0000950170-23-016718 | 10-Q | XBRL Viewer | Easterly Government Properties INC

2018 Term Loan Facility [Member]

Mortgage note obligation

$ 16,744,000

$ 1,300,000

2018 Term Loan Facility [Member] | Interest Rate Swaps [Member]

^[1]

$ 150,000,000

Number of forward interest rate swaps | Swap

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]

2016 Term Loan Facility [Member] | Interest Rate Swaps [Member]

$ 100,000,000

Number of forward interest rate swaps | Swap

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]

Amount available under revolving credit facility

$ 400,400,000

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]

Amount available under revolving credit facility

$ 50,000,000.0

Senior Unsecured Notes | 2018 Term Loan Facility [Member]

Senior Unsecured Notes | Revolving Credit Facility [Member]

200,000,000.0

Senior Unsecured Credit Facility | 2016 Term Loan Facility [Member]

450,000,000.0

Mortgage Notes Payable [Member]

100,000,000.0

Mortgage Notes Payable [Member] | CBP Savannah [Member]

223,854,000

$ 10,182,000

Mortgage Notes Payable [Member] | ICE Charleston [Member]

4.12%

$ 13,086,000

Mortgage Notes Payable [Member] | USFS II Albuquerque [Member]

3.93%

$ 12,992,000

Mortgage Notes Payable [Member] | VA Loma Linda [Member]

3.92%

$ 127,500,000

Mortgage Notes Payable [Member] | VA Golden [Member]

3.78%

$ 8,594,000

Mortgage Notes Payable [Member] | USCIS - Kansas City [Member]

5.03%

$ 51,500,000

2.05%

SOFR [Member]

Fixed lease payments, Total

Loan, interest rate

4.80%

[1]	Our 2018 term loan facility has undrawn capacity up to $50.0 million of which is available during a delayed draw period.

Related Parties - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Asset management income	$ 517	$ 248
JV [Member]
Related Party Transaction [Line Items]
Asset management income	$ 500	$ 200

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 25, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	DEA
Entity Registrant Name	EASTERLY GOVERNMENT PROPERTIES, INC.
Entity Central Index Key	0001622194
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36834
Entity Tax Identification Number	47-2047728
Entity Address, Address Line One	2001 K Street NW
Entity Address, Address Line Two	Suite 775 North
Entity Address, City or Town	D.C.
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	20006
City Area Code	202
Local Phone Number	595-9500
Entity Common Stock, Shares Outstanding		93,389,906
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	MD
Document Quarterly Report	true
Document Transition Report	false

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Rental income	$ 68,148	$ 70,439
Asset management income	517	248
Total revenues	71,220	72,302
Expenses
Property operating	17,888	15,458
Real estate taxes	7,468	7,826
Depreciation and amortization	23,081	24,159
Acquisition costs	461	362
Corporate general and administrative	7,295	5,983
Total expenses	56,193	53,788
Other income (expense)
Income from unconsolidated real estate venture	1,402	631
Interest expense, net	(12,015)	(10,882)
Net income	4,414	8,263
Non-controlling interest in Operating Partnership	(523)	(922)
Net income available to Easterly Government Properties, Inc.	$ 3,891	$ 7,341
Net income available to Easterly Government Properties, Inc. per share:
Basic	$ 0.04	$ 0.08
Diluted	$ 0.04	$ 0.08
Weighted-average common shares outstanding
Basic	91,099,357	90,150,518
Diluted	91,329,140	90,571,571
Dividends declared per common share	$ 0.265	$ 0.265
Tenant Reimbursements [Member]
Revenues
Total revenues	$ 2,075	$ 1,144
Other Income [Member]
Revenues
Total revenues	$ 480	$ 471

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Mortgage note obligation	$ 16,744	$ 1,300

Equity Incentive Plan - Summary of Significant Assumptions Used to Value the Total Shareholder (Details) - Long Term Incentive Plan	3 Months Ended
	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	29.00%
Dividend yield	5.60%
Risk-free interest rate	4.20%
Expected life	3 years

Leases - Summary of Maturity of Fixed Lease Payments Under Company's Leases (Detail)
$ in Thousands

Mar. 31, 2023

USD ($)

Leases [Abstract]

$ 1,965,728

Fixed lease payments, 2023

159,517

^[1]

Fixed lease payments, 2024

200,215

Fixed lease payments, 2025

189,222

Fixed lease payments, 2026

182,419

Fixed lease payments, 2027

170,914

Fixed lease payments, Thereafter

$ 1,063,441

[1]	Represents the nine months ending December 31, 2023.

Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Summary of Changes In Stockholders' Equity

The following table summarizes the changes in our stockholders’ equity for the three months ended March 31, 2023 and 2022 (amounts in thousands, except share amounts):


	Shares		Common Stock Par Value		Additional Paid-in Capital			Retained Earnings		Cumulative Dividends			Accumulated Other Comprehensive Income (Loss)			Non- controlling Interest in Operating Partnership			Total Equity
Three months ended March 31, 2023
Balance at December 31, 2022		90,814,021	$	908	$	1,622,913		$	93,497	$	(475,983	)	$	3,546		$	166,101		$	1,410,982
Stock based compensation		—		—		145			—		—			—			1,523			1,668
Dividends and distributions paid ($0.265 per share)		—		—		—			—		(24,068	)		—			(3,395	)		(27,463	)
Grant of unvested restricted stock		6,686		—		—			—		—			—			—			—
Redemption of common units for shares of common stock		10,199		—		140			—		—			—			(140	)		—
Issuance of common stock, net		2,559,000		26		52,206			—		—			—			—			52,232
Contribution of property for common units		—		—		—			—		—			—			219			219
Unrealized loss on interest rate swaps, net		—		—		—			—		—			(1,773	)		(240	)		(2,013	)
Net income		—		—		—			3,891		—			—			523			4,414
Allocation of non-controlling interest in Operating Partnership		—		—		(2,937	)		—		—			—			2,937			—
Balance at March 31, 2023		93,389,906	$	934	$	1,672,467		$	97,388	$	(500,051	)	$	1,773		$	167,528		$	1,440,039
Three months ended March 31, 2022
Balance at December 31, 2021		90,147,868	$	901	$	1,604,712		$	62,023	$	(379,895	)	$	(5,072	)	$	158,912		$	1,441,581
Stock based compensation		—		—		183			—		—			—			1,446			1,629
Dividends and distributions paid ($0.265 per share)		—		—		—			—		(23,893	)		—			(3,141	)		(27,034	)
Grant of unvested restricted stock		7,353		—		—			—		—			—			—			—
Redemption of common units for shares of common stock		189,751		2		2,698			—		—			—			(2,700	)		—
Issuance of common stock, net		434,925		5		9,394			—		—			—			—			9,399
Unrealized gain on interest rate swaps, net		—		—		—			—		—			4,900			607			5,507
Net income		—		—		—			7,341		—			—			922			8,263
Allocation of non-controlling interest in Operating Partnership		—		—		(2,189	)		—		—			—			2,189			—
Balance at March 31, 2022		90,779,897	$	908	$	1,614,798		$	69,364	$	(403,788	)	$	(172	)	$	158,235		$	1,439,345

Summary of Dividends Declared

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


Quarter	Declaration Date	Record Date	Payment Date	Dividend (1)
Q1 2023	April 26, 2023	May 11, 2023	May 23, 2023	$	0.265

(1)

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. 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. 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.

Schedule of Information with Respect to ATM Program

The following table sets forth certain information with respect to issuances under the 2019 ATM Program during the three months ended March 31, 2023 (amounts in thousands except share amounts):


	2019 ATM Program
For the three months ended	Number of Shares Issued(1)		Net Proceeds(1)
March 31, 2023		250,000	$	5,562
Total		250,000	$	5,562

(1)

Shares were all issued in settlement of forward sales transactions. Additionally, as of March 31, 2023, we had entered into forward sales transactions under the 2019 ATM Program for the sale of an additional 1,700,000 shares of our common stock that have not yet been settled. Subject to our right to elect net share settlement, we expect to physically settle the forward sales transactions by the maturity dates set forth in each applicable forward sale transaction placement notice, which dates range from June 2023 to December 2023. Assuming the forward sales transactions are physically settled in full utilizing a net weighted average initial forward sales price of $21.61 per share, we expect to receive net proceeds of approximately $36.7 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.

Equity Incentive Plan - Summary of Restricted Shares (Details)

3 Months Ended

Mar. 31, 2023

$ / shares

Restricted Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares/Units, Outstanding beginning balance | shares

41,315

Shares/Units, Vested | shares

(2,622)

Shares/Units, Granted | shares

6,686

Shares/Units, Outstanding ending balance | shares

45,379

Weighted average grant date fair value, Outstanding beginning balance | $ / shares

$ 19.94

Weighted average grant date fair value, Vested | $ / shares

21.76

Weighted average grant date fair value, Granted | $ / shares

13.54

Weighted average grant date fair value, Outstanding ending balance | $ / shares

$ 18.89

Long Term Incentive Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares/Units, Outstanding beginning balance | shares

896,665

^[1]

Shares/Units, Vested | shares

(193,332)

Shares/Units, Granted | shares

499,221

Shares/Units, Forfeited | shares

(85,352)

Shares/Units, Outstanding ending balance | shares

1,117,202

Weighted average grant date fair value, Outstanding beginning balance | $ / shares

$ 19.90

Weighted average grant date fair value, Vested | $ / shares

21.82

Weighted average grant date fair value, Granted | $ / shares

12.23

Weighted average grant date fair value, Forfeited | $ / shares

18.30

Weighted average grant date fair value, Outstanding ending balance | $ / shares

$ 16.26

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

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

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2022

Balance sheet information:

Total assets

$ 2,819,286

$ 2,829,385

Total liabilities (2)

1,379,247

1,418,403

Total equity

1,272,511

1,244,881

Total liabilities and equity

2,819,286

2,829,385

Investment in unconsolidated real estate venture

270,889

$ 271,644

Income statement information:

Revenues

71,220

$ 72,302

Net income available to Easterly Government Properties, Inc.

3,891

7,341

JV [Member]

Balance sheet information:

Real estate, net

428,254

Other assets, net

^[1]

90,287

Total assets

518,541

Total liabilities (2)

^[2]

8,069

Total equity

510,472

Total liabilities and equity

518,541

Investment in unconsolidated real estate venture

270,514

Basis differential (3)

^[3]

375

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

270,889

Income statement information:

Revenues

9,780

4,698

Operating income

2,687

1,231

Net income available to Easterly Government Properties, Inc.

2,646

1,190

Company’s share of net income

$ 1,402

$ 631

[1]	At March 31, 2023, this amount included right-of-use assets - finance leases totaling approximately $4.9 million representing a ground lease at VA – Lubbock.
[2]	At March 31, 2023, this amount included lease liabilities - finance leases totaling approximately $5.0 million representing a ground lease at VA – Lubbock.
[3]	This amount represents the aggregate difference between our historical cost basis and the basis reflected at the joint venture level.

Earnings Per Share - Summary of Basic and Diluted Earnings Per Common Share (Parenthetical) (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Unvested Performance-Based Long Term Incentive Plan [Member]
Earnings Per Share Basic And Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	347,419	355,290
Underlying Unsettled Forward Sales Transactions [Member]
Earnings Per Share Basic And Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	1,700,000	500,000

Equity Incentive Pan

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Equity Incentive Plan

8. 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, as amended (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. Compensation expense related to restricted common stock awards was $0.1 million and $0.2 million for the three months ended March 31, 2023 and 2022, respectively.

The fair value of restricted stock that vested was less than $0.1 million and $1.1 million during the three months ended March 31, 2023 and 2022, respectively, based on the market price at the vesting date. The balance of unamortized restricted stock expense as of March 31, 2023 was $0.3 million, which is expected to be recognized over a weighted‑average period of 1.4 years.

A summary of the status of our restricted shares as of March 31, 2023 and changes during the three months ended March 31, 2023 is presented below:


	Restricted Shares			Restricted Shares Weighted Average Grant Date Fair Value Per Share
Outstanding, December 31, 2022		41,315		$	19.94
Vested		(2,622	)		21.76
Granted		6,686			13.54
Forfeited		—			—
Outstanding, March 31, 2023		45,379		$	18.89

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 vest over time, subject to continued employment and other terms of the awards.

The following is a summary of our granted LTIP unit awards during the three months ended March 31, 2023:

Award
 Type

Grant
 Date

Performance Period
End Date

Vest Date

Units Granted

Service

January 3, 2023

—

December 31, 2025

219,859

Operational

January 3, 2023

December 31, 2025

1

127,291

Performance

January 3, 2023

December 31, 2025

1

148,633

Service

March 2, 2023

—

March 2, 2026

3,438

2023 LTIP Grant

499,221

(1)

Earned units will vest on the date of compensation committee determination of performance.

We value our operational LTIP unit awards that are subject to us achieving certain 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 performance LTIP unit awards granted that are subject to us achieving certain total shareholder return thresholds, we used a Monte Carlo Simulation (risk-neutral approach) to determine the grant date fair value.

The following is a summary of the significant assumptions used to value the total shareholder return for performance-based LTIP units during the three months ended March 31, 2023:


Expected volatility		29.0	%
Dividend yield		5.6	%
Risk-free interest rate		4.2	%
Expected life	3 years

The fair value of LTIP units that vested were $3.8 million and $5.3 million during the three months ended March 31, 2023 and 2022, respectively, based on the market price at the vesting date. Compensation expense related to LTIP unit awards was $1.5 million and $1.4 million for the three months ended March 31, 2023 and 2022, respectively. The balance of unamortized LTIP expense as of March 31, 2023 was $10.8 million, which is expected to be recognized over a weighted‑average period of 2.1 years. As of March 31, 2023, management considers it probable that the operational performance conditions on our unvested grants will be achieved.

A summary of the status of our LTIP units as of March 31, 2023 and changes during the three months ended March 31, 2023 are presented below:


	LTIP Units (1)			LTIP Units Weighted Average Grant Date Fair Value Per Share
Outstanding, December 31, 2022		896,665		$	19.90
Vested		(193,332	)		21.82
Granted		499,221			12.23
Forfeited		(85,352	)		18.30
Outstanding, March 31, 2023		1,117,202		$	16.26

(1)

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

Equity - Additional Information (Detail) - USD ($) $ in Millions	Jan. 25, 2023	Dec. 28, 2021	Aug. 11, 2021	Jun. 22, 2021	Dec. 20, 2019	Mar. 31, 2023	Dec. 31, 2022	Apr. 28, 2022
Stockholders Equity Note Disclosure [Line Items]
Common Stock, shares issued						93,389,906	90,814,021
Underwriters option to purchase additional shares			6,300,000
Contribution of property for common units, shares issued	12,391
Board of Directors [Member] \| Share Repurchase Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Repurchase of common stock,percentage								5.00%
Board of Directors [Member] \| Share Repurchase Program [Member] \| Maximum [Member]
Stockholders Equity Note Disclosure [Line Items]
Repurchase of common stock,shares						0		4,538,994
2019 ATM Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Aggregate offering price of shares of common stock that the Company may issue and sell					$ 300.0
Gross sale of common stock available for grant						$ 87.4
2021 ATM Programs [Member]
Stockholders Equity Note Disclosure [Line Items]
Aggregate offering price of shares of common stock that the Company may issue and sell				$ 300.0
Number of Shares Sold						0
Gross sale of common stock available for grant						$ 300.0
Underwritten Public Offering [Member]
Stockholders Equity Note Disclosure [Line Items]
Common Stock, shares issued		3,991,000	6,300,000			2,309,000
Cash
Proceeds from issuance initial public offering		$ 85.0

Leases - Additional Information (Detail) $ in Millions	3 Months Ended
Leases - Additional Information (Detail) $ in Millions	Mar. 31, 2023 USD ($)
Lessee Lease Description [Line Items]
Average age of property	18 years 10 months 24 days
Right-of-use asset	$ 3.4
Operating lease liability	$ 3.4

Investments in Unconsolidated Real Estate Venture (Tables)

3 Months Ended

Mar. 31, 2023

Unconsolidated Real Estate Venture [Abstract]

Summary of Investments in JV

The following is a summary of our investment in the JV (dollars in thousands):

Summary of Financial Information for JV

The following is a summary of financial information for the JV (amounts in thousands):


	As of March 31,
Balance sheet information:	2023
Real estate, net	$	428,254
Other assets, net (1)		90,287
Total assets	$	518,541

Total liabilities (2)	$	8,069
Total equity		510,472
Total liabilities and equity	$	518,541

Company’s share of equity	$	270,514
Basis differential (3)		375
Carrying value of the Company’s investment in the unconsolidated venture	$	270,889

(1)

At March 31, 2023, this amount included right-of-use assets - finance leases totaling approximately $4.9 million representing a ground lease at VA – Lubbock.

(2)

At March 31, 2023, this amount included lease liabilities - finance leases totaling approximately $5.0 million representing a ground lease at VA – Lubbock.

(3)

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


	For the three months ended March 31,
Income statement information:	2023		2022
Total revenue	$	9,780	$	4,698
Operating income		2,687		1,231
Net income		2,646		1,190

Company’s share of net income	$	1,402	$	631

Real Estate and Intangibles (Tables)

3 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

Schedule of Real Estate and Intangibles

Real estate and intangibles consisted of the following as of March 31, 2023 (amounts in thousands):


	Total
Real estate properties, net
Land	$	213,592
Building and improvements		2,285,139
Acquired tenant improvements		81,666
Construction in progress		35,211
Accumulated depreciation		(338,301	)
Total Real estate properties, net		2,277,307
Intangible assets, net
In-place leases		271,066
Acquired leasing commissions		68,642
Above market leases		14,620
Payment in lieu of taxes		6,394
Accumulated amortization		(209,387	)
Total Intangible assets, net		151,335
Intangible liabilities, net
Below market leases		(72,037	)
Accumulated amortization		56,645
Total Intangible liabilities, net		(15,392	)

Summary of Scheduled Amortization Market Lease Intangibles

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 March 31, 2023 (amounts in thousands):


	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2023 (1)	$	882	$	(2,912	)
2024		1,129		(2,938	)
2025		1,097		(2,246	)
2026		1,096		(2,008	)
2027		1,096		(1,783	)

(1)

Represents the nine months ended December 31, 2023.

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

3 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Total revolving credit facility, Principal Outstanding

$ 49,500

$ 65,500

Total term loan facilities, net, Principal Outstanding

249,079

248,972

Total notes payable, net, Principal Outstanding

696,171

696,052

Total mortgage notes payable, net, Principal Outstanding

223,942

$ 240,847

Total debt, Principal Outstanding

1,218,692

Notes Payable [Member]

Less: Total unamortized deferred financing fees

700,000

(921)

Mortgage Notes Payable [Member]

Less: Total unamortized deferred financing fees

223,854

(1,282)

Less: Total unamortized premium/discount

1,370

Mortgage Notes Payable [Member] | VA Golden [Member]

$ 8,594

^[1],[2]

5.00%

Mortgage Notes Payable [Member] | USFS II Albuquerque [Member]

2024-04

$ 12,992

^[1],[2]

4.46%

Mortgage Notes Payable [Member] | ICE Charleston [Member]

2026-07

$ 13,086

^[1],[2]

4.21%

Mortgage Notes Payable [Member] | VA Loma Linda [Member]

2027-01

$ 127,500

^[1],[2]

3.59%

Mortgage Notes Payable [Member] | CBP Savannah [Member]

2027-07

$ 10,182

^[1],[2]

3.40%

Mortgage Notes Payable [Member] | USCIS - Kansas City [Member]

2033-07

$ 51,500

^[1],[2]

3.68%

2016 Term Loan Facility [Member]

2024-08

$ 100,000

^[1],[3]

2.82%

2018 Term Loan Facility [Member]

2024-03

^[4]

$ 150,000

^[1],[4],[5]

3.98%

Term Loan Facility [Member]

^[4]

2026-07

Less: Total unamortized deferred financing fees

$ 250,000

(3,829)

Total term loan facilities, net, Principal Outstanding

$ 249,079

2017 series A senior notes [Member]

^[1]

4.05%

2017 series A senior notes [Member] | Senior Unsecured Notes Payable

2027-05

2017 series B senior notes [Member]

$ 95,000

^[1]

4.15%

2017 series B senior notes [Member] | Senior Unsecured Notes Payable

2029-05

2017 series C senior notes [Member]

$ 50,000

^[1]

4.30%

2017 series C senior notes [Member] | Senior Unsecured Notes Payable

2032-05

2019 series A senior notes [Member]

$ 30,000

^[1]

3.73%

2019 series A senior notes [Member] | Senior Unsecured Notes Payable

2029-09

2019 series B senior notes [Member]

$ 85,000

^[1]

3.83%

2019 series B senior notes [Member] | Senior Unsecured Notes Payable

2031-09

2019 series C senior notes [Member]

$ 100,000

^[1]

3.98%

2019 series C senior notes [Member] | Senior Unsecured Notes Payable

2034-09

2021 Series A Senior Notes [Member]

$ 90,000

^[1]

2.62%

2021 Series A Senior Notes [Member] | Senior Unsecured Notes Payable

2028-10

2021 Series B Senior Notes [Member]

$ 50,000

^[1]

2.89%

2021 Series B Senior Notes [Member] | Senior Unsecured Notes Payable

2030-10

Revolving Credit Facility [Member]

$ 200,000

Total revolving credit facility, Principal Outstanding

^[6]

$ 49,500

^[1],[6]

S + 145 bps

^[6],[7]

2025-07

[1]	At March 31, 2023, the one-month SOFR (“S”) was 4.80%. 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 $450.0 million senior unsecured revolving credit facility (our “revolving credit facility”), our $200.0 million senior unsecured term loan facility (as amended, our “2018 term loan facility”) and our $100.0 million senior unsecured term loan facility (our “2016 term loan facility”) is based on our consolidated leverage ratio, as set forth in the respective loan agreements.
[2]	Effective interest rates are as follows: VA – Golden 5.03%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%, USCIS – Kansas City 2.05%.
[3]	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.
[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 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.
[6]	Our revolving credit facility had available capacity of $400.4 million at March 31, 2023 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.
[7]	Our revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.

Equity - Summary of Changes In Stockholders' Equity (Parenthetical) (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Dividends and distributions paid, per share	$ 0.265	$ 0.265

Earnings Per Share

9 Months Ended

Sep. 30, 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 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 three months ended March 31, 2023 and 2022 (amounts in thousands, except per share amounts):


	For the three months ended March 31,
	2023			2022
Numerator
Net income	$	4,414		$	8,263
Less: Non-controlling interest in Operating Partnership		(523	)		(922	)
Net income available to Easterly Government Properties, Inc.		3,891			7,341
Less: Dividends on participating securities		(148	)		(135	)
Net income available to common stockholders	$	3,743		$	7,206
Denominator for basic EPS		91,099,357			90,150,518
Dilutive effect of share-based compensation awards		23,556			36,929
Dilutive effect of LTIP units (1)		206,227			304,861
Dilutive effect of shares issuable under forward sale agreements (2)		—			79,263
Denominator for diluted EPS		91,329,140			90,571,571
Basic EPS	$	0.04		$	0.08
Diluted EPS	$	0.04		$	0.08

(1)

During the three months ended March 31, 2023 and 2022, there were 347,419 and 355,290 unvested performance-based LTIP units, respectively, that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period.

(2)

During the three months ended March 31, 2023 and 2022, there were 1,700,000 and 500,000 shares, respectively, of underlying unsettled forward sales transactions that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period.

Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Equity

9. Equity

The following table summarizes the changes in our stockholders’ equity for the three months ended March 31, 2023 and 2022 (amounts in thousands, except share amounts):


	Shares		Common Stock Par Value		Additional Paid-in Capital			Retained Earnings		Cumulative Dividends			Accumulated Other Comprehensive Income (Loss)			Non- controlling Interest in Operating Partnership			Total Equity
Three months ended March 31, 2023
Balance at December 31, 2022		90,814,021	$	908	$	1,622,913		$	93,497	$	(475,983	)	$	3,546		$	166,101		$	1,410,982
Stock based compensation		—		—		145			—		—			—			1,523			1,668
Dividends and distributions paid ($0.265 per share)		—		—		—			—		(24,068	)		—			(3,395	)		(27,463	)
Grant of unvested restricted stock		6,686		—		—			—		—			—			—			—
Redemption of common units for shares of common stock		10,199		—		140			—		—			—			(140	)		—
Issuance of common stock, net		2,559,000		26		52,206			—		—			—			—			52,232
Contribution of property for common units		—		—		—			—		—			—			219			219
Unrealized loss on interest rate swaps, net		—		—		—			—		—			(1,773	)		(240	)		(2,013	)
Net income		—		—		—			3,891		—			—			523			4,414
Allocation of non-controlling interest in Operating Partnership		—		—		(2,937	)		—		—			—			2,937			—
Balance at March 31, 2023		93,389,906	$	934	$	1,672,467		$	97,388	$	(500,051	)	$	1,773		$	167,528		$	1,440,039
Three months ended March 31, 2022
Balance at December 31, 2021		90,147,868	$	901	$	1,604,712		$	62,023	$	(379,895	)	$	(5,072	)	$	158,912		$	1,441,581
Stock based compensation		—		—		183			—		—			—			1,446			1,629
Dividends and distributions paid ($0.265 per share)		—		—		—			—		(23,893	)		—			(3,141	)		(27,034	)
Grant of unvested restricted stock		7,353		—		—			—		—			—			—			—
Redemption of common units for shares of common stock		189,751		2		2,698			—		—			—			(2,700	)		—
Issuance of common stock, net		434,925		5		9,394			—		—			—			—			9,399
Unrealized gain on interest rate swaps, net		—		—		—			—		—			4,900			607			5,507
Net income		—		—		—			7,341		—			—			922			8,263
Allocation of non-controlling interest in Operating Partnership		—		—		(2,189	)		—		—			—			2,189			—
Balance at March 31, 2022		90,779,897	$	908	$	1,614,798		$	69,364	$	(403,788	)	$	(172	)	$	158,235		$	1,439,345

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


Quarter	Declaration Date	Record Date	Payment Date	Dividend (1)
Q1 2023	April 26, 2023	May 11, 2023	May 23, 2023	$	0.265

(1)

Offering of Common Stock on a Forward Basis

On August 11, 2021, we 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 our 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. During the three months ended March 31, 2023, we issued 2,309,000 shares of common stock under the Forward Sale Agreements and received net cash proceeds of approximately $46.8 million. As of March 31, 2023, all shares of common stock under the Forward Sales Agreements had been issued and settled.

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 we may issue and sell shares of our 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 our common stock on a forward basis.

The following table sets forth certain information with respect to issuances under the 2019 ATM Program during the three months ended March 31, 2023 (amounts in thousands except share amounts):


	2019 ATM Program
For the three months ended	Number of Shares Issued(1)		Net Proceeds(1)
March 31, 2023		250,000	$	5,562
Total		250,000	$	5,562

(1)

No sales of shares of our common stock were made under the 2021 ATM Program during the three months ended March 31, 2023.

We used the net proceeds received from such sales for general corporate purposes. As of March 31, 2023, we had approximately $300.0 million of gross sales of our common stock available under the 2021 ATM Program and $87.4 million of gross sales of 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 our common stock, or approximately 5% of our 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 our evaluation of market conditions and other factors.

No repurchases of shares of our common stock were made under the share repurchase program during the three months ended March 31, 2023.

Contribution of Property for Common Units

On January 25, 2023, the Operating Partnership issued 12,391 common units and fully settled a contingent earn-out liability in connection with our acquisition of FBI / DEA - El Paso on May 26, 2020. 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.

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.

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Summary of Basic and Diluted Earnings Per Common Share

Consolidated Statements of Cash Flows (Parenthetical) (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement Of Cash Flows [Abstract]
Capitalized interest	$ 339	$ 257

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]


	For the three months ended March 31,
	2023			2022
Numerator
Net income	$	4,414		$	8,263
Less: Non-controlling interest in Operating Partnership		(523	)		(922	)
Net income available to Easterly Government Properties, Inc.		3,891			7,341
Less: Dividends on participating securities		(148	)		(135	)
Net income available to common stockholders	$	3,743		$	7,206
Denominator for basic EPS		91,099,357			90,150,518
Dilutive effect of share-based compensation awards		23,556			36,929
Dilutive effect of LTIP units (1)		206,227			304,861
Dilutive effect of shares issuable under forward sale agreements (2)		—			79,263
Denominator for diluted EPS		91,329,140			90,571,571
Basic EPS	$	0.04		$	0.08
Diluted EPS	$	0.04		$	0.08

(1)

(2)

Equity - Schedule of Information with Respect to ATM Program (Detail) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Subsidiary Sale Of Stock [Line Items]

Net Proceeds

$ 52,414

$ 9,504

2019 ATM Program [Member]

Subsidiary Sale Of Stock [Line Items]

Number of Shares Issued

^[1]

250,000

Net Proceeds

^[1]

$ 5,562

[1]

Organization and Basis of Presentation - Additional Information (Detail) ft² in Millions	3 Months Ended
	Mar. 31, 2023 ft² Property
Easterly Government Properties LP [Member]
Organization And Significant Accounting Policies [Line Items]
Outstanding common units of aggregate limited partnership interest owned percentage	88.40%
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	98.00%
Aggregate area of land \| ft²	8.6
Wholly Owned Operating Properties [Member] \| Government [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	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

Leases - Summary of Composition of Lease Revenue Recognized Between Fixed and Variable Components (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Leased Assets [Line Items]
Rental income	$ 68,148	$ 70,439
Fixed
Operating Leased Assets [Line Items]
Rental income	62,924	65,447
Variable
Operating Leased Assets [Line Items]
Rental income	$ 5,224	$ 4,992

Leases - Schedule of Quantitative Information for Company's Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Cash flows from operating lease costs	$ 131	$ 101

Real Estate and Intangibles - Schedule of Real Estate and Intangibles (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real estate properties, net
Land	$ 213,592
Building and improvements	2,285,139
Acquired tenant improvements	81,666
Construction in progress	35,211
Accumulated depreciation	(338,301)
Total Real estate properties, net	2,277,307	$ 2,285,308
Intangible assets, net
Accumulated amortization	(209,387)
Total Intangible assets, net	151,335
Intangible liabilities, net
Intangible Liabilities, Below market leases	(72,037)
Intangible Liabilities, Accumulated amortization	56,645
Total Intangible liabilities, net	(15,392)
Leases, Acquired-in-Place
Intangible assets, net
Above market leases	271,066
Acquired Leasing Commissions
Intangible assets, net
Above market leases	68,642
Above Market Leases [Member]
Intangible assets, net
Above market leases	14,620
Payment in Lieu of Taxes [Member]
Intangible assets, net
Above market leases	$ 6,394

Real Estate and Intangibles

3 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

Real Estate and Intangibles

3. Real Estate and Intangibles

Consolidated Real Estate and Intangibles

Real estate and intangibles consisted of the following as of March 31, 2023 (amounts in thousands):


	Total
Real estate properties, net
Land	$	213,592
Building and improvements		2,285,139
Acquired tenant improvements		81,666
Construction in progress		35,211
Accumulated depreciation		(338,301	)
Total Real estate properties, net		2,277,307
Intangible assets, net
In-place leases		271,066
Acquired leasing commissions		68,642
Above market leases		14,620
Payment in lieu of taxes		6,394
Accumulated amortization		(209,387	)
Total Intangible assets, net		151,335
Intangible liabilities, net
Below market leases		(72,037	)
Accumulated amortization		56,645
Total Intangible liabilities, net		(15,392	)

No operating properties were acquired or disposed of during the three months ended March 31, 2023.

During the three months ended March 31, 2023, we incurred $0.5 million of acquisition-related expenses mainly consisting of internal costs associated with future property acquisitions.

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 March 31, 2023 (amounts in thousands):


	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2023 (1)	$	882	$	(2,912	)
2024		1,129		(2,938	)
2025		1,097		(2,246	)
2026		1,096		(2,008	)
2027		1,096		(1,783	)

(1)

Represents the nine months ended December 31, 2023.

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.

Fair Value Measurements - Schedule of Fair Value Financial Assets And Liabilities Not measured At Fair Value (Detail)
$ in Thousands

Mar. 31, 2023

USD ($)

Revolving Credit Facility [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

$ 49,500

^[1]

2016 Term Loan Facility [Member]

49,500

^[2]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

100,000

^[1]

2018 Term Loan Facility [Member]

100,000

^[2]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

150,000

^[1]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

150,000

^[2]

Notes Payable [Member]

700,000

^[1]

Mortgages Payable [Member]

598,124

^[2]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

223,854

^[1]

$ 211,459

^[2]

[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 - Summary of Changes In Stockholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Shareholders Equity [Line Items]
Balance	$ 1,410,982	$ 1,441,581
Stock based compensation	1,668	1,629
Dividends and distributions paid	(27,463)	(27,034)
Issuance of common stock, net	52,232	9,399
Contribution of property for common units	219
Unrealized gain (loss) on interest rate swaps, net	(2,013)	5,507
Net income	4,414	8,263
Balance	$ 1,440,039	1,439,345
Balance (in shares)	93,389,906
Common Stock Par Value [Member]
Shareholders Equity [Line Items]
Balance	$ 908	$ 901
Balance (in shares)	90,814,021	90,147,868
Grant of unvested restricted stock, net (in shares)	6,686	7,353
Redemption of common units for shares of common stock		$ 2
Redemption of common units for shares of common stock (in shares)	10,199	189,751
Issuance of common stock, net	$ 26	$ 5
Issuance of common stock (in share)	2,559,000	434,925
Balance	$ 934	$ 908
Balance (in shares)	93,389,906	90,779,897
Additional Paid-in Capital [Member]
Shareholders Equity [Line Items]
Balance	$ 1,622,913	$ 1,604,712
Stock based compensation	145	183
Redemption of common units for shares of common stock	140	2,698
Issuance of common stock, net	52,206	9,394
Allocation of non-controlling interest in Operating Partnership	(2,937)	(2,189)
Balance	1,672,467	1,614,798
Retained Earnings [Member]
Shareholders Equity [Line Items]
Balance	93,497	62,023
Net income	3,891	7,341
Balance	97,388	69,364
Cumulative Dividends [Member]
Shareholders Equity [Line Items]
Balance	(475,983)	(379,895)
Dividends and distributions paid	(24,068)	(23,893)
Balance	(500,051)	(403,788)
Accumulated Other Comprehensive Income (Loss) [Member]
Shareholders Equity [Line Items]
Balance	3,546	(5,072)
Unrealized gain (loss) on interest rate swaps, net	(1,773)	4,900
Balance	1,773	(172)
Non-controlling Interest in Operating Partnership [Member]
Shareholders Equity [Line Items]
Balance	166,101	158,912
Stock based compensation	1,523	1,446
Dividends and distributions paid	(3,395)	(3,141)
Redemption of common units for shares of common stock	(140)	(2,700)
Contribution of property for common units	219
Unrealized gain (loss) on interest rate swaps, net	(240)	607
Net income	523	922
Allocation of non-controlling interest in Operating Partnership	2,937	2,189
Balance	$ 167,528	$ 158,235

Derivative and Hedging Activities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Estimates reclassified from accumulated other comprehensive income (loss) decrease to interest expense over the next 12 months	$ 3,500,000
Credit risk related contingent features derivatives, net fair value of derivatives in liability position	$ 0

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 4,414	$ 8,263
Other comprehensive income:
Unrealized gain (loss) on interest rate swaps, net	(2,013)	5,507
Other comprehensive income (loss)	(2,013)	5,507
Comprehensive income	2,401	13,770
Non-controlling interest in Operating Partnership	(523)	(922)
Other comprehensive (income) loss attributable to non-controlling interest	240	(607)
Comprehensive income attributable to Easterly Government Properties, Inc.	$ 2,118	$ 12,241

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.

+ References + Details

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

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Derivative Instruments And Hedging Activities Disclosure [Abstract]

Related Parties

3 Months Ended

Mar. 31, 2023

Related Parties

14. Related Parties

We provide asset management services to properties owned by the JV. For the three months ended March 31, 2023 and 2022, we recognized Asset management income of $0.5 million and $0.2 million, respectively.

Derivatives and Hedging Activities

3 Months Ended

Mar. 31, 2023

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 as of March 31, 2023 (amounts in thousands):


Notional Amount		Fixed Rate			Floating Rate Index	Effective Date	Expiration Date	Fair Value
$	100,000		1.37	%	One-Month SOFR CME Term	November 29, 2022	September 29, 2023	$	1,712
$	150,000		2.58	%	One-Month SOFR CME Term	December 23, 2022	June 19, 2023	$	748
$	100,000		4.01	%	USD-SOFR with -5 Day Lookback	June 23, 2023	March 23, 2025	$	(153	)
$	100,000		3.70	%	USD-SOFR with -5 Day Lookback	September 29, 2023	June 29, 2025	$	(116	)
$	100,000		4.18	%	USD-SOFR with -5 Day Lookback	June 23, 2023	December 23, 2024	$	(185	)

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


Balance Sheet Line Item	As of March 31, 2023
Interest rate swaps - Asset	$	2,460
Interest rate swaps - Liability		(454	)

Cash Flow Hedges of Interest Rate Risk

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

We estimate that $3.5 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 (amounts in thousands):


	For the three months ended March 31,
	2023			2022
Unrealized gain (loss) recognized in AOCI	$	(506	)	$	4,239
Gain (loss) reclassified from AOCI into interest expense		1,507			(1,268	)

Credit-Risk-Related Contingent Features

We have agreements with each of our derivative counterparties that contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on such indebtedness. As of March 31, 2023, we were not in a net liability position with any derivative counterparty. As of March 31, 2023, we were in compliance with these agreements and had not posted any collateral related to these agreements.

Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Summary of Borrowings

At March 31, 2023, our consolidated borrowings consisted of the following (amounts in thousands):


	Principal Outstanding			Interest	Current
Loan	March 31, 2023			Rate (1)	Maturity
Revolving credit facility:
Revolving credit facility (2)	$	49,500		S + 145 bps	July 2025 (3)
Total revolving credit facility		49,500

Term loan facilities:
2016 term loan facility		100,000		2.82% (5)	March 2024
2018 term loan facility (4)		150,000		3.98% (6)	July 2026
Total term loan facilities		250,000
Less: Total unamortized deferred financing fees		(921	)
Total term loan facilities, net		249,079

Notes payable:
2017 series A senior notes		95,000		4.05%	May 2027
2017 series B senior notes		50,000		4.15%	May 2029
2017 series C senior notes		30,000		4.30%	May 2032
2019 series A senior notes		85,000		3.73%	September 2029
2019 series B senior notes		100,000		3.83%	September 2031
2019 series C senior notes		90,000		3.98%	September 2034
2021 series A senior notes		50,000		2.62%	October 2028
2021 series B senior notes		200,000		2.89%	October 2030
Total notes payable		700,000
Less: Total unamortized deferred financing fees		(3,829	)
Total notes payable, net		696,171

Mortgage notes payable:
VA – Golden		8,594		5.00% (7)	April 2024
USFS II – Albuquerque		12,992		4.46% (7)	July 2026
ICE – Charleston		13,086		4.21% (7)	January 2027
VA – Loma Linda		127,500		3.59% (7)	July 2027
CBP – Savannah		10,182		3.40% (7)	July 2033
USCIS – Kansas City		51,500		3.68% (7)	August 2024
Total mortgage notes payable		223,854
Less: Total unamortized deferred financing fees		(1,282	)
Less: Total unamortized premium/discount		1,370
Total mortgage notes payable, net		223,942

Total debt	$	1,218,692

(1)

At March 31, 2023, the one-month SOFR (“S”) was 4.80%. 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 $450.0 million senior unsecured revolving credit facility (our “revolving credit facility”), our $200.0 million senior unsecured term loan facility (as amended, our “2018 term loan facility”) and our $100.0 million senior unsecured term loan facility (our “2016 term loan facility”) is based on our consolidated leverage ratio, as set forth in the respective loan agreements.

(2)

Our revolving credit facility had available capacity of $400.4 million at March 31, 2023 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: VA – Golden 5.03%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%, USCIS – Kansas City 2.05%.

Derivative and Hedging Activities - Schedule of Effects of Our Interest Rate Derivatives on Our Consolidated Statements of Operations and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Unrealized gain (loss) recognized in AOCI	$ (506)	$ 4,239
Gain (loss) reclassified from AOCI into interest expense	$ 1,507	$ (1,268)

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 4,414	$ 8,263
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	23,081	24,159
Straight line rent	(463)	(982)
Income from unconsolidated real estate venture	(1,402)	(631)
Amortization of above- / below-market leases	(700)	(860)
Amortization of unearned revenue	(1,484)	(1,398)
Amortization of loan premium / discount	(270)	(285)
Amortization of deferred financing costs	514	509
Amortization of lease inducements	216	212
Distributions from investment in unconsolidated real estate venture	2,158	1,819
Non-cash compensation	1,668	1,629
Net change in:
Tenant accounts receivable	734	1,235
Prepaid expenses and other assets	(4,313)	(4,728)
Deferred revenue associated with operating leases	55	175
Principal payments on operating lease obligations	(127)	(95)
Accounts payable, accrued expenses and other liabilities	(2,456)	(4,910)
Net cash provided by operating activities	21,625	24,112
Cash flows from investing activities
Real estate acquisitions and deposits	124	(498)
Additions to operating properties	(7,756)	(5,275)
Additions to development properties	(2,944)	(965)
Investment in unconsolidated real estate venture		(21,723)
Net cash used in investing activities	(10,576)	(28,461)
Cash flows from financing activities
Issuance of common shares	52,414	9,504
Credit facility draws	20,750	32,000
Credit facility repayments	(36,750)	(11,500)
Repayments of mortgage notes payable	(16,744)	(1,300)
Dividends and distributions paid	(27,464)	(27,035)
Payment of offering costs	(56)	(125)
Net cash provided by (used in) financing activities	(7,850)	1,544
Net increase (decrease) in Cash and cash equivalents and Restricted cash	3,199	(2,805)
Cash and cash equivalents and Restricted cash, beginning of period	17,274	20,143
Cash and cash equivalents and Restricted cash, end of period	20,473	17,338
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Cash paid for interest (net of capitalized interest of $339 and $257 in 2023 and 2022)	11,080	9,705
Supplemental disclosure of non-cash information
Offering costs accrued, not paid	10	10
Deferred asset acquisition costs accrued, not paid	1	2
Unrealized gain (loss) on interest rate swaps, net	(2,013)	5,507
Properties acquired for Common Units	219
Recognition of operating lease right-of-use assets		101
Recognition of liabilities related to operating lease right-of-use assets		101
Exchange of Common Units for Shares of Common Stock
Non-controlling interest in Operating Partnership	(140)	(2,700)
Common stock		2
Additional paid-in capital	140	2,698
Operating Properties [Member]
Supplemental disclosure of non-cash information
Additions to properties accrued, not paid	2,255	2,360
Development Properties [Member]
Supplemental disclosure of non-cash information
Additions to properties accrued, not paid	$ 5,380	$ 3,299

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps - Asset	$ 2,460	$ 4,020
Interest rate swaps - Liability	(454)
Fair Value, Recurring \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps - Asset	2,460
Interest rate swaps - Liability	$ (454)

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Organization and Basis of Presentation

1. Organization and Basis of Presentation

The information contained in the following notes to the consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2022, and related notes thereto, included in the Annual Report on Form 10-K of Easterly Government Properties, Inc. (the “Company”) for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 28, 2023.

The Company is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2015. The operations of the Company are carried on 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 March 31, 2023, we wholly owned 78 operating properties and eight operating properties through an unconsolidated joint venture (the “JV”) in the United States, encompassing approximately 8.6 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 March 31, 2023, our operating properties were 98% 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 of our business. We are the sole general partner of the Operating Partnership. We owned approximately 88.4% of the aggregate limited partnership interests in the Operating Partnership (“common units”) at March 31, 2023. 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.

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, Easterly Government Properties TRS, LLC, Easterly Government Services, LLC, the Operating Partnership and its other subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation

The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to state fairly the consolidated financial position of the Company at March 31, 2023 and December 31, 2022, the consolidated results of operations for the three months ended March 31, 2023 and 2022, and the consolidated cash flows for the three months ended March 31, 2023 and 2022. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.

The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, including the impact of extraordinary events, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

7. 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 our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our 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 our 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 March 31, 2023 were classified as Level 2 of the fair value hierarchy.

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, other assets and accounts payable and accrued expenses are reasonable estimates of fair values because of the short maturities of these instruments. The table below presents our assets and liabilities measured at fair value on a recurring basis as of March 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall (amounts in thousands):


	As of March 31, 2023
Balance Sheet Line Item	Level 1		Level 2			Level 3
Interest rate swaps - Asset	$	—	$	2,460		$	—
Interest rate swaps - Liability	$	—	$	(454	)	$	—

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

Financial assets and liabilities not measured at fair value

As of March 31, 2023, 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:


	As of March 31, 2023
Financial liabilities	Carrying Amount (1)		Fair Value (2)

Revolving credit facility	$	49,500	$	49,500
2016 term loan facility	$	100,000	$	100,000
2018 term loan facility	$	150,000	$	150,000
Notes payable	$	700,000	$	598,124
Mortgages payable	$	223,854	$	211,459

(1)

The carrying amount consists of principal only.

(2)

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

Earnings Per Share Basic And Diluted [Line Items]

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

Revenue - Additional Information (Detail) - USD ($)	3 Months Ended
Revenue - Additional Information (Detail) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Tenant accounts receivable	$ 58,334,000		$ 58,835,000
ASU 2014-09 [Member]
Disaggregation Of Revenue [Line Items]
Accounts receivable related to tenant construction projects	6,800,000		6,800,000
Contract assets	0		0
Contract liabilities	0		0
ASU 2014-09 [Member] \| COVID-19 [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	100,000	$ 100,000
ASU 2014-09 [Member] \| COVID-19 [Member] \| Maximum [Member]
Disaggregation Of Revenue [Line Items]
Tenant accounts receivable	100,000		100,000
ASU 2014-09 [Member] \| Various GSA - Buffalo Property [Member] \| Parking Garage [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	100,000	$ 100,000
Tenant accounts receivable	$ 100,000		$ 100,000

Earnings Per Share - Summary of Basic and Diluted Earnings Per Common Share (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Net income

$ 4,414

$ 8,263

Less: Non-controlling interest in Operating Partnership

(523)

(922)

Net income available to Easterly Government Properties, Inc.

3,891

7,341

Less: Dividends on participating securities

(148)

(135)

Net income available to common stockholders

$ 3,743

$ 7,206

Denominator for basic EPS

91,099,357

90,150,518

Denominator for diluted EPS

91,329,140

90,571,571

Basic EPS

$ 0.04

$ 0.08

Diluted EPS

$ 0.04

$ 0.08

Stock Compensation Plan [Member]

Earnings Per Share Basic And Diluted [Line Items]

Dilutive effect

23,556

36,929

Long Term Incentive Plan

Earnings Per Share Basic And Diluted [Line Items]

Dilutive effect

^[1]

206,227

304,861

Forward Sale Agreements [Member]

Earnings Per Share Basic And Diluted [Line Items]

Dilutive effect

^[2]

79,263

[1]	During the three months ended March 31, 2023 and 2022, there were 347,419 and 355,290 unvested performance-based LTIP units, respectively, that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period.
[2]	During the three months ended March 31, 2023 and 2022, there were 1,700,000 and 500,000 shares, respectively, of underlying unsettled forward sales transactions that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period.

Leases

3 Months Ended

Mar. 31, 2023

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 18.9 years as of March 31, 2023), 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.

The following table summarizes the maturity of fixed lease payments under our leases as of March 31, 2023 (amounts in thousands):


	Payments due by period
	Total		2023 (1)		2024		2025		2026		2027		Thereafter
Fixed lease payments	$	1,965,728		159,517		200,215		189,222		182,419		170,914		1,063,441

(1)

Represents the nine months ending December 31, 2023.

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


	For the three months ended March 31,
	2023		2022
Fixed	$	62,924	$	65,447
Variable		5,224		4,992
Rental income		68,148		70,439

Lessee

We lease corporate office space under operating lease arrangements in Washington, D.C. and San Diego, CA. 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 our corporate office leases.

As of March 31, 2023, the unamortized balances associated with our right-of-use operating lease asset and operating lease liability were $3.4 million and $3.4 million, respectively. 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 three months ended March 31, 2023 and 2022 (amounts in thousands):


	For the three months ended March 31,
	2023		2022
Cash flows from operating lease costs	$	131	$	101

In addition, the maturity of fixed lease payments under our commenced corporate office leases as of March 31, 2023 is summarized in the table below (amounts in thousands):


Corporate office leases	Payments due by period
2023 (1)		455
2024		768
2025		793
2026		661
2027		368
Thereafter		718
Total future minimum lease payments	$	3,763
Imputed interest		(396	)
Total	$	3,367

(1)

Represents the nine months ended December 31, 2023.

Revenue - Summary of Revenue from Tenant Construction Projects Disaggregated by Tenant Agency (Detail) - ASU 2014-09 [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	$ 2,310	$ 1,272
Department of Veteran Affairs ("VA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	933	99
U.S Joint Staff Command ("JSC") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	602	292
Federal Bureau of Investigation ("FBI") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	323	226
U.S. Coast Guard ("USCG") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	147	33
Department of Transportation ("DOT") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	120
Customs and Border Protection ("CBP") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	79	120
Immigration and Customs Enforcement ("ICE") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	71
Federal Emergency Management Agency ("FEMA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	19
Food And Drug Administration ("FDA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	9	204
The Judiciary of the U.S. Government ("JUD") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	4	4
Internal Revenue Service ("IRS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	$ 3	33
U.S. Citizenship and Immigration Services ("USCIS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		110
National Park Services ("NPS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		99
Occupational Safety and Health Administration ("OSHA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		46
Patent and Trademark Office ("PTO") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		2
Health Resources and Services Administration ("HRSA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		$ 4

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	93,389,906	90,814,021
Common Stock, shares outstanding	93,389,906	90,814,021

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

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 and the associated project management income disaggregated by tenant agency for the three months ended March 31, 2023 (amounts in thousands):


	For the three months ended March 31,
Tenant	2023		2022

Department of Veteran Affairs (“VA”)	$	933	$	99
U.S. Joint Staff Command (“JSC”)		602		292
Federal Bureau of Investigation (“FBI”)		323		226
U.S. Coast Guard (“USCG”)		147		33
Department of Transportation (“DOT”)		120		—
Customs and Border Protection (“CBP”)		79		120
Immigration and Customs Enforcement (“ICE”)		71		—
Federal Emergency Management Agency (“FEMA”)		19		—
Food and Drug Administration (“FDA”)		9		204
The Judiciary of the U.S. Government (“JUD”)		4		4
Internal Revenue Service (“IRS”)		3		33
U.S. Citizenship and Immigration Services (“USCIS”)		—		110
National Park Services (“NPS”)		—		99
Occupational Safety and Health Administration (“OSHA”)		—		46
Patent and Trademark Office (“PTO”)		—		2
Health Resources and Services Administration (“HRSA”)		—		4
	$	2,310	$	1,272

Investments in Unconsolidated Real Estate Venture - Summary of Financial Information (Parenthetical) (Details) - JV [Member] $ in Millions	Mar. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets
Finance lease, right-of-use asset	$ 4.9
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable, accrued expenses and other liabilities
Finance lease, liability	$ 5.0

Derivative and Hedging Activities - Schedule of Key Terms and Fair Values of Our Interest Rate Swap Derivatives (Detail)	3 Months Ended
	Mar. 31, 2023 USD ($)
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 CME Term
Forward swaps effective date	Nov. 29, 2022
Expiration Date	Sep. 29, 2023
Fair Value	$ 1,712,000
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 CME Term
Forward swaps effective date	Dec. 23, 2022
Expiration Date	Jun. 19, 2023
Fair Value	$ 748,000
Interest Swap Rate at 4.01% Fixed Rate [Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 100,000,000
Forward swaps interest rate	4.01%
Floating Rate Index	USD-SOFR with -5 Day Lookback
Forward swaps effective date	Jun. 23, 2023
Expiration Date	Mar. 23, 2025
Fair Value	$ (153,000)
Interest Swap Rate at 3.70% Fixed Rate [Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 100,000,000
Forward swaps interest rate	3.70%
Floating Rate Index	USD-SOFR with -5 Day Lookback
Forward swaps effective date	Sep. 29, 2023
Expiration Date	Jun. 29, 2025
Fair Value	$ (116,000)
Interest Swap Rate at 4.18% Fixed Rate [Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 100,000,000
Forward swaps interest rate	4.18%
Floating Rate Index	USD-SOFR with -5 Day Lookback
Forward swaps effective date	Jun. 23, 2023
Expiration Date	Dec. 23, 2024
Fair Value	$ (185,000)

Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2023

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 as of March 31, 2023 (amounts in thousands):


Notional Amount		Fixed Rate			Floating Rate Index	Effective Date	Expiration Date	Fair Value
$	100,000		1.37	%	One-Month SOFR CME Term	November 29, 2022	September 29, 2023	$	1,712
$	150,000		2.58	%	One-Month SOFR CME Term	December 23, 2022	June 19, 2023	$	748
$	100,000		4.01	%	USD-SOFR with -5 Day Lookback	June 23, 2023	March 23, 2025	$	(153	)
$	100,000		3.70	%	USD-SOFR with -5 Day Lookback	September 29, 2023	June 29, 2025	$	(116	)
$	100,000		4.18	%	USD-SOFR with -5 Day Lookback	June 23, 2023	December 23, 2024	$	(185	)

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 Sheet (amounts in thousands):


Balance Sheet Line Item	As of March 31, 2023
Interest rate swaps - Asset	$	2,460
Interest rate swaps - Liability		(454	)

Schedule Of Effects of Our Interest Rate Derivatives on our Consolidated Statements of Operations and Comprehensive Income

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


	For the three months ended March 31,
	2023			2022
Unrealized gain (loss) recognized in AOCI	$	(506	)	$	4,239
Gain (loss) reclassified from AOCI into interest expense		1,507			(1,268	)

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.

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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Revenue From Contract With Customer [Abstract]

Equity - Summary of Dividends Declared (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2023
Performance Based LTIP Units[Member]
Dividends Payable [Line Items]
Operating partnership dividend rate percentage	10.00%
Service Based LTIP Units[Member]
Dividends Payable [Line Items]
Operating partnership dividend rate percentage	100.00%

Revenue

3 Months Ended

Mar. 31, 2023

Revenue

12. Revenue


	For the three months ended March 31,
Tenant	2023		2022

Department of Veteran Affairs (“VA”)	$	933	$	99
U.S. Joint Staff Command (“JSC”)		602		292
Federal Bureau of Investigation (“FBI”)		323		226
U.S. Coast Guard (“USCG”)		147		33
Department of Transportation (“DOT”)		120		—
Customs and Border Protection (“CBP”)		79		120
Immigration and Customs Enforcement (“ICE”)		71		—
Federal Emergency Management Agency (“FEMA”)		19		—
Food and Drug Administration (“FDA”)		9		204
The Judiciary of the U.S. Government (“JUD”)		4		4
Internal Revenue Service (“IRS”)		3		33
U.S. Citizenship and Immigration Services (“USCIS”)		—		110
National Park Services (“NPS”)		—		99
Occupational Safety and Health Administration (“OSHA”)		—		46
Patent and Trademark Office (“PTO”)		—		2
Health Resources and Services Administration (“HRSA”)		—		4
	$	2,310	$	1,272

As of both March 31, 2023 and December 31, 2022 the balance in Accounts receivable related to tenant construction projects and the associated project management income was $6.8 million.

The duration of the majority of tenant construction project reimbursement arrangements is 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 on-going as of March 31, 2023 with a duration of greater than one year.

During each of the three months ended March 31, 2023 and 2022, we recognized $0.1 million in parking garage income generated from the operations of parking garages situated on 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 both March 31, 2023 and December 31, 2022, the balance in Accounts receivable related to parking garage income was less than $0.1 million.

During each of the three months ended March 31, 2023 and 2022, we recognized less than $0.1 million in income 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 as of both March 31, 2023 and December 31, 2022.

There were no contract assets or liabilities as of March 31, 2023 or December 31, 2022.

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.

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
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-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 12
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Unconsolidated Real Estate Venture [Abstract]

Investments in Unconsolidated Real Estate Venture

3 Months Ended

Mar. 31, 2023

Investments in Unconsolidated Real Estate Venture

4. Investment in Unconsolidated Real Estate Venture

The following is a summary of our investment in the JV (dollars in thousands):

On October 13, 2021, we formed an unconsolidated real estate venture, which we refer to as 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.

No operating properties were acquired by the JV during the three months ended March 31, 2023. As of March 31, 2023, eight of the ten properties in the VA Portfolio had been acquired by the JV.

We provide asset management services to the JV. We recognized asset management service revenue of $0.5 million and $0.2 million for the three months ended March 31, 2023 and 2022, respectively.

The following is a summary of financial information for the JV (amounts in thousands):


	As of March 31,
Balance sheet information:	2023
Real estate, net	$	428,254
Other assets, net (1)		90,287
Total assets	$	518,541

Total liabilities (2)	$	8,069
Total equity		510,472
Total liabilities and equity	$	518,541

Company’s share of equity	$	270,514
Basis differential (3)		375
Carrying value of the Company’s investment in the unconsolidated venture	$	270,889

(1)

At March 31, 2023, this amount included right-of-use assets - finance leases totaling approximately $4.9 million representing a ground lease at VA – Lubbock.

(2)

At March 31, 2023, this amount included lease liabilities - finance leases totaling approximately $5.0 million representing a ground lease at VA – Lubbock.

(3)

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


	For the three months ended March 31,
Income statement information:	2023		2022
Total revenue	$	9,780	$	4,698
Operating income		2,687		1,231
Net income		2,646		1,190

Company’s share of net income	$	1,402	$	631

Equity - Summary of Dividends Declared (Detail) - $ / shares

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Dividends Payable [Line Items]

Dividend

$ 0.265

Q1 2023 [Member]

Dividends Payable [Line Items]

Apr. 26, 2023

May 11, 2023

May 23, 2023

^[1]

$ 0.265

[1]

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events For our consolidated financial statements as of March 31, 2023, we evaluated subsequent events and noted no significant e

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

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

The following table summarizes the maturity of fixed lease payments under our leases as of March 31, 2023 (amounts in thousands):


	Payments due by period
	Total		2023 (1)		2024		2025		2026		2027		Thereafter
Fixed lease payments	$	1,965,728		159,517		200,215		189,222		182,419		170,914		1,063,441

(1)

Represents the nine months ending December 31, 2023.

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):


	For the three months ended March 31,
	2023		2022
Fixed	$	62,924	$	65,447
Variable		5,224		4,992
Rental income		68,148		70,439

Schedule of Quantitative Information for Company's Operating Leases

The following table provides quantitative information for our commenced operating leases for the three months ended March 31, 2023 and 2022 (amounts in thousands):


	For the three months ended March 31,
	2023		2022
Cash flows from operating lease costs	$	131	$	101

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

In addition, the maturity of fixed lease payments under our commenced corporate office leases as of March 31, 2023 is summarized in the table below (amounts in thousands):


Corporate office leases	Payments due by period
2023 (1)		455
2024		768
2025		793
2026		661
2027		368
Thereafter		718
Total future minimum lease payments	$	3,763
Imputed interest		(396	)
Total	$	3,367

(1)

Represents the nine months ended December 31, 2023.

Real Estate and Intangibles - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) Property	Mar. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Acquisition-related expenses \| $	$ 461	$ 362
Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Number of properties \| Property	0

Equity Incentive Plan - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restricted Stock
Stockholders Equity Note Disclosure [Line Items]
Compensation expense recognized	$ 0.1	$ 0.2
Unamortized restricted stock expense	$ 0.3
Weighted average period	1 year 4 months 24 days
Restricted Stock \| Maximum
Stockholders Equity Note Disclosure [Line Items]
Fair value of restricted stock,vested	$ 0.1	1.1
Long Term Incentive Plan
Stockholders Equity Note Disclosure [Line Items]
Compensation expense recognized	1.5	1.4
Fair value of restricted stock,vested	3.8	$ 5.3
Unamortized restricted stock expense	$ 10.8
Weighted average period	2 years 1 month 6 days

Investments in Unconsolidated Real Estate Venture - Summary of Investments in JV (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Investment in unconsolidated real estate venture	$ 270,889	$ 271,644
JV [Member]
Related Party Transaction [Line Items]
Investment in unconsolidated real estate venture	$ 270,514
MedBase Venture [Member] \| JV [Member]
Related Party Transaction [Line Items]
Effective Ownership Interest	53.00%
Investment in unconsolidated real estate venture	$ 270,889

Concentrations Risk - Additional Information (Detail)	3 Months Ended
Concentrations Risk - Additional Information (Detail)	Mar. 31, 2023 Property
Wholly Owned Properties [Member]
Concentration Risk [Line Items]
Number of properties	86
CALIFORNIA
Concentration Risk [Line Items]
Number of properties	17
Lease Income [Member] \| Credit Concentration Risk [Member] \| CALIFORNIA
Concentration Risk [Line Items]
Percentage of concentrations risk	19.90%
Rentable Square Feet [Member] \| Credit Concentration Risk [Member] \| CALIFORNIA
Concentration Risk [Line Items]
Percentage of concentrations risk	14.90%
U.S. Government [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	98.40%
Non Governmental Tenants [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	1.60%

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

5. Debt

At March 31, 2023, our consolidated borrowings consisted of the following (amounts in thousands):


	Principal Outstanding			Interest	Current
Loan	March 31, 2023			Rate (1)	Maturity
Revolving credit facility:
Revolving credit facility (2)	$	49,500		S + 145 bps	July 2025 (3)
Total revolving credit facility		49,500

Term loan facilities:
2016 term loan facility		100,000		2.82% (5)	March 2024
2018 term loan facility (4)		150,000		3.98% (6)	July 2026
Total term loan facilities		250,000
Less: Total unamortized deferred financing fees		(921	)
Total term loan facilities, net		249,079

Notes payable:
2017 series A senior notes		95,000		4.05%	May 2027
2017 series B senior notes		50,000		4.15%	May 2029
2017 series C senior notes		30,000		4.30%	May 2032
2019 series A senior notes		85,000		3.73%	September 2029
2019 series B senior notes		100,000		3.83%	September 2031
2019 series C senior notes		90,000		3.98%	September 2034
2021 series A senior notes		50,000		2.62%	October 2028
2021 series B senior notes		200,000		2.89%	October 2030
Total notes payable		700,000
Less: Total unamortized deferred financing fees		(3,829	)
Total notes payable, net		696,171

Mortgage notes payable:
VA – Golden		8,594		5.00% (7)	April 2024
USFS II – Albuquerque		12,992		4.46% (7)	July 2026
ICE – Charleston		13,086		4.21% (7)	January 2027
VA – Loma Linda		127,500		3.59% (7)	July 2027
CBP – Savannah		10,182		3.40% (7)	July 2033
USCIS – Kansas City		51,500		3.68% (7)	August 2024
Total mortgage notes payable		223,854
Less: Total unamortized deferred financing fees		(1,282	)
Less: Total unamortized premium/discount		1,370
Total mortgage notes payable, net		223,942

Total debt	$	1,218,692

(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)

Effective interest rates are as follows: VA – Golden 5.03%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%, USCIS – Kansas City 2.05%.

As of March 31, 2023, the net carrying value of real estate collateralizing our mortgages payable totaled $354.3 million. See Note 7 for the fair value of our debt instruments.

On January 26, 2023, we used $15.7 million of available cash to extinguish the 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.

Financial Covenant Considerations

As of March 31, 2023, we were in compliance with all financial and other covenants related to our debt.

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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