,453
Basic EPS	$	0.34		$	0.35		$	0.15
Diluted EPS	$	0.34		$	0.35		$	0.15

(1)

(2)

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Maturity of Fixed Lease Payments Under Our Leases

The following table summarizes the maturity of fixed lease payments under our leases as of December 31, 2022 (amounts in thousands):


	Payments due by period
	Total		2023		2024		2025		2026		2027		Thereafter
Fixed lease payments	$	2,005,456		213,102		198,071		187,050		180,241		168,724		1,058,268

Summary of Composition of Lease Revenue Recognized Between Fixed and Variable Components

The table below sets forth our composition of lease revenue recognized between fixed and variable components (amounts in thousands):


	Years Ended December 31,
	2022		2021		2019
Fixed	$	265,126	$	248,399	$	221,305
Variable		19,362		18,990		16,826
Property rental revenue		284,488		267,389		238,131

Schedule of Information about Leases for Development Properties

Information about our leases for our development property as of December 31, 2022 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

L

20-year

162,000

Total

162,000

Schedule of Quantitative Information for Our Operating Leases

The following table provides quantitative information for our commenced operating leases for the year ended December 31, 2022 and 2021 (amounts in thousands):


	Years Ended December 31,
	2022			2021			2020
Cash flows from operating lease costs	$	624		$	421		$	458

Other Information
Weighted average remaining lease term (in years)		5.62			4.51		1.01
Weighted average discount rate		3.15	%		2.36	%		3.83	%

Schedule of Maturity of Fixed Lease Payments Under Our Corporate Office Leases

In addition, the maturity of future minimum lease payments under our commenced corporate office leases as of December 31, 2022 is summarized in the table below (amounts in thousands):


Year ending December 31,	Payments due by period
2023		586
2024		768
2025		793
2026		661
2027		368
Thereafter		718
Total future minimum lease payments	$	3,894
Imputed interest		(418	)
Total	$	3,476

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022, 2021, and 2020 (amounts in thousands).


	For the year ended December 31,		For the year ended December 31,		For the year ended December 31,
Tenant	2022		2021		2020
Department of Veteran Affairs ("VA")	$	2,373	$	1,660	$	1,135
Federal Bureau of Investigation ("FBI")		1,307		2,384		2,040
U.S. Joint Staff Command ("JSC")		948		520		89
The Judiciary of the U.S. Government ("JUD")		391		11		12
Food and Drug Administration ("FDA")		346		93		266
Federal Emergency Management Agency ("FEMA")		318		15		422
U.S. Citizenship and Immigration Services ("USCIS")		250		91		—
U.S. Coast Guard ("USCG")		182		98		—
Customs and Border Protection ("CBP")		157		—		23
Occupational Safety and Health Administration ("OSHA")		116		1		—
National Park Service ("NPS")		110		41		116
General Services Administration - Other		42		25		25
Drug Enforcement Administration ("DEA")		40		40		—
Internal Revenue Service ("IRS")		37		207		77
Federal Aviation Administration ("FAA")		29		—		—
Patent and Trademark Office ("PTO")		14		—		8
Immigration and Customs Enforcement ("ICE")		7		57		144
Health Resources and Services Administration ("HRSA")		4		3		—
National Weather Service ("NWS")		2		—		—
Bureau of the Fiscal Service ("BFS")		—		59		34
Department of Energy ("DOE")		—		95		—
Department of Transportation ("DOT")		—		49		8
Environmental Protection Agency ("EPA")		—		204		572
Military Entrance Processing Command ("MEPCOM")		—		18		68
Social Security Administration ("SSA")		—		—		19
	$	6,673	$	5,671	$	5,058

Organization and Basis of Presentation - Additional Information (Detail) ft² in Millions	12 Months Ended
	Dec. 31, 2022 ft² Property
Easterly Government Properties LP [Member]
Organization And Significant Accounting Policies [Line Items]
Outstanding common units of aggregate limited partnership interest owned percentage	88.30%
Joint Venture [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	8
Wholly Owned Operating Properties [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	78
Leased percentage of operating properties	99.00%
Aggregate area of land \| ft²	8.7
Wholly Owned Operating Properties [Member] \| Government [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	85
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, 2022
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, 2022
Minimum [Member]
Accounting Policies [Line Items]
Distribution of REIT taxable income	90.00%

Real Estate and Intangibles - Additional Information (Detail) $ in Thousands				3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 27, 2022 USD ($)	Sep. 28, 2021 USD ($)	Jun. 04, 2021 USD ($)	Sep. 30, 2022 USD ($) ft²	Sep. 30, 2022 USD ($) ft²	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 USD ($)	Oct. 12, 2022 ft²
Real Estate Properties [Line Items]
Revenues						$ 293,606	$ 274,860	$ 245,078
Net income available to Easterly Government Properties, Inc.						31,474	30,058	11,961
Acquisition-related expenses						1,370	1,939	2,087
Net proceeds from the sale of operating property						202,416	7,336	3,515
Gain (loss) on the sale of operating properties						13,590	1,307	(3,995)
Gain from sale of disposition portfolio properties	$ 5,800
Impairment loss						5,540
Amortization of intangible assets						25,700	25,400	35,000
Amortization of above - below-market lease						$ (3,105)	$ (4,589)	$ (5,894)
CALIFORNIA
Real Estate Properties [Line Items]
Number of properties \| Property						17	17
Second Amended Purchase And Sale Agreement [Member]
Real Estate Properties [Line Items]
Gain from sale of disposition portfolio properties						$ 13,600
Area of properties acquired \| ft²									668,000
Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Revenues						5,300	$ 11,800
Net income available to Easterly Government Properties, Inc.						1,800	2,900
Acquisition-related expenses						$ 1,400	1,900
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 Tampa, NARA and JUD [Member] \| Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Number of properties \| Property						3
Purchase price						$ 108,100
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						15 years 3 months 14 days	13 years 10 months 6 days
ICE Otay [Member]
Real Estate Properties [Line Items]
Impairment loss				$ 5,500	$ 5,500	$ 5,500
ICE Otay [Member] \| CALIFORNIA
Real Estate Properties [Line Items]
Area of properties acquired \| ft²				47,919	47,919

Real Estate and Intangibles - Fair Values of Assets Acquired and Liabilities Assumed (Detail) - Operating Properties Acquired [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
FBI Tampa and NARA [Member]
Business Acquisition [Line Items]
Total real estate	$ 98,584
Total intangible assets	12,380
Total intangible liabilities	2,858
Purchase price	108,106
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
Real Estate Investment [Member] \| FBI Tampa and NARA [Member]
Business Acquisition [Line Items]
Land	9,795
Building	83,403
Acquired tenant improvements	5,386
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
Leases, Acquired-in-Place [Member] \| FBI Tampa and NARA [Member]
Business Acquisition [Line Items]
Total intangible assets	7,927
Leases, Acquired-in-Place [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
Acquired Leasing Commissions [Member] \| FBI Tampa and NARA [Member]
Business Acquisition [Line Items]
Total intangible assets	4,453
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
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
Below Market Leases [Member] \| FBI Tampa and NARA [Member]
Business Acquisition [Line Items]
Total intangible liabilities	$ 2,858
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)

Real Estate and Intangibles - Schedule of Real Estate and Intangibles (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real estate properties, net
Land	$ 213,592	$ 222,838
Building	2,266,674	2,334,465
Acquired tenant improvements	81,872	90,055
Construction in progress	44,452	29,207
Accumulated depreciation	(321,282)	(277,377)
Total Real estate properties, net	2,285,308	2,399,188
Intangible assets, net
Accumulated amortization	(205,565)	(195,784)
Total Intangible assets, net	157,282	186,307
Intangible liabilities, net
Intangible Liabilities, Below market leases	(72,088)	(73,909)
Intangible Liabilities, Accumulated amortization	55,701	54,191
Total Intangible liabilities, net	(16,387)	(19,718)
Leases, Acquired-in-Place [Member]
Intangible assets, net
Above market leases	273,077	286,614
Acquired Leasing Commissions [Member]
Intangible assets, net
Above market leases	68,756	71,542
Above Market Leases [Member]
Intangible assets, net
Above market leases	14,620	17,541
Payment in Lieu of Taxes [Member]
Intangible assets, net
Above market leases	$ 6,394	$ 6,394

Real Estate and Intangibles - Amortization of Total Intangible Assets and Intangible Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
2023	$ 22,031
2024	19,110
2025	16,743
2026	15,624
2027	13,698
Thereafter	70,076
Intangible assets, Total	157,282
2023	(3,907)
2024	(2,938)
2025	(2,246)
2026	(2,008)
2027	(1,783)
Thereafter	(3,505)
Intangible liabilities, Total	$ (16,387)	$ (19,718)

Real Estate and Intangibles - Summary of Scheduled Amortization Market Lease Intangibles (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Acquired Above-Market Lease Intangibles
2023	$ 1,177
2024	1,129
2025	1,097
2026	1,096
2027	1,096
Acquired Below-Market Lease Intangibles
2023	(3,907)
2024	(2,938)
2025	(2,246)
2026	(2,008)
2027	$ (1,783)

Investments in Unconsolidated Real Estate Venture - Summary of Investments in Unconsolidated Real Estate Ventures (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Investment in unconsolidated real estate venture	$ 271,644	$ 131,840
MedBase Venture [Member]
Related Party Transaction [Line Items]
Investment in unconsolidated real estate venture	$ 271,644	$ 131,840
Effective Ownership Interest	53.00%

Investments in Unconsolidated Real Estate Venture - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 USD ($)	Oct. 13, 2021 ft² Property
Subsequent Event [Line Items]
Asset management service revenue \| $	$ 1,400,000	$ 100,000	$ 0
J V Partner \| Global Investor [Member]
Subsequent Event [Line Items]
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 \| $		$ 236,400,000
J V Partner \| VA Birmingham, VA Marietta, VA Columbus and VA Phoenix [Member]
Subsequent Event [Line Items]
Number of properties \| Property	4
Purchase price \| $	$ 273,200,000
J V Partner \| V A Portfolio [Member]
Subsequent Event [Line Items]
Number of properties \| Property	8			10
Area of properties acquired \| ft²				1,214,165

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

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Balance sheet information:

Total assets

$ 2,829,385

$ 2,826,112

Total liabilities (2)

1,418,403

1,384,531

Total equity

1,244,881

1,282,669

Total liabilities and equity

2,829,385

2,826,112

Investment in unconsolidated real estate venture

271,644

131,840

Income statement information:

Revenues

293,606

274,860

$ 245,078

Net income available to Easterly Government Properties, Inc.

31,474

30,058

$ 11,961

Real Estate Joint Venture [Member]

Balance sheet information:

Real estate, net (1)

430,823

200,996

Other assets, net

^[1]

90,100

53,955

Total assets

520,923

254,951

Total liabilities (2)

^[2]

9,026

6,904

Total equity

511,897

248,047

Total liabilities and equity

520,923

254,951

Investment in unconsolidated real estate venture

271,269

131,465

Basis differential (3)

^[3]

375

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

271,644

131,840

Income statement information:

Revenues

25,898

1,864

Operating income

6,530

548

Net income available to Easterly Government Properties, Inc.

6,366

512

Company's share of net income

$ 3,374

$ 271

[1]	At December 31, 2022 and 2021, this amount included right-of-use assets - finance leases totaling approximately $4.9 million and $5.0 million, respectively, representing a ground lease at VA – Lubbock.
[2]	At December 31, 2022 and 2021, this amount included lease liabilities - finance leases totaling approximately $5.0 million and $5.0 million, respectively, representing a ground lease at VA – Lubbock
[3]	This amount represents the aggregate difference between our historical cost basis and the basis reflected at the joint venture level

Investments in Unconsolidated Real Estate Venture - Summary of Financial Information (Parenthetical) (Details) - J V Partner [Member] - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets	Prepaid expenses and other assets
Finance lease, right-of-use asset	$ 4.9	$ 5.0
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities
Finance lease, liability	$ 5.0	$ 5.0

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

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Oct. 14, 2021

Debt - Summary of Borrowings (Parenthetical) (Detail)				12 Months Ended
Debt - Summary of Borrowings (Parenthetical) (Detail)	Jan. 26, 2023 USD ($)	Nov. 29, 2022	Oct. 27, 2022 USD ($)	Dec. 31, 2022 USD ($) Swap	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Feb. 03, 2023 USD ($)
Debt Instrument [Line Items]
Mortgage note obligation				$ 10,899,000	$ 4,233,000	$ 3,564,000
MEPCOM Jacksonville [Member]
Debt Instrument [Line Items]
Mortgage note obligation			$ 5,800,000
DEA Pleasanton [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Cash	$ 15,700,000
Mortgage note obligation	$ 15,700,000
Interest Rate Swaps [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Aggregate notional value of interest rate swaps							$ 100,000,000.0
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				3.98%
2016 Term Loan Facility [Member]
Debt Instrument [Line Items]
Loan, interest rate		0.10%
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				2.82%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount available under revolving credit facility				$ 384,400,000
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				$ 50,000,000.0
Mortgage Notes Payable [Member] \| CBP Savannah [Member]
Debt Instrument [Line Items]
Effective interest rate				4.12%
Mortgage Notes Payable [Member] \| ICE Charleston [Member]
Debt Instrument [Line Items]
Effective interest rate				3.93%
Mortgage Notes Payable [Member] \| MEPCOM Jacksonville [Member]
Debt Instrument [Line Items]
Effective interest rate				3.89%
Mortgage Notes Payable [Member] \| USFS II Albuquerque [Member]
Debt Instrument [Line Items]
Effective interest rate				3.92%
Mortgage Notes Payable [Member] \| DEA Pleasanton [Member]
Debt Instrument [Line Items]
Effective interest rate				1.80%
Mortgage Notes Payable [Member] \| VA Loma Linda [Member]
Debt Instrument [Line Items]
Effective interest rate				3.78%
Mortgage Notes Payable [Member] \| VA Golden [Member]
Debt Instrument [Line Items]
Effective interest rate				5.03%
Mortgage Notes Payable [Member] \| USCIS – Kansas City
Debt Instrument [Line Items]
Effective interest rate				2.05%
LIBOR [Member]
Debt Instrument [Line Items]
Loan, interest rate				4.39%
SOFR [Member]
Debt Instrument [Line Items]
Loan, interest rate				4.36%

Debt - Schedule of Aggregate Debt Maturities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Oct. 14, 2021
Debt Disclosure [Abstract]
2023	$ 20,016
2024	164,298
2025	70,098
2026	160,054
2027	230,733
Thereafter	610,913
Debt instrument carrying amount	1,256,112		$ 250,000
Unamortized premium/discount & deferred financing	(4,741)
Total debt, Principal Outstanding	$ 1,251,371	$ 1,211,089

Derivative and Hedging Activities - Schedule of Key Terms and Fair Values of Our Interest Rate Swap Derivatives (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Interest Swap Rate at 1.37% Fixed Rate [Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 100,000,000
Forward swaps interest rate	1.37%
Floating Rate Index	One-Month SOFR
Forward swaps effective date	Nov. 29, 2022
Expiration Date	Sep. 29, 2023
Fair Value	$ 2,530,000	$ (1,165,000)
Interest Swap Rate at 2.58% Fixed Rate [Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 150,000,000
Forward swaps interest rate	2.58%
Floating Rate Index	One-Month SOFR
Forward swaps effective date	Dec. 23, 2022
Expiration Date	Jun. 19, 2023
Fair Value	$ 1,490,000	$ (4,535,000)

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, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate swaps-Asset	$ 4,020
Interest rate swaps-Liability		$ (5,700)

Derivative and Hedging Activities - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 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	$ 4,000,000.0
Credit risk related contingent features derivatives, net fair value of derivatives in liability position	$ 0

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps-Asset	$ 4,020
Interest rate swaps - Liability		$ (5,700)
Fair Value, Recurring [Member] \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps-Asset	$ 4,020
Interest rate swaps - Liability		$ (5,700)

Fair Value Measurements - Additional Information (Detail) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss			$ 5,540
ICE - Otay [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss	$ 5,500	$ 5,500	$ 5,500
ICE - Otay [Member] \| Cash Flow Discount Rate [Member] \| Cash Flow [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input			0.0625
ICE - Otay [Member] \| Cash Flow Discount Rate [Member] \| Cash Flow [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input			0.0900
ICE - Otay [Member] \| Measurement Input Average Price Per Square Foot of Comparable Sales [Member] \| Market Approach [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input			1.0908
ICE - Otay [Member] \| Measurement Input Average Price Per Square Foot of Comparable Sales [Member] \| Market Approach [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment, Measurement Input			1.8590

Equity Incentive Plan - Summary of Grants (Parenthetical) (Details) - Subsequent Event [Member] - shares	Jan. 03, 2024	Jan. 17, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%	50.00%
Operational \| January Three Two Thousand Twenty
Units Earned		70,436
Performance Shares \| January Three Two Thousand Twenty
Units Earned		0

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions						12 Months Ended
	May 10, 2022	Dec. 28, 2021	Aug. 11, 2021	May 20, 2021	Dec. 20, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 28, 2022
Stockholders Equity Note Disclosure [Line Items]
Common Stock, shares issued						90,814,021	90,147,868
Underwriters option to purchase additional shares			6,300,000
Initial forward price			$ 21.64
Contribution of property for common units, partial consideration	827,791			975,452
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					$ 300.0
2019 ATM Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Gross sale of common stock available for grant						$ 87.4
Two Thousand Twenty One A T M Program
Stockholders Equity Note Disclosure [Line Items]
Number of Shares Sold						0
December 2021 ATM Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Gross sale of common stock available for grant						$ 300.0
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%
Director [Member] \| Share Repurchase Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Repurchase of common stock,percentage									5.00%
Maximum [Member] \| Director [Member] \| Share Repurchase Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Repurchase of common stock,shares						0			4,538,994
Easterly Funds [Member]
Stockholders Equity Note Disclosure [Line Items]
Common Stock, shares issued						204,751	343,515	255,210
Redemption of common units to common stock (in share)						204,751	343,515	255,210
Underwritten Public Offering [Member]
Stockholders Equity Note Disclosure [Line Items]
Common Stock, shares issued		3,991,000	6,300,000			0
Proceeds from issuance initial public offering		$ 85.0

Equity - Schedule of Information with Respect to 2019 ATM Program (Parenthetical) (Detail) - Underwritten Public Offering [Member] - 2019 ATM Program [Member] $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Subsidiary Sale Of Stock [Line Items]
Number of unsettled common stock shares sold \| shares	1,950,000
Weighted average price per share \| $ / shares	$ 21.82
Net proceeds from unsettled common stock shares sold \| $	$ 42.6

Leases - Additional Information (Detail) $ in Millions	12 Months Ended
Leases - Additional Information (Detail) $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) Agreement	Sep. 25, 2020 USD ($)
Lessee Lease Description [Line Items]
Average age of property	18 years 8 months 12 days
Reimbursement from government			$ 41.7
Number of lease agreement \| Agreement		2
Operating lease liability	$ 3.5	$ 1.6
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets	Prepaid expenses and other assets
Right-of-use asset	$ 3.5	$ 1.5
CALIFORNIA \| Lease
Lessee Lease Description [Line Items]
Operating lease term of contract	7 years
Estimated lease commencement date	Oct. 26, 2022
General Services Administration - Other [Member]
Lessee Lease Description [Line Items]
Lessor, operating lease, term of contract			20 years

Leases - Summary of Maturity of Fixed Lease Payments Under Our Leases (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
Fixed lease payments, Total	$ 2,005,456
Fixed lease payments, 2023	213,102
Fixed lease payments, 2024	198,071
Fixed lease payments, 2025	187,050
Fixed lease payments, 2026	180,241
Fixed lease payments, 2027	168,724
Fixed lease payments, Thereafter	$ 1,058,268

Leases - Summary of Information about Leases for Development Properties (Detail) - Development Properties [Member]	Dec. 31, 2022 ft²
Operating Leased Assets [Line Items]
Estimated Leased Square Feet	162,000
Food And Drug Administration ("FDA") [Member] \| Atlanta [Member] \| GA [Member] \| Aberdeen [Member]
Operating Leased Assets [Line Items]
Lessor, operating lease, term of contract	20 years
Estimated Leased Square Feet	162,000

Leases - Schedule of Maturity of Fixed Lease Payments Under Our Corporate Office Leases (Detail) - Corporate Office Leases [Member] $ in Thousands	Dec. 31, 2022 USD ($)
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
2023	$ 586
2024	768
2025	793
2026	661
2027	368
Thereafter	718
Total future minimum lease payments	3,894
Imputed interest	(418)
Total	$ 3,476

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Dec. 31, 2022	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	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	$ 65,500,000	$ 14,500,000
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, 2022	Dec. 31, 2021
Wholly Owned Properties [Member]
Concentration Risk [Line Items]
Number of properties	86	89
CALIFORNIA
Concentration Risk [Line Items]
Number of properties	17	17
Rentable Square Feet [Member] \| Credit Concentration Risk [Member] \| CALIFORNIA
Concentration Risk [Line Items]
Percentage of concentrations risk	14.80%	15.50%
U.S. Government [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	96.40%	96.00%
Non Governmental Tenants [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	3.60%	4.00%

Schedule III - Real Estate and Accumulated Depreciation - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate cost	$ 2,540.3
Accumulated depreciation for tax purposes	$ 383.6