0001193125-26-064115 | 10-K | XBRL Viewer | Easterly Government Properties INC

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Revenue - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Tenant accounts receivable	$ 51,493	$ 71,172
ASU 2014-09 [Member]
Disaggregation of Revenue [Line Items]
Accounts receivable related to tenant construction projects	2,500	8,100
ASU 2014-09 [Member] \| Various GSA - Buffalo Property [Member] \| Parking Garage [Member]
Disaggregation of Revenue [Line Items]
Tenant accounts receivable	200	100
Total revenues	$ 1,200	$ 500	$ 500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Leases - Summary of Information about Leases for Development Properties (Detail) - Development Properties [Member]	Dec. 31, 2025 ft²
Operating Leased Assets [Line Items]
Estimated Leased Square Feet	154,812
Judiciary of the U.S. Government [Member] \| Flagstaff [Member] \| AZ [Member] \| JUD - Flagstaff [Member]
Operating Leased Assets [Line Items]
Lessor, operating lease, term of contract	20 years
Estimated Leased Square Feet	50,777
Judiciary of the U.S. Government [Member] \| Medford [Member] \| OR [Member] \| JUD - Medford [Member]
Operating Leased Assets [Line Items]
Lessor, operating lease, term of contract	20 years
Estimated Leased Square Feet	40,035
Florida Department of Law Enforcement [Member] \| Fort Myers [Member] \| FL [Member] \| FL - Fort Myers [Member]
Operating Leased Assets [Line Items]
Lessor, operating lease, term of contract	25 years
Estimated Leased Square Feet	64,000

Real Estate and Intangibles - Additional Information (Detail)				12 Months Ended
	Sep. 29, 2025 USD ($) ft²	Jul. 02, 2025 USD ($) ft²	Oct. 03, 2024 USD ($)	Dec. 31, 2025 USD ($) Property	Dec. 31, 2024 USD ($) Property	Dec. 31, 2023 USD ($)	Oct. 31, 2025	Jul. 31, 2024 USD ($)
Real Estate Properties [Line Items]
Gain on sale of property					$ 171,000
Revenues				$ 336,099,000	302,052,000	$ 287,227,000
Net income				13,003,000	19,553,000	18,804,000
Acquisition-related expenses				1,420,000	1,878,000	1,661,000
Net proceeds from the sale of operating property				3,492,000	2,173,000
Gain on the sale of real estate					171,000
Impairment loss				2,545,000
Area of properties acquired \| ft²		64,000
Amortization of intangible assets				24,500,000	20,300,000	21,100,000
Amortization of above- / below-market leases				$ (1,829,000)	(1,935,000)	$ (2,730,000)
Land acquired amount		$ 5,800,000
Leased period							5 years 6 months
Lincoln, Nebraska [Member] \| Land [Member]
Real Estate Properties [Line Items]
Consideration received								$ 2,300,000
Assets held for sale					2,000,000
Gross sales price			$ 2,300,000
Gain on sale of property					200,000
Gain on the sale of real estate					$ 200,000
Florida [Member]
Real Estate Properties [Line Items]
Percentage of membership interests acquired				100.00%
Membership interests acquired amount				$ 1,800,000
Leased period		25 years
California [Member]
Real Estate Properties [Line Items]
Number of real estate properties \| Property				17	18
Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Weighted average amortization period				9 years 8 months 19 days	9 years 1 month 13 days
Revenues				$ 16,800,000	$ 7,200,000
Net income				5,400,000	2,900,000
Acquisition-related expenses				$ 1,400,000	1,900,000
JUD - Flagstaff [Member] \| Operating Properties and Land Parcel Acquired [Member]
Real Estate Properties [Line Items]
Land parcel acquired amount					$ 5,900,000
ICE - Dallas, HSI - Orlando, ICE - Orlando, Northrop Grumman - Dayton, Northrop Grumman - Aurora, IRS - Ogden [Member] \| Operating Properties and Land Parcel Acquired [Member]
Real Estate Properties [Line Items]
Number of real estate properties \| Property					9
ICE - Dallas, HSI - Orlando, ICE - Orlando, Northrop Grumman - Dayton, Northrop Grumman - Aurora, IRS - Ogden, Cary, NC [Member] \| Operating Properties and Land Parcel Acquired [Member]
Real Estate Properties [Line Items]
Aggregate purchase price					$ 184,900,000
DC Capitol Plaza, DHS Burlington and York Space Systems Greenwood Village [Member] \| Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Number of real estate properties \| Property				3
Aggregate purchase price				$ 169,900,000
ICE Otay [Member]
Real Estate Properties [Line Items]
Impairment loss	$ 2,500,000			2,500,000
ICE Otay [Member] \| California [Member]
Real Estate Properties [Line Items]
Area of properties acquired \| ft²	52,881
ICE Otay [Member] \| Operating Properties Disposed [Member]
Real Estate Properties [Line Items]
Net proceeds from sale of operating property				3,500,000
Gain or loss on sale of operating property	$ 0
JUD - Medford [Member] \| Operating Properties and Land Parcel Acquired [Member]
Real Estate Properties [Line Items]
Land parcel acquired amount				$ 1,900,000

Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Detail)	Dec. 31, 2025
Minimum [Member]
Real Estate Properties [Line Items]
Estimated lives of assets	5 years
Maximum [Member]
Real Estate Properties [Line Items]
Estimated lives of assets	40 years

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 13,557	$ 20,578	$ 21,060
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	113,897	96,333	91,292
Straight line rent	371	(2,989)	(3,897)
Income from unconsolidated real estate venture	(6,781)	(6,051)	(5,498)
Amortization of above- / below-market leases	(1,829)	(1,935)	(2,730)
Amortization of unearned revenue	(7,738)	(6,887)	(6,249)
Amortization of loan premium / discount	(21)	(675)	(1,098)
Amortization of deferred financing costs	3,427	3,043	2,122
Amortization of lease inducements	2,064	1,124	942
Amortization of real estate loan origination fees	(145)	(58)
Amortization of treasury lock settlement	217
Gain on the sale of real estate		(171)
Impairment loss	2,545
Distributions from investment in unconsolidated real estate venture	18,580	12,109	10,232
Non-cash compensation	6,045	3,208	5,747
Provision for (recovery of) credit losses	(445)	1,527
Net change in:
Tenant accounts receivable	21,025	(1,672)	(3,173)
Prepaid expenses and other assets	(12,411)	(2,975)	(5,562)
Real estate loan interest receivable	(2,756)	(1,229)
Deferred revenue associated with operating leases	105,962	45,152	5,652
Principal payments on operating lease obligations	(676)	(672)	(497)
Accounts payable, accrued expenses and other liabilities	4,306	4,875	6,136
Net cash provided by operating activities	259,194	162,635	114,479
Cash flows from investing activities
Real estate acquisitions and deposits	(180,047)	(188,085)	(63,412)
Additions to operating properties	(34,131)	(35,441)	(28,143)
Additions to development properties	(76,560)	(116,029)	(17,820)
Proceeds from sale of operating properties, net	3,492	2,173
Distributions from investment in unconsolidated real estate venture		2,037	103
Investment in unconsolidated real estate venture		(40,071)	(17,736)
Repayments of real estate loan receivable	16,174
Investment in real estate loan receivable, net	(14,213)	(34,229)
Net cash used in investing activities	(285,285)	(409,645)	(127,008)
Cash flows from financing activities
Payment of deferred financing costs	(4,896)	(7,861)
Issuance of common shares	63,620	71,809	86,472
Credit facility draws	342,500	617,550	198,250
Credit facility repayments	(418,000)	(422,000)	(184,750)
Term loan draws	25,500		50,000
Term loan repayments		(25,500)
Issuance of notes payable	125,000	200,000
Treasury lock settlement	(1,945)
Repayments of mortgage notes payable	(4,598)	(64,298)	(20,002)
Dividends and distributions paid	(94,590)	(115,909)	(112,379)
Payment of offering costs	(673)	(916)	(397)
Net cash provided by financing activities	31,918	252,875	17,194
Net increase in Cash and cash equivalents and Restricted cash	5,827	5,865	4,665
Cash and cash equivalents and Restricted cash, beginning of year	27,804	21,939	17,274
Cash and cash equivalents and Restricted cash, end of year	33,631	27,804	21,939
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Cash paid for interest, net of capitalized interest	69,211	57,223	47,530
Capitalized interest	9,895	4,726	1,483
Non-cash investing and financing activities:
Deferred financing accrued, not paid		30
Offering costs accrued, not paid	3	21	16
Unrealized loss on treasury locks and interest rate swaps, net	(5,455)	(1,277)	(2,025)
Deferred asset acquisition costs accrued, not paid	14
Properties acquired for common units			219
Contingent consideration accrued, not received			41
Right-of-use asset and liability adjustment due to remeasurement	1,825
Exchange of Common Units for Shares of Common Stock
Non-controlling interest in Operating Partnership	(10,479)	(18,825)	(78,400)
Common stock	6	14	59
Additional paid-in capital	10,473	18,811	78,341
Operating Properties [Member]
Non-cash investing and financing activities:
Additions to properties accrued, not paid	5,360	8,952	8,518
Development Properties [Member]
Non-cash investing and financing activities:
Additions to properties accrued, not paid	$ 22,354	$ 23,730	$ 7,672

Fair Value Measurements - Schedule of aggregate principal outstanding under the Company's indebtedness and the corresponding estimate of fair value (Detail) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Revolving Credit Facility [Member]

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

Financial liabilities, Carrying amount

^[1]

$ 199,050

$ 274,550

Financial liabilities, Fair value

^[2]

199,050

274,550

2016 Term Loan Facility [Member]

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

Financial liabilities, Carrying amount

^[1]

100,000

Financial liabilities, Fair value

^[2]

100,000

2018 Term Loan Facility [Member]

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

Financial liabilities, Carrying amount

^[1]

200,000

174,500

Financial liabilities, Fair value

^[2]

200,000

174,500

Notes Payable [Member]

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

Financial liabilities, Carrying amount

^[1]

1,025,000

900,000

Financial liabilities, Fair value

^[2]

997,184

825,395

Mortgages Payable [Member]

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

Financial liabilities, Carrying amount

^[1]

151,700

156,298

Financial liabilities, Fair value

^[2]

$ 148,212

$ 147,634

[1]	The carrying amount consists of principal only.
[2]	We deem the fair value measurement of the financial liability instrument a Level 3 measurement.

Equity Incentive Plan - Summary of Grants (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2025 shares
Services
Stockholders Equity Note Disclosure [Line Items]
Transition and separation agreement date	Dec. 06, 2023
Services \| William C. Trimble, III
Stockholders Equity Note Disclosure [Line Items]
Units Granted	30,017
Grant Date	Jan. 03, 2023
Operational Performance
Stockholders Equity Note Disclosure [Line Items]
Units earned	54,910
Vest Date	Jan. 20, 2026
TSR Performance Shares
Stockholders Equity Note Disclosure [Line Items]
Units earned	0
Stock Price Performance
Stockholders Equity Note Disclosure [Line Items]
Vest Date	Aug. 26, 2030

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Organization and Basis of Presentation

1. Organization and Basis of Presentation

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

We are an internally managed REIT, focused primarily on the acquisition, development, and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential functions. We generate approximately 90% 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 primarily 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. We continue to pursue opportunities to add properties to our portfolio, including acquiring properties leased to state and local governments with strong creditworthiness and other opportunities that directly or indirectly support the mission of select government agencies. As of December 31, 2025, we wholly owned 93 operating properties and ten operating properties through an unconsolidated joint venture (the “JV”) in the United States encompassing approximately 10.4 million leased square feet, including 93 operating properties that were leased primarily to U.S. Government tenant agencies, six operating properties leased to tenant agencies of a U.S. state or local government and four operating properties that were entirely leased to private tenants. As of December 31, 2025, our operating properties were 97% 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 three properties under development that we expect will encompass approximately 0.2 million leased square feet upon completion. All references to square footage and asset age within the notes are unaudited.

The Operating Partnership holds substantially all of our assets and conducts substantially all of our business. The Company is the sole general partner of the Operating Partnership and owned approximately 96.6% of the aggregate limited partnership interests in the Operating Partnership, which we refer to herein as common units, as of December 31, 2025. We have elected to be taxed as a REIT and believe that we have operated and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015.

Reverse Stock Split and Reduction in Authorized Shares

On April 28, 2025, we effected a 1-for-2.5 reverse stock split of our issued and outstanding common stock, which reverse stock split was previously approved by our Board of Directors (the “Reverse Stock Split”). As a result, every 2.5 shares of issued and outstanding common stock were consolidated into 1 share. Concurrently with the Reverse Stock Split, the Operating Partnership completed a corresponding 1-for-2.5 reverse unit split of outstanding common units and LTIP units (the “Reverse Unit Split”). All share and per share amounts, including earnings per share, in these financial statements have been retrospectively adjusted for all periods presented to reflect the Reverse Stock Split. Accordingly, the Reverse Stock Split reduced the number of shares outstanding on April 28, 2025 from 112,263,028 to 44,905,158. On May 8, 2025, we reduced the number of our authorized shares of common stock from 200,000,000 to 80,000,000, in proportion with the 1-for-2.5 Reverse Stock Split effected by us on April 28, 2025. The par value of the common stock remained unchanged at $0.01 per share following both the Reverse Stock Split and the reduction in authorized shares. For additional information, see Note 9, Note 10 and Note 11 to the Consolidated Financial Statements.

Principles of Consolidation

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

Debt - Schedule of Aggregated Debt Maturities (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2026	$ 10,054
2027	230,733
2028	550,033
2029	136,016
2030	226,049
Thereafter	522,865
Debt instrument carrying amount	1,675,750
Unamortized premium/discount & deferred financing	(9,425)
Total debt, Principal Outstanding	$ 1,666,325	$ 1,598,821

Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Equity

10. Equity

Offering of Common Stock on a Forward Basis

On August 11, 2021, we completed an underwritten public offering of 2,520,000 shares of common stock (adjusted for the Reverse Stock Split) 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 2,520,000 shares of our common stock (adjusted for the Reverse Stock Split). On December 28, 2021, we issued 1,596,400 shares of our common stock (adjusted for the Reverse Stock Split) 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 year ended December 31, 2023, we issued 923,600 shares of common stock (adjusted for the Reverse Stock Split) under the Forward Sale Agreements and received net cash proceeds of approximately $46.8 million. As of December 31, 2025 and 2024, all shares of common stock under the Forward Sales Agreements had been issued and settled.

Redemption of Common Units to Common Stock

During the year ended December 31, 2023, we issued 2,347,096 shares of our common stock (adjusted for the Reverse Stock Split) upon the redemption of 2,347,096 common units (adjusted for the Reverse Unit Split) in accordance with the terms of the partnership agreement of the Operating Partnership. During the year ended December 31, 2024, we issued 575,454 shares of our common stock (adjusted for the Reverse Stock Split) upon the redemption of 575,454 common units (adjusted for the Reverse Unit Split) in accordance with the terms of the partnership agreement of the Operating Partnership. During the year ended December 31, 2025, we issued 600,327 shares of our common stock (adjusted for the Reverse Stock Split) upon the redemption of 600,327 common units (adjusted for the Reverse Unit Split) in accordance with the terms of the partnership agreement of the Operating Partnership.

Dividends and Distributions Paid

A summary of dividends declared by the board of directors per share of common stock and per common unit of our operating partnership at the date of record is as follows and has been retroactively adjusted to reflect the Reverse Stock Split and Reverse Unit Split, as applicable:


Quarter	Declaration Date	Record Date	Pay Date	Dividend
Q1 2023	April 26, 2023	May 11, 2023	May 23, 2023		0.663
Q2 2023	August 2, 2023	August 17, 2023	August 29, 2023		0.663
Q3 2023	October 26, 2023	November 9, 2023	November 21, 2023		0.663
Q4 2023	February 21, 2024	March 6, 2024	March 18, 2024		0.663
Q1 2024	April 25, 2024	May 9, 2024	May 21, 2024		0.663
Q2 2024	July 17, 2024	August 1, 2024	August 13, 2024		0.663
Q3 2024	October 31, 2024	November 15, 2024	November 27, 2024		0.663
Q4 2024	February 19, 2025	March 5, 2025	March 17, 2025		0.663
Q1 2025	April 9, 2025	May 5, 2025	May 17, 2025		0.450
Q2 2025	July 30, 2025	August 13, 2025	August 25, 2025		0.450
Q3 2025	October 23, 2025	November 7, 2025	November 20, 2025		0.450
Q4 2025	February 18, 2026	March 5, 2026	March 19, 2026		0.450

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

ATM Programs

We entered into separate equity distribution agreements on each of December 20, 2019 (the “2019 ATM Program”) and June 22, 2021 (the “2021 ATM Program”) with various financial institutions. Pursuant to the 2021 ATM Program, we may issue and sell shares of our common stock having an aggregate offering price of up to $300.0 million 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. Under the 2021 ATM Program, 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 2021 ATM Program for the sale of shares of our common stock on a forward basis.

The 2019 ATM Program, which also provided for the issuance and sale of shares of our common stock having an aggregate offering price of up to $300.0 million in “at the market” offerings and forward sale transactions, was terminated on April 30, 2025 and there were no issuances under the 2019 ATM Program during the twelve months ended December 31, 2025.

The following table sets forth certain information with respect to issuances, made under the 2019 and 2021 ATM Programs in each fiscal year for the year ended December 31, 2025 (amounts in thousands except share amounts):


	2019 ATM Program				2021 ATM Program
For the Year Ended:	Number of Shares Issued (1)		Net Proceeds (1)		Number of Shares Issued		Net Proceeds
December 31, 2023 (2)		780,000	$	39,279		—	$	—
December 31, 2024 (2)		2,196,487	$	71,092		—	$	—
December 31, 2025 (2)		—	$	—		2,466,987	$	62,985

(1)

Shares issued by us, which were all issued in settlement of forward sale transactions. As of December 31, 2025, we had settled all of our outstanding forward sale transactions under the 2021 ATM Program. We accounted for the forward sale transactions as equity.

(2)

Share amounts have been retrospectively adjusted for all periods presented to reflect the Reverse Stock Split.

We used the net proceeds received from such sales for general corporate purposes. As of December 31, 2025, we had approximately $236.2 million of gross sales of its common stock available under the 2021 ATM Program.

Share Repurchase Program

On April 28, 2022, our board of directors authorized a share repurchase program whereby we may repurchase up to 1,815,597 shares of our common stock (adjusted for the Reverse Stock Split), or approximately 5% of its outstanding shares as of the authorization date. We are not required to purchase shares under the share repurchase program, but may choose to do so in the open market or through privately negotiated transactions at times and amounts based on 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 year ended December 31, 2025.

Contribution of Property for Common Units

On January 25, 2023, the Operating Partnership issued 4,956 common units (adjusted for the Reverse Unit Split) 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.

During the twelve months ended December 31, 2025, we issued an aggregate of 526,206 shares of common stock in exchange for an equal number of OP units held by limited partners. These shares were issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). We relied on this exemption based upon factual representations received from the limited partners who received the shares of common stock.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (b)
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Subsequent Events - Additional Information (Detail)

12 Months Ended

Jan. 16, 2026

ft²

Property

Jan. 05, 2026

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Subsequent Event [Member] | Commonwealth of Virginia [Member]

Subsequent Event [Line Items]

Land acquired | ft²

297,713

Number of real estate operating properties | Property

Minimum [Member] | Commonwealth of Virginia [Member]

Subsequent Event [Line Items]

Lease expirations year

2027

Maximum [Member] | Commonwealth of Virginia [Member]

Subsequent Event [Line Items]

Lease expirations year

2036

Long Term Incentive Plan

Subsequent Event [Line Items]

Units Granted

1,135,676

191,262

206,185

Aggregate Service-based units granted

^[1]

1,135,676

191,265

^[2]

342,891

Long Term Incentive Plan | 2024 Plan | Subsequent Event [Member]

Subsequent Event [Line Items]

Units Granted

405,080

Aggregate Service-based units granted

136,314

Long Term Incentive Plan | Total Shareholder Return Performance Thresholds [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Units Granted

20,589

Long Term Incentive Plan | Operational Performance Hurdles [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Units Granted

248,177

Restricted Common Stock

Subsequent Event [Line Items]

Aggregate Service-based units granted

^[3]

49,339

27,442

12,994

Restricted Common Stock | 2024 Plan | Subsequent Event [Member]

Subsequent Event [Line Items]

Units Granted

15,247

[1]	Reflects the number LTIP units issued to the grantee on the grant date which may be different from the number of LTIP units actually earned in the case of performance-based LTIP units.
[2]	Modified LTIP Units are treated as forfeited and re-granted at their new fair value.
[3]	Reflects the number of restricted shares issued to the grantee as part of the Prior Plan.

Derivative and Hedging Activities - Schedule of Effects of Our Interest Rate Derivatives on Our Consolidated Statements of Operations and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gain (loss) recognized in AOCI	$ (4,205)	$ 2,399	$ 3,811
Gain reclassified from AOCI into interest expense	$ 1,250	$ 3,676	$ 5,836

Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Restricted Shares

A summary of the status of our restricted shares as of December 31, 2025, 2024 and 2023 and changes during the years then ended are presented below and has been retroactively adjusted to reflect the Reverse Stock Split, see Note 1 Organization and Basis of Presentation:


	Restricted Shares			Restricted Shares Weighted average grant date fair value
Outstanding, December 31, 2022		16,526		$	49.86
Vested		(12,395	)		48.57
Granted (1)		12,994			35.44
Forfeited		—			—
Outstanding, December 31, 2023		17,126		$	39.85
Vested		(12,681	)	$	38.80
Granted (1)		27,442			29.88
Forfeited		(458	)		33.85
Outstanding, December 31, 2024		31,428		$	31.66
Vested		(18,239	)	$	33.18
Granted (1)		49,339			22.08
Forfeited		(1,345	)		29.72
Outstanding, December 31, 2025		61,183		$	23.52

(1)

Reflects the number of restricted shares issued to the grantee as part of the Prior Plan.

Long Term Incentive Plan

Summary of Restricted Shares

A summary of the status of our LTIP units as of December 31, 2025, 2024 and 2023 and changes during the years then ended are presented below and has been retroactively adjusted to reflect the Reverse Unit Split, see Note 1 Organization and Basis of Presentation:


	LTIP Units (1)			LTIP Units Weighted average grant date fair value
Outstanding, December 31, 2022		358,666		$	49.75
Vested		(169,588	)		46.83
Granted		342,891			26.35
Forfeited		(170,846	)		40.58
Outstanding, December 31, 2023		361,124		$	33.25
Vested		(60,138	)	$	48.70
Granted (2)		191,265			28.10
Forfeited (2)		(113,405	)		33.70
Outstanding, December 31, 2024		378,846		$	28.06
Vested		(64,705	)	$	36.37
Granted		1,135,676			15.04
Forfeited		(76,931	)		24.20
Outstanding, December 31, 2025		1,372,886		$	17.12

(1)

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

(2)

Modified LTIP Units are treated as forfeited and re-granted at their new fair value.

Summary of Grants

The following is a summary of our granted LTIP unit awards and has been retroactively adjusted to reflect the Reverse Unit Split, see Note 1 Organization and Basis of Presentation:


Award Type	Grant Date	Performance Period End Date		Vest Date	Units Granted		Units Vested
Service	January 3, 2023		—	December 31, 2025		87,943	45,641 (1)
Operational Performance	January 3, 2023	December 31, 2025		(2)		50,916	(2)
TSR Performance	January 3, 2023	December 31, 2025		(3)		59,453	(3)
Service	March 2, 2023		—	March 2, 2026		1,375		-
Service	May 9, 2023		—	May 9, 2024		6,498		6,498
2023 LTIP Grant						206,185

Service	January 2, 2024		—	December 31, 2026		80,460
Operational Performance	January 2, 2024	December 31, 2026		(4)		46,694	(4)
TSR Performance	January 2, 2024	December 31, 2026		(4)		30,902	(4)
TSR Performance	January 19, 2024	December 31, 2026		(4)		27,767	(4)
Service	June 14, 2024		—	May 22, 2025		5,439		5,439
2024 LTIP Grant						191,262

Service	January 2, 2025		—	December 31, 2027		129,561
Operational Performance	January 2, 2025	December 31, 2027		(4)		74,996	(4)
TSR Performance	January 2, 2025	December 31, 2027		(4)		85,372	(4)
Service	June 18, 2025		—	(5)		1,747	(5)
Stock Price Performance	August 26, 2025	August 26, 2033		(6)		844,000	(6)
2025 LTIP Grant						1,135,676

(1)

30,017 service-based LTIP units (adjusted for the Reverse Unit Split) granted on January 3, 2023 to William C. Trimble, III, our former Chief Executive Officer and President, vested on December 31, 2023 in accordance with the terms of Mr. Trimble's Transition and Separation Agreement with the Company, dated December 6, 2023.

(2)

An aggregate of 54,910 Operational Performance LTIP units (adjusted for the Reverse Unit Split) were earned as of December 31, 2025 and vested on January 20, 2026.

(3)

Based on the Company's performance through the performance period ending December 31, 2025, no TSR Performance LTIP units were earned.

(4)

Operational and TSR performance LTIP units may be earned based on the Company's performance through the performance period ending December 31, 2026 or December 31, 2027, as applicable. Subject to the grantee's continued employment, earned awards will vest upon the determination of the number of earned LTIP units following the end of the applicable performance period.

(5)

Represents LTIP units granted to our independent directors that will vest on the earlier of the anniversary of the grant date or the 2026 annual meeting of stockholders.

(6)

Stock price performance LTIP units may be earned based on the Company's performance through the performance period ending August 26, 2033. The awards will vest in full on August 26, 2030, subject to the grantee's continued employment or service, as applicable, with the Company through such date and further subject to achieving the performance conditions.

Summary of Significant Assumptions Used to Value the Performance-based LTIP Units

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


	Year Ended December 31,
	2025			2024			2023
Expected volatility		25.0	%		24.0	%	26.0% - 39.0%
Dividend yield	6.3% - 7.8%			6.6% - 6.7%			5.6% - 8.5%
Risk-free interest rate	4.1% - 4.3%			4.1%			4.2% - 5.2%
Expected life	3 - 8 years			3 years			3 years

Summary of Significant Accounting Policies - Summary of Range of useful Lives For Depreciable Assets (Detail)	Dec. 31, 2025
Building [Member]
Property Plant And Equipment [Line Items]
Useful lives for depreciable assets	40 years
Building Improvements [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives for depreciable assets	5 years
Building Improvements [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives for depreciable assets	40 years
Furniture and Equipment [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives for depreciable assets	3 years
Furniture and Equipment [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives for depreciable assets	7 years

Investments in Unconsolidated Real Estate Venture - Summary of Investments in Unconsolidated Real Estate Ventures (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Investment in unconsolidated real estate venture	$ 304,721	$ 316,521
MedBase Venture [Member]
Related Party Transaction [Line Items]
Investment in unconsolidated real estate venture	$ 304,721	$ 316,521
Effective Ownership Interest	53.00%	53.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Investments in Unconsolidated Real Estate Venture (Tables)

12 Months Ended

Dec. 31, 2025

Unconsolidated Real Estate Ventures [Abstract]

Summary of Investment in Unconsolidated Real Estate Ventures

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


		As of December 31,
Joint Venture	Ownership Interest	2025		2024
MedBase Venture	53.0%	$	304,721	$	316,521

Summary of Financial Information for Unconsolidated Real Estate Venture

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


	As of December 31,
Balance sheet information:	2025		2024
Real estate, net	$	489,816	$	501,938
Other assets, net (1)		96,705		105,808
Total assets	$	586,521	$	607,746

Total liabilities (2)	$	12,157	$	11,142
Total equity		574,364		596,604
Total liabilities and equity	$	586,521	$	607,746

Company’s share of equity	$	304,346	$	316,146
Basis differential (3)		375		375
Carrying value of the Company’s investment in the unconsolidated venture	$	304,721	$	316,521

(1)

At December 31, 2025 and 2024, this amount included right-of-use assets - finance leases totaling approximately $4.6 million and $4.7 million, respectively, representing a ground lease at VA – Lubbock.

(2)

At both December 31, 2025 and 2024, 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 year ended December 31,
Income statement information:	2025		2024		2023
Total revenue	$	50,741	$	45,517	$	40,693
Operating income		12,971		11,572		10,567
Net income		12,810		11,408		10,402

Company’s share of net income	$	6,781	$	6,051	$	5,498

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of our basic and diluted earnings per share of common stock for the years ended December 31, 2025, 2024 and 2023 and has been retroactively adjusted to reflect the Reverse Stock Split and Reverse Unit Split, see Note 1 Organization and Basis of Presentation (dollars in thousands, except per share amounts):


	For the years ended December 31,
	2025			2024			2023
Numerator
Net income	$	13,557		$	20,578		$	21,060
Less: Non-controlling interest in Operating Partnership		(554	)		(1,025	)		(2,256	)
Net income available to Easterly Government Properties, Inc.		13,003			19,553			18,804
Less: Dividends on participating securities		(683	)		(554	)		(599	)
Net income available to common stockholders	$	12,320		$	18,999		$	18,205
Denominator for basic EPS		44,922,497			41,377,580			37,705,666
Dilutive effect of share-based compensation awards		7,782			7,819			7,251
Dilutive effect of LTIP units (1)		127,616			118,019			107,874
Dilutive effect of shares issuable under forward sales agreements (2)		—			—			1,630
Denominator for diluted EPS		45,057,895			41,503,418			37,822,421
Basic EPS	$	0.27		$	0.46		$	0.48
Diluted EPS	$	0.27		$	0.46		$	0.48

(1)

During the years ended December 31, 2025, 2024 and 2023, there were approximately 1,061,619, 166,116 and 154,804 unvested performance-based LTIP units, respectively, that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.

(2)

During the years ended December 31, 2025, 2024 and 2023, there were no shares of underlying unsettled forward sales transactions that were included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.

Schedule III - Real Estate and Accumulated Depreciation - Carrying Amount of Real Estate Properties and Accumulated Depreciation (Parenthetical) (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 29, 2025	Dec. 31, 2025
Real Estate Properties [Line Items]
Impairment loss		$ 2,545
ICE - Otay [Member]
Real Estate Properties [Line Items]
Impairment loss	$ 2,500	$ 2,500

Segment Information - Additional Information (Detail) - Segment	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Number of reportable segment	1	1	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer and Chief Financial and Accounting Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM assesses performance for the segment and decides how to allocate resources based on net income, which is reported on our Consolidated Statements of Operations as Net Income. The Consolidated Statements of Operations, inclusive of significant expenses, are provided to the CODM for performance assessment. The CODM uses net income to evaluate income generated from our properties when deciding whether to reinvest profits into our assets or into other parts of the entity, such as for acquisitions or to pay dividends. Net income is also used to monitor budgeted versus actual results. The CODM also uses net income in competitive analysis by benchmarking to our competitors. The competitive analysis, along with the monitoring of budgeted versus actual results, is used in assessing performance of the segment and in establishing employee and management compensation.

Real Estate and Intangibles (Tables)

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

Fair Values of Assets Acquired and Liabilities Assumed

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


	December 31, 2025		December 31, 2024
Real estate
Land	$	39,966	$	41,591
Building		62,633		104,618
Acquired tenant improvements		17,494		9,794
Total real estate		120,093		156,003
Intangible assets
In-place leases		35,059		24,552
Acquired leasing commissions		13,064		9,842
Total intangible assets		48,123		34,394
Other assets
Other assets		1,700		—
Total other assets		1,700		—
Intangible liabilities
Below-market leases		—		(5,469	)
Total intangible liabilities		—		(5,469	)
Purchase price		169,916		184,928

Schedule of Real Estate and Intangibles

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


	December 31, 2025			December 31, 2024
Real estate properties, net
Land	$	314,635		$	267,543
Building		2,803,252			2,490,330
Acquired tenant improvements		112,116			94,894
Construction in progress		36,968			184,512
Accumulated depreciation		(552,321	)		(465,184	)
Total Real estate properties, net	$	2,714,650		$	2,572,095
Intangible assets, net
In-place leases		335,988			302,302
Acquired leasing commissions		94,873			81,915
Above market leases		14,620			14,620
Payment in lieu of taxes		6,394			6,394
Accumulated amortization		(267,964	)		(243,806	)
Total Intangible assets, net	$	183,911		$	161,425
Intangible liabilities, net
Below market leases		(76,622	)		(77,029	)
Accumulated amortization		64,663			62,144
Total Intangible liabilities, net	$	(11,959	)	$	(14,885	)

Amortization of Total Intangible Assets and Intangible Liabilities

The projected amortization of total intangible assets and intangible liabilities as of December 31, 2025 are as follows (amounts in thousands):


	Total
Intangible assets
2026	$	26,799
2027		24,510
2028		21,615
2029		18,242
2030		16,430
Thereafter		76,315
	$	183,911
Intangible liabilities
2026	$	(2,693	)
2027		(2,469	)
2028		(1,924	)
2029		(1,238	)
2030		(1,067	)
Thereafter		(2,568	)
	$	(11,959	)

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 December 31, 2025 (amounts in thousands):


	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2026	$	1,096	$	(2,693	)
2027		1,096		(2,469	)
2028		725		(1,924	)
2029		193		(1,238	)
2030		193		(1,067	)
Thereafter		448		(2,568	)

Equity - Schedule of Information with Respect to 2019 ATM Program (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsidiary Sale Of Stock [Line Items]
Net Proceeds	$ 63,620	$ 71,809	$ 86,472
2019 ATM Program [Member]
Subsidiary Sale Of Stock [Line Items]
Number of Shares Issued	0	2,196,487	780,000
Net Proceeds	$ 0	$ 71,092	$ 39,279
2021 A T M Program [Member]
Subsidiary Sale Of Stock [Line Items]
Number of Shares Issued	2,466,987
Net Proceeds	$ 62,985

Investments in Unconsolidated Real Estate Venture - Summary of Financial Information (Parenthetical) (Details) - J V Partner [Member] - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets	Prepaid expenses and other assets
Finance lease, right-of-use asset	$ 4.6	$ 4.7
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities
Finance lease, liability	$ 5.0	$ 5.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statements of Stockholders Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Dividends and distributions paid	$ 2.01	$ 2.65	$ 2.65
Reclassification of reverse stock split		$ 0.6	$ 0.6
Number of fractional shares issued for reverse stock split	0
Maximum [Member]
Cash payment for fractional shares	$ 0.1

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III, Real Estate and Accumulated Depreciation

Easterly Government Properties, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2025

(Amounts in thousands)


				Initial Cost to Company						Cost amount carried at Close of Period
Location	Type(1)	Encumbrances(2)		Land		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition(3)		Land		Buildings and Improvements		Total(4)		Accumulated Depreciation(3)(5)		Original Construction Date(s) (Unaudited)	Date Acquired
Aberdeen, MS	C	$	—	$	1,147	$	14,044	$	413	$	1,147	$	14,457	$	15,604	$	3,951	2005	6/17/2015
Alameda, CA	L		—		5,438		4,312		70,471		5,438		74,783		80,221		11,885	2019	8/1/2016
Albany, NY	SF		—		1,801		11,544		468		1,801		12,012		13,813		3,411	2004	2/11/2015
Albany, NY	SF		—		1,412		17,128		8,142		1,412		25,270		26,682		6,235	1998	11/22/2016
Albuquerque, NM	SF		—		3,062		28,201		606		3,062		28,807		31,869		9,008	2011	2/17/2016
Albuquerque, NM	O		—		2,905		23,804		1,180		2,905		24,984		27,889		6,912	2006	2/11/2015
Albuquerque, NM	O		7,512		2,345		28,611		567		2,345		29,178		31,523		11,170	2011	2/11/2015
Anaheim, CA	O		—		7,081		16,346		570		7,081		16,916		23,997		1,170	1991 / 2020	10/3/2023
Arlington, VA	SF		—		14,350		44,442		6,369		14,350		50,811		65,161		16,517	2009	2/11/2015
Atlanta, GA	SF		—		1,074		10,788		10,305		1,074		21,093		22,167		2,497	2008 / 2023	10/3/2023
Atlanta, GA	L		—		1,732		15,691		208,786		1,732		224,477		226,209		234	2025	8/30/2019
Aurora, CO	SF		—		2,661		16,549		1,647		2,661		18,196		20,857		663	2002	10/10/2024
Bakersfield, CA	SF		—		438		2,253		813		438		3,066		3,504		822	2000	10/16/2018
Beavercreek, OH	SF		—		4,477		11,212		92		4,477		11,304		15,781		373	2012	9/4/2024
Birmingham, AL	SF		—		408		10,853		858		408		11,711		12,119		2,901	2005	7/1/2016
Birmingham, AL	SF		—		755		22,537		4,244		755		26,781		27,536		6,930	2005	7/1/2016
Birmingham, AL	O		—		1,410		17,276		120		1,410		17,396		18,806		4,077	2014	11/9/2018
Broomfield, CO	W		—		4,002		19,253		66		4,002		19,319		23,321		1,757	2012	5/10/2022
Brownsburg, IN	OC		—		1,774		26,300		24		1,774		26,324		28,098		2,743	2021	11/1/2021
Buffalo, NY	O		—		246		80,913		13,516		246		94,429		94,675		20,545	2004	9/13/2018
Burlington, VT	O		—		1,278		14,611		5		1,278		14,616		15,894		463	2000	5/7/2025
Cary, NC	O		—		3,942		13,303		13		3,942		13,316		17,258		364	1991	11/27/2024
Cary, NC	O		—		5,413		17,284		280		5,413		17,564		22,977		493	1994	11/27/2024
Cary, NC	O		—		7,026		15,460		12		7,026		15,472		22,498		1,325	1997	11/27/2024
Charleston, SC	C		—		1,324		21,189		3,649		1,324		24,838		26,162		4,697	1999	10/16/2018
Charleston, WV	O		—		551		13,732		2,379		551		16,111		16,662		3,769	1959 / 2000	9/13/2018
Chico, CA	OC		—		5,183		24,405		56		5,183		24,461		29,644		3,489	2019	4/30/2020
Clarksburg, WV	O		—		108		13,421		1,376		108		14,797		14,905		3,104	1999	9/13/2018
Cleveland, OH	O		—		563		18,559		602		563		19,161		19,724		2,912	1981 / 2021	7/22/2021
Council Bluffs, IA	C		—		791		11,984		—		791		11,984		12,775		1,406	2021	8/23/2022
Dallas, TX	SF		—		1,005		14,546		4,853		1,005		19,399		20,404		5,072	2001	2/11/2015
Dallas, TX	L		—		2,753		23,848		5,737		2,753		29,585		32,338		7,037	2001	12/1/2015
Dallas, TX	SF		—		740		8,191		890		740		9,081		9,821		2,034	2005	9/13/2018
Del Rio, TX	C		—		210		30,676		2,237		210		32,913		33,123		9,932	1992 / 2004	2/11/2015
Des Plaines, IL	O		—		1,742		9,325		397		1,742		9,722		11,464		7,076	1971 / 1999	9/13/2018
El Centro, CA	C		—		1,084		20,765		2,363		1,084		23,128		24,212		6,909	2004	2/11/2015
El Paso, TX	SF		—		2,430		33,649		5,370		2,430		39,019		41,449		7,363	1998 -2005	3/26/2020
Fresno, CA	O		—		1,499		68,309		5,755		1,499		74,064		75,563		22,940	2003	2/11/2015

Easterly Government Properties, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2025

(Amounts in thousands)


				Initial Cost to Company						Cost amount carried at Close of Period
Location	Type(1)	Encumbrances(2)		Land		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition(3)		Land		Buildings and Improvements		Total(4)		Accumulated Depreciation(3)(5)		Original Construction Date(s) (Unaudited)	Date Acquired
Golden, CO	W	$	—	$	4,080	$	8,933	$	754	$	4,080	$	9,687	$	13,767	$	2,893	1996 / 2011	5/24/2018
Greenwood Village, CO	O		—		3,937		15,783		—		3,937		15,783		19,720		335	1982 / 2020	8/28/2025
Irvine, TX	SF		—		6,736		12,864		274		6,736		13,138		19,874		1,281	2000 / 2020	4/12/2024
Jackson, TN	C		—		332		24,324		3,285		332		27,609		27,941		3,277	1998	12/24/2020
Kansas City, KS	L		—		828		33,035		2,744		828		35,779		36,607		9,019	2003	7/1/2016
Kansas City, MO	SF		—		645		24,431		175		645		24,606		25,251		3,828	1998 / 2020	5/20/2021
Knoxville, TN	SF		—		2,840		25,775		654		2,840		26,429		29,269		5,168	2010	3/17/2021
Lakewood, CO	O		—		1,521		32,865		3,241		1,521		36,106		37,627		11,524	2004	2/11/2015
Lees Summit, MO	O		—		2,974		90,858		4,432		2,974		95,290		98,264		11,524	1969 / 1999	10/14/2021
Lenexa, KS	O		—		4,367		42,692		1,651		4,367		44,343		48,710		9,998	2007 / 2012	8/22/2019
Lenexa, KS	L		—		649		3,449		62,706		649		66,155		66,804		8,712	2020	5/27/2017
Lincoln, NE	O		—		2,311		26,328		1,363		2,311		27,691		30,002		8,731	2005	11/12/2015
Little Rock, AR	SF		—		2,278		19,318		1,484		2,278		20,802		23,080		6,307	2001	2/11/2015
Loma Linda, CA	OC		127,145		12,476		177,357		508		12,476		177,865		190,341		38,260	2016	6/1/2017
Louisville, KY	SF		—		1,005		5,473		171		1,005		5,644		6,649		710	2011	3/17/2021
Louisville, KY	SF		—		1,015		21,885		312		1,015		22,197		23,212		3,059	2011	3/17/2021
Lubbock, TX	W		—		541		972		—		541		972		1,513		361	2013	2/11/2015
Martinsburg, WV	SF		—		1,700		13,294		307		1,700		13,601		15,301		4,427	2007	2/11/2015
Mobile, AL	SF		—		2,045		20,400		8,599		2,045		28,999		31,044		4,215	2001	9/18/2020
Mobile, AL	OC		—		6,311		31,030		353		6,311		31,383		37,694		4,514	2018	4/30/2020
New Orleans, LA	SF		—		664		24,471		914		664		25,385		26,049		4,300	1999 / 2006	5/9/2019
Newport News, VA	C		—		252		14,477		139		252		14,616		14,868		835	2008	10/19/2023
North Charleston, SC	SF		8,946		963		34,987		2,010		963		36,997		37,960		11,230	1994 / 2012	2/11/2015
North Charleston, SC	W		—		918		14,033		103		918		14,136		15,054		1,817	2020	11/3/2020
Ogden, UT	W		—		4,964		11,507		11		4,964		11,518		16,482		320	1996	11/21/2024
Omaha, NE	SF		—		4,635		41,319		2,054		4,635		43,373		48,008		15,316	2009	2/11/2015
Omaha, NE	SF		—		1,517		14,156		553		1,517		14,709		16,226		4,401	2004	5/19/2016
Orange, CT	OC		—		3,098		23,613		50		3,098		23,663		26,761		3,622	2019	11/21/2019
Orlando, FL	SF		—		3,351		11,135		66		3,351		11,201		14,552		459	1996 / 2010	5/7/2024
Orlando, FL	SF		—		3,021		5,098		221		3,021		5,319		8,340		216	2006	5/9/2024
Parkersburg, WV	O		—		365		52,200		1,818		365		54,018		54,383		10,691	2004 / 2006	9/13/2018
Pittsburgh, PA	SF		—		384		24,877		3,780		384		28,657		29,041		6,851	2001	9/13/2018
Pleasanton, CA	L		—		5,765		20,859		518		5,765		21,377		27,142		5,443	2015	10/21/2015
Portland, OR	O		—		4,913		75,794		3,658		4,913		79,452		84,365		15,616	2002	1/31/2019
Richmond, VA	SF		—		3,041		23,931		3,018		3,041		26,949		29,990		7,586	2001	12/7/2015
Riverside, CA	SF		—		1,983		6,755		3,821		1,983		10,576		12,559		3,092	1997	2/11/2015

Easterly Government Properties, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2025

(Amounts in thousands)



				Initial Cost to Company						Cost amount carried at Close of Period
Location	Type(1)	Encumbrances(2)		Land		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition(3)		Land		Buildings and Improvements		Total(4)		Accumulated Depreciation(3)(5)		Original Construction Date(s) (Unaudited)	Date Acquired
Sacramento, CA	SF	$	—	$	1,434	$	9,369	$	3,520	$	1,434	$	12,889	$	14,323	$	4,406	2002	2/11/2015
Salt Lake City, UT	SF		—		2,049		79,955		1,035		2,049		80,990		83,039		19,245	2012	9/28/2017
San Antonio, TX	SF		—		3,745		49,153		2,147		3,745		51,300		55,045		16,217	2007	2/11/2015
San Diego, CA	W		—		3,060		510		914		3,060		1,424		4,484		765	1999	2/11/2015
San Diego, CA	SF		—		773		2,481		1,036		773		3,517		4,290		1,270	2003	2/11/2015
San Jose, CA	OC		—		10,419		52,750		112		10,419		52,862		63,281		9,875	2018	7/11/2018
Santa Ana, CA	SF		—		6,413		8,635		839		6,413		9,474		15,887		3,425	2004	2/11/2015
Savannah, GA	L		7,588		3,221		10,687		632		3,221		11,319		14,540		3,569	2013	2/11/2015
South Bend, IN	C		—		514		6,590		627		514		7,217		7,731		1,821	1996 / 2011	12/23/2016
South Bend, IN	OC		—		3,954		38,503		521		3,954		39,024		42,978		8,008	2017	11/16/2017
Springfield, IL	SF		—		118		16,629		95		118		16,724		16,842		1,965	2002	4/22/2021
Sterling, VA	L		—		2,556		21,817		14,214		2,556		36,031		38,587		6,684	2001	1/31/2019
Suffolk, VA	SF		—		7,141		61,577		12,043		7,141		73,620		80,761		12,324	1993 / 2004	5/8/2019
Tampa, FL	SF		—		5,002		57,553		1,851		5,002		59,404		64,406		5,434	2005	5/18/2022
Tracy, CA	W		—		2,678		548		29,756		2,678		30,304		32,982		5,491	2018	10/4/2017
Tustin, CA	O		—		8,532		24,279		374		8,532		24,653		33,185		4,936	1979 / 2019	10/22/2019
Upper Marlboro, MD	L		—		5,054		18,301		2,833		5,054		21,134		26,188		3,964	2002	11/15/2018
Vista, CA	L		—		3,998		24,053		3,122		3,998		27,175		31,173		7,445	2002	2/11/2015
Various	Various		—		14,638		—		36,971		14,638		36,971		51,609		—	N/A	Various
Washington, DC	O		—		34,751		49,734		—		34,751		49,734		84,485		1,353	2006	4/3/2025
		$	151,191	$	314,635	$	2,358,716	$	593,620	$	314,635	$	2,952,336	$	3,266,971	$	552,321

(1)

OC=Outpatient Clinic; SF=Specialized Facility; O=Office; C=Courthouse; L=Laboratory; W=Warehouse.

(2)

Includes the unamortized balance of the fair value adjustments.

(3)

Includes asset impairments recognized, write-offs of involuntary conversions and write-offs of acquired tenant improvements upon the tenant vacating the space.

(4)

Excludes value of real estate intangibles.

(5)

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

The aggregate cost and accumulated depreciation for tax purposes was approximately $3,141.5 million and $570.6 million, respectively.

Easterly Government Properties, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2025

(Amounts in thousands)

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


	Real Estate Properties			Accumulated Depreciation
Balance at December 31, 2022	$	2,606,590		$	321,282
Additions		103,630			69,795
Dispositions		—			—
Balance at December 31, 2023	$	2,710,220		$	391,077
Additions		329,061			74,107
Dispositions		(2,002	)		—
Balance at December 31, 2024	$	3,037,279		$	465,184
Additions		236,402			87,797
Dispositions(1)		(6,710	)		(660	)
Balance at December 31, 2025	$	3,266,971		$	552,321

(1)

During the year ended December 31, 2025, we recognized an impairment loss totaling approximately $2.5 million for its ICE – Otay. See Note 3 for additional information.

Real Estate Loan Receivable (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Summary of Real Estate Loan Receivable

A summary of our real estate loan receivable consisted of the following (in thousands):


	December 31, 2025			December 31, 2024
Real estate loan receivable	$	35,357		$	35,517
Allowance for credit losses		(1,071	)		(1,436	)
Real estate loan receivable, net	$	34,286		$	34,081

Schedule III - Real Estate and Accumulated Depreciation - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate cost	$ 3,141.5
Accumulated depreciation for tax purposes	$ 570.6

Leases - Additional Information (Detail) $ in Millions	1 Months Ended	12 Months Ended
Leases - Additional Information (Detail) $ in Millions	Oct. 31, 2025	Dec. 31, 2025 USD ($) Agreement	Dec. 31, 2024 USD ($) Agreement	Feb. 22, 2026 USD ($)	Sep. 18, 2025 USD ($)
Lessee Lease Description [Line Items]
Average age of property		20 years 6 months
Lump sum reimbursements received from FDA Atlanta		$ 138.1			$ 102.7
Number of lease agreement \| Agreement		2	2
Operating lease, term of contract	5 years 6 months
Lease commencement date	Sep. 01, 2026
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Accounts Payable and Other Accrued Liabilities	Accounts Payable and Other Accrued Liabilities
Operating lease liability		$ 3.5	$ 2.3
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Prepaid expenses and other assets	Prepaid expenses and other assets
Right-of-use asset		$ 3.4	$ 2.3
Subsequent Event
Lessee Lease Description [Line Items]
Lump sum reimbursements received from FDA Atlanta				$ 12.6
Expected additional reimbursement from government				$ 2.9
Washington, D.C. [Member]
Lessee Lease Description [Line Items]
Lease expiration date		Aug. 31, 2026

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 13,557	$ 20,578	$ 21,060
Other comprehensive gain (loss):
Unrealized loss on treasury locks and interest rate swaps, net	(5,455)	(1,277)	(2,025)
Other comprehensive loss:	(5,455)	(1,277)	(2,025)
Comprehensive income	8,102	19,301	19,035
Non-controlling interest in Operating Partnership	(554)	(1,025)	(2,256)
Other comprehensive loss attributable to non-controlling interest	194	89	350
Comprehensive income attributable to Easterly Government Properties, Inc.	$ 7,742	$ 18,365	$ 17,129

- Definition

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

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- Definition

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

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Amount of Net Income (Loss) attributable to noncontrolling interest.

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+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

18. Subsequent Events

For its consolidated financial statements as of December 31, 2025, we evaluated subsequent events as of the filing date of this Annual Report on Form 10-K and noted the following significant events:

On January 5, 2026, we granted an aggregate of 405,080 performance-based LTIP units to members of management pursuant to the 2024 Plan, consisting of (i) 20,589 LTIP units that are subject to us achieving certain total shareholder return performance thresholds (on both an absolute and relative basis) and (ii) 248,177 LTIP units that are subject to us achieving certain operational performance hurdles, in each case through a performance period ending on December 31, 2028. The performance-based LTIP units will vest to the extent earned following the end of the performance period on December 31, 2028. On January 5, 2026, we also granted an aggregate of 136,314 service-based LTIP units to members of management pursuant to the 2024 Plan, which will vest on December 31, 2028. The LTIP units are subject to the grantee’s continued employment and the other terms of the awards.

On January 5, 2026, we granted an aggregate of 15,247 shares of restricted common stock to members of management pursuant to the 2024 Plan. The shares will vest on January 5, 2028, subject to the grantee's continued employment and the other terms of the awards.

On January 16, 2026, we acquired a 297,713 leased square foot campus consisting of three real estate operating properties near Richmond, Virginia. The assets are leased primarily to the Commonwealth of Virginia and have lease expirations ranging from 2027 to 2036.

Leases - Summary of Composition of Lease Revenue Recognized Between Fixed and Variable Components (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Leased Assets [Line Items]
Property rental revenue	$ 321,669	$ 289,601	$ 273,906
Fixed
Operating Leased Assets [Line Items]
Property rental revenue	299,481	269,141	254,017
Variable
Operating Leased Assets [Line Items]
Property rental revenue	$ 22,188	$ 20,460	$ 19,889

Real Estate Loan Receivable

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Real Estate Loan Receivable

5. Real Estate Loan Receivable

On August 6, 2024, we entered into a construction loan agreement to lend up to $52.1 million to a developer (the “Borrower”). The construction loan will accrue interest monthly at a fixed market rate of 9.00% per annum. The construction loan shall be re-paid in full on or before August 31, 2027, the maturity date. Upon completion of the development, we had the option to purchase at fair value all of the issued and outstanding membership interest from the Borrower in a special purpose entity (“SPE”) which solely holds the developed property. We hold a variable interest in the SPE, but we do not consolidate the SPE as we are not the primary beneficiary due to our lack of power to direct significant activities performed by the SPE.

On April 1, 2025, the Borrower repaid $15.0 million of the construction loan outstanding upon substantial completion of the development and receipt of the lump sum reimbursement from the government. On April 15, 2025, we declined the option to purchase, at the stated price, all of the issued and outstanding membership interest from the Borrower. As of December 31, 2025, the Borrower repaid an aggregate of $16.2 million on the construction loan outstanding.

A summary of our real estate loan receivable consisted of the following (in thousands):


	December 31, 2025			December 31, 2024
Real estate loan receivable	$	35,357		$	35,517
Allowance for credit losses		(1,071	)		(1,436	)
Real estate loan receivable, net	$	34,286		$	34,081

During the years ended December 31, 2025 and 2024, we recognized interest income from our real estate loan receivable of $3.3 million and $1.2 million, respectively. No interest income was recognized from real estate loan receivables during the year ended December 31, 2023. Interest income from our real estate loan receivable is included within Other income on our Consolidated Statements of Operations. As of December 31, 2025 and 2024, we recognized an allowance for credit loss liability of less than $0.1 million and $0.1 million, respectively, for the undrawn capacity on the construction loan. Allowance for credit loss liability is included within Accounts payable, accrued expenses and other liabilities on our Consolidated Balance Sheets.

The fair value of this real estate loan receivable was approximately $35.6 million and $35.9 million as of December 31, 2025 and 2024, respectively.

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps - Liability	$ (3,034)
Interest rate swaps - Asset		$ 717
Fair Value, Recurring \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps - Liability	$ (3,034)
Interest rate swaps - Asset		$ 717

Summary of Significant Accounting Policies - Summary of Dividends Paid on Common Shares (Detail)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investment Company, Dividend Distribution [Abstract]
Ordinary income	52.15%	49.29%	40.31%
Long-term capital gain	0.00%	0.14%	0.00%
Return of capital	47.85%	50.57%	59.69%

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Line Items]
Federal income tax	$ 0	$ 0	$ 0
Minimum [Member]
Accounting Policies [Line Items]
Distribution of REIT taxable income	90.00%

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	May 08, 2025	Apr. 28, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common Stock, par value	$ 0.01	$ 0.01		$ 0.01
Common Stock, shares authorized	80,000,000	80,000,000		80,000,000
Common Stock, shares issued	46,303,469			43,188,224
Common Stock, shares outstanding	46,303,469		44,905,158	43,188,224
Reclassification of reverse stock split				$ 0.6	$ 0.6	$ 0.5

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

6. Debt

At December 31, 2025 and December 31, 2024 (dollars in thousands):


	Principal Outstanding						Interest	Current
Loan	December 31, 2025			December 31, 2024			Rate (1)(2)	Maturity
Revolving credit facility:
2024 revolving credit facility (3)	$	199,050		$	274,550		S + 145 bps	June 2028 (4)
Total revolving credit facility		199,050			274,550

Term loan facilities:
2016 term loan facility		100,000			100,000		5.31% (5)	January 2028 (6)
2018 term loan facility		200,000			174,500		5.09% (7)	August 2028 (8)
Total term loan facilities		300,000			274,500
Less: Total unamortized deferred financing fees		(2,800	)		(491	)
Total term loan facilities, net		297,200			274,009

Notes payable:
2017 series A senior notes		95,000			95,000		4.05%	May 2027
2017 series B senior notes		50,000			50,000		4.15%	May 2029
2017 series C senior notes		30,000			30,000		4.30%	May 2032
2019 series A senior notes		85,000			85,000		3.73%	September 2029
2019 series B senior notes		100,000			100,000		3.83%	September 2031
2019 series C senior notes		90,000			90,000		3.98%	September 2034
2021 series A senior notes		50,000			50,000		2.62%	October 2028
2021 series B senior notes		200,000			200,000		2.89%	October 2030
2024 series A senior notes		150,000			150,000		6.56%	May 2033
2024 series B senior notes		50,000			50,000		6.56%	August 2033
2025 series A senior notes		25,000			—		6.13%	March 2030
2025 series B senior notes		100,000			—		6.33% (9)	March 2032
Total notes payable		1,025,000			900,000
Less: Total unamortized deferred financing fees		(6,116	)		(5,324	)
Total notes payable, net		1,018,884			894,676

Mortgage notes payable:
USFS II – Albuquerque		7,491			9,624		4.46%	July 2026
ICE – Charleston		8,920			10,491		4.21%	January 2027
VA – Loma Linda		127,500			127,500		3.59%	July 2027
CBP – Savannah		7,789			8,683		3.40%	July 2033
Total mortgage notes payable		151,700			156,298
Less: Total unamortized deferred financing fees		(355	)		(579	)
Less: Total unamortized premium/discount		(154	)		(133	)
Total mortgage notes payable, net		151,191			155,586

Total debt	$	1,666,325		$	1,598,821

(1)

Effective interest rates are as follows: 2016 term loan facility 5.59%, 2018 term loan facility 5.53%, 2017 series A senior notes 4.15%, 2017 series B senior notes 4.23%, 2017 series C senior notes 4.37%, 2019 series A senior notes 3.82%, 2019 series B senior notes 3.91%, 2019 series C senior notes 4.04%, 2021 series A senior notes 2.74%, 2021 series B senior notes 2.99%, 2024 series A senior notes 6.74%, 2024 series B senior notes 6.73%, 2025 series A senior notes 6.36%, 2025 series B senior notes 6.51%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%.

(2)

At December 31, 2025, the USD SOFR with a five day lookback (“SOFR” or “S”) was 3.66%. 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 $400.0 million senior unsecured revolving credit facility (the “2024 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 (as amended, our “2016 term loan facility”) is based on our consolidated leverage ratio, as set forth in the respective loan agreements.

(3)

Our 2024 revolving credit facility had available capacity of $200.8 million at December 31, 2025, in addition to an accordion feature that provides us with additional capacity of up to $300.0 million, subject to syndication of the increase and the satisfaction of customary terms and conditions.

(4)

Our 2024 revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.

(5)

Our 2016 term loan facility is subject to three interest rate swaps with effective dates of December 23, 2024 and a notional value of $100.0 million, which effectively fixes the interest rate at 5.31% annually. The spread over SOFR is based on our consolidated leverage ratio, as defined in our 2016 term loan facility agreement.

(6)

Our 2016 term loan facility has two one-year as-of-right extension options subject to certain conditions and the payment of an extension fee.

(7)

Our 2018 term loan facility is subject to three interest rate swaps, one of which has an effective date of March 24, 2025 and the remaining two have an effective date of June 30, 2025. The three swaps have an aggregate notional value of $200.0 million, which effectively fix the interest rate at 5.09% annually. The spread over SOFR is based on our consolidated leverage ratio, as defined in our 2018 term loan facility agreement.

(8)

Our 2018 term loan facility has two one-year as-of-right extension options subject to certain conditions and the payment of an extension fee.

(9)

We entered into two $50.0 million treasury lock agreements to fix the Treasury rate of our 2025 series B senior notes. For a more complete description of the treasury lock agreements, see Note 7 Derivatives and Hedging Activities.

As of December 31, 2025 and 2024, the net carrying value of real estate collateralizing our mortgages payable totaled $210.1 million and $216.9 million, respectively. We were not in default under any mortgage loan as of December 31, 2025. See Note 8 for the fair value of our debt instruments.

2025 Activity

2016 Term Loan Facility

On January 8, 2025, we entered into the ninth amendment to our senior unsecured term loan agreement, dated as of September 29, 2016, to extend the maturity date of our 2016 term loan facility from January 30, 2025 to January 28, 2028. Additionally, the ninth amendment increased the capacity limit on the accordion feature from $150.0 million to $250.0 million.

Effective September 30, 2025, we entered into the tenth amendment to our senior unsecured term loan agreement, dated as of September 29, 2016, to remove the minimum consolidated tangible net worth financial covenant.

2025 Senior Note Agreement

On March 20, 2025, we entered into a master note purchase agreement pursuant to which the Operating Partnership agreed to issue and sell an aggregate of up to $125 million of fixed rate, senior unsecured notes (“Senior Notes”) consisting of (i) 6.13% 2025 Series A Senior Notes due March 20, 2030 (“2025 series A senior notes”), in an aggregate principal amount of $25.0 million, and (ii) 6.33% 2025 Series B Senior Notes due March 20, 2032 (“2025 series B senior notes”), in an aggregate principal amount of $100.0 million. The Senior Notes were issued on March 20, 2025. We, together with various subsidiaries of the Operating Partnership, have guaranteed the 2025 series A senior notes and the series B senior notes.

2018 Term Loan Facility

On August 21, 2025, we entered into a fifth amendment to our second amended and restated credit agreement, dated as of July 23, 2021, to extend the maturity date of our 2018 term loan facility from July 23, 2026 to August 21, 2028 and upsize lender commitment from $174.5 million to $200.0 million. Further, we may exercise, at our discretion, two one-year extension options,

subject to certain conditions. Lastly, the term loan amendment also removes the minimum consolidated tangible net worth financial covenant and includes an accordion feature that provides the Company with additional capacity, subject to the satisfaction of customary terms and conditions, of up to $100.0 million. In connection with the extension, we recognized an aggregate $0.1 million loss on debt extinguishment during the twelve months ended December 31, 2025, which is included in Interest expense, net on our Consolidated Statements of Operations.

2024 Revolving Credit Facility

Effective September 2, 2025, we amended the credit agreement governing our 2024 revolving credit facility to remove the minimum consolidated tangible net worth financial covenant.

2024 Activity

2024 Senior Note Agreement

On May 29, 2024, we entered into a master note purchase agreement pursuant to which the Operating Partnership agreed to issue and sell an aggregate of up to $200 million of fixed rate, senior unsecured notes (“Senior Notes”) consisting of (i) 6.56% Series A Senior Notes due May 29, 2033 (“Series A Senior Notes”), in an aggregate principal amount of $150.0 million, and (ii) 6.56% Series B Senior Notes due August 14, 2033 (“Series B Senior Notes”), in an aggregate principal amount of $50.0 million. The Series A Senior Notes were issued on May 29, 2024 and the Series B Senior Notes were issued on August 14, 2024. We, together with various subsidiaries of the Operating Partnership, have guaranteed the Senior Notes.

2024 Revolving Credit Facility

On June 3, 2024, we entered into a credit agreement (the “2024 Credit Agreement”) that provides for the $400.0 million 2024 revolving credit facility which includes an accordion feature that provides us with additional capacity of up to $300.0 million, subject to syndication of the increase and the satisfaction of customary terms and conditions. The 2024 revolving credit facility has an initial four-year term and will mature in June 2028, with two six-month as-of-right extension options, subject to certain conditions and the payment of an extension fee.

Borrowings under the 2024 revolving credit facility will, at the Operating Partnership's option, bear interest at floating rates equal to either (i) a fluctuating rate equal to the sum of (a) the highest of (x) Citibank, N.A.'s base rate, (y) the federal funds effective rate plus 0.50% and (z) the one-month adjusted term SOFR plus 1.00%, plus, in each case, (b) a margin ranging from 0.20% to 0.80% based on our leverage ratio, (ii) the daily simple SOFR plus a credit spread adjustment of 0.10% (the “Adjusted DSS”), or (iii) the term SOFR, plus a credit spread adjustment of 0.10% (the “Term SOFR”), plus, in the case of borrowings bearing interest at Adjusted DSS or Term SOFR, a margin ranging from 1.20% to 1.80% based on our leverage ratio.

2021 Revolving Credit Facility

We are also party to the second amended and restated credit agreement, dated July 23, 2021 (as amended, restated, or otherwise modified from time to time, the “2021 Credit Facility”), which provides for (i) a $450.0 million senior unsecured revolving credit facility (the “2021 revolving credit facility”) and (ii) our 2018 term loan facility.

On January 2, 2024, the margin spreads under the second amended senior unsecured credit agreement were reduced by 1 basis point as a result of achieving our sustainability metric percentage.

In connection with the entry into the 2024 Credit Agreement on June 3, 2024, we repaid all amounts outstanding under and terminated the revolver portion of the 2021 Credit Facility, including all unused commitments. Other than the foregoing, the terms of the 2021 Credit Facility remain unchanged and our 2018 term loan portion of the 2021 Credit Facility remains outstanding. We recognized an aggregate $0.3 million loss on debt extinguishment during the year ended December 31, 2024 which is included in Interest expense, net on our Consolidated Statements of Operations.

Term Loan Facilities

On January 23, 2024, we entered into the seventh amendment to the senior unsecured term loan agreement, dated as of September 29, 2016, that governs our 2016 term loan facility to extend the maturity date of our 2016 term loan facility from March 29, 2024 to January 30, 2025.

On December 23, 2024, we entered into three SOFR-based interest rate swaps with a total notional value of $100.0 million that were designated as cash flow hedges of interest rate risk. The interest rate swaps became effective in December 2024 upon the maturity of our $100.0 million notional value interest rate swap on December 23, 2024. For more information on our interest rate swaps, see Note 7 to the Consolidated Financial Statements.

On April 1, 2024, we used $8.4 million of available cash to extinguish the mortgage note obligation on VA – Golden.

On June 3, 2024, we repaid $25.0 million of amounts outstanding under our 2018 term loan facility using available cash derived from the issuance of Series A Senior Notes.

On July 8, 2024, we used $0.5 million of available cash to pay down a portion of our 2018 term loan facility.

On July 15, 2024, we amended the credit agreements governing our 2016 and 2018 term loan facilities to conform certain definitions related to leverage covenants to the provisions of the 2024 Credit Agreement.

On August 6, 2024, we used $51.5 million of available cash to extinguish the mortgage note obligation on USCIS – Kansas City.

Financial Covenant Considerations

As of December 31, 2025, we were in compliance with all financial and other covenants related to our 2024 revolving credit facility, 2016 term loan facility, 2018 term loan facility, notes payable and mortgage notes payable.

Aggregate Debt Maturities

Aggregated debt maturities based on outstanding principal as of December 31, 2025 are as follows (dollars in thousands):


	Total
2026	$	10,054
2027		230,733
2028		550,033
2029		136,016
2030		226,049
Thereafter		522,865
		1,675,750
Unamortized premium/discount & deferred financing fees		(9,425	)
	$	1,666,325

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Concentrations Risk

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

Concentrations Risk

15. Concentration Risk

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

At December 31, 2025, the U.S. Government accounted for 87.6% of our total leased square feet, state and local government tenants accounted for 6.0% of our total leased square feet and non-governmental tenants accounted for the remaining 6.4% of our total leased square feet. At December 31, 2024, the U.S. Government accounted for 91.1% of our total leased square feet, state and local government tenants accounted for 3.7% of our total leased square feet and non-governmental tenants accounted for the remaining 5.2% of our total leased square feet.

At December 31, 2025, 17 of our 103 wholly-owned and unconsolidated operating properties were located in California, accounting for approximately 13.3% of our total leased square feet. At December 31, 2024, 18 of our 100 operating properties were located in California, accounting for approximately 14.2% of our total leased square feet. To the extent that weak economic or real estate conditions or natural disasters affect California, our business, financial condition and results of operations could be negatively impacted.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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+ Details

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity Risk management and strategy We rely on IT networks and systems to process, transmit and store electronic information and to manage or support our business. We have implemented information security processes designed to identify, assess and manage risks from cybersecurity threats to our systems and data. These processes are supported by a multidisciplinary team, including our legal department, management and third-party information security service providers, as described further below. We leverage internal and external resources to monitor and evaluate our threat environment, including the use of our third-party managed service provider, manual and automated tools, threat intelligence reporting and analysis services, security scans and testing and internal and external audits. In addition, as part of our ongoing cybersecurity efforts, we have implemented a process for mandatory cybersecurity awareness training for new employees during onboarding and at least annually thereafter. We also conduct ongoing phishing simulations in an effort to raise awareness and support our training efforts. Our cybersecurity risk assessment process includes quarterly reviews of our cybersecurity controls, annual third-party penetration tests and annual internal assessments of our cybersecurity program as informed by the NIST Cybersecurity Framework. The results of our assessments are discussed with management and the audit committee of our board of directors. We have also established incident response processes for reporting to the audit committee for certain cybersecurity incidents, as appropriate. We utilize certain third-party service providers to perform a variety of functions relating to the acquisition, development and management of our properties. We seek to engage reliable, reputable service providers that maintain cybersecurity programs. Depending on the nature of the services provided, the sensitivity and quantity of information processed, and the identity of the service provider, our vendor management process may include a review of the cybersecurity practices of such provider, including through security questionnaires and applicable security certifications or reports, as appropriate. We are not aware of any risks from cybersecurity threats, including as a result of any cybersecurity incidents, to date that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. Refer to “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional discussion about cybersecurity-related risks. Governance Our board of directors is responsible for overseeing our strategy and risk management process and discharges its duties both as a full board and through its committees. As reflected in the audit committee charter, our board has delegated to the audit committee oversight of our risk assessment and management process, including processes related to cybersecurity. The audit committee meets at least annually with management, our internal auditor and our contracted Chief Technology Officer to discuss our cybersecurity program in regards to potential significant financial or operational risk exposures and the measures implemented to monitor and address those risks, including those that may result from cybersecurity threats. As necessary or appropriate, these discussions may include our risk assessment and risk management policies. In addition to our multidisciplinary management team, we rely on our internal audit function in collaboration with a third-party information security service provider to lead our cybersecurity risk assessment and management processes and oversee their implementation and maintenance. We have a longstanding relationship with our third-party information security service provider, which includes services from our contracted Chief Technology Officer. The contracted Chief Technology Officer has approximately 17 years of information technology experience, including ten years in the finance and real estate sectors, and our Head of Internal Audit, has approximately 32 years of audit experience, including 22 years in the real estate and financial services sectors. Management is responsible for hiring personnel to support our cybersecurity strategy, as appropriate, helping to integrate cybersecurity risk considerations into our overall risk management strategy, and communicating key priorities to relevant personnel. Management is also responsible for approving technology budgets, approving cybersecurity processes, and reviewing cybersecurity assessments and other cybersecurity-related matters.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Management is responsible for hiring personnel to support our cybersecurity strategy, as appropriate, helping to integrate cybersecurity risk considerations into our overall risk management strategy, and communicating key priorities to relevant personnel. Management is also responsible for approving technology budgets, approving cybersecurity processes, and reviewing cybersecurity assessments and other cybersecurity-related matters.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Our board of directors is responsible for overseeing our strategy and risk management process and discharges its duties both as a full board and through its committees. As reflected in the audit committee charter, our board has delegated to the audit committee oversight of our risk assessment and management process, including processes related to cybersecurity. The audit committee meets at least annually with management, our internal auditor and our contracted Chief Technology Officer to discuss our cybersecurity program in regards to potential significant financial or operational risk exposures and the measures implemented to monitor and address those risks, including those that may result from cybersecurity threats. As necessary or appropriate, these discussions may include our risk assessment and risk management policies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	As reflected in the audit committee charter, our board has delegated to the audit committee oversight of our risk assessment and management process, including processes related to cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The audit committee meets at least annually with management, our internal auditor and our contracted Chief Technology Officer to discuss our cybersecurity program in regards to potential significant financial or operational risk exposures and the measures implemented to monitor and address those risks, including those that may result from cybersecurity threats. As necessary or appropriate, these discussions may include our risk assessment and risk management policies.
Cybersecurity Risk Role of Management [Text Block]	In addition to our multidisciplinary management team, we rely on our internal audit function in collaboration with a third-party information security service provider to lead our cybersecurity risk assessment and management processes and oversee their implementation and maintenance. We have a longstanding relationship with our third-party information security service provider, which includes services from our contracted Chief Technology Officer. The contracted Chief Technology Officer has approximately 17 years of information technology experience, including ten years in the finance and real estate sectors, and our Head of Internal Audit, has approximately 32 years of audit experience, including 22 years in the real estate and financial services sectors. Management is responsible for hiring personnel to support our cybersecurity strategy, as appropriate, helping to integrate cybersecurity risk considerations into our overall risk management strategy, and communicating key priorities to relevant personnel. Management is also responsible for approving technology budgets, approving cybersecurity processes, and reviewing cybersecurity assessments and other cybersecurity-related matters.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	In addition to our multidisciplinary management team, we rely on our internal audit function in collaboration with a third-party information security service provider to lead our cybersecurity risk assessment and management processes and oversee their implementation and maintenance. We have a longstanding relationship with our third-party information security service provider, which includes services from our contracted Chief Technology Officer.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The contracted Chief Technology Officer has approximately 17 years of information technology experience, including ten years in the finance and real estate sectors, and our Head of Internal Audit, has approximately 32 years of audit experience, including 22 years in the real estate and financial services sectors.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity risk assessment process includes quarterly reviews of our cybersecurity controls, annual third-party penetration tests and annual internal assessments of our cybersecurity program as informed by the NIST Cybersecurity Framework. The results of our assessments are discussed with management and the audit committee of our board of directors. We have also established incident response processes for reporting to the audit committee for certain cybersecurity incidents, as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Leases - Schedule of Maturity of Future Minimum Lease Payments Under Company's Corporate Office Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
Total	$ 3,500	$ 2,300
Corporate Office Leases [Member]
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
2026	661
2027	467
2028	871
2029	829
2030	508
Thereafter	607
Total future minimum lease payments	3,943
Imputed interest	(485)
Total	$ 3,458

Equity Incentive Pan

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Equity Incentive Plan

9. Equity Incentive Plan

On May 17, 2024, the stockholders of the Company approved our 2024 Equity Incentive Plan (the “2024 Plan”), which initially authorized an aggregate of 1,440,000 shares of our common stock for issuance (adjusted for the Reverse Stock Split). The 2024 Plan replaced our 2015 Equity Incentive Plan, as last amended on May 9, 2017 (the “Prior Plan”), and upon the effectiveness of the 2024 Plan no awards may be granted under the Prior Plan. Pursuant to the terms of the 2024 Plan, the shares of our common stock

underlying any awards that are forfeited, cancelled, or are otherwise terminated (other than by exercise) under the 2024 Plan and Prior Plan are added back to the shares available for issuance under the 2024 Plan. As of December 31, 2025, 380,318 shares were available for issuance under the 2024 Plan. No shares of our common stock were authorized or available for issuance under the Prior Plan as of December 31, 2025 and 2024.

The 2024 Plan is administered by the compensation committee of our board of directors (the “Compensation Committee”) and the award of stock options (both incentive and non-qualified options), stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, cash-based awards, dividend equivalent rights, and other equity-based awards is permitted. Shares tendered or held back for taxes will not be added back to the reserved pool under the 2024 Plan. Upon the exercise of a stock appreciation right that is settled in shares of common stock, the full number of shares underlying the award will be charged to the reserved pool. Additionally, shares we reacquire on the open market will not be added back to the reserved pool under the 2024 Plan. Stock options and stock appreciation rights will not be repriced in any manner, nor will any material amendments be made to the 2024 Plan without stockholder approval. The term of the 2024 Plan will expire on May 17, 2034.

On December 6, 2023, we entered into a Transition and Separation Agreement with William C. Trimble III (the “Separation Agreement”), pursuant to which Mr. Trimble retired from his positions as Chief Executive Officer and President of the Company and as a member of the Company’s board of directors effective December 31, 2023. Pursuant to the terms of the Separation Agreement, Mr. Trimble received a lump sum severance payment of $0.4 million and his annual cash bonus for 2023 of $1.3 million which was included in compensation expense for the year ended December 31, 2023. In addition, Mr. Trimble’s LTIP Units were treated as follows: (i) all of the LTIP Units subject to only time-based vesting conditions vested as of December 31, 2023; and (ii) all of the LTIP Units subject to both time- and performance-based vesting conditions will remain eligible to be earned and will continue to vest following December 31, 2023, with the number of LTIP Units earned under each award agreement to be calculated as of the end of the applicable performance period set forth in the corresponding award agreement in the same manner as if his retirement had not occurred. On December 6, 2023, we revalued Mr. Trimble’s unvested LTIP units and recognized the fair value of the modified award less compensation cost previously recognized over his remaining requisite service period. We recognized $0.4 million and less than $0.1 million in compensation expense related to the modification of Mr. Trimble’s service and operational LTIP Unit awards, respectively, for the year ended December 31, 2023. Additionally, we recaptured $0.8 million in compensation expense related to the modification of Mr. Trimble’s performance LTIP Unit awards for the year ended December 31, 2023.

Restricted Shares

We award restricted stock to certain members of management and non‑employee directors. Management awards generally vest over a range of one 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 2024 Plan and Prior Plan may not be sold or otherwise transferred until restrictions have lapsed, as established by the Compensation Committee.

We value our non-vested restricted share awards at the grant date fair value, which was the market price of our common stock as of the applicable grant date. We recognized $0.9 million, $0.4 million and $0.6 million in compensation expense, related to restricted common stock awards, for the years ended December 31, 2025, 2024 and 2023, respectively.

The fair value of restricted stock that vested was $0.4 million during 2025, $0.4 million during 2024, and $0.4 million during 2023, based on the market price at the vesting date. The balance of unamortized restricted stock expense as of December 31, 2025, was $0.8 million, which is expected to be recognized over a weighted‑average period of 1.5 years.


	Restricted Shares			Restricted Shares Weighted average grant date fair value
Outstanding, December 31, 2022		16,526		$	49.86
Vested		(12,395	)		48.57
Granted (1)		12,994			35.44
Forfeited		—			—
Outstanding, December 31, 2023		17,126		$	39.85
Vested		(12,681	)	$	38.80
Granted (1)		27,442			29.88
Forfeited		(458	)		33.85
Outstanding, December 31, 2024		31,428		$	31.66
Vested		(18,239	)	$	33.18
Granted (1)		49,339			22.08
Forfeited		(1,345	)		29.72
Outstanding, December 31, 2025		61,183		$	23.52

(1)

Reflects the number of restricted shares issued to the grantee as part of the Prior Plan.

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 five 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 and stock price appreciation, relative total shareholder returns, or operational hurdles through the performance period. Service-based LTIP units are earned over time, subject to continued employment and other terms of the awards.

The following is a summary of our granted LTIP unit awards and has been retroactively adjusted to reflect the Reverse Unit Split, see Note 1 Organization and Basis of Presentation:


Award Type	Grant Date	Performance Period End Date		Vest Date	Units Granted		Units Vested
Service	January 3, 2023		—	December 31, 2025		87,943	45,641 (1)
Operational Performance	January 3, 2023	December 31, 2025		(2)		50,916	(2)
TSR Performance	January 3, 2023	December 31, 2025		(3)		59,453	(3)
Service	March 2, 2023		—	March 2, 2026		1,375		-
Service	May 9, 2023		—	May 9, 2024		6,498		6,498
2023 LTIP Grant						206,185

Service	January 2, 2024		—	December 31, 2026		80,460
Operational Performance	January 2, 2024	December 31, 2026		(4)		46,694	(4)
TSR Performance	January 2, 2024	December 31, 2026		(4)		30,902	(4)
TSR Performance	January 19, 2024	December 31, 2026		(4)		27,767	(4)
Service	June 14, 2024		—	May 22, 2025		5,439		5,439
2024 LTIP Grant						191,262

Service	January 2, 2025		—	December 31, 2027		129,561
Operational Performance	January 2, 2025	December 31, 2027		(4)		74,996	(4)
TSR Performance	January 2, 2025	December 31, 2027		(4)		85,372	(4)
Service	June 18, 2025		—	(5)		1,747	(5)
Stock Price Performance	August 26, 2025	August 26, 2033		(6)		844,000	(6)
2025 LTIP Grant						1,135,676

(1)

(2)

An aggregate of 54,910 Operational Performance LTIP units (adjusted for the Reverse Unit Split) were earned as of December 31, 2025 and vested on January 20, 2026.

(3)

Based on the Company's performance through the performance period ending December 31, 2025, no TSR Performance LTIP units were earned.

(4)

(5)

Represents LTIP units granted to our independent directors that will vest on the earlier of the anniversary of the grant date or the 2026 annual meeting of stockholders.

(6)

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

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


	Year Ended December 31,
	2025			2024			2023
Expected volatility		25.0	%		24.0	%	26.0% - 39.0%
Dividend yield	6.3% - 7.8%			6.6% - 6.7%			5.6% - 8.5%
Risk-free interest rate	4.1% - 4.3%			4.1%			4.2% - 5.2%
Expected life	3 - 8 years			3 years			3 years

The fair value of LTIP units that vested were $1.5 million during 2025, $2.0 million during 2024, and $6.9 million during 2023, based on the market price at the vesting date. We recognized $5.2 million, $2.8 million and $5.2 million in compensation expense related to LTIP unit awards, for the years ended December 31, 2025, 2024 and 2023, respectively. The balance of unamortized LTIP expense as of December 31, 2025 was $15.1 million, which is expected to be recognized over a weighted‑average period of 3.5 years. As of December 31, 2025, management considers it probable that the operational performance conditions on three of our four unvested grants will be achieved.


	LTIP Units (1)			LTIP Units Weighted average grant date fair value
Outstanding, December 31, 2022		358,666		$	49.75
Vested		(169,588	)		46.83
Granted		342,891			26.35
Forfeited		(170,846	)		40.58
Outstanding, December 31, 2023		361,124		$	33.25
Vested		(60,138	)	$	48.70
Granted (2)		191,265			28.10
Forfeited (2)		(113,405	)		33.70
Outstanding, December 31, 2024		378,846		$	28.06
Vested		(64,705	)	$	36.37
Granted		1,135,676			15.04
Forfeited		(76,931	)		24.20
Outstanding, December 31, 2025		1,372,886		$	17.12

(1)

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

(2)

Modified LTIP Units are treated as forfeited and re-granted at their new fair value.

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Balance sheet information:

Total assets

$ 3,379,770

$ 3,223,071

Total liabilities (2)

2,010,205

1,835,954

Total equity

1,323,132

1,321,118

Total liabilities and equity

3,379,770

3,223,071

Investment in unconsolidated real estate venture

304,721

316,521

Income statement information:

Revenues

336,099

302,052

$ 287,227

Net income

13,003

19,553

18,804

Real Estate Joint Venture [Member]

Balance sheet information:

Real estate, net (1)

489,816

501,938

Other assets, net

^[1]

96,705

105,808

Total assets

586,521

607,746

Total liabilities (2)

^[2]

12,157

11,142

Total equity

574,364

596,604

Total liabilities and equity

586,521

607,746

Investment in unconsolidated real estate venture

304,346

316,146

Basis differential (3)

^[3]

375

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

304,721

316,521

Income statement information:

Revenues

50,741

45,517

40,693

Operating income

12,971

11,572

10,567

Net income

12,810

11,408

10,402

Company's share of net income

$ 6,781

$ 6,051

$ 5,498

[1]	At December 31, 2025 and 2024, this amount included right-of-use assets - finance leases totaling approximately $4.6 million and $4.7 million, respectively, representing a ground lease at VA – Lubbock.
[2]	At both December 31, 2025 and 2024, 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

Real Estate and Intangibles

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

Real Estate and Intangibles

3. Real Estate and Intangibles

Acquisitions

During the year ended December 31, 2025, we acquired three real estate operating properties in asset acquisitions, DC – Capitol Plaza, DHS – Burlington and York Space Systems – Greenwood Village, for an aggregate purchase price of $169.9 million. During the year ended December 31, 2024, we acquired nine operating properties in asset acquisitions, ICE – Dallas, HSI – Orlando, ICE – Orlando, Northrop Grumman – Dayton, Northrop Grumman – Aurora, IRS – Ogden, and a three building portfolio in Cary, NC, for an aggregate purchase price of $184.9 million.

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


	December 31, 2025		December 31, 2024
Real estate
Land	$	39,966	$	41,591
Building		62,633		104,618
Acquired tenant improvements		17,494		9,794
Total real estate		120,093		156,003
Intangible assets
In-place leases		35,059		24,552
Acquired leasing commissions		13,064		9,842
Total intangible assets		48,123		34,394
Other assets
Other assets		1,700		—
Total other assets		1,700		—
Intangible liabilities
Below-market leases		—		(5,469	)
Total intangible liabilities		—		(5,469	)
Purchase price		169,916		184,928

During the twelve months ended December 31, 2025, we acquired 100% of the membership interests in an entity that has the sole rights to a development project in Fort Myers, Florida for $1.8 million. On July 2, 2025, in connection with such development rights, we acquired land to develop an approximately 64,000 square foot laboratory for $5.8 million. The laboratory will be primarily leased to the Florida Department of Law Enforcement over a 25-year non-cancelable term.

In addition to the above operating property activity, we acquired one land parcel for development, JUD – Medford, for $1.9 million during the year ended December 31, 2025 and one land parcel for development, JUD – Flagstaff, for $5.9 million during the year ended December 31, 2024.

No debt was assumed on acquisitions made during the years ended December 31, 2025 and 2024. The intangible assets and liabilities of the acquired operating properties have an aggregate weighted average amortization period of 9.72 years and 9.12 as of December 31, 2025 and 2024, respectively.

During the year ended December 31, 2025, we included $16.8 million of revenues and $5.4 million of net income in our Consolidated Statements of Operations related to the operating properties acquired. Additionally, we incurred $1.4 million of acquisition-related costs primarily consisting of internal costs associated with the property acquisitions. During the year ended December 31, 2024, we included $7.2 million of revenues and $2.9 million of net income in our Consolidated Statements of Operations related to the operating properties acquired. Additionally, we incurred $1.9 million of acquisition-related costs primarily consisting of internal costs associated with the property acquisitions.

Dispositions

On September 29, 2025, we sold ICE – Otay, a 52,881 rentable square foot office building located in San Diego, California, to a third party. Net proceeds from the sale of the operating property were approximately $3.5 million and we did not recognize a gain or loss on the sale. We assessed the recoverability of the carrying amount of ICE – Otay upon a change in circumstances and events to sell the property during the third quarter of 2025. The assessment resulted in the remeasurement of ICE – Otay, which was written down to its estimated fair value. Our estimate of the fair value was based on a pending offer to acquire the property. The remeasurement resulted in an impairment loss of $2.5 million, which is included in Impairment loss in our Consolidated Statements of Operations.

In July 2024, we entered into an agreement to sell a land parcel located in Lincoln, Nebraska for $2.3 million. The land parcel had a carrying value of $2.0 million. On October 3, 2024, we sold the land parcel for a gross sales price of $2.3 million and we recognized a gain on the sale of approximately $0.2 million for the year ended December 31, 2024.

Development Placed in Service

On December 15, 2025, the FDA – Atlanta development project was substantially completed and delivered to the GSA for the beneficial use of the Food and Drug Administration (“FDA”). In connection with substantial completion, we commenced revenue recognition.

Consolidated Real Estate and Intangibles

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


	December 31, 2025			December 31, 2024
Real estate properties, net
Land	$	314,635		$	267,543
Building		2,803,252			2,490,330
Acquired tenant improvements		112,116			94,894
Construction in progress		36,968			184,512
Accumulated depreciation		(552,321	)		(465,184	)
Total Real estate properties, net	$	2,714,650		$	2,572,095
Intangible assets, net
In-place leases		335,988			302,302
Acquired leasing commissions		94,873			81,915
Above market leases		14,620			14,620
Payment in lieu of taxes		6,394			6,394
Accumulated amortization		(267,964	)		(243,806	)
Total Intangible assets, net	$	183,911		$	161,425
Intangible liabilities, net
Below market leases		(76,622	)		(77,029	)
Accumulated amortization		64,663			62,144
Total Intangible liabilities, net	$	(11,959	)	$	(14,885	)

Amortization of intangible assets within Depreciation and amortization expense was $24.5 million, $20.3 million and $21.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The projected amortization of total intangible assets and intangible liabilities as of December 31, 2025 are as follows (amounts in thousands):


	Total
Intangible assets
2026	$	26,799
2027		24,510
2028		21,615
2029		18,242
2030		16,430
Thereafter		76,315
	$	183,911
Intangible liabilities
2026	$	(2,693	)
2027		(2,469	)
2028		(1,924	)
2029		(1,238	)
2030		(1,067	)
Thereafter		(2,568	)
	$	(11,959	)


	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2026	$	1,096	$	(2,693	)
2027		1,096		(2,469	)
2028		725		(1,924	)
2029		193		(1,238	)
2030		193		(1,067	)
Thereafter		448		(2,568	)

Above-market lease amortization reduces Rental income on our Consolidated Statements of Operations and below-market lease amortization increases Rental income on our Consolidated Statements of Operations. Amortization of above- and below-market lease intangibles increased Rental income by $1.8 million, $1.9 million and $2.7 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Equity Incentive Plan - Summary of Restricted Shares (Details) - $ / shares

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Restricted Stock

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

Shares/Units, Outstanding beginning balance

31,428

17,126

16,526

Shares/Units, Vested

(18,239)

(12,681)

(12,395)

Shares/Units, Granted

^[1]

49,339

27,442

12,994

Shares/Units, Forfeited

(1,345)

(458)

Shares/Units, Outstanding ending balance

61,183

31,428

17,126

Weighted average grant date fair value, Outstanding beginning balance

$ 31.66

$ 39.85

$ 49.86

Weighted average grant date fair value, Vested

33.18

38.8

48.57

Weighted average grant date fair value, Granted

^[1]

22.08

29.88

35.44

Weighted average grant date fair value, Forfeited

29.72

33.85

Weighted average grant date fair value, Outstanding ending balance

$ 23.52

$ 31.66

$ 39.85

Long Term Incentive Plan

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

Shares/Units, Outstanding beginning balance

^[2]

378,846

361,124

358,666

Shares/Units, Vested

^[2]

(64,705)

(60,138)

(169,588)

Shares/Units, Granted

^[2]

1,135,676

191,265

^[3]

342,891

Shares/Units, Forfeited

^[2]

(76,931)

(113,405)

^[3]

(170,846)

Shares/Units, Outstanding ending balance

^[2]

1,372,886

378,846

361,124

Weighted average grant date fair value, Outstanding beginning balance

$ 28.06

$ 33.25

$ 49.75

Weighted average grant date fair value, Vested

36.37

48.70

46.83

Weighted average grant date fair value, Granted

15.04

28.10

^[3]

26.35

Weighted average grant date fair value, Forfeited

24.2

33.7

^[3]

40.58

Weighted average grant date fair value, Outstanding ending balance

$ 17.12

$ 28.06

$ 33.25

[1]	Reflects the number of restricted shares issued to the grantee as part of the Prior Plan.
[2]	Reflects the number LTIP units issued to the grantee on the grant date which may be different from the number of LTIP units actually earned in the case of performance-based LTIP units.
[3]	Modified LTIP Units are treated as forfeited and re-granted at their new fair value.

Real Estate and Intangibles - Summary of Scheduled Amortization Market Lease Intangibles (Detail) $ in Thousands	Dec. 31, 2025 USD ($)
Acquired Above-Market Lease Intangibles
2026	$ 1,096
2027	1,096
2028	725
2029	193
2030	193
Thereafter	448
Acquired Below-Market Lease Intangibles
2026	(2,693)
2027	(2,469)
2028	(1,924)
2029	(1,238)
2030	(1,067)
Thereafter	$ (2,568)

Investments in Unconsolidated Real Estate Venture

12 Months Ended

Dec. 31, 2025

Unconsolidated Real Estate Ventures [Abstract]

Investments in Unconsolidated Real Estate Venture

4. Investment in Unconsolidated Real Estate Venture

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


		As of December 31,
Joint Venture	Ownership Interest	2025		2024
MedBase Venture	53.0%	$	304,721	$	316,521

On October 13, 2021, we formed the JV, with a global investor to fund the acquisition of a portfolio of ten properties that encompasses 1,214,165 leased square feet (the “VA Portfolio”). We own a 53.0% interest in the JV, subject to preferred allocations as provided in the JV agreement.

During the year ended December 31, 2025, no properties were acquired by the JV. During the year ended December 31, 2024, the JV acquired VA – Jacksonville for a purchase price of $77.4 million. As of December 31, 2025, all ten properties in the VA Portfolio had been acquired by the JV.

We provide asset and property management services to our unconsolidated real estate venture. We recognized asset management service revenue of $2.5 million, $2.3 million and $2.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

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


	As of December 31,
Balance sheet information:	2025		2024
Real estate, net	$	489,816	$	501,938
Other assets, net (1)		96,705		105,808
Total assets	$	586,521	$	607,746

Total liabilities (2)	$	12,157	$	11,142
Total equity		574,364		596,604
Total liabilities and equity	$	586,521	$	607,746

Company’s share of equity	$	304,346	$	316,146
Basis differential (3)		375		375
Carrying value of the Company’s investment in the unconsolidated venture	$	304,721	$	316,521

(1)

(2)

At both December 31, 2025 and 2024, 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 year ended December 31,
Income statement information:	2025		2024		2023
Total revenue	$	50,741	$	45,517	$	40,693
Operating income		12,971		11,572		10,567
Net income		12,810		11,408		10,402

Company’s share of net income	$	6,781	$	6,051	$	5,498

Commitments and Contingencies - Additional Information (Detail) - USD ($)		12 Months Ended
	Oct. 21, 2015	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commitments And Contingencies [Line Items]
Tax Protection Agreement Period	8 years	4 years	4 years	4 years
Tax protection agreement expiration date		Dec. 31, 2023
Outstanding borrowings		$ 199,050,000	$ 274,550,000
Standby Letters of Credit [Member]
Commitments And Contingencies [Line Items]
Outstanding borrowings		100,000	100,000
Letters of Credit Outstanding, Amount		$ 0	$ 0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Summary of Maturity of Fixed Lease Payments Under Our Leases

The following table summarizes the maturity of fixed lease payments under our leases as of December 31, 2025 (amounts in thousands):


	Payments due by period
	Total		2026		2027		2028		2029		2030		Thereafter
Fixed lease payments	$	2,367,620		286,242		274,900		251,512		223,622		206,264		1,125,080

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

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


	Years Ended December 31,
	2025		2024		2023
Fixed	$	299,481	$	269,141	$	254,017
Variable		22,188		20,460		19,889
Property rental revenue		321,669		289,601		273,906

Schedule of Information about Leases for Development Properties

Information about our leases for our development properties as of December 31, 2025 are set forth in the table below:

         Property Name

         Location

         Tenant

         Property
Type

         Lease Term

         Estimated Leased
Square
Feet

JUD - Flagstaff

Flagstaff, AZ

 Judiciary of the U.S. Government

C (1)

20-year

50,777

JUD - Medford

Medford, OR

 Judiciary of the U.S. Government

C (1)

20-year

40,035

FL - Fort Myers

Fort Myers, FL

 Florida Department of Law Enforcement

L (2)

25-year

64,000

Total

154,812

(1)

L=Laboratory

(2)

C=Courthouse

Schedule of Quantitative Information for Our Operating Leases

The following table provides quantitative information for our commenced operating leases for the year ended December 31, 2025, 2024 and 2023 (amounts in thousands):


	Years Ended December 31,
	2025			2024			2023
Cash flows from operating lease costs	$	806		$	770		$	620

Other Information
Weighted average remaining lease term (in years)		5.32			3.88			4.67
Weighted average discount rate		4.42	%		3.32	%		3.19	%

Schedule of Maturity of Future Minimum Lease Payments Under Our Corporate Office Leases

In addition, the maturity of future minimum lease payments under our commenced corporate office leases as of December 31, 2025 is summarized in the table below (amounts in thousands):


Year ending December 31,	Payments due by period
2026		661
2027		467
2028		871
2029		829
2030		508
Thereafter		607
Total future minimum lease payments	$	3,943
Imputed interest		(485	)
Total	$	3,458

Equity Incentive Plan - Summary of Significant Assumptions Used to Value the Performance-based LTIP Units (Details) - Long Term Incentive Plan	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	25.00%	24.00%
Risk-free interest rate		4.10%
Expected life		3 years	3 years
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility			26.00%
Dividend yield	6.30%	6.60%	5.60%
Risk-free interest rate	4.10%		4.20%
Expected life	3 years
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility			39.00%
Dividend yield	7.80%	6.70%	8.50%
Risk-free interest rate	4.30%		5.20%
Expected life	8 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

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-Topic 718
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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+ Details

Derivatives and Hedging Activities

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

7. Derivatives and Hedging Activities

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


								Fair Value at December 31,
Notional Amount		Fixed Rate			Floating Rate Index (1)	Effective Date	Expiration Date	2025			2024
$	40,000		3.85	%	USD-SOFR with -5 Day Lookback	December 23, 2024	December 23, 2027	$	(444	)	$	161
$	30,000		3.86	%	USD-SOFR with -5 Day Lookback	December 23, 2024	December 23, 2027	$	(338	)	$	115
$	30,000		3.86	%	USD-SOFR with -5 Day Lookback	December 23, 2024	December 23, 2027	$	(340	)	$	113
$	100,000		3.72	%	USD-SOFR with -5 Day Lookback	March 24, 2025	April 1, 2028	$	(974	)	$	—
$	50,000		3.66	%	USD-SOFR with -5 Day Lookback	June 30, 2025	July 1, 2028	$	(468	)	$	—
$	50,000		3.67	%	USD-SOFR with -5 Day Lookback	June 30, 2025	July 1, 2028	$	(470	)	$	—
$	100,000		4.01	%	USD-SOFR with -5 Day Lookback	June 23, 2023	March 23, 2025	$	—		$	69
$	100,000		3.70	%	USD-SOFR with -5 Day Lookback	September 29, 2023	June 29, 2025	$	—		$	259

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


	Fair Value at December 31,
Balance Sheet Line Item	2025			2024
Interest rate swaps - Asset (Liability)	$	(3,034	)	$	717

Treasury Locks

On January 29, 2025, we entered into a treasury lock agreement designated as a cash flow hedge to fix the seven-year Treasury rate at 4.43% for $50.0 million of notional value related to the 2025 series B senior notes issued on March 20, 2025. The treasury lock agreement was terminated and settled on March 5, 2025 and we recognized a $1.1 million loss in other comprehensive income. The loss in other comprehensive income is being amortized to interest expense over the life of the 2025 series B senior notes.

On February 6, 2025, we entered into a treasury lock agreement designated as a cash flow hedge to fix the seven-year Treasury rate at 4.36% for $50.0 million of notional value related to the 2025 series B senior notes issued on March 20, 2025. The treasury lock agreement was terminated and settled on March 5, 2025 and we recognized a $0.9 million loss in other comprehensive income. The loss in other comprehensive income is being amortized to interest expense over the life of the 2025 series B senior notes.

Cash Flow Hedges of Interest Rate Risk

The gains or losses on derivatives designated and that qualify as cash flow hedges are recorded in AOCI and will be reclassified to interest expense in the period that the hedged forecasted transactions affect earnings on our variable rate debt.

Amounts reported in AOCI related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on our variable rate debt. We estimate that $1.3 million will be reclassified from AOCI as a decrease to interest expense over the next 12 months.

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


	For the years ended December 31,
	2025			2024		2023
Unrealized gain (loss) recognized in AOCI	$	(4,205	)	$	2,399	$	3,811
Gain reclassified from AOCI into interest expense		1,250			3,676		5,836

Credit-Risk Related Contingent Features

We have agreements with each of its derivative counterparties that contain a provision where we could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on such indebtedness. As of December 31, 2025, the net fair value of derivatives in a liability position, which includes accrued interest, related to agreements with our derivative counterparties was $3.0 million. As of December 31, 2025, we had not breached any provisions of these agreements and had not posted any collateral related to these agreements. If we were to breach any such provisions of these agreements, we would be required to settle our obligations under the agreements at their termination value of $3.1 million.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
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+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

12. Leases

Lessor

We lease commercial space to the U.S. Government through the GSA or other federal, state and local 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 20.5 years as of December 31, 2025), the mission-critical focus of the properties subject to the leases and the current level of operations at such properties. Certain lease agreements include variable lease payments that, in the future, will vary based on changes in inflationary measures, real estate tax rates, usage, or share of expenditures of the leased premises.

On September 18, 2025, we received a lump sum reimbursement for FDA – Atlanta relating to the landlord improvements in excess of the U.S. Government's tenant improvement allowance of $102.7 million. Total lump sum reimbursements received for the project as of December 31, 2025 are $138.1 million. We recorded the payments as Deferred revenue on the Consolidated Balance Sheets and began amortizing over the life of the lease through Rental income at lease commencement. On December 15, 2025, the FDA – Atlanta development project was substantially completed and delivered to the GSA for the beneficial use of the FDA. In connection with substantial completion, we commenced revenue recognition. Lastly, upon completion and their acceptance of work, the U.S. Government has paid us a $12.6 million lump sum reimbursement on February 22, 2026 and is expected to pay an additional $2.9 million lump sum reimbursement for landlord improvements in excess of the U.S. Government's tenant improvement allowance.

The following table summarizes the maturity of fixed lease payments under our leases as of December 31, 2025 (amounts in thousands):


	Payments due by period
	Total		2026		2027		2028		2029		2030		Thereafter
Fixed lease payments	$	2,367,620		286,242		274,900		251,512		223,622		206,264		1,125,080

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


	Years Ended December 31,
	2025		2024		2023
Fixed	$	299,481	$	269,141	$	254,017
Variable		22,188		20,460		19,889
Property rental revenue		321,669		289,601		273,906

Information about our leases for our development properties as of December 31, 2025 are set forth in the table below:

         Property Name

         Location

         Tenant

         Property
Type

         Lease Term

         Estimated Leased
Square
Feet

JUD - Flagstaff

Flagstaff, AZ

 Judiciary of the U.S. Government

C (1)

20-year

50,777

JUD - Medford

Medford, OR

 Judiciary of the U.S. Government

C (1)

20-year

40,035

FL - Fort Myers

Fort Myers, FL

 Florida Department of Law Enforcement

L (2)

25-year

64,000

Total

154,812

(1)

L=Laboratory

(2)

C=Courthouse

Lessee

We lease corporate office space under operating lease arrangements in Washington, D.C. and San Diego, CA. The Washington, D.C. operating lease was set to expire on August 31, 2026. In October 2025, we entered into a lease amendment with a 5.5-year term and a commencement date of September 1, 2026.

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 December 31, 2025, the unamortized balances associated with our right-of-use operating lease asset and operating lease liability for our two commenced office leases was $3.4 million and $3.5 million, respectively. As of December 31, 2024, the unamortized balance associated with our right-of-use operating lease asset and operating lease liability for our two commenced office leases was $2.3 million and $2.3 million, respectively. Our right-of-use operating lease asset and operating lease liability were included in “Prepaid expenses and other assets” and “Accounts payable, accrued expenses and other liabilities” on the Consolidated Balance Sheets, respectively as of December 31, 2025, and 2024. We used our incremental borrowing rate, which was arrived at utilizing prevailing market rates and the spread on our revolving credit facility, in order to determine the net present value of the minimum lease payments.

The following table provides quantitative information for our commenced operating leases for the year ended December 31, 2025, 2024 and 2023 (amounts in thousands):


	Years Ended December 31,
	2025			2024			2023
Cash flows from operating lease costs	$	806		$	770		$	620

Other Information
Weighted average remaining lease term (in years)		5.32			3.88			4.67
Weighted average discount rate		4.42	%		3.32	%		3.19	%

In addition, the maturity of future minimum lease payments under our commenced corporate office leases as of December 31, 2025 is summarized in the table below (amounts in thousands):


Year ending December 31,	Payments due by period
2026		661
2027		467
2028		871
2029		829
2030		508
Thereafter		607
Total future minimum lease payments	$	3,943
Imputed interest		(485	)
Total	$	3,458

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. Commitments and Contingencies

a) Environmental

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

b) Tax Protection Agreements

Concurrent with the completion of our initial public offering and the related formation transactions, we also entered into a tax protection agreement with Michael P. Ibe, a director and our Vice Chairman and Executive Vice President — Development and Acquisitions, under which we agreed to indemnify Mr. Ibe for any taxes incurred as a result of a taxable sale of the properties contributed by certain entities beneficially owned by Mr. Ibe in the formation transactions for a period of eight years after the closing of the initial public offering and the formation transactions. We also agreed in the tax protection agreement with Mr. Ibe to use the “traditional method” of making allocations under Section 704(c) of the Code for the eight-year period. The tax protection agreement expired during the year ended December 31, 2023.

In connection with our acquisitions of certain properties in 2021 and 2022 we entered into a tax protection agreement, under which we agreed to indemnify the contributor for any taxes incurred as a result of a taxable sale of such property for a period of four years. We also agreed in the tax protection agreement with the contributor to use the “traditional method” of making allocations under Section 704(c) of the Code for the four-year period.

Letters of Credit

As of each of December 31, 2025 and 2024, we had $0.1 million of standby letters of credit. There were no draws against these letters of credit during the years ended December 31, 2025 or 2024.

Real Estate and Intangibles - Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Properties Acquired [Member] \| DC Capitol Plaza, DHS Burlington and York Space Systems Greenwood Village [Member]
Business Acquisition [Line Items]
Land	$ 39,966
Building	62,633
Acquired tenant improvements	$ 17,494
Investment, Type [Extensible Enumeration]	us-gaap:RealEstateInvestmentMember
Total real estate	$ 120,093
Total intangible assets	48,123
Total other assets	1,700
Purchase price	169,916
Operating Properties Acquired [Member] \| DC Capitol Plaza, DHS Burlington and York Space Systems Greenwood Village [Member] \| Note Receivable
Business Acquisition [Line Items]
Total other assets	1,700
Operating Properties Acquired [Member] \| ICE Dallas, HSI Orlando, ICE Orlando, Northrop Grumman Dayton, Northrop Grumman Aurora, IRS Ogden, Cary, NC [Member]
Business Acquisition [Line Items]
Investment, Type [Extensible Enumeration]		us-gaap:RealEstateInvestmentMember
Total intangible assets		$ 34,394
Total intangible liabilities		(5,469)
Purchase price		184,928
Operating Properties and Land Parcel Acquired [Member] \| ICE Dallas, HSI Orlando, ICE Orlando, Northrop Grumman Dayton, Northrop Grumman Aurora, IRS Ogden, Cary, NC [Member]
Business Acquisition [Line Items]
Land		41,591
Building		104,618
Acquired tenant improvements		9,794
Total real estate		156,003
Leases, Acquired-in-Place [Member] \| Operating Properties Acquired [Member] \| DC Capitol Plaza, DHS Burlington and York Space Systems Greenwood Village [Member]
Business Acquisition [Line Items]
Total intangible assets	35,059
Leases, Acquired-in-Place [Member] \| Operating Properties Acquired [Member] \| ICE Dallas, HSI Orlando, ICE Orlando, Northrop Grumman Dayton, Northrop Grumman Aurora, IRS Ogden, Cary, NC [Member]
Business Acquisition [Line Items]
Total intangible assets		24,552
Acquired Leasing Commissions [Member] \| Operating Properties Acquired [Member] \| DC Capitol Plaza, DHS Burlington and York Space Systems Greenwood Village [Member]
Business Acquisition [Line Items]
Total intangible assets	$ 13,064
Acquired Leasing Commissions [Member] \| Operating Properties Acquired [Member] \| ICE Dallas, HSI Orlando, ICE Orlando, Northrop Grumman Dayton, Northrop Grumman Aurora, IRS Ogden, Cary, NC [Member]
Business Acquisition [Line Items]
Total intangible assets		9,842
Below Market Leases [Member] \| Operating Properties Acquired [Member] \| ICE Dallas, HSI Orlando, ICE Orlando, Northrop Grumman Dayton, Northrop Grumman Aurora, IRS Ogden, Cary, NC [Member]
Business Acquisition [Line Items]
Total intangible liabilities		$ (5,469)

Derivative and Hedging Activities - Additional Information (Detail) - USD ($)			12 Months Ended
	Feb. 06, 2025	Jan. 29, 2025	Dec. 31, 2025
Derivative [Line Items]
Estimates reclassified from accumulated other comprehensive income (loss) decrease to interest expense over the next 12 months			$ 1,300,000
Fair value of derivatives in a net liability position			3,000,000
Aggregate termination value			3,100,000
Treasury Locks [Member] \| 2025 Series B Senior Notes [Member]
Derivative [Line Items]
Senior notes terminated and settled date	Mar. 05, 2025	Mar. 05, 2025
Loss on derivatives	$ 900,000	$ 1,100,000
Treasury Locks [Member] \| 2025 Series B Senior Notes [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Treasury locks notional value	$ 50,000,000	$ 50,000,000	$ 50,000,000
Treasury rate	4.36%	4.43%
Treasury locks, term of contract	7 years	7 years
Senior notes, issuance date	Mar. 20, 2025	Mar. 20, 2025

Derivative and Hedging Activities - Schedule of Key Terms and Fair Values of Our Interest Rate Swap Derivatives (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Interest Swap Rate at 3.85% Fixed Rate [Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 40,000,000
Forward swaps interest rate	3.85%
Floating Rate Index	USD-SOFR with -5 Day Lookback
Forward swaps effective date	Dec. 23, 2024
Expiration Date	Dec. 23, 2027
Fair Value	$ (444,000)	$ 161,000
Interest Swap Rate at 3.86% Fixed Rate [Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 30,000,000
Forward swaps interest rate	3.86%
Floating Rate Index	USD-SOFR with -5 Day Lookback
Forward swaps effective date	Dec. 23, 2024
Expiration Date	Dec. 23, 2027
Fair Value	$ (338,000)	115,000
Interest Swap Rate at 3.86% Fixed Rate [Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 30,000,000
Forward swaps interest rate	3.86%
Floating Rate Index	USD-SOFR with -5 Day Lookback
Forward swaps effective date	Dec. 23, 2024
Expiration Date	Dec. 23, 2027
Fair Value	$ (340,000)	113,000
Interest Swap Rate at 3.72% Fixed Rate [Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 100,000,000
Forward swaps interest rate	3.72%
Floating Rate Index	USD-SOFR with -5 Day Lookback
Forward swaps effective date	Mar. 24, 2025
Expiration Date	Apr. 01, 2028
Fair Value	$ (974,000)
Interest Swap Rate at 3.66% Fixed Rate [Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 50,000,000
Forward swaps interest rate	3.66%
Floating Rate Index	USD-SOFR with -5 Day Lookback
Forward swaps effective date	Jun. 30, 2025
Expiration Date	Jul. 01, 2028
Fair Value	$ (468,000)
Interest Swap Rate at 3.67% Fixed Rate [Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 50,000,000
Forward swaps interest rate	3.67%
Floating Rate Index	USD-SOFR with -5 Day Lookback
Forward swaps effective date	Jun. 30, 2025
Expiration Date	Jul. 01, 2028
Fair Value	$ (470,000)
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		69,000
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		$ 259,000

Equity Incentive Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 08, 2025	May 17, 2024
Stockholders Equity Note Disclosure [Line Items]
Common Stock, shares authorized	80,000,000	80,000,000		80,000,000
Compensation expense recognized			$ 1.3
Severance payment			0.4
Restricted Stock
Stockholders Equity Note Disclosure [Line Items]
Fair value of restricted stock,vested	$ 0.4	$ 0.4	0.4
Unamortized restricted stock expense	$ 0.8
Weighted average period	1 year 6 months
Long Term Incentive Plan
Stockholders Equity Note Disclosure [Line Items]
Compensation expense recognized	$ 5.2	2.8	5.2
Fair value of restricted stock,vested	1.5	$ 2.0	6.9
Unamortized restricted stock expense	$ 15.1
Weighted average period	3 years 6 months
Recapture of compensation costs			0.8
Service long term incentive plan
Stockholders Equity Note Disclosure [Line Items]
Compensation expense recognized			0.4
Operational long term incentive plan \| Maximum [Member]
Stockholders Equity Note Disclosure [Line Items]
Compensation expense recognized			0.1
2015 Equity Incentive Plan [Member]
Stockholders Equity Note Disclosure [Line Items]
Common Stock, shares authorized	0	0
2015 Equity Incentive Plan [Member] \| Restricted Stock
Stockholders Equity Note Disclosure [Line Items]
Compensation expense recognized	$ 0.9	$ 0.4	$ 0.6
2024 Equity Incentive Plan [Member] \|
Stockholders Equity Note Disclosure [Line Items]
Plan expiration date	May 17, 2034
Aggregate number of shares of common stock authorized for issuance					1,440,000
Share available for issuance under equity incentive plan	380,318

Real Estate Loan Receivable - Summary of Real Estate Loan Receivable (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate loan receivable, net	$ 34,286	$ 34,081
Real Estate Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate loan receivable	35,357	35,517
Allowance for credit losses	(1,071)	(1,436)
Real estate loan receivable, net	$ 34,286	$ 34,081

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

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

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, other assets and accounts payable and accrued expenses are reasonable estimates of fair values because of the short maturities of these instruments. The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024, aggregated by the level in the fair value hierarchy within which those measurements fall (amounts in thousands):


	As of December 31, 2025
Balance Sheet Line Item	Level 1		Level 2			Level 3
Interest rate swaps - Liability	$	—	$	(3,034	)	$	—


	As of December 31, 2024
Balance Sheet Line Item	Level 1		Level 2		Level 3
Interest rate swaps - Asset	$	—	$	717	$	—

Schedule of aggregate principal outstanding under the Company's indebtedness and the corresponding estimate of fair value

The following table summarizes the aggregate principal outstanding under the Company's indebtedness and the corresponding estimate of fair value as of December 31, 2025 and 2024:


	December 31, 2025				December 31, 2024
Financial liabilities	Carrying Amount (1)		Fair Value (2)		Carrying Amount (1)		Fair Value (2)
Revolving credit facility	$	199,050	$	199,050	$	274,550	$	274,550
2016 Term loan facility	$	100,000	$	100,000	$	100,000	$	100,000
2018 Term loan facility	$	200,000	$	200,000	$	174,500	$	174,500
Notes payable	$	1,025,000	$	997,184	$	900,000	$	825,395
Mortgages payable	$	151,700	$	148,212	$	156,298	$	147,634

(1)

The carrying amount consists of principal only.

(2)

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

Derivative and Hedging Activities - Schedule of Fair Value of Our Interest Rate Derivatives as Well as Their Classification on Our Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate swaps - Asset		$ 717
Interest rate swaps - (Liability)	$ (3,034)

Leases - Schedule of Quantitative Information for Company's Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Cash flows from operating lease costs	$ 806	$ 770	$ 620
Weighted average remaining lease term (in years)	5 years 3 months 25 days	3 years 10 months 17 days	4 years 8 months 1 day
Weighted average discount rate	4.42%	3.32%	3.19%

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Assets

Real estate properties, net

$ 2,714,650

$ 2,572,095

Cash and cash equivalents

23,374

19,353

Restricted cash

10,257

8,451

Tenant accounts receivable

51,493

71,172

Investment in unconsolidated real estate venture

304,721

316,521

Real estate loan receivable, net

34,286

34,081

Intangible assets, net

183,911

161,425

Interest rate swaps

717

Prepaid expenses and other assets

57,078

39,256

Total assets

3,379,770

3,223,071

Liabilities

Revolving credit facility

199,050

274,550

Term loan facilities, net

297,200

274,009

Notes payable, net

1,018,884

894,676

Mortgage notes payable, net

151,191

155,586

Intangible liabilities, net

11,959

14,885

Deferred revenue

219,201

120,977

Interest rate swaps

3,034

Accounts payable, accrued expenses and other liabilities

109,686

101,271

Total liabilities

2,010,205

1,835,954

Commitments and contingencies (Note 14)

Equity

Common stock, par value $0.01, 80,000,000 shares authorized, 46,303,469 and 43,188,224 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively

^[1]

463

432

Additional paid-in capital

^[1]

1,958,412

1,874,193

Retained earnings

144,857

131,854

Cumulative dividends

(776,022)

(686,044)

Accumulated other comprehensive income

(4,578)

683

Total stockholders' equity

1,323,132

1,321,118

Non-controlling interest in Operating Partnership

46,433

65,999

Total equity

1,369,565

1,387,117

^[2]

Total liabilities and equity

$ 3,379,770

$ 3,223,071

[1]	As of December 31, 2024, the Company reclassified $0.6 million from Common Stock to Additional Paid-in-Capital due to the reduction in shares outstanding in connection with the Reverse Stock Split effective April 28, 2025.
[2]	As of December 31, 2024, 2023 and 2022, the Company reclassified $0.6 million, $0.6 million and $0.5 million, respectively, from Common Stock to Additional Paid-in-Capital due to the reduction in shares outstanding in connection with the Reverse Stock Split effective April 28, 2025.

Related Parties

12 Months Ended

Dec. 31, 2025

Related Parties

17. Related Parties

We have reimbursement arrangements with entities controlled by our former Chairman, who was appointed Chief Executive Officer effective January 1, 2024, and Vice Chairman, which provide for reimbursement of costs paid on our behalf, or those we pay on their behalf. For the years ended December 31, 2025, 2024 and 2023, we were responsible for reimbursing costs of $0.9 million, $0.9 million and $0.8 million, respectively, and received reimbursement for costs of less than $0.1 million, $0.1 million, and less than $0.1 million, respectively.

We provide asset and property management services to properties owned by the JV. For the years ended December 31, 2025, 2024 and 2023 we recognized Asset management fees of $2.5 million, $2.3 million and $2.1 million, respectively, and reimbursement for certain costs that we paid on their behalf of $1.2 million, $0.5 million and $0.3 million, respectively.

As of December 31, 2025, and 2024, Accounts receivable from related parties was $0.8 million and $0.3 million, respectively. As of December 31, 2025, there were no Accounts payable, accrued expenses and other liabilities owed to related parties. As of December 31, 2024, Accounts payable, accrued expenses and other liabilities included $0.1 million owed to related parties.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Equity - Summary of Dividends Declared (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Dividends Payable [Line Items]
Dividend	$ 2.01	$ 2.65	$ 2.65
Q1 2023 [Member]
Dividends Payable [Line Items]
Declaration Date	Apr. 26, 2023
Record Date	May 11, 2023
Pay Date	May 23, 2023
Dividend	$ 0.663
Q2 2023 [Member]
Dividends Payable [Line Items]
Declaration Date	Aug. 02, 2023
Record Date	Aug. 17, 2023
Pay Date	Aug. 29, 2023
Dividend	$ 0.663
Q3 2023 [Member]
Dividends Payable [Line Items]
Declaration Date	Oct. 26, 2023
Record Date	Nov. 09, 2023
Pay Date	Nov. 21, 2023
Dividend	$ 0.663
Q4 2023 [Member]
Dividends Payable [Line Items]
Declaration Date	Feb. 21, 2024
Record Date	Mar. 06, 2024
Pay Date	Mar. 18, 2024
Dividend	$ 0.663
Q1 2024 [Member]
Dividends Payable [Line Items]
Declaration Date	Apr. 25, 2024
Record Date	May 09, 2024
Pay Date	May 21, 2024
Dividend	$ 0.663
Q2 2024 [Member]
Dividends Payable [Line Items]
Declaration Date	Jul. 17, 2024
Record Date	Aug. 01, 2024
Pay Date	Aug. 13, 2024
Dividend	$ 0.663
Q3 2024 [Member]
Dividends Payable [Line Items]
Declaration Date	Oct. 31, 2024
Record Date	Nov. 15, 2024
Pay Date	Nov. 27, 2024
Dividend	$ 0.663
Q4 2024 [Member]
Dividends Payable [Line Items]
Declaration Date	Feb. 19, 2025
Record Date	Mar. 05, 2025
Pay Date	Mar. 17, 2025
Dividend	$ 0.663
Q1 2025 [Member]
Dividends Payable [Line Items]
Declaration Date	Apr. 09, 2025
Record Date	May 05, 2025
Pay Date	May 17, 2025
Dividend	$ 0.45
Q2 2025 [Member]
Dividends Payable [Line Items]
Declaration Date	Jul. 30, 2025
Record Date	Aug. 13, 2025
Pay Date	Aug. 25, 2025
Dividend	$ 0.450
Q3 2025 [Member]
Dividends Payable [Line Items]
Declaration Date	Oct. 23, 2025
Record Date	Nov. 07, 2025
Pay Date	Nov. 20, 2025
Dividend	$ 0.450
Q4 2025 [Member]
Dividends Payable [Line Items]
Declaration Date	Feb. 18, 2026
Record Date	Mar. 05, 2026
Pay Date	Mar. 19, 2026
Dividend	$ 0.45

Schedule III - Real Estate and Accumulated Depreciation - Carrying Amount of Real Estate Properties and Accumulated Depreciation (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Real Estate Properties

Balance at beginning of year

$ 3,037,279

$ 2,710,220

$ 2,606,590

Additions

236,402

329,061

103,630

Dispositions

(6,710)

^[1]

(2,002)

Balance at ending of year

3,266,971

^[2]

3,037,279

2,710,220

Accumulated Depreciation

Balance at beginning of year

465,184

391,077

321,282

Additions

87,797

74,107

69,795

Dispositions

(660)

^[1]

Balance at ending of year

$ 552,321

^[3],[4]

$ 465,184

$ 391,077

[1]	During the year ended December 31, 2025, we recognized an impairment loss totaling approximately $2.5 million for its ICE – Otay. See Note 3 for additional information.
[2]	Excludes value of real estate intangibles.
[3]	Depreciation of real estate property is computed on a straight-line basis over the estimated useful lives of the assets. The estimated lives of our assets range from 5 to 40 years or to the term of the underlying lease
[4]	Includes asset impairments recognized, write-offs of involuntary conversions and write-offs of acquired tenant improvements upon the tenant vacating the space.

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

8. Fair Value Measurements


	As of December 31, 2025
Balance Sheet Line Item	Level 1		Level 2			Level 3
Interest rate swaps - Liability	$	—	$	(3,034	)	$	—


	As of December 31, 2024
Balance Sheet Line Item	Level 1		Level 2		Level 3
Interest rate swaps - Asset	$	—	$	717	$	—

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

The following table summarizes the aggregate principal outstanding under the Company's indebtedness and the corresponding estimate of fair value as of December 31, 2025 and 2024:


	December 31, 2025				December 31, 2024
Financial liabilities	Carrying Amount (1)		Fair Value (2)		Carrying Amount (1)		Fair Value (2)
Revolving credit facility	$	199,050	$	199,050	$	274,550	$	274,550
2016 Term loan facility	$	100,000	$	100,000	$	100,000	$	100,000
2018 Term loan facility	$	200,000	$	200,000	$	174,500	$	174,500
Notes payable	$	1,025,000	$	997,184	$	900,000	$	825,395
Mortgages payable	$	151,700	$	148,212	$	156,298	$	147,634

(1)

The carrying amount consists of principal only.

(2)

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

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


								Fair Value at December 31,
Notional Amount		Fixed Rate			Floating Rate Index (1)	Effective Date	Expiration Date	2025			2024
$	40,000		3.85	%	USD-SOFR with -5 Day Lookback	December 23, 2024	December 23, 2027	$	(444	)	$	161
$	30,000		3.86	%	USD-SOFR with -5 Day Lookback	December 23, 2024	December 23, 2027	$	(338	)	$	115
$	30,000		3.86	%	USD-SOFR with -5 Day Lookback	December 23, 2024	December 23, 2027	$	(340	)	$	113
$	100,000		3.72	%	USD-SOFR with -5 Day Lookback	March 24, 2025	April 1, 2028	$	(974	)	$	—
$	50,000		3.66	%	USD-SOFR with -5 Day Lookback	June 30, 2025	July 1, 2028	$	(468	)	$	—
$	50,000		3.67	%	USD-SOFR with -5 Day Lookback	June 30, 2025	July 1, 2028	$	(470	)	$	—
$	100,000		4.01	%	USD-SOFR with -5 Day Lookback	June 23, 2023	March 23, 2025	$	—		$	69
$	100,000		3.70	%	USD-SOFR with -5 Day Lookback	September 29, 2023	June 29, 2025	$	—		$	259

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

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


	Fair Value at December 31,
Balance Sheet Line Item	2025			2024
Interest rate swaps - Asset (Liability)	$	(3,034	)	$	717

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

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


	For the years ended December 31,
	2025			2024		2023
Unrealized gain (loss) recognized in AOCI	$	(4,205	)	$	2,399	$	3,811
Gain reclassified from AOCI into interest expense		1,250			3,676		5,836

Real Estate and Intangibles - Amortization of Total Intangible Assets and Intangible Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Real Estate [Abstract]
2026	$ 26,799
2027	24,510
2028	21,615
2029	18,242
2030	16,430
Thereafter	76,315
Intangible assets, Total	183,911
2026	(2,693)
2027	(2,469)
2028	(1,924)
2029	(1,238)
2030	(1,067)
Thereafter	(2,568)
Intangible liabilities, Total	$ (11,959)	$ (14,885)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Range of useful Lives For Depreciable Assets

Range of useful lives for depreciable assets are as follows:


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

Summary of Dividends Paid On Common Shares

The characterization of dividends paid on our common shares during each of the last three years was as follows:


	For the years ended December 31,
	2025			2024			2023
Ordinary income		52.15	%		49.29	%		40.31	%
Long-term capital gain		0.00	%		0.14	%		0.00	%
Return of capital		47.85	%		50.57	%		59.69	%

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

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

Real Estate Properties

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

When we acquire real estate properties, we allocate the purchase price to numerous tangible and intangible components. The fair value of the acquired assets and assumed liabilities is estimated using future cash flow models. Our process for determining the allocation to these components requires many estimates and assumptions, including the following: (1) determination of market land, rental, discount and capitalization rates; (2) estimation of leasing and tenant improvement costs associated with the remaining term of acquired leases; (3) assumptions used in determining the in-place lease and if-vacant value including the rental rates, period of time that it would take to lease vacant space and estimated tenant improvement and leasing costs; and (4) allocation of the if-vacant value between land and building. A change in any of the above key assumptions can materially change not only the presentation of acquired properties in our consolidated financial statements but also our reported results of operations. The allocation to different components affects the following:

•

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

•

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

•

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

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

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

income recognition can commence and rental operating costs, real estate taxes, insurance, and other subsequent carrying costs are expensed as incurred.

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


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

We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long-lived assets. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine whether an asset may be impaired. We determine the amount of any impairment loss by comparing the historical carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. Fair value estimates are made as of a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining lives of our long-lived assets. If we change our estimate of the remaining lives, we allocate the carrying value of the affected assets over their revised remaining lives. From time to time, natural disasters or other loss events may result in damage or destruction to our assets. In these instances, any loss on involuntary conversion is recognized as Depreciation and amortization in our Consolidated Statements of Operations in the period in which the damage occurred.

Cash and Cash Equivalents

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

Restricted Cash

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

Investment in Unconsolidated Real Estate Venture

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

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

cash flows from property sales, debt refinancing or sales of our investments are classified as a return of investment (cash inflow from investing activities).

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

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

Receivables and Credit Losses

Tenant accounts receivable on the accompanying Consolidated Balance Sheets includes accrued rental income and other tenant accounts receivables. We accrue rental and other tenant income earned, but not yet received, in accordance with GAAP.

Non-tenant receivables are included in Prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.

We account for loans receivable at their unamortized cost, net of any unamortized deferred fees or costs, premiums or discounts and an allowance for credit losses. Loan fees and direct costs associated with loans originated by us are deferred and amortized using the effective interest method over the term of the loan as interest income.

The measurement of expected credit losses under the CECL methodology is applicable to our financial assets measured at amortized cost, including loan receivables and certain off-balance sheet credit exposures such as unfunded loan commitments. We adopted this standard on January 1, 2020 and apply this methodology to our loan receivables and off-balance sheet credit exposure. To determine our expected credit losses under CECL, we utilize a probability of default (“PD”) and loss given default (“LGD”) methodology. We determined that we have one portfolio segment and reserve for loan losses on an asset-specific basis. We have a limited history of incurred losses and consequently have elected to employ external data to perform our CECL calculation. Our model's inputs consider a default grade or industry relative default grade associated with the borrower and prospective tenant funding the development to determine an appropriate default risk and allowance for credit loss under the PD and LGD methodology. If a reserve is recorded, the allowance is increased as a provision for credit losses and is decreased by charge-offs when losses are confirmed through the receipt of assets such as cash or via ownership control of the underlying collateral in full. The allowance for loan losses reflects management's estimate of loan losses as of the balance sheet date.

Deferred Costs

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

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

Deferred leasing commissions include commissions, compensation costs of leasing personnel for those leases which commenced prior to the adoption of Accounting Standards Codification (“ASC”) Topic 842, Leases (“ASC 842”) on January 1, 2019, and other direct and incremental costs incurred to obtain new tenant leases as well as to renew existing tenant leases and are presented in Prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Leasing commissions are capitalized and

amortized over the terms of the related leases upon lease commencement using the straight-line method. If a lease terminates prior to the expiration of its initial term, any unamortized costs related to the lease are accelerated into amortization expense. Changes in leasing commissions are presented in the cash flows from operating activities section of the accompanying Consolidated Statements of Cash Flows.

Interest Rate Hedges

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

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

Please refer to Note 7 for more information pertaining to interest rate derivatives.

Fair Value Measurements

Accounting standards define fair value as the exit price, or the amount that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standards also establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy of these inputs is broken down into three levels: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Categorization within the valuation hierarchy is based upon the lowest level of input that is most significant to the fair value measurement.

Recurring fair value measurements

The fair values of our interest rate swaps are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities in such interest rates. While we determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. We have determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of our derivatives held as of December 31, 2025 and 2024 were classified as Level 2 of the fair value hierarchy.

Please refer to Note 8 for more information pertaining to fair value measurements.

Deferred Revenue

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

Non-Controlling Interests

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

Revenue Recognition

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

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

Other income includes income on the associated tenant reimbursement construction projects, parking income, interest income recognized from our real estate loan receivable and other miscellaneous income.

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

Sales of Properties

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

Income Taxes

We believe that we have operated and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015. So long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on our net income that we distribute to our stockholders. To maintain our qualification as a REIT, we are required under the Code to distribute at least 90% of our REIT taxable income (without regard to the deduction for dividends paid and excluding net capital gains) to our stockholders and meet certain other requirements. If

we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate rates. Even if we qualify as a REIT, we will be subject to certain U.S. federal, state and local taxes on our income and property, and on taxable income that we do not distribute to our stockholders. In addition, we may provide services that are not customarily provided by a landlord, hold properties for sale and engage in other activities (such as a management business) through Taxable REIT Subsidiaries (“TRSs”) and the income of those subsidiaries will be subject to U.S. federal income tax at regular corporate rates. For the years ended December 31, 2025, 2024 and 2023, we did not incur any material tax liability associated with any of the above.

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

For federal income tax purposes, dividends to shareholders may be characterized as ordinary income, capital gains or return of capital. The characterization of dividends paid on our common shares during each of the last three years was as follows:


	For the years ended December 31,
	2025			2024			2023
Ordinary income		52.15	%		49.29	%		40.31	%
Long-term capital gain		0.00	%		0.14	%		0.00	%
Return of capital		47.85	%		50.57	%		59.69	%

The dividends allocated to each of the above years for federal income tax purposes included dividends paid on our common shares during each of those years. We distributed all of our REIT taxable income in 2025, 2024, and 2023 and, as a result, did not incur federal income tax in those years.

Stock Based Compensation

We grant equity-based compensation awards to its officers, employees and non-employee directors in the form of restricted shares of common stock and long-term incentive plan units in the Operating Partnership. See Note 9 for further discussion of restricted shares of common stock and LTIP units. The restricted shares of common stock and LTIP units issued to officers, employees, and non-employee directors vest over a period of time as determined by our board of directors at the date of grant. We recognize compensation expense for non-vested restricted shares of common stock and LTIP units granted to officers, employees and non-employee directors on a straight-line basis over the requisite service and/or performance period based upon the fair market value of the shares on the date of grant, as adjusted for forfeitures.

Earnings Per Share of Common Stock Amount

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

Segments

We manage our operations as a single segment for the purposes of assessing performance and making operating decisions. All revenue has been generated and all tangible assets are held in the United States. See Note 16 to the Consolidated Financial Statements for additional information.

Standards Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard is intended to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. We adopted ASU 2023-09 in December 2025. There was not a material impact on our consolidated financial statements and related disclosures.

On July 4, 2025, H.R. 1, the One Big Beautiful Bill Act, was signed into law, which includes a broad range of tax reform provisions affecting businesses. We will continue to assess the impact of the legislation, however, we currently do not expect a material impact on the consolidated financial statements as a result of the legislation.

Recent Accounting Pronouncements Not Yet Adopted

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 adds interim and annual disclosure requirements to GAAP at the request of the SEC. The guidance in ASU 2023-06 is required to be applied prospectively and the GAAP requirements will be effective when the removal of the related SEC disclosure requirements is effective. If the SEC does not act to remove its related requirement by June 30, 2027, any related FASB amendments will be removed from the ASC and will not be effective. We do not anticipate that the adoption of ASU 2023-06 will have a material impact on the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires expanded interim and annual disclosures of certain expense information in the notes to the consolidated financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied on a prospective or retrospective basis. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statement disclosures.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. We utilize derivative instruments, primarily interest rate swaps, to manage exposure to changes in interest rates. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures, however, we do not expect the standard to have a material impact on our consolidated financial statements and related disclosures.

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Aug. 21, 2025

Aug. 20, 2025

Debt Instrument [Line Items]

Total revolving credit facility, Principal Outstanding

$ 199,050

$ 274,550

Loan, Principal Outstanding

1,675,750

Total term loan facilities, net, Principal Outstanding

297,200

274,009

Total notes payable, net, Principal Outstanding

1,018,884

894,676

Total mortgage notes payable, net, Principal Outstanding

151,191

155,586

Total debt, Principal Outstanding

1,666,325

1,598,821

Notes Payable [Member]

Debt Instrument [Line Items]

Loan, Principal Outstanding

1,025,000

900,000

Less: Total unamortized deferred financing fees

(355)

(579)

Mortgage Notes Payable [Member]

Debt Instrument [Line Items]

Loan, Principal Outstanding

151,700

156,298

Less: Total unamortized deferred financing fees

(6,116)

(5,324)

Less: Total unamortized premium/discount

(154)

(133)

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

7,789

$ 8,683

Loan, Interest Rate

^[1],[2]

3.40%

Loan, Current Maturity

2033-07

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

8,920

$ 10,491

Loan, Interest Rate

^[1],[2]

4.21%

Loan, Current Maturity

2027-01

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

7,491

$ 9,624

Loan, Interest Rate

^[1],[2]

4.46%

Loan, Current Maturity

2026-07

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

127,500

$ 127,500

Loan, Interest Rate

^[1],[2]

3.59%

Loan, Current Maturity

2027-07

2016 Term Loan Facility [Member]

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 100,000

Loan, Interest Rate

^[1],[2],[3]

5.31%

Loan, Current Maturity

^[4]

2028-01

2018 Term Loan Facility [Member]

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 200,000

174,500

$ 200,000

$ 174,500

Loan, Interest Rate

^[1],[2],[5]

5.09%

Loan, Current Maturity

^[6]

2028-08

Term Loan Facility [Member]

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 300,000

274,500

Less: Total unamortized deferred financing fees

(2,800)

(491)

Total term loan facilities, net, Principal Outstanding

$ 297,200

274,009

2017 series A senior notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[1],[2]

4.05%

Loan, Current Maturity

2027-05

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 95,000

95,000

2017 series B senior notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[1],[2]

4.15%

Loan, Current Maturity

2029-05

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 50,000

50,000

2017 series C senior notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[1],[2]

4.30%

Loan, Current Maturity

2032-05

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 30,000

30,000

2019 series A senior notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[1],[2]

3.73%

Loan, Current Maturity

2029-09

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 85,000

85,000

2019 series B senior notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[1],[2]

3.83%

Loan, Current Maturity

2031-09

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 100,000

100,000

2019 series C senior notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[1],[2]

3.98%

Loan, Current Maturity

2034-09

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 90,000

90,000

2021 Series A Senior Notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[1],[2]

2.62%

Loan, Current Maturity

2028-10

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 50,000

50,000

2021 Series B Senior Notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[1],[2]

2.89%

Loan, Current Maturity

2030-10

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 200,000

200,000

2024 Series A Senior Notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[1],[2]

6.56%

Loan, Current Maturity

2033-05

2024 Series A Senior Notes [Member] | Senior Unsecured Notes Payable

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 150,000

150,000

2024 Series B Senior Notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[1],[2]

6.56%

Loan, Current Maturity

2033-08

2024 Series B Senior Notes [Member] | Senior Unsecured Notes Payable

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 50,000

50,000

2025 Series A Senior Notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[1],[2]

6.13%

Loan, Current Maturity

2030-03

2025 Series A Senior Notes [Member] | Senior Unsecured Notes Payable

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 25,000

2025 Series B Senior Notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[1],[2],[7]

6.33%

Loan, Current Maturity

2032-03

2025 Series B Senior Notes [Member] | Senior Unsecured Notes Payable

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 100,000

Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Total revolving credit facility, Principal Outstanding

^[8]

$ 199,050

$ 274,550

Loan, Interest Rate

^[1],[2],[8]

S + 145 bps

Loan, Current Maturity

^[8],[9]

2028-06

[1]	At December 31, 2025, the USD SOFR with a five day lookback (“SOFR” or “S”) was 3.66%. 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 $400.0 million senior unsecured revolving credit facility (the “2024 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 (as amended, 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: 2016 term loan facility 5.59%, 2018 term loan facility 5.53%, 2017 series A senior notes 4.15%, 2017 series B senior notes 4.23%, 2017 series C senior notes 4.37%, 2019 series A senior notes 3.82%, 2019 series B senior notes 3.91%, 2019 series C senior notes 4.04%, 2021 series A senior notes 2.74%, 2021 series B senior notes 2.99%, 2024 series A senior notes 6.74%, 2024 series B senior notes 6.73%, 2025 series A senior notes 6.36%, 2025 series B senior notes 6.51%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%.
[3]	Our 2016 term loan facility is subject to three interest rate swaps with effective dates of December 23, 2024 and a notional value of $100.0 million, which effectively fixes the interest rate at 5.31% annually. The spread over SOFR is based on our consolidated leverage ratio, as defined in our 2016 term loan facility agreement.
[4]	Our 2016 term loan facility has two one-year as-of-right extension options subject to certain conditions and the payment of an extension fee.
[5]	Our 2018 term loan facility is subject to three interest rate swaps, one of which has an effective date of March 24, 2025 and the remaining two have an effective date of June 30, 2025. The three swaps have an aggregate notional value of $200.0 million, which effectively fix the interest rate at 5.09% annually. The spread over SOFR is based on our consolidated leverage ratio, as defined in our 2018 term loan facility agreement.
[6]	Our 2018 term loan facility has two one-year as-of-right extension options subject to certain conditions and the payment of an extension fee.
[7]	We entered into two $50.0 million treasury lock agreements to fix the Treasury rate of our 2025 series B senior notes. For a more complete description of the treasury lock agreements, see Note 7 Derivatives and Hedging Activities.
[8]	Our 2024 revolving credit facility had available capacity of $200.8 million at December 31, 2025, in addition to an accordion feature that provides us with additional capacity of up to $300.0 million, subject to syndication of the increase and the satisfaction of customary terms and conditions.
[9]	Our 2024 revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.

Organization and Basis of Presentation - Additional Information (Detail) ft² in Millions			12 Months Ended
	May 08, 2025 $ / shares shares	Apr. 28, 2025 shares	Dec. 31, 2025 ft² Property $ / shares shares	Dec. 31, 2024 $ / shares shares
Organization And Significant Accounting Policies [Line Items]
Reverse stock split, description			On April 28, 2025, we effected a 1-for-2.5 reverse stock split of our issued and outstanding common stock, which reverse stock split was previously approved by our Board of Directors (the “Reverse Stock Split”). As a result, every 2.5 shares of issued and outstanding common stock were consolidated into 1 share. Concurrently with the Reverse Stock Split, the Operating Partnership completed a corresponding 1-for-2.5 reverse unit split of outstanding common units and LTIP units (the “Reverse Unit Split”). All share and per share amounts, including earnings per share, in these financial statements have been retrospectively adjusted for all periods presented to reflect the Reverse Stock Split. Accordingly, the Reverse Stock Split reduced the number of shares outstanding on April 28, 2025 from 112,263,028 to 44,905,158.
Reverse stock split ratio	0.4	0.4	0.4
Common Stock, shares outstanding \| shares		44,905,158	46,303,469	43,188,224
Common Stock, shares authorized \| shares	80,000,000		80,000,000	80,000,000
Reduction in the number of shares due to reverse stock split \| shares	200,000,000	112,263,028
Common Stock, par value \| $ / shares	$ 0.01		$ 0.01	$ 0.01
Easterly Government Properties LP [Member]
Organization And Significant Accounting Policies [Line Items]
Outstanding common units of aggregate limited partnership interest owned percentage			96.60%
Reverse unit split ratio		0.4
Joint Venture [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties			10
U.S. General Services Administration [Member]
Organization And Significant Accounting Policies [Line Items]
Percentage of revenue by leasing properties			90.00%
Wholly Owned Operating Properties [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties			93
Leased percentage of operating properties			97.00%
Aggregate area of land \| ft²			10.4
Wholly Owned Operating Properties [Member] \| Government [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties			93
Wholly Owned Operating Properties Entirely Leased [Member] \| Government [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties			6
Wholly Owned Operating Properties Entirely Leased [Member] \| Private Tenants [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties			4
Wholly Owned Properties Under Development [Member]
Organization And Significant Accounting Policies [Line Items]
Aggregate area of land \| ft²			0.2

Equity Incentive Plan - Summary of Grants (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Services \| January 3, 2023
Stockholders Equity Note Disclosure [Line Items]
Vest Date			Dec. 31, 2025
Units Granted			87,943
Units vested			45,641
Services \| March 2, 2023
Stockholders Equity Note Disclosure [Line Items]
Vest Date			Mar. 02, 2026
Units Granted			1,375
Services \| May 9, 2023
Stockholders Equity Note Disclosure [Line Items]
Vest Date			May 09, 2024
Units Granted			6,498
Units vested			6,498
Services \| January 2, 2024
Stockholders Equity Note Disclosure [Line Items]
Vest Date		Dec. 31, 2026
Units Granted		80,460
Services \| June 14, 2024
Stockholders Equity Note Disclosure [Line Items]
Vest Date		May 22, 2025
Units Granted		5,439
Units vested		5,439
Services \| January 2, 2025
Stockholders Equity Note Disclosure [Line Items]
Vest Date	Dec. 31, 2027
Units Granted	129,561
Services \| June 18, 2025
Stockholders Equity Note Disclosure [Line Items]
Units Granted	1,747
Operational Performance
Stockholders Equity Note Disclosure [Line Items]
Vest Date	Jan. 20, 2026
Operational Performance \| January 3, 2023
Stockholders Equity Note Disclosure [Line Items]
Performance Period End Date			Dec. 31, 2025
Units Granted			50,916
Operational Performance \| January 2, 2024
Stockholders Equity Note Disclosure [Line Items]
Performance Period End Date		Dec. 31, 2026
Units Granted		46,694
Operational Performance \| January 2, 2025
Stockholders Equity Note Disclosure [Line Items]
Performance Period End Date	Dec. 31, 2027
Units Granted	74,996
TSR Performance Shares \| January 3, 2023
Stockholders Equity Note Disclosure [Line Items]
Performance Period End Date			Dec. 31, 2025
Units Granted			59,453
TSR Performance Shares \| January 2, 2024
Stockholders Equity Note Disclosure [Line Items]
Performance Period End Date		Dec. 31, 2026
Units Granted		30,902
TSR Performance Shares \| January 19, 2024
Stockholders Equity Note Disclosure [Line Items]
Performance Period End Date		Dec. 31, 2026
Units Granted		27,767
TSR Performance Shares \| January 2, 2025
Stockholders Equity Note Disclosure [Line Items]
Performance Period End Date	Dec. 31, 2027
Units Granted	85,372
Long Term Incentive Plan
Stockholders Equity Note Disclosure [Line Items]
Units Granted	1,135,676	191,262	206,185
Stock Price Performance \| August 26, 2025
Stockholders Equity Note Disclosure [Line Items]
Performance Period End Date	Aug. 26, 2033
Units Granted	844,000

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Rental income	$ 321,669	$ 289,601	$ 273,906
Asset management income	2,544	2,302	2,110
Total revenues	336,099	302,052	287,227
Expenses
Property operating	77,496	70,151	71,964
Real estate taxes	33,915	30,924	30,461
Depreciation and amortization	113,897	96,333	91,292
Acquisition costs	1,420	1,878	1,661
Corporate general and administrative	26,041	24,450	27,118
Provision for (recovery of) credit losses	(445)	1,527
Total expenses	252,324	225,263	222,496
Other income (expense)
Income from unconsolidated real estate venture	6,781	6,051	5,498
Interest expense, net	(74,454)	(62,433)	(49,169)
Gain on the sale of real estate		171
Impairment loss	(2,545)
Net income	13,557	20,578	21,060
Non-controlling interest in Operating Partnership	(554)	(1,025)	(2,256)
Net income available to Easterly Government Properties, Inc.	$ 13,003	$ 19,553	$ 18,804
Net income available to Easterly Government Properties, Inc. per share:
Basic	$ 0.27	$ 0.46	$ 0.48
Diluted	$ 0.27	$ 0.46	$ 0.48
Weighted-average common shares outstanding
Basic	44,922,497	41,377,580	37,705,666
Diluted	45,057,895	41,503,418	37,822,421
Dividends declared per common share	$ 2.01	$ 2.65	$ 2.65
Tenant Reimbursements [Member]
Revenues
Total revenues	$ 5,855	$ 6,544	$ 8,908
Other Income [Member]
Revenues
Total revenues	$ 6,031	$ 3,605	$ 2,303

Related Parties - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Asset Management Fees	$ 2,500,000	$ 2,300,000	$ 2,100,000
Reimbursement Cost Paid	1,200,000	500,000	300,000
Accounts payable, accrued expenses and other liabilities	109,686,000	101,271,000
Certain Entities Controlled by Chairman [Member]
Related Party Transaction [Line Items]
Reimbursable rent and office expense due to related party	900,000	900,000	800,000
Accounts payable, accrued expenses and other liabilities	0	100,000
Certain Entities Controlled by Vice Chairman [Member]
Related Party Transaction [Line Items]
Reimbursable payroll expenses interest and defeasance costs due from related party	100,000	100,000	$ 100,000
Reimbursements accounts receivable	$ 800,000	$ 300,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases - Summary of Maturity of Fixed Lease Payments Under Our Leases (Detail) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
Fixed lease payments, Total	$ 2,367,620
Fixed lease payments, 2026	286,242
Fixed lease payments, 2027	274,900
Fixed lease payments, 2028	251,512
Fixed lease payments, 2029	223,622
Fixed lease payments, 2030	206,264
Fixed lease payments, Thereafter	$ 1,125,080

Debt - Summary of Borrowings (Parenthetical) (Detail)		12 Months Ended
Debt - Summary of Borrowings (Parenthetical) (Detail)	Dec. 23, 2024 USD ($) Swap	Dec. 31, 2025 USD ($) Swap	Dec. 31, 2024 USD ($)	Aug. 21, 2025 USD ($)	Aug. 20, 2025 USD ($)	Mar. 24, 2025 Swap	Feb. 06, 2025 USD ($)	Jan. 29, 2025 USD ($)
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 1,675,750,000
Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Aggregate notional value of interest rate swaps		200,000,000
2018 Term Loan Facility [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 200,000,000	$ 174,500,000	$ 200,000,000	$ 174,500,000
Line of Credit Facility, Description		2018 term loan facility has two one-year as-of-right extension options subject to certain conditions and the payment of an extension fee.
2018 Term Loan Facility [Member] \| Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps \| Swap		3				3
Forward swaps interest rate		5.09%
2018 Term Loan Facility [Member] \| Interest Rate Swap1 [Member]
Debt Instrument [Line Items]
Forward swaps effective date			Mar. 24, 2025
2018 Term Loan Facility [Member] \| Interest Rate Swap2 [Member]
Debt Instrument [Line Items]
Forward swaps effective date			Jun. 30, 2025
2018 Term Loan Facility [Member] \| Interest Rate Swap Effective March 24, 2025 [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps \| Swap						1
2018 Term Loan Facility [Member] \| Interest Rate Swap Effective June 30, 2025 [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps \| Swap		2
2016 Term Loan Facility [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 100,000,000	$ 100,000,000
Line of Credit Facility, Description		2016 term loan facility has two one-year as-of-right extension options subject to certain conditions and the payment of an extension fee.
2016 Term Loan Facility [Member] \| Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps \| Swap		3
Forward swaps effective date		Dec. 23, 2024
Aggregate notional value of interest rate swaps		$ 100,000,000
Forward swaps interest rate		5.31%
2025 Series B Senior Notes [Member] \| Treasury Lock [Member] \| Cash Flow Hedging [Member]
Debt Instrument [Line Items]
Aggregate notional value of interest rate swaps		$ 50,000,000					$ 50,000,000	$ 50,000,000
Forward swaps interest rate							4.36%	4.43%
2024 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount available under revolving credit facility		200,800,000
Credit facility additional maximum borrowing capacity		$ 300,000,000
Line of Credit Facility, Description		2024 revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.
Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 151,700,000	156,298,000
Mortgage Notes Payable [Member] \| CBP Savannah [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 7,789,000	8,683,000
Effective interest rate		4.12%
Mortgage Notes Payable [Member] \| ICE Charleston [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 8,920,000	10,491,000
Effective interest rate		3.93%
Mortgage Notes Payable [Member] \| USFS II Albuquerque [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 7,491,000	9,624,000
Effective interest rate		3.92%
Mortgage Notes Payable [Member] \| VA Loma Linda [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 127,500,000	$ 127,500,000
Effective interest rate		3.78%
Mortgage Notes Payable [Member] \| 2018 Term Loan Facility [Member]
Debt Instrument [Line Items]
Effective interest rate		5.53%
Mortgage Notes Payable [Member] \| 2016 Term Loan Facility [Member]
Debt Instrument [Line Items]
Effective interest rate		5.59%
Mortgage Notes Payable [Member] \| 2017 series A senior notes [Member]
Debt Instrument [Line Items]
Effective interest rate		4.15%
Mortgage Notes Payable [Member] \| 2017 series B senior notes [Member]
Debt Instrument [Line Items]
Effective interest rate		4.23%
Mortgage Notes Payable [Member] \| 2017 series C senior notes [Member]
Debt Instrument [Line Items]
Effective interest rate		4.37%
Mortgage Notes Payable [Member] \| 2019 series A senior notes [Member]
Debt Instrument [Line Items]
Effective interest rate		3.82%
Mortgage Notes Payable [Member] \| 2019 series B senior notes [Member]
Debt Instrument [Line Items]
Effective interest rate		3.91%
Mortgage Notes Payable [Member] \| 2019 series C senior notes [Member]
Debt Instrument [Line Items]
Effective interest rate		4.04%
Mortgage Notes Payable [Member] \| 2021 Series A Senior Notes [Member]
Debt Instrument [Line Items]
Effective interest rate		2.74%
Mortgage Notes Payable [Member] \| 2021 Series B Senior Notes [Member]
Debt Instrument [Line Items]
Effective interest rate		2.99%
Mortgage Notes Payable [Member] \| 2024 Series A Senior Notes [Member]
Debt Instrument [Line Items]
Effective interest rate		6.74%
Mortgage Notes Payable [Member] \| 2024 Series B Senior Notes [Member]
Debt Instrument [Line Items]
Effective interest rate		6.73%
Mortgage Notes Payable [Member] \| 2025 Series A Senior Notes [Member]
Debt Instrument [Line Items]
Effective interest rate		6.36%
Mortgage Notes Payable [Member] \| 2025 Series B Senior Notes [Member]
Debt Instrument [Line Items]
Effective interest rate		6.51%
Senior Unsecured Notes [Member] \| 2024 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 400,000,000
SOFR [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps \| Swap	3
Forward swaps effective date	Dec. 23, 2024
Aggregate notional value of interest rate swaps	$ 100,000,000
Effective interest rate		3.66%
SOFR [Member] \| 2024 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Effective interest rate		1.00%

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Earnings Per Share Basic And Diluted [Line Items]

Net income

$ 13,557

$ 20,578

$ 21,060

Less: Non-controlling interest in Operating Partnership

(554)

(1,025)

(2,256)

Net income available to Easterly Government Properties, Inc.

13,003

19,553

18,804

Less: Dividends on participating securities

(683)

(554)

(599)

Net income available to common stockholders

$ 12,320

$ 18,999

$ 18,205

Denominator for basic EPS

44,922,497

41,377,580

37,705,666

Denominator for diluted EPS

45,057,895

41,503,418

37,822,421

Basic EPS

$ 0.27

$ 0.46

$ 0.48

Diluted EPS

$ 0.27

$ 0.46

$ 0.48

Stock Compensation Plan [Member]

Earnings Per Share Basic And Diluted [Line Items]

Dilutive effect

7,782

7,819

7,251

Long Term Incentive Plan [Member]

Earnings Per Share Basic And Diluted [Line Items]

Dilutive effect

^[1]

127,616

118,019

107,874

Forward Sales Agreements [Member]

Earnings Per Share Basic And Diluted [Line Items]

Dilutive effect

^[2]

1,630

[1]	During the years ended December 31, 2025, 2024 and 2023, there were approximately 1,061,619, 166,116 and 154,804 unvested performance-based LTIP units, respectively, that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.
[2]	During the years ended December 31, 2025, 2024 and 2023, there were no shares of underlying unsettled forward sales transactions that were included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Summary of Revenue from Tenant Construction Projects Disaggregated by Tenant Agency

The table below sets forth revenue from tenant construction projects disaggregated by tenant agency for the years ended December 31, 2025, 2024, and 2023 (amounts in thousands).


	For the year ended December 31,		For the year ended December 31,		For the year ended December 31,
Tenant	2025		2024		2023
Department of Veteran Affairs (“VA”)	$	2,504	$	3,481	$	5,702
Federal Bureau of Investigation (“FBI”)		1,496		151		792
U.S. Joint Staff Command (“JSC”)		595		655		2,132
U.S. Coast Guard (“USCG”)		465		155		346
Food and Drug Administration (“FDA”)		409		124		45
Immigration and Customs Enforcement (“ICE”)		196		20		111
General Services Administration - Other		138		26		39
Internal Revenue Service (“IRS”)		132		286		20
Drug Enforcement Administration (“DEA”)		130		—		—
Department of Transportation (“DOT”)		112		34		142
Homeland Security Investigations (“HSI”)		105		—		—
The Judiciary of the U.S. Government (“JUD”)		73		153		163
Department of Homeland Security (“DHS”)		57		4		—
U.S. Citizenship and Immigration Services (“USCIS”)		50		294		56
State of California (“CA”)		50		3		—
Department of Treasury (“TREAS”)		29		—		—
Environmental Protection Agency (“EPA”)		15		34		—
National Weather Service (“NWS”)		5		25		—
Customs and Border Protection (“CBP”)		—		1,747		293
Federal Emergency Management Agency (“FEMA”)		—		—		89
Bonneville Power Administration (“BPA”)		—		—		16
National Archives and Records Administration (“NARA”)		—		—		13
Department of Labor (“DOL”)		—		—		3
	$	6,561	$	7,192	$	9,962

Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Summary of Dividends Declared


Quarter	Declaration Date	Record Date	Pay Date	Dividend
Q1 2023	April 26, 2023	May 11, 2023	May 23, 2023		0.663
Q2 2023	August 2, 2023	August 17, 2023	August 29, 2023		0.663
Q3 2023	October 26, 2023	November 9, 2023	November 21, 2023		0.663
Q4 2023	February 21, 2024	March 6, 2024	March 18, 2024		0.663
Q1 2024	April 25, 2024	May 9, 2024	May 21, 2024		0.663
Q2 2024	July 17, 2024	August 1, 2024	August 13, 2024		0.663
Q3 2024	October 31, 2024	November 15, 2024	November 27, 2024		0.663
Q4 2024	February 19, 2025	March 5, 2025	March 17, 2025		0.663
Q1 2025	April 9, 2025	May 5, 2025	May 17, 2025		0.450
Q2 2025	July 30, 2025	August 13, 2025	August 25, 2025		0.450
Q3 2025	October 23, 2025	November 7, 2025	November 20, 2025		0.450
Q4 2025	February 18, 2026	March 5, 2026	March 19, 2026		0.450

Schedule of Information with Respect to 2019 ATM Program


	2019 ATM Program				2021 ATM Program
For the Year Ended:	Number of Shares Issued (1)		Net Proceeds (1)		Number of Shares Issued		Net Proceeds
December 31, 2023 (2)		780,000	$	39,279		—	$	—
December 31, 2024 (2)		2,196,487	$	71,092		—	$	—
December 31, 2025 (2)		—	$	—		2,466,987	$	62,985

(1)

(2)

Share amounts have been retrospectively adjusted for all periods presented to reflect the Reverse Stock Split.

Real Estate and Intangibles - Schedule of Real Estate and Intangibles (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Real estate properties, net
Land	$ 314,635	$ 267,543
Building	2,803,252	2,490,330
Acquired tenant improvements	112,116	94,894
Construction in progress	36,968	184,512
Accumulated depreciation	(552,321)	(465,184)
Total Real estate properties, net	2,714,650	2,572,095
Intangible assets, net
Accumulated amortization	(267,964)	(243,806)
Total Intangible assets, net	183,911	161,425
Intangible liabilities, net
Intangible Liabilities, Below market leases	(76,622)	(77,029)
Intangible Liabilities, Accumulated amortization	64,663	62,144
Total Intangible liabilities, net	(11,959)	(14,885)
Leases, Acquired-in-Place [Member]
Intangible assets, net
Above market leases	335,988	302,302
Acquired Leasing Commissions [Member]
Intangible assets, net
Above market leases	94,873	81,915
Above Market Leases [Member]
Intangible assets, net
Above market leases	14,620	14,620
Payment in Lieu of Taxes [Member]
Intangible assets, net
Above market leases	$ 6,394	$ 6,394

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Summary of Borrowings

At December 31, 2025 and December 31, 2024 (dollars in thousands):


	Principal Outstanding						Interest	Current
Loan	December 31, 2025			December 31, 2024			Rate (1)(2)	Maturity
Revolving credit facility:
2024 revolving credit facility (3)	$	199,050		$	274,550		S + 145 bps	June 2028 (4)
Total revolving credit facility		199,050			274,550

Term loan facilities:
2016 term loan facility		100,000			100,000		5.31% (5)	January 2028 (6)
2018 term loan facility		200,000			174,500		5.09% (7)	August 2028 (8)
Total term loan facilities		300,000			274,500
Less: Total unamortized deferred financing fees		(2,800	)		(491	)
Total term loan facilities, net		297,200			274,009

Notes payable:
2017 series A senior notes		95,000			95,000		4.05%	May 2027
2017 series B senior notes		50,000			50,000		4.15%	May 2029
2017 series C senior notes		30,000			30,000		4.30%	May 2032
2019 series A senior notes		85,000			85,000		3.73%	September 2029
2019 series B senior notes		100,000			100,000		3.83%	September 2031
2019 series C senior notes		90,000			90,000		3.98%	September 2034
2021 series A senior notes		50,000			50,000		2.62%	October 2028
2021 series B senior notes		200,000			200,000		2.89%	October 2030
2024 series A senior notes		150,000			150,000		6.56%	May 2033
2024 series B senior notes		50,000			50,000		6.56%	August 2033
2025 series A senior notes		25,000			—		6.13%	March 2030
2025 series B senior notes		100,000			—		6.33% (9)	March 2032
Total notes payable		1,025,000			900,000
Less: Total unamortized deferred financing fees		(6,116	)		(5,324	)
Total notes payable, net		1,018,884			894,676

Mortgage notes payable:
USFS II – Albuquerque		7,491			9,624		4.46%	July 2026
ICE – Charleston		8,920			10,491		4.21%	January 2027
VA – Loma Linda		127,500			127,500		3.59%	July 2027
CBP – Savannah		7,789			8,683		3.40%	July 2033
Total mortgage notes payable		151,700			156,298
Less: Total unamortized deferred financing fees		(355	)		(579	)
Less: Total unamortized premium/discount		(154	)		(133	)
Total mortgage notes payable, net		151,191			155,586

Total debt	$	1,666,325		$	1,598,821

(1)

(2)

(3)

(4)

Our 2024 revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.

(5)

(6)

Our 2016 term loan facility has two one-year as-of-right extension options subject to certain conditions and the payment of an extension fee.

(7)

(8)

Our 2018 term loan facility has two one-year as-of-right extension options subject to certain conditions and the payment of an extension fee.

(9)

Schedule of Aggregated Debt Maturities

Aggregated debt maturities based on outstanding principal as of December 31, 2025 are as follows (dollars in thousands):


	Total
2026	$	10,054
2027		230,733
2028		550,033
2029		136,016
2030		226,049
Thereafter		522,865
		1,675,750
Unamortized premium/discount & deferred financing fees		(9,425	)
	$	1,666,325

Revenue - Summary of Revenue from Tenant Construction Projects Disaggregated by Tenant Agency (Detail) - ASU 2014-09 [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	$ 6,561	$ 7,192	$ 9,962
Department of Veteran Affairs ("VA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	2,504	3,481	5,702
Customs and Border Protection ("CBP") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	0	1,747	293
U.S Joint Staff Command ("JSC") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	595	655	2,132
U.S. Citizenship and Immigration Services ("USCIS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	50	294	56
Internal Revenue Service ("IRS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	132	286	20
U.S. Coast Guard ("USCG") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	465	155	346
The Judiciary of the U.S. Government ("JUD") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	73	153	163
Federal Bureau of Investigation ("FBI") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	1,496	151	792
Food And Drug Administration ("FDA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	409	124	45
Department of Transportation ("DOT") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	112	34	142
Homeland Security Investigations ("HSI") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	105	0	0
Environmental Protection Agency ("EPA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	15	34	0
General Services Administration - Other [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	138	26	39
National Weather Service ("NWS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	5	25	0
Immigration and Customs Enforcement ("ICE") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	196	20	111
Department of Homeland Security ("DHS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	57	4	0
State of California ("CA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	50	3	0
Department of Treasury ("TREAS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	29	0	0
Federal Emergency Management Agency ("FEMA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	0	0	89
Bonneville Power Administration ("BPA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	0	0	16
National Archives and Records Administration ("NARA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	0	0	13
Department of Labor ("DOL") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	0	0	3
Drug Enforcement Administration ("DEA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	$ 130	$ 0	$ 0

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

16. Segment Information

For the years ended December 31, 2025, 2024 and 2023, our operations are reported within one reportable and operating segment in the consolidated financial statements and all of our properties are included within this single reportable and operating segment (the “segment”).

Our CODM includes our Chief Executive Officer and our Chief Financial Officer as they are responsible for allocating resources, assessing performance and determining appropriate operating segments.

The CODM assesses performance for the segment and decides how to allocate resources based on net income, which is reported on our Consolidated Statements of Operations as Net Income. The Consolidated Statements of Operations, inclusive of significant expenses, are provided to the CODM for performance assessment. The CODM uses net income to evaluate income generated from our properties when deciding whether to reinvest profits into our assets or into other parts of the entity, such as for acquisitions or to pay dividends. Net income is also used to monitor budgeted versus actual results. The CODM also uses net income in competitive analysis by benchmarking to our competitors. The competitive analysis, along with the monitoring of budgeted versus actual results, is used in assessing performance of the segment and in establishing employee and management compensation.

The measure of segment assets is reported on our Consolidated Balance Sheets as Total Assets. The accounting policies of the segment are the same as those described in our Summary of Significant Accounting Policies.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Equity - Additional Information (Detail) - USD ($) $ in Millions						12 Months Ended
	Jan. 25, 2023	Dec. 28, 2021	Aug. 11, 2021	Dec. 20, 2019	Dec. 20, 2019	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023	Apr. 28, 2022
Stockholders Equity Note Disclosure [Line Items]
Common Stock, shares issued						46,303,469	43,188,224
Underwriters option to purchase additional shares			2,520,000
Contribution of property for common units, shares issued	4,956
Common Stock [Member]
Stockholders Equity Note Disclosure [Line Items]
Redemption of common units to common stock (in share)						600,327	575,454	2,347,096
Shares/Units, Granted						526,206
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
2021 A T M 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						$ 236.2
Performance Based LTIP Units[Member]
Stockholders Equity Note Disclosure [Line Items]
Operating partnership dividend rate percentage									10.00%
Service Based LTIP Units[Member]
Stockholders Equity Note Disclosure [Line Items]
Operating partnership dividend rate percentage									100.00%
Director \| Share Repurchase Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Repurchase of common stock,percentage											5.00%
Maximum [Member] \| Director \| Share Repurchase Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Repurchase of common stock,shares						0					1,815,597
Easterly Funds [Member]
Stockholders Equity Note Disclosure [Line Items]
Common Stock, shares issued						600,327	575,454	2,347,096
Redemption of common units to common stock (in share)						600,327	575,454	2,347,096
Underwritten Public Offering [Member]
Stockholders Equity Note Disclosure [Line Items]
Common Stock, shares issued		1,596,400	2,520,000					923,600
Proceeds from issuance initial public offering		$ 85.0
Cash										$ 46.8

Earnings Per Share - Summary of Basic and Diluted Earnings Per Common Share (Parenthetical) (Detail) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
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	1,061,619	166,116	154,804
Underlying Unsettled Forward Sales Transactions [Member]
Earnings Per Share Basic And Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	0	0	0

Debt - Additional Information (Detail)												12 Months Ended
Debt - Additional Information (Detail)	Aug. 21, 2025 USD ($)	Mar. 20, 2025 USD ($)	Jan. 28, 2025	Dec. 23, 2024 USD ($) Swap	Aug. 06, 2024 USD ($)	Jul. 08, 2024 USD ($)	Jun. 03, 2024 USD ($)	May 29, 2024 USD ($)	Apr. 01, 2024 USD ($)	Jan. 23, 2024	Jan. 02, 2024	Dec. 31, 2025 USD ($) Swap	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Aug. 20, 2025 USD ($)	Mar. 24, 2025 Swap	Jan. 08, 2025 USD ($)
Debt Instrument [Line Items]
Net carrying value of real estate collateralizing the mortgage												$ 210,100,000	$ 216,900,000
Loan, principal outstanding												1,675,750,000
Mortgage note obligation												4,598,000	64,298,000	$ 20,002,000
Margin spread percentage											1.00%
Interest Expense, Net [Member]
Debt Instrument [Line Items]
Loss on debt extinguishment												(100,000)
Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Aggregate notional value of interest rate swaps												$ 200,000,000
SOFR [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps \| Swap				3
Aggregate notional value of interest rate swaps				$ 100,000,000
Forward swaps effective date				Dec. 23, 2024
Effective interest rate												3.66%
2024 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount available under revolving credit facility												$ 200,800,000
Line of Credit Facility, Description												2024 revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.
2024 Revolving Credit Facility [Member] \| SOFR [Member]
Debt Instrument [Line Items]
Effective interest rate												1.00%
Loan, interest rate												0.10%
2024 Revolving Credit Facility [Member] \| Adjusted DSS [Member]
Debt Instrument [Line Items]
Effective interest rate												0.10%
2024 Revolving Credit Facility [Member] \| Maximum [Member] \| SOFR [Member]
Debt Instrument [Line Items]
Effective interest rate												0.80%
2024 Revolving Credit Facility [Member] \| Maximum [Member] \| Adjusted DSS or Term SOFR [Member]
Debt Instrument [Line Items]
Effective interest rate												1.80%
2024 Revolving Credit Facility [Member] \| Minimum [Member] \| SOFR [Member]
Debt Instrument [Line Items]
Effective interest rate												0.20%
2024 Revolving Credit Facility [Member] \| Minimum [Member] \| Adjusted DSS or Term SOFR [Member]
Debt Instrument [Line Items]
Effective interest rate												1.20%
VA Golden [Member]
Debt Instrument [Line Items]
Mortgage note obligation									$ 8,400,000
USCIS - Kansas City [Member]
Debt Instrument [Line Items]
Mortgage note obligation					$ 51,500,000
2018 Term Loan Facility [Member]
Debt Instrument [Line Items]
Loan, principal outstanding	$ 200,000,000											$ 200,000,000	174,500,000		$ 174,500,000
Extended maturity date	Aug. 21, 2028
Initial maturity date	Jul. 23, 2026
Mortgage note obligation						$ 500,000
Line of Credit Facility, Description												2018 term loan facility has two one-year as-of-right extension options subject to certain conditions and the payment of an extension fee.
Debt instrument secured accordion feature additional borrowing capacity	$ 100,000,000
2018 Term Loan Facility [Member] \| Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps \| Swap												3				3
Federal Funds Effective Rate Plus \| 2024 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Effective interest rate												0.50%
2016 Term Loan Facility [Member]
Debt Instrument [Line Items]
Loan, principal outstanding												$ 100,000,000	$ 100,000,000
Extended maturity date			Jan. 28, 2028							Jan. 30, 2025
Initial maturity date			Jan. 30, 2025							Mar. 29, 2024
Line of Credit Facility, Description												2016 term loan facility has two one-year as-of-right extension options subject to certain conditions and the payment of an extension fee.
2016 Term Loan Facility [Member] \| Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps \| Swap												3
Aggregate notional value of interest rate swaps												$ 100,000,000
Forward swaps effective date												Dec. 23, 2024
2016 Term Loan Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument secured accordion feature additional borrowing capacity																	$ 250,000
2016 Term Loan Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument secured accordion feature additional borrowing capacity																	$ 150,000
Senior Unsecured Notes \| Interest Expense, Net [Member]
Debt Instrument [Line Items]
Loss on debt extinguishment												$ 300,000
Senior Unsecured Notes \| 2024 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Loan, principal outstanding												400,000,000
Senior Unsecured Notes \| 2021 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Loan, principal outstanding												$ 450,000,000
Senior Notes [Member] \| 2024 Senior Note Agreement [Member] \| Operating Partnership [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Senior unsecured notes								$ 200,000,000
Senior Notes [Member] \| 2025 Senior Note Agreement [Member] \| Operating Partnership [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Senior unsecured notes		$ 125,000,000
Series A Senior Notes [Member] \| 2018 Term Loan Facility [Member]
Debt Instrument [Line Items]
Mortgage note obligation							$ 25,000,000
Series A Senior Notes [Member] \| 2024 Senior Note Agreement [Member] \| Operating Partnership [Member]
Debt Instrument [Line Items]
Senior notes, interest rate								6.56%
Senior notes, maturity date								May 29, 2033
Senior notes, aggregate principal amount								$ 150,000,000
Senior notes, issuance date								May 29, 2024
Series A Senior Notes [Member] \| 2025 Senior Note Agreement [Member] \| Operating Partnership [Member]
Debt Instrument [Line Items]
Senior notes, interest rate		6.13%
Senior notes, maturity date		Mar. 20, 2030
Senior notes, aggregate principal amount		$ 25,000,000
Senior notes, issuance date		Mar. 20, 2025
Series B Senior Notes [Member] \| 2024 Senior Note Agreement [Member] \| Operating Partnership [Member]
Debt Instrument [Line Items]
Senior notes, interest rate								6.56%
Senior notes, maturity date								Aug. 14, 2033
Senior notes, aggregate principal amount								$ 50,000,000
Senior notes, issuance date								Aug. 14, 2024
Series B Senior Notes [Member] \| 2025 Senior Note Agreement [Member] \| Operating Partnership [Member]
Debt Instrument [Line Items]
Senior notes, interest rate		6.33%
Senior notes, maturity date		Mar. 20, 2032
Senior notes, aggregate principal amount		$ 100,000,000
Senior notes, issuance date		Mar. 20, 2025
Senior Unsecured Revolving Credit Facility [Member] \| 2024 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity							$ 400,000,000
Debt instrument, Term							4 years
Debt instrument maturity							2028-06
Line of Credit Facility, Description												The 2024 revolving credit facility has an initial four-year term and will mature in June 2028, with two six-month as-of-right extension options, subject to certain conditions and the payment of an extension fee.
Senior Unsecured Revolving Credit Facility [Member] \| 2024 Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Increase in borrowing capacity							$ 300,000,000

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

13. Revenue

The table below sets forth revenue from tenant construction projects disaggregated by tenant agency for the years ended December 31, 2025, 2024, and 2023 (amounts in thousands).


	For the year ended December 31,		For the year ended December 31,		For the year ended December 31,
Tenant	2025		2024		2023
Department of Veteran Affairs (“VA”)	$	2,504	$	3,481	$	5,702
Federal Bureau of Investigation (“FBI”)		1,496		151		792
U.S. Joint Staff Command (“JSC”)		595		655		2,132
U.S. Coast Guard (“USCG”)		465		155		346
Food and Drug Administration (“FDA”)		409		124		45
Immigration and Customs Enforcement (“ICE”)		196		20		111
General Services Administration - Other		138		26		39
Internal Revenue Service (“IRS”)		132		286		20
Drug Enforcement Administration (“DEA”)		130		—		—
Department of Transportation (“DOT”)		112		34		142
Homeland Security Investigations (“HSI”)		105		—		—
The Judiciary of the U.S. Government (“JUD”)		73		153		163
Department of Homeland Security (“DHS”)		57		4		—
U.S. Citizenship and Immigration Services (“USCIS”)		50		294		56
State of California (“CA”)		50		3		—
Department of Treasury (“TREAS”)		29		—		—
Environmental Protection Agency (“EPA”)		15		34		—
National Weather Service (“NWS”)		5		25		—
Customs and Border Protection (“CBP”)		—		1,747		293
Federal Emergency Management Agency (“FEMA”)		—		—		89
Bonneville Power Administration (“BPA”)		—		—		16
National Archives and Records Administration (“NARA”)		—		—		13
Department of Labor (“DOL”)		—		—		3
	$	6,561	$	7,192	$	9,962

The balance in Accounts receivable related to tenant construction projects and the associated project management income was $2.5 million and $8.1 million which is inclusive of contract assets or liabilities, as of December 31, 2025 and 2024, respectively. The duration of the majority of tenant construction project reimbursement arrangements are less than a year and payment is typically due once a project is complete and work has been accepted by the tenant. There were no projects ongoing as of December 31, 2025 or as of December 31, 2024 with a duration of greater than one year.

During the years ended December 31, 2025, 2024, and 2023, we also recognized $1.2 million, $0.5 million, and $0.5 million, respectively, in parking garage income generated from the operations of parking garages situated on both the Various GSA – Buffalo property and on the Various GSA - Portland property. The monthly and transient daily parking revenue falls within the scope of ASC Topic 606 Revenue from Contracts with Customers and is accounted for at the point in time when control of the goods or services transfers to the customer and our performance obligation is satisfied. As of December 31, 2025 and 2024, there was $0.2 million and less than $0.1 million, respectively, in Accounts receivable attributable to parking garage income.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (c)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (e)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Consolidated Statements of Stockholders Equity - USD ($)
$ in Thousands

Total

Common Stock Par Value [Member]

Additional Paid-in Capital [Member]

Retained Earnings (Deficit) [Member]

Cumulative Dividends [Member]

Accumulated Other Comprehensive Income [Member]

Non-controlling Interest in Operating Partnership [Member]

Beginning balance at Dec. 31, 2022

^[1]

$ 1,410,982

$ 364

$ 1,623,457

$ 93,497

$ (475,983)

$ 3,546

$ 166,101

Balance (in shares) at Dec. 31, 2022

^[1]

36,325,609

Stock based compensation

5,747

553

5,194

Grant of unvested restricted stock, net (in shares)

12,994

Dividends and distributions paid

(112,379)

(100,336)

(12,043)

Redemption of common units to common stock

$ 23

78,377

(78,400)

Redemption of common units to common stock (in shares)

2,347,096

Contribution of Property for common units

219

Issuance of common stock, net

85,912

$ 17

85,895

Issuance of common stock, net (in shares)

1,703,600

Unrealized loss on interest rate swaps

(2,025)

(1,675)

(350)

Net income

21,060

18,804

2,256

Allocation of non-controlling interest in Operating Partnership

(4,338)

4,338

Balance at Dec. 31, 2023

^[1]

1,409,516

$ 404

1,783,944

112,301

(576,319)

1,871

87,315

Balance (in shares) at Dec. 31, 2023

^[1]

40,389,299

Stock based compensation

3,208

448

2,760

Grant of unvested restricted stock, net (in shares)

26,984

Dividends and distributions paid

(115,909)

(109,725)

(6,184)

Redemption of common units to common stock

$ 6

18,819

(18,825)

Redemption of common units to common stock (in shares)

575,454

Issuance of common stock, net

71,001

$ 22

70,979

Issuance of common stock, net (in shares)

2,196,487

Unrealized loss on interest rate swaps

(1,277)

(1,188)

(89)

Net income

20,578

19,553

1,025

Allocation of non-controlling interest in Operating Partnership

(3)

Balance at Dec. 31, 2024

^[1]

1,387,117

$ 432

1,874,193

131,854

(686,044)

683

65,999

Balance (in shares) at Dec. 31, 2024

^[1]

43,188,224

Stock based compensation

6,045

867

5,178

Grant of unvested restricted stock, net (in shares)

47,994

Dividends and distributions paid

$ (94,590)

(89,978)

(4,612)

Redemption of common units to common stock

$ 6

10,473

(10,479)

Redemption of common units to common stock (in shares)

600,327

Fractional shares settled (in shares)

^[2]

(63)

Issuance of common stock, net

$ 62,891

$ 25

62,866

Issuance of common stock, net (in shares)

2,466,987

Unrealized loss on interest rate swaps

(5,455)

(5,261)

(194)

Net income

13,557

13,003

554

Allocation of non-controlling interest in Operating Partnership

10,013

(10,013)

Balance at Dec. 31, 2025

$ 1,369,565

$ 463

$ 1,958,412

$ 144,857

$ (776,022)

$ (4,578)

$ 46,433

Balance (in shares) at Dec. 31, 2025

46,303,469

[1]

As of December 31, 2024, 2023 and 2022, the Company reclassified $0.6 million, $0.6 million and $0.5 million, respectively, from Common Stock to Additional Paid-in-Capital due to the reduction in shares outstanding in connection with the Reverse Stock Split effective April 28, 2025.

[2]

No fractional shares were issued as a result of the Reverse Stock Split. In lieu of issuing fractional shares, we paid cash to shareholders who would otherwise have been entitled to receive a fractional share. The total cash payment for fractional shares amounted to less than $0.1 million, which was recorded as a reduction to additional paid-in capital in the accompanying consolidated balance sheets.

Concentrations Risk - Additional Information (Detail) - Property	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Wholly Owned Properties [Member]
Concentration Risk [Line Items]
Number of properties	103	100
CALIFORNIA
Concentration Risk [Line Items]
Number of properties	17	18
Rentable Square Feet [Member] \| Credit Concentration Risk [Member] \| CALIFORNIA
Concentration Risk [Line Items]
Percentage of concentrations risk	13.30%	14.20%
U.S. Government [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	87.60%	91.10%
Non Governmental Tenants [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	6.40%	5.20%
State and Local Government Tenants [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	6.00%	3.70%

Investments in Unconsolidated Real Estate Venture - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) Property	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 02, 2025 ft²	Oct. 13, 2021 ft² Property
Unconsolidated Real Estate Venture [Line Items]
Area of properties acquired \| ft²				64,000
Asset management service revenue \| $	$ 2.5	$ 2.3	$ 2.1
JV [Member] \| Global Investor [Member]
Unconsolidated Real Estate Venture [Line Items]
Effective Ownership Interest					53.00%
JV [Member] \| VA Portfolio [Member]
Unconsolidated Real Estate Venture [Line Items]
Number of properties \| Property	10				10
Area of properties acquired \| ft²					1,214,165
JV [Member] \| VA - Corpus Christi [Member]
Unconsolidated Real Estate Venture [Line Items]
Purchase price \| $	$ 77.4

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Real Estate Properties

•

income recognition can commence and rental operating costs, real estate taxes, insurance, and other subsequent carrying costs are expensed as incurred.


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

Cash and Cash Equivalents

Restricted Cash

Investments in Real Estate Ventures

Investment in Unconsolidated Real Estate Venture

cash flows from property sales, debt refinancing or sales of our investments are classified as a return of investment (cash inflow from investing activities).

Receivables and Credit Losses

Non-tenant receivables are included in Prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.

Deferred Costs

Interest Rate Hedges

Please refer to Note 7 for more information pertaining to interest rate derivatives.

Fair Value Measurements

Recurring fair value measurements

Please refer to Note 8 for more information pertaining to fair value measurements.

Deferred Revenue

Non-controlling Interests

Non-Controlling Interests

Revenue Recognition

Sales of Properties

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

Income Taxes


	For the years ended December 31,
	2025			2024			2023
Ordinary income		52.15	%		49.29	%		40.31	%
Long-term capital gain		0.00	%		0.14	%		0.00	%
Return of capital		47.85	%		50.57	%		59.69	%

Stock Based Compensation

Earnings Per Share of Common Stock Amount

Segments

Standards Adopted/ Recent Accounting Pronouncements Not Yet Adopted

Standards Adopted

Recent Accounting Pronouncements Not Yet Adopted

Real Estate Loan Receivable - Additional Information (Detail) - USD ($)				12 Months Ended
	Dec. 31, 2025	Apr. 01, 2025	Aug. 06, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Construction loan agreement maximum lending capacity			$ 52,100,000
Construction loan monthly interest fixed rate			9.00%
Construction loan payment description				The construction loan shall be re-paid in full on or before August 31, 2027, the maturity date.
Repayment of construction loan	$ 16,200,000	$ 15,000,000
Construction loan maturity date			Aug. 31, 2027
Real Estate Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income				$ 3,300,000	$ 1,200,000	$ 0
Allowance for credit losses	1,071,000			1,071,000	1,436,000
Fair value of receivable	35,600,000			35,600,000	35,900,000
Construction Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses					$ 100,000
Construction Loan [Member] \| Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ 100,000			$ 100,000

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2025	Feb. 13, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Trading Symbol	DEA
Entity Registrant Name	EASTERLY GOVERNMENT PROPERTIES, INC.
Entity Central Index Key	0001622194
Entity File Number	001-36834
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	false
ICFR Auditor Attestation Flag	true
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Boston, Massachusetts
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,318,716
Entity Public Float			$ 946
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Voluntary Filers	No
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Documents Incorporated by Reference [Text Block]	Portions of the Proxy Statement for the Annual Stockholders’ Meeting to be filed within 120 days after the end of the registrant’s fiscal year are incorporated by reference in Part III of this Annual Report on Form 10-K.
Document Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-2047728
Entity Address, Address Line One	2001 K Street NW
Entity Address, Address Line Two	Suite 775 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

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 13,003	$ 19,553	$ 18,804

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

11. Earnings Per Share

Basic earnings or loss per share of common stock (“EPS”) is calculated by dividing net income or loss attributable to common stockholders by the weighted average shares of common stock outstanding for the periods presented. Diluted EPS is computed after adjusting the basic EPS computation for the effect of dilutive common equivalent shares outstanding during the periods presented. Unvested restricted shares of common stock and unvested LTIP units are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share.


	For the years ended December 31,
	2025			2024			2023
Numerator
Net income	$	13,557		$	20,578		$	21,060
Less: Non-controlling interest in Operating Partnership		(554	)		(1,025	)		(2,256	)
Net income available to Easterly Government Properties, Inc.		13,003			19,553			18,804
Less: Dividends on participating securities		(683	)		(554	)		(599	)
Net income available to common stockholders	$	12,320		$	18,999		$	18,205
Denominator for basic EPS		44,922,497			41,377,580			37,705,666
Dilutive effect of share-based compensation awards		7,782			7,819			7,251
Dilutive effect of LTIP units (1)		127,616			118,019			107,874
Dilutive effect of shares issuable under forward sales agreements (2)		—			—			1,630
Denominator for diluted EPS		45,057,895			41,503,418			37,822,421
Basic EPS	$	0.27		$	0.46		$	0.48
Diluted EPS	$	0.27		$	0.46		$	0.48

(1)

(2)