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Document and Entity Information - shares	3 Months Ended
Mar. 31, 2015	May 12, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	dea
Entity Registrant Name	Easterly Government Properties, Inc.
Entity Central Index Key	0001622194
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		24,168,379

Combined Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Assets
Real estate properties, net	$ 627,608
Real estate investments, at fair value		$ 267,683
Cash and cash equivalents	11,922	31,437
Restricted cash	1,585
Deposits on acquisitions	20,167
Rents receivable	5,337
Accounts receivable	3,228
Deferred financing, net	3,281
Intangible assets, net	105,856
Prepaid expenses and other assets	1,148	1,385
Total assets	780,132	300,505
Liabilities
Revolving credit facility	30,917
Mortgage notes payable	69,981
Intangible liabilities, net	35,841
Accounts payable and accrued liabilities	5,979	3,321
Total liabilities	142,718	3,321
Equity
Common stock, par value $0.01, 200,000,000 and 100,000 shares authorized, 24,168,379 and 1,000 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	241
Additional paid-in capital	390,786	1
Retained (deficit)	(2,885)
Members' capital		13,336
Non-controlling interest		283,847
Non-controlling interest in operating partnership	249,272
Total equity	637,414	297,184
Total liabilities and equity	$ 780,132	$ 300,505

Combined Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues
Rental income	$ 9,304
Tenant reimbursements	776
Other income	11
Income from real estate investments		$ 1,116
Total revenues	10,091	1,116
Operating Expenses
Property operating	1,730
Real estate taxes	959
Depreciation and amortization	4,900
Acquisition costs	1,440
Formation expenses	1,594
Corporate general and administrative	1,572	916
Fund general and administrative	75	259
Total expenses	12,270	1,175
Operating (loss) income	(2,179)	(59)
Other (expenses) / income
Interest expense, net	(700)
Net unrealized (loss) gain on investments	(5,122)	7,480
Net (loss) income	(8,001)	7,421
Non-controlling interest in operating partnership	(5,116)
Net (loss) income available to Easterly Government Properties, Inc.	$ (2,885)	6,520
Net (loss) income available to Easterly Government Properties, Inc. per share:
Basic	$ (0.22)
Diluted	$ (0.22)
Weighted- average common shares outstanding
Basic	13,144,277
Diluted	13,144,227
Easterly Partners, LLC [Member]
Other (expenses) / income
Non-controlling interest in operating partnership		$ 901

Combined Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities
Net (loss) income	$ (8,001)	$ 7,421
Adjustments to reconcile net (loss) income to net cash (used in) operating activities
Depreciation and amortization	4,900
Net unrealized gain (loss) on investments	5,122	(7,480)
Cash flows from financing activities
Repayments of mortgage payable	24,500
Cash and cash equivalents, beginning of period	31,437
Cash and cash equivalents, end of period	11,922
Easterly Government Properties LP [Member]
Cash flows from operating activities
Net (loss) income	(8,001)	7,421
Adjustments to reconcile net (loss) income to net cash (used in) operating activities
Depreciation and amortization	4,212
Amortization of deferred financing costs	116
Purchase of investments		(30,316)
Deposits for potential new investments		668
Contributions to investments	(257)	(748)
Distributions from investments		1,366
Net unrealized gain (loss) on investments	5,122	(7,480)
Other	55	184
Net change in:
Rents receivable	(3,858)
Accounts receivable	(640)
Prepaid expenses and other assets	(417)	636
Accounts payable and accrued liabilities	2,297	(35)
Net cash (used in) operating activities	(1,371)	(28,304)
Cash flows from investing activities
Deposits on acquisitions	(20,167)
Cash assumed in formation	6,187
Additions to real estate property	(26)
Restricted cash	53
Net cash (used in) investing activities	(13,953)
Cash flows from financing activities
Payment of deferred financing costs	(3,379)
Issuance of common shares	193,545
Repurchase of initial shares	(1)
Proceeds from private placement	75,638
Credit facility draws, net	30,917
Repayments of mortgage payable	(334)
Debt payoff	(293,381)
Contributions		30,325
Distributions	(5,441)	(3,186)
Payment of offering costs	(1,755)
Net cash provided by (used in) financing activities	(4,191)	27,139
Net decrease in cash and cash equivalents	(19,515)	(1,165)
Cash and cash equivalents, beginning of period	31,437	3,363
Cash and cash equivalents, end of period	11,922	$ 2,198
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Cash paid for interest, net	569
Additions to real estate property	7
Contribution for shares and OPUs	260,687
Deferred offering accrued, not paid	207
Deferred financing accrued, not paid	18
Easterly Government Properties LP [Member] \| Western Devcon, Inc [Member]
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Contribution for shares and OPUs	$ 86,397

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2015
Accounting Policies [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Easterly Government Properties, Inc. (which may be referred to in these financial statements as the “Company,” “we,” “us,” or “our”) is a Maryland corporation that intends to qualify as a real estate investment trust (a “REIT”) under the Internal Revenue Code (the “Code”) commencing with its taxable period ending on December 31, 2015. The operations of the Company are carried on primarily through Easterly Government Properties LP (the “Operating Partnership”) and the wholly owned subsidiaries of the Operating Partnership. We are an internally managed REIT, focused primarily on the acquisition, development, and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential functions. We generate substantially all of our revenue by leasing our properties to such agencies through the U.S. General Services Administration (the “GSA”). Our objective is to generate attractive risk-adjusted returns for our stockholders over the long term through Funds from Operations per share, dividends and capital appreciation. As of March 31, 2015, we wholly owned 29 properties in the United States, including 26 properties that were leased primarily to U.S. Government tenant agencies and three properties that were entirely leased to private tenants, encompassing approximately 2.1 million square feet in the aggregate. We focus on acquiring, developing, and managing GSA-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 GSA to meet the needs and objectives of the tenant agency. We were incorporated in Maryland as a corporation on October 9, 2014 and did not have any meaningful operations until the completion of the formation transactions and our initial public offering on February 11, 2015 (the “IPO”). On February 11, 2015, we completed an initial public offering of 13.8 million shares of our common stock at a price to the public of $15.00 per share, including 1.8 million shares sold in connection with the full exercise of the option to purchase additional shares granted to the underwriters, resulting in gross proceeds of $207.0 million. The aggregate net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses payable by the Company, was approximately $191.6 million. The Company contributed the net proceeds from the IPO to the Operating Partnership in exchange for common units representing limited partnership interests in the Operating Partnership (“common units”). In connection with the IPO, we engaged in certain formation transactions (the “formation transactions”) pursuant to which our operating partnership acquired (i) 15 properties previously owned by the Easterly Funds (as defined below) in exchange for 3,308,000 shares of common stock and 8,635,714 common units (ii) 14 properties previously owned by Western Devcon, Inc., a private real estate company and a series of related entities beneficially owned by Michael P. Ibe (collectively, “ Western Devcon”) in exchange for 5,759,819 common units and (iii) all of the ownership interests in the management entities (as defined below) in exchange for 1,135,406 common units. Concurrent with the IPO, the Company sold an aggregate of 7,033,712 shares of its common stock to the Easterly Funds in a private placement at a price per share of $15.00 without payment of any underwriting fees, discounts or commissions. Our predecessor (the “Predecessor”) means Easterly Partners, LLC and its consolidated subsidiaries, including (i) all entities or interests in U.S. Government Properties Income and Growth Fund L.P., U.S. Government Properties Income and Growth Fund REIT, Inc. and the related feeder and subsidiary entities (collectively, “Easterly Fund I,”) (ii) all entities or interests in U.S. Government Properties Income and Growth Fund II, LP, USGP II REIT LP, USGP II (Parallel) Fund, LP and their related feeders and subsidiary entities (collectively, “Easterly Fund II” and, together with Easterly Fund I, the “Easterly Funds”) and (iii) the entities that manage the Easterly Funds, (the “management entities”). All of the Company’s assets and its operations are primarily conducted through the Operating Partnership. The Company is the sole general partner of the Operating Partnership. The Company owned 60.9% of the Operating Partnership’s common units at March 31, 2015 and the remaining 39.1% was owned by the Easterly Funds and certain members of management. Principle of Combination and 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, and the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. Upon completion of the IPO and the related formation transactions, the Company succeeded to the operations of the Predecessor. Prior to the IPO, the Predecessor was under the control of Darrell W. Crate, the Chairman of our Board of Directors. These financial statements reflect the consolidated equity ownership structure of the Company as if the IPO and formation transactions related to the Easterly Funds and management entities had been completed as of January 1, 2014. The formation transactions related to the Easterly Funds and the management entities were accounted for at carryover basis due to the existence of common control. Prior to the IPO, the Easterly Funds, as controlled by the Predecessor, qualified as investment companies pursuant to ASC 946 Financial Services – Investment Companies and, as a result, the Predecessor’s consolidated financial statements accounted for the Easterly Funds using specialized investment company accounting based on fair value. Subsequent to the IPO, as the properties contributed to us from the Easterly Funds are no longer held by funds that qualify for investment company accounting, we made a shift, in accordance with GAAP to account for the properties contributed by the Easterly Funds using historical cost accounting instead of investment company accounting, resulting in a significant change in the presentation of our consolidated financial statements following the formation transactions. The contribution of the Western Devcon properties in the formation transactions has been accounted for as a business combination using the acquisition method of accounting and recognized at the estimated fair value of acquired assets and assumed liabilities on the date of such contribution. Due to the timing of the IPO and the formation transactions, the Company’s financial condition as of December 31, 2014 reflects the financial condition of the Company and the Predecessor and the results of operations for the three months ended March 31, 2014 reflect the financial condition and results of operations of the Predecessor. The Company’s financial condition and results of operations for the three months ended March 31, 2015 reflect the financial condition and results of operations of the Predecessor combined with the Company for the period prior to February 11, 2015, and the Company’s consolidated results for the period from February 11, 2015 through March 31, 2015. Interim Financial Information The information in the Company’s combined consolidated financial statements for the three months ended March 31, 2015 and 2014 and at December 31, 2014 is unaudited. All significant inter-company balances and transactions have been eliminated in consolidation. The accompanying financial statements for the three months ended March 31, 2015 and 2014 and at December 31, 2014 include adjustments based on management’s estimates (consisting of normal and recurring accruals), which the Company considers necessary for a fair presentation of the results for the periods. The financial information should be read in conjunction with the combined consolidated financial statements contained in the Company’s 2014 Annual Report on Form 10-K for the year ended December 31, 2014 and the notes thereto and the final prospectus relating to the IPO, dated February 5, 2015, both of which the Company filed with the Securities and Exchange Commission (the “SEC”). Operating results for the three months ended March 31, 2015 and 2014 are not necessarily indicative of actual operating results for the entire year.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The accompanying unaudited interim combined consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements.

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.

In light of the significant differences that exist between our basis of accounting subsequent to the IPO (historical cost accounting) and the pre-IPO basis of accounting (investment company accounting), we present the significant accounting policies for both periods below.

a) Significant Accounting Policies for the Company post-IPO

Real Estate Properties

Real estate properties comprise all tangible assets we hold for rent. Real property is recognized at cost less accumulated depreciation. Betterments, major renovations and certain costs directly related to the improvement of real properties are capitalized. Maintenance and repair expenses are charged to expense as incurred.

When we acquire properties, we allocate the purchase price to numerous tangible and intangible components. Our process for determining the allocation to these components requires many estimates and assumptions, including the following: (1) determination of market rental rates; (2) estimation of leasing and tenant improvement costs associated with the remaining term of acquired leases; (3) assumptions used in determining the in-place lease and if-vacant value including the rental rates, period of time that it would take to lease vacant space and estimated tenant improvement and leasing costs; (4) renewal probabilities; and (5) allocation of the if-vacant value between land and building. A change in any of the above key assumptions can materially change not only the presentation of acquired properties in our consolidated financial statements but also our reported results of operations. The allocation to different components affects the following:

•

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

•

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

•

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

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

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


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

We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. We determine the amount of any impairment loss by comparing the historical carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining lives of our long lived assets. If we change our estimate of the remaining lives, we allocate the carrying value of the affected assets over their revised remaining lives.

Cash and Cash Equivalents

Cash and cash equivalents include all cash and liquid investments that mature three months or less from when they are 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 consists of amounts escrowed for future real estate taxes, insurance, capital expenditures and debt service, as required by certain of our mortgage debt agreements.

Deferred Financing Costs

Deferred financing fees include issuance costs related to borrowings and we amortize those costs over the terms of the related indebtedness. Any unamortized amounts upon early repayment of mortgage notes payable are written off in the period in which repayment occurs. Fully amortized deferred financing fees are removed from the books upon maturity or repayment of the underlying debt. As of March 31, 2015, we recognized $3.4 million in deferred financing costs and $0.1 million in accumulated amortization associated with entering into a $400.0 million senior unsecured revolving credit facility upon completion of the IPO.

Non-Controlling Interests

Non-controlling interests relate to the common units of the Operating Partnership not owned by the Company. Common units of the Operating Partnership are owned by the limited partners who contributed properties and other assets to the Operating Partnership in exchange for common units. The Company contributed the net proceeds from the IPO to the Operating Partnership in exchange for common units of limited partnership interests in the Operating Partnership. Fifteen months after the IPO, limited partners of the Operating Partnership, other than the Company, will have the right to require the Operating Partnership to redeem part or all of their common units for cash, based upon the value of an equivalent number of shares of the Company’s common stock at the time of the election to redeem, or, at the Company’s election, shares of the Company’s common stock on a one-for-one basis. Unitholders receive a distribution per unit equivalent to the dividend per share of the Company’s common stock. Pursuant to the consolidation accounting standard with respect to the accounting and reporting for non-controlling interest changes and changes in ownership interest of a subsidiary, changes in parent’s ownership interest when the parent retains controlling interest in the subsidiary should be accounted for as equity transactions. The carrying amount of the non-controlling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the Company.

Revenue Recognition

Rental income includes base rents paid by each tenant in accordance with its lease agreement conditions. We recognize rental income on a straight-line basis over the lease term of the respective leases. 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. Tenant reimbursement income (scheduled rent increases based on increases in real estate taxes, operating expenses and utility usage) is recognized by us in the consolidated statements of operations when earned and when their amounts can be reasonably estimated. Above- and below-market leases are amortized into rental revenue over the terms of the respective leases.

Income Taxes

We intend to elect and to qualify as a REIT for U.S. federal income tax purposes commencing with the taxable year ending 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 period ending March 31, 2015, 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 neither the states in which we operate nor our foreign investors subject us to withholding tax requirements.

Stock Based Compensation

Prior to the completion of the IPO, our Board of Directors adopted, and our sole stockholder approved, our 2015 Equity Incentive Plan, under which we may grant future cash and equity incentive awards to our executive officers, non-employee directors and eligible employees. See Note 6 (Equity) for further information. The shares issued to officers, employees, and non-employee directors vest over a period of time as determined by the Board of Directors at the date of grant. The Company recognizes compensation expense for non-vested shares granted to officers, employees and non-employee directors on a straight-line basis over the requisite service 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 stock grants or shares that would be issued in the event that common units of the Operating Partnership are redeemed for shares of common stock of the Company. No adjustment is made for shares that are anti-dilutive during a period.

Deferred Offering Costs

The Company capitalizes certain legal, accounting and other third party fees that are directly associated with in-process equity financings as other assets until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction to capital. Should the equity financing 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 combined statement of operations.

Segments

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

Application of new accounting standards

In April 2015, the Financial Accounting Standards Board (“FASB”) issued guidance simplifying the presentation of debt issuance costs. The guidance requires that all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the debt. The amortization of these costs will remain under the interest method and will continue to be reported as interest expense. The guidance is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis. We have not yet determined the impact, if any, that the adoption of this guidance will have on our consolidated financial statements.

In February 2015, the FASB issued guidance modifying the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The guidance does not change the general order in which the consolidation models are applied. A reporting entity that holds an economic interest in, or is otherwise involved with, another legal entity first determines if the variable interest entity model applies, and if so, whether it holds a controlling financial interest under that model. If the entity being evaluated for consolidation is not a variable interest entity, then the voting model should be applied to determine whether the entity should be consolidated by the reporting entity. Key changes to the guidance include, though are not limited to; (i.) limiting the extent to which related party interests are included in the other economic interest criterion to the decision maker’s effective interest holding, (ii.) requiring limited partners of a limited partnership, or the members of a limited liability company that is similar to a limited partnership, to have, at minimum, kick-out or participating rights to demonstrate that the partnership is a voting entity, (iii.) changing the evaluation of whether the equity holders at risk lack decision making rights when decision making is outsourced and (iv.) changing how the economics test is performed. The guidance does not amend the existing disclosure requirements for variable interest entities or voting model entities. The guidance is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. We have not yet determined the impact, if any, that the adoption of this guidance will have on our consolidated financial statements.

b) Significant Accounting Policies of the Company pre-IPO

Real Estate Investments

Real estate investments represent investments in real estate entities that own real estate assets and are stated at the fair value of the net equity interest in the real estate investments as discussed below. Subsequent changes in fair value are recorded as unrealized gains or losses. Upon the disposition of a real estate investment, realized gains and losses are determined by deducting the proceeds received by the Predecessor from the basis of the real estate investment; any previously unrealized gains and losses are reversed.

Distributions from real estate entities are recorded as dividend income when received to the extent distributed from the estimated taxable earnings and profits of the underlying investment vehicle and as a return of capital to the extent not in excess of that amount.

Under investment company accounting, the statements of operations reflect the change in fair value of the real estate investments of the Easterly Funds, prior to the IPO, whether realized or unrealized.

Fair Value of Investments

The fair value of the real estate investments is determined using a fair value hierarchy. The fair value hierarchy is based on the observability of inputs used to measure fair value and requires additional disclosure regarding the fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between marketplace participants at the measurement date (exit price). The fair value of an asset or a liability disregards transaction costs and assumes the asset or liability’s highest and best use. As the investments are in entities that invest in real estate, the estimated values are based on the underlying assets, liabilities, and cash flows of the related properties. The three levels of the fair value hierarchy are described below:


Level 1		Valuation is based upon quoted prices for identical assets or liabilities in an active market.

Level 2		Valuation is based upon observable inputs:

		a) Quoted prices for similar assets or liabilities in active markets,

		b) Quoted prices for identical or similar assets or liabilities in not active markets, or

		c) Model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3		Valuation is based upon prices or valuation techniques that require assumptions not observable in the market which are significant to the overall fair value measurement. These unobservable inputs reflect the Predecessor’s own estimates about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Valuation techniques include the use of discounted cash flow models, and similar techniques.

Non-Controlling Interest

Consolidation addresses the accounting and reporting standards for ownership interests in subsidiaries held by parties other than the parent, the amount of consolidated capital resulting from operations attributable to the parent and to the non-controlling interest, the changes in a parent’s ownership interest, and the valuation of retained non-controlling equity investments when a subsidiary is deconsolidated per ASC 810.

Prior to the IPO, all of the partners invested in the Easterly Funds represented a non-controlling interest. In addition, prior to the IPO, a third-party member had invested in Federal Properties, GP, LLC, an entity included within the Predecessor, which also represented a non-controlling interest.

Real Estate and Intangibles

3 Months Ended

Mar. 31, 2015

Real Estate [Abstract]

Real Estate and Intangibles

3. Real Estate and Intangibles

Formation transactions

The contribution of the investments of the Easterly Funds to the Operating Partnership pursuant to the formation transactions is accounted for as transactions among entities under common control. As a result, the fair value of the real estate investments at the time of the formation transactions was deemed the initial cost. Such fair value was allocated to the underlying real estate properties, related intangible assets and liabilities and mortgage debt ascribed to the properties. Refer to Note 5 (Fair Value Measurements) for additional discussion on fair value. Prior to the IPO on February 11, 2015, the Easterly Funds qualified as investment companies pursuant to ASC 946 Financial Services – Investment Companies and, as a result, the Predecessor’s consolidated financial statements accounted for the Easterly Funds using investment company accounting based on fair value. Subsequent to the IPO, as the properties contributed to us from the Easterly Funds are no longer held by funds that qualify for investment company accounting, we made a shift, in accordance with GAAP to account for the properties contributed by the Easterly Funds using historical cost accounting instead of investment company accounting, resulting in a significant change in the presentation of our consolidated financial statements following the formation transactions.

As part of the formation transactions, Western Devcon entered into a contribution agreement with us and the Operating Partnership pursuant to which it contributed its 100% interest in each of 14 properties to the Operating Partnership upon completion of the IPO. In exchange for its contribution, Western Devcon received 5,759,819 common units in the Operating Partnership valued at the time of the IPO at $86.4 million. This contribution has been accounted for as a business combination using purchase accounting. The total estimated purchase price, equal to the aggregate value of the Operating Partnership’s common units, was allocated to the net tangible assets and intangible assets based on their estimated fair values as of the completion of the acquisition of the Western Devcon properties.

As part of the formation transactions, we acquired the following properties, as set forth in the table below:


Property	Location	Property Type	Rentable Square Feet
Easterly Portfolio
IRS - Fresno	Fresno, CA	Office		180,481
PTO - Arlington	Arlington, VA	Office		189,871
FBI - San Antonio	San Antonio, TX	Office		148,584
FBI - Omaha	Omaha, NE	Office		112,196
ICE - Charleston	North Charleston, SC	Office		86,733
DOT - Lakewood	Lakewood, CO	Office		122,225
USFS II - Albuquerque	Albuquerque, TX	Office		98,720
USFS I - Albuquerque	Albuquerque, TX	Office		92,455
AOC - Del Rio	Del Rio, TX	Courthouse/Office		89,880
DEA - Dallas	Dallas, TX	Office		71,827
DEA - Albany	Albany, NY	Office		31,976
FBI - Little Rock	Little Rock, AR	Office		101,977
CBP - Sunburst	Sunburst, MT	Office		33,000
USCG - Martinsburg	Martinsburg, WV	Office		59,547
MEPCOM - Jacksonville	Jacksonville, FL	Office		30,000

		Total		1,449,472

Western Devcon
CBP - Savannah	Savannah, GA	Laboratory		35,000
AOC - El Centro	El Centro, CA	Courthouse/Office		46,813
DEA - Vista	Vista, CA	Laboratory		54,119
DEA - Santa Ana	Santa Ana, CA	Office		39,905
CBP - Chula Vista	Chula Vista, CA	Office		59,397
DEA - North Highlands	Sacramento, CA	Office		37,975
DEA - Otay	San Diego, CA	Office		32,560
DEA - Riverside	Riverside, CA	Office		34,354
SSA - Mission Viegjo	Mission Viejo, CA	Office		11,590
SSA - San Diego	San Diego, CA	Office		11,743
DEA - San Diego	San Diego, CA	Warehouse		16,100
2650 SW 145th Avenue - Parbel of Florida	Miramar, FL	Warehouse/Distribution		81,721
5998 Osceola Court - United Technologies	Midland, GA	Manufacturing Warehouse		105,641
501 East Hunter Street - Lummus Corporation	Lubbock, TX	Distribution		70,078

		Total		636,996

The fair values of the assets acquired and liabilities assumed upon completion of the formation transactions are as follows (dollars in thousands):


	Easterly Portfolio			Western Devcon, Inc.			Total
Real Estate
Land	$	43,681		$	35,573		$	79,254
Building		411,472			107,424			518,896
Acquired tenant improvements		27,441			4,388			31,829

Total Real Estate		482,594			147,385			629,979

Intangibles
In-place leases		61,218			21,308			82,526
Acquired leasing commissions		11,257			4,350			15,607
Above market leases		2,644			7,763			10,407

Total Intangibles		75,119			33,421			108,540

Deferred Market Liabilities
Below market leases		(34,383	)		(2,322	)		(36,705	)

Total Deferred Market Liabilities		(34,383	)		(2,322	)		(36,705	)

Debt Assumed		(271,622	)		(92,087	)		(363,709	)
Net Current Assets Transferred		8,979			—			8,979

Net assets acquired	$	260,687		$	86,397		$	347,084

The fair value of the assets acquired and liabilities assumed in 2015 are preliminary as we continue to finalize their acquisition date fair value determination.

The intangible assets and liabilities recognized in our formation transactions have an aggregate weighted average amortization period of 7.51 years as of March 31, 2015.

For the period of February 11, 2015 to March 31, 2015, we included $10.1 million of revenues, and $2.2 million of net income, respectively, in our consolidated statement of operations related to the properties contributed or acquired as part of the formation transactions. During the three months ended March 31, 2015, we incurred $1.4 million of acquisition-related costs associated with the contribution of Western Devcon assets and $1.6 million in formation expenses, which include costs associated with the contribution of the investments of the Easterly Funds.

Pro Forma Financial Information

The unaudited pro forma financial information set forth below presents results for the three months ended March 31, 2015 and March 31, 2014 as if the formation transactions had occurred on January 1, 2014. The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it intend to indicate future operating results future operating results (dollars in thousands):


	For the three months ended
	March 31,
Proforma (unaudited)	2015		2014
Total rental revenue	$	18,536	$	18,536
Net income (loss)		1,127		(1,907	)

Real estate and intangibles consisted of the following as of March 31, 2015 (dollars in thousands):


	Total
Real Estate
Land	$	79,254
Building		518,929
Acquired tenant improvements		31,829
Accumulated amortization		(2,404	)

Total Real Estate		627,608

Intangibles
In-place leases		82,526
Acquired leasing commissions		15,607
Above market leases		10,407
Accumulated amortization		(2,684	)

Total Intangibles		105,856

Intangible Liabilities
Below market leases		(36,705	)
Accumulated amortization		864

Total Intangible Liabilities		(35,841	)

The net projected amortization of total intangible assets and intangible liabilities as of March 31, 2015 are as follows (dollars in thousands):


Intangible assets
2015	$	14,664
2016		18,866
2017		17,731
2018		14,404
2019		9,633
Thereafter		30,558

	$	105,856


Intangible liabilities
2015	$	(4,723	)
2016		(6,163	)
2017		(5,966	)
2018		(5,601	)
2019		(3,856	)
Thereafter		(9,532	)

	$	(35,841	)

Debt

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Debt

4. Debt

At March 31, 2015, our borrowings consisted of the following (dollars in thousands):


Senior unsecured revolving credit facility	$	30,917
Mortgage debt		69,981

Total		100,898

a.	*Senior Unsecured Revolving Credit Facility*

Upon the completion of the IPO on February 11, 2015 we entered into a $400.0 million senior unsecured revolving credit facility with Raymond James Bank, N.A. and Royal Bank of Canada, as co-syndication agents and Citigroup Capital Markets Inc, Raymond James Bank, N.A. and Royal Bank of Canada, as joint lead arrangers and joint book running managers. This credit facility has an accordion feature that provides us with additional capacity, subject to the satisfaction of customary terms and conditions, of up to $250.0 million, for a total facility size of not more than $650.0 million. We intend to use the senior unsecured revolving credit facility to repay indebtedness, fund acquisitions, development and redevelopment opportunities, capital expenditures and the costs of securing new and renewal leases and provide working capital.

The Operating Partnership is the borrower under the senior unsecured revolving credit facility and we and certain of our subsidiaries that directly own certain of our properties are guarantors under the credit facility. The senior unsecured revolving credit facility will terminate in four years. In addition, there will be two extension options for the senior unsecured revolving credit facility and each extension option will allow us to extend the senior unsecured revolving credit facility for an additional six months, in each case if certain conditions are satisfied.

Our senior unsecured revolving credit facility bears interest, at our option, either at:

•

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 LIBOR rate plus 1.00% plus (b) a margin ranging from 0.4% to 0.9%, or

•

a Eurodollar rate equal to a periodic fixed rate equal to LIBOR plus, a margin ranging from 1.4% to 1.9%, in each case with a margin based on our leverage ratio.

Our senior unsecured revolving credit facility also contains certain customary financial covenants, as follows: (i) the maximum ratio of consolidated total indebtedness to total asset value (each as defined in the agreement) may not exceed 60.0% on any date, provided that the maximum ratio may be increased to 65.0% for the two consecutive quarters following the date on which a material acquisition (as defined in the agreement) occurs, (ii) the maximum ratio of consolidated secured indebtedness (as defined in the agreement) to total asset value may not exceed 40.0% on any date, (iii) the maximum ratio of consolidated secured recourse indebtedness (as defined in the agreement) to total asset value may not exceed 15% on any date, (iv) the minimum consolidated tangible net worth (as defined in the agreement) may not, on any date, be less than the sum of an amount equal to 75.0% of our consolidated tangible net worth as of the closing date of the facility plus an amount equal to 75.0% of the aggregate net cash proceeds received by us from any offering of our capital stock after the closing date of the facility, (v) the minimum ratio of adjusted consolidated EBITDA to consolidated fixed charges (each as defined in the agreement) may not be less than 1.50 to 1.00 on any date, (vi) the maximum ratio of consolidated unsecured indebtedness to unencumbered asset value (each as defined in the agreement) may not exceed 60% as of any date and (vii) the minimum ratio of adjusted consolidated net operating income from unencumbered assets (as defined in the agreement) to interest payable on unsecured debt (as determined in accordance with the agreement) shall not be less than 1.75 to 1.00 on any date. Additionally, under the revolving credit facility, our distributions may not exceed the greater of (i) 95.0% of our FFO or (ii) the amount required for us to maintain our status as a REIT and avoid the payment of federal or state income or excise tax.

Our senior unsecured revolving credit facility also includes customary limits on the percentage of our total asset value that may be invested in unimproved land, unconsolidated joint ventures, redevelopment and development assets (as defined in the agreement), loans, advances or extensions of credit and investments in mixed used assets and require that we obtain consent for mergers in which the company is not the surviving entity. These financial and restrictive covenants may limit the investments we may make and our ability to make distributions. As of March 31, 2015, we were in compliance with all financial and restrictive covenants under our senior unsecured revolving credit facility.

During the first quarter of 2015, we borrowed a total of $55.4 million under the senior unsecured revolving credit facility, of which $35.4 million was drawn upon entering into the senior unsecured revolving credit facility. We repaid $24.5 million of the outstanding balance with proceeds from the underwriter’s exercise of their overallotment option at the time of IPO. We also drew $20.0 million in anticipation of the purchase of a property in Lakewood, Colorado which is recorded within deposits on acquisitions at March 31, 2015. For the three months ended March 31, 2015, our weighted average borrowings under the unsecured revolving credit facility was $19.5 million, with a weighted average interest rate of 1.58% for the three months ended March 31, 2015. At March 31, 2015, outstanding borrowings under the senior unsecured revolving credit facility were $30.9 million with a weighted average interest rate of 1.58%. At March 31, 2015, LIBOR was 0.17% and the applicable spread on our senior unsecured revolving credit facility was 140 basis points.

b.	*Mortgage Debt*

As part of the formation transaction, we completed the repayment or defeasance of, and full satisfaction of our obligations with respect to, $293.4 million of secured nonrecourse mortgage loans.

The fair value of our mortgage debt was determined at the date of the formation transactions by discounting future contractual principal and interest payments using prevailing market rates for securities with similar terms and characteristics at the date of the IPO. At March 31, 2015, the carrying amount approximated the estimated fair value of the Company’s debt instruments net of any amortization of the notes premium or discount. The table below provides a summary of our mortgage debt at March 31, 2015 (dollars in thousands):


Property	Fixed/Floating	Contractual Interest Rate			Effective Interest Rate			Maturity Date	Principal Balance		Premium/Discount			Carrying Value
CBP- Savannah	Fixed		3.40	%		4.12	%	July 2033	$	16,070		(907	)	$	15,163
ICE - Charleston	Fixed		4.21	%		3.93	%	January 2027		22,767		438			23,205
MEPCOM - Jacksonville	Fixed		4.41	%		3.89	%	October 2025		13,030		360			13,390
USFS II - Albuquerque	Fixed		4.46	%		3.92	%	July 2026		17,500		723			18,223

Total									$	69,367	$	614			69,981

c.	*Aggregate Debt Maturities*

The Company’s aggregate debt maturities as of March 31, 2015 are as follows (dollars in thousands):


	Total

2015	$	1,828
2016		2,857
2017		2,977
2018		3,100
2019		34,146
Thereafter		55,376

		100,284
Unamortized fair value adjustments		614

	$	100,898

Equity

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Equity

6. Equity

The following table summarizes the changes in our stockholders equity for the three months ended March 31, 2015 (dollars in thousands):


	Shares			Common Shares Par Value		Additional Paid-in Capital			Retained (Deficit)			Non- controlling Interest in Operating Partnership			Predecessor Capital / (Deficit)			Non- controlling Interests			Total Equity
Balance at December 31, 2014		1,000		$	—	$	1		$	—		$	—		$	13,336		$	283,847		$	297,184
Distributions					—		—			—			—			(9	)		(5,432	)		(5,441	)
Exchange of members’ capital and non controlling interests for OP units and shares		3,308,000			33		67,312			—			194,530			(12,738	)		(249,137	)		—
Public offering		13,800,000			138		191,445			—			—			—			—			191,583
Proceeds of private placement		7,033,712			70		105,435			—			—			(589	)		(29,278	)		75,638
Contribution of Western Devcon Properties for OP units					—		—			—			86,397			—			—			86,397
Stock based compensation					—		55			—			—			—			—			55
Grant of unvested restricted stock		26,667			—		—			—			—			—			—			—
Buyback of common stock		(1,000	)		—		(1	)		—			—			—			—			(1	)
Net loss					—		—			(2,885	)		(5,116	)		—			—			(8,001	)
Allocation of NCI in OP					—		26,539			—			(26,539	)		—			—			—

Balance at March 31, 2015		24,168,379		$	241	$	390,786		$	(2,885	)	$	249,272		$	—		$	—		$	637,414

On October 16, 2014, the Company issued 1,000 shares to its sole stockholder, Darrell Crate, for $1,000, which we repurchased upon the IPO.

On February 11, 2015, we completed an initial public offering of 13.8 million shares of our common stock at a price to the public of $15.00 per share, including 1.8 million shares sold in connection with the full exercise of the option to purchase additional shares granted to the underwriters, resulting in gross proceeds of $207.0 million. In connection with the IPO, we engaged in a series of formation transactions by which we acquired 15 properties previously owned by the Easterly Funds and the ownership interests in the management entities in exchange for 9,771,120 common units and 3,308,000 shares of common stock. Additionally, in connection with the IPO, Western Devcon contributed its interest in 14 properties to the Company in an exchange for 5,759,819 common units.

Concurrent with the IPO, the Company sold an aggregate of 7,033,712 shares of its common stock to the Easterly Funds in a private placement at a price per share of $15.00 without payment of any underwriting fees, discounts or commissions.

Prior to the completion of the IPO, our Board of Directors adopted, and our sole stockholder approved, our 2015 Equity Incentive Plan, under which we may grant future cash and equity incentive awards to our executive officers, non-employee directors and eligible employees in order to attract, motivate and retain the talent for which we compete. The 2015 Equity Incentive Plan permits us to make grants of options, stock appreciation rights, restricted stock units, restricted stock, dividend equivalent rights, cash-based awards, performance-based awards and other equity-based awards, including LTIP units, or any combination of the foregoing.

On February 10, 2015, we filed with the SEC a registration statement on Form S-8 covering the shares of our common stock issuable under the 2015 Equity Incentive Plan. The 2015 Equity Incentive Plan is administered by the compensation committee of the Board of Directors. The 2015 Equity Incentive Plan permits the granting of both options to purchase shares of our common stock intended to qualify as incentive stock options under Section 422 of the Code and options that do not so qualify. The option exercise price of each option will be determined by our compensation committee but may not be less than 100% of the fair market value of our common stock on the date of grant. The term of each option will be fixed by our compensation committee and may not exceed ten years from the grant date. Our compensation committee may also grant awards of restricted stock, restricted stock units, performance shares or cash-based awards under the 2015 Equity Incentive Plan that are intended to qualify as “performance based compensation” under Section 162(m) of the Code. Those awards would only vest or become payable upon the attainment of performance goals that are established by our compensation committee and related to established performance criteria. From and after the time that we become subject to Section 162(m) of the Code, the maximum award that is intended to qualify as “performance-based compensation” under Section 162(m) of the Code that may be made to any one employee during any one calendar year period is 2,273,959 shares of our common stock with respect to stock-based award and $5.0 million with respect to a cash based award.

The shares issued under the 2015 Equity Incentive Plan are authorized but unissued shares or shares that we reacquire. The shares of our common stock underlying any awards that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by us prior to vesting, satisfied without any issuance of stock, expire or are otherwise terminated (other than by exercise) under the 2015 Equity Incentive Plan are added back to the shares available for issuance under the 2015 Equity Incentive Plan.

We have reserved 2,273,959 shares of our common stock for issuance of awards under the 2015 Equity Incentive Plan, including 26,667 shares of restricted common stock issued to our non-employee directors at the completion of the IPO, which will vest upon the anniversary of the date of grant or the next annual stockholder meeting, as applicable. For the three months ended March 31, 2015, we recognized $0.1 million in compensation related to the award.

No additional shares or options were issued under the 2015 Equity Incentive Plan as of March 31, 2015. All shares of our common stock issued to the Easterly Funds as a part of the IPO, the formation transactions and the concurrent private placement will be eligible for future sale following the expiration of the 180-day lock-up period, and of such shares held by holders of shares of our common stock and certain holders of common units in our operating partnership (other than the Company and its affiliates) will have registration rights pursuant to registration rights agreements that we have entered into with those investors. When the restrictions under the lock-up arrangements expire or are waived, the related shares of common stock or securities convertible into, exchangeable for, exercisable for, or repayable with common stock will be available for sale or resale, as the case may be.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

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-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

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-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Real Estate Properties

Real Estate Properties

•


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

Cash and Cash Equivalents

Cash and Cash Equivalents

Restricted Cash

Restricted Cash

Restricted cash consists of amounts escrowed for future real estate taxes, insurance, capital expenditures and debt service, as required by certain of our mortgage debt agreements.

Deferred Financing Costs

Deferred Financing Costs

Noncontrolling Interests

Noncontrolling Interests

Non-Controlling Interest

Revenue Recognition

Revenue Recognition

Income Taxes

Income Taxes

Stock Based Compensation

Stock Based Compensation

Earnings Per Share of Common Stock Amount

Earnings Per Share of Common Stock Amount

Deferred Offering Costs

Deferred Offering Costs

Segments

Segments

Application of new accounting standards

Application of new accounting standards

b) Significant Accounting Policies of the Company pre-IPO

Real Estate Investments

Real Estate Investments

Fair Value of Investments

Fair Value of Investments

The three levels of the fair value hierarchy are described below:


Level 1		Valuation is based upon quoted prices for identical assets or liabilities in an active market.

Level 2		Valuation is based upon observable inputs:

		a) Quoted prices for similar assets or liabilities in active markets,

		b) Quoted prices for identical or similar assets or liabilities in not active markets, or

		c) Model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3		Valuation is based upon prices or valuation techniques that require assumptions not observable in the market which are significant to the overall fair value measurement. These unobservable inputs reflect the Predecessor’s own estimates about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Valuation techniques include the use of discounted cash flow models, and similar techniques.

Real Estate and Intangibles (Tables)

3 Months Ended

Mar. 31, 2015

Real Estate [Abstract]

Summary of Real Estate Properties Acquired in Formation Transactions

As part of the formation transactions, we acquired the following properties, as set forth in the table below:


Property	Location	Property Type	Rentable Square Feet
Easterly Portfolio
IRS - Fresno	Fresno, CA	Office		180,481
PTO- Arlington	Arlington, VA	Office		189,871
FBI - San Antonio	San Antonio, TX	Office		148,584
FBI - Omaha	Omaha, NE	Office		112,196
ICE - Charleston	North Charleston, SC	Office		86,733
DOT - Lakewood	Lakewood, CO	Office		122,225
USFS II - Albuquerque	Albuquerque, TX	Office		98,720
USFS I - Albuquerque	Albuquerque, TX	Office		92,455
AOC - Del Rio	Del Rio, TX	Courthouse/Office		89,880
DEA - Dallas	Dallas, TX	Office		71,827
DEA - Albany	Albany, NY	Office		31,976
FBI - Little Rock	Little Rock, AR	Office		101,977
CBP - Sunburst	Sunburst, MT	Office		33,000
USCG - Martinsburg	Martinsburg, WV	Office		59,547
MEPCOM - Jacksonville	Jacksonville, FL	Office		30,000

		Total		1,449,472

Western Devcon
CBP - Savannah	Savannah, GA	Laboratory		35,000
AOC - El Centro	El Centro, CA	Courthouse/Office		46,813
DEA - Vista	Vista, CA	Laboratory		54,119
DEA - Santa Ana	Santa Ana, CA	Office		39,905
CBP - Chula Vista	Chula Vista, CA	Office		59,397
DEA - North Highlands	Sacramento, CA	Office		37,975
DEA - Otay	San Diego, CA	Office		32,560
DEA - Riverside	Riverside, CA	Office		34,354
SSA - Mission Viegjo	Mission Viejo, CA	Office		11,590
SSA - San Diego	San Diego, CA	Office		11,743
DEA - San Diego	San Diego, CA	Warehouse		16,100
2650 SW 145th Avenue - Parbel of Florida	Miramar, FL	Warehouse/Distribution		81,721
5998 Osceola Court - United Technologies	Midland, GA	Manufacturing Warehouse		105,641
501 East Hunter Street - Lummus Corporation	Lubbock, TX	Distribution		70,078

		Total		636,996

Fair Values of Assets Acquired and Liabilities Assumed

The fair values of the assets acquired and liabilities assumed upon completion of the formation transactions are as follows (dollars in thousands):


	Easterly Portfolio			Western Devcon, Inc.			Total
Real Estate
Land	$	43,681		$	35,573		$	79,254
Building		411,472			107,424			518,896
Acquired tenant improvements		27,441			4,388			31,829

Total Real Estate		482,594			147,385			629,979

Intangibles
In-place leases		61,218			21,308			82,526
Acquired leasing commissions		11,257			4,350			15,607
Above market leases		2,644			7,763			10,407

Total Intangibles		75,119			33,421			108,540

Deferred Market Liabilities
Below market leases		(34,383	)		(2,322	)		(36,705	)

Total Deferred Market Liabilities		(34,383	)		(2,322	)		(36,705	)

Debt Assumed		(271,622	)		(92,087	)		(363,709	)
Net Current Assets Transferred		8,979			—			8,979

Net assets acquired	$	260,687		$	86,397		$	347,084

Amortization of Total Intangible Assets and Intangible Liabilities

The net projected amortization of total intangible assets and intangible liabilities as of March 31, 2015 are as follows (dollars in thousands):


Intangible assets
2015	$	14,664
2016		18,866
2017		17,731
2018		14,404
2019		9,633
Thereafter		30,558

	$	105,856


Intangible liabilities
2015	$	(4,723	)
2016		(6,163	)
2017		(5,966	)
2018		(5,601	)
2019		(3,856	)
Thereafter		(9,532	)

	$	(35,841	)

Proforma Financial Information of Future Operating Results

The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it intend to indicate future operating results future operating results (dollars in thousands):


	For the three months ended
	March 31,
Proforma (unaudited)	2015		2014
Total rental revenue	$	18,536	$	18,536
Net income (loss)		1,127		(1,907	)

Schedule of Real Estate and Intangibles

Real estate and intangibles consisted of the following as of March 31, 2015 (dollars in thousands):


	Total
Real Estate
Land	$	79,254
Building		518,929
Acquired tenant improvements		31,829
Accumulated amortization		(2,404	)

Total Real Estate		627,608

Intangibles
In-place leases		82,526
Acquired leasing commissions		15,607
Above market leases		10,407
Accumulated amortization		(2,684	)

Total Intangibles		105,856

Intangible Liabilities
Below market leases		(36,705	)
Accumulated amortization		864

Total Intangible Liabilities		(35,841	)

Organization and Basis of Presentation - Additional Information (Detail) $ / shares in Units, ft² in Millions, $ in Millions		3 Months Ended
	Feb. 11, 2015 USD ($) Property $ / shares shares	Mar. 31, 2015 ft² Property $ / shares shares	Dec. 31, 2014 shares
Organization And Significant Accounting Policies [Line Items]
Number of properties leased \| Property		100
Gross proceeds from initial public offering \| $	$ 207.0
Common stock shares Sold		24,168,379	1,000
Outstanding common units of partnership interest owned percentage		60.90%
Noncontrolling interest, ownership percentage by noncontrolling owners		39.10%
Western Devcon, Inc [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties \| Property	14	14
Number of stock units exchanged		5,759,819
Easterly Government Properties LP [Member] \| Easterly Funds [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties \| Property	15
Common stock shares exchanged	3,308,000
Number of stock units exchanged	8,635,714
Easterly Government Properties LP [Member] \| Western Devcon, Inc [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties \| Property	14
Number of stock units exchanged	5,759,819
Easterly Government Properties LP [Member] \| Management Entities [Member]
Organization And Significant Accounting Policies [Line Items]
Number of stock units exchanged	1,135,406
IPO [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties \| Property	15
Shares issued, number of shares	13,800,000
Shares issued, price per share \| $ / shares	$ 15.00
Net proceeds from initial public offering \| $	$ 191.6
Over-Allotment Option [Member]
Organization And Significant Accounting Policies [Line Items]
Shares issued, number of shares	1,800,000
Private Placement [Member]
Organization And Significant Accounting Policies [Line Items]
Shares issued, number of shares	7,033,712
Shares issued, price per share \| $ / shares	$ 15.00
Common stock shares Sold		7,033,712
Par value per share \| $ / shares		$ 15.00
Wholly Owned Properties [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties \| Property		29
Aggregate area of land \| ft²		2.1
Wholly Owned Properties [Member] \| Government [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties leased \| Property		26
Wholly Owned Properties [Member] \| Private Tenants [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties leased \| Property		3

Real Estate and Intangibles - Additional Information (Detail) $ in Thousands	2 Months Ended	3 Months Ended
	Mar. 31, 2015 USD ($) Property	Mar. 31, 2015 USD ($) Property shares	Mar. 31, 2014 USD ($)	Feb. 11, 2015 Property
Real Estate Properties [Line Items]
Weighted Average Amortization Period		7 years 6 months 4 days
Net loss/income		$ (2,885)	$ 6,520
Acquisition-related costs		1,440
Formation expenses		$ 1,594
Consolidated Properties [Member]
Real Estate Properties [Line Items]
Revenues	$ 10,100
Net loss/income	$ 2,200
Western Devcon, Inc [Member]
Real Estate Properties [Line Items]
Percentage of ownership	100.00%	100.00%
Number of properties \| Property	14	14		14
Number of stock units exchanged \| shares		5,759,819
Amount of stock units exchanged		$ 86,400
Acquisition-related costs		1,400
Formation expenses		$ 1,600

Real Estate and Intangibles - Schedule of Transactions of Acquired Properties (Detail) - ft²	Mar. 31, 2015	Jan. 23, 2015
Real Estate Properties [Line Items]
Rentable Square Feet		115,650
Easterly Partner LLC [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	1,449,472
Western Devcon, Inc [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	636,996
Irs Fresno [Member] \| Easterly Partner LLC [Member] \| California \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	180,481
Pto Arlington [Member] \| Easterly Partner LLC [Member] \| VIRGINIA \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	189,871
Fbi San Antonio [Member] \| Easterly Partner LLC [Member] \| TEXAS \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	148,584
Fbi Omaha [Member] \| Easterly Partner LLC [Member] \| NEBRASKA \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	112,196
ICE Charleston [Member] \| Easterly Partner LLC [Member] \| SOUTH CAROLINA \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	86,733
Dot Lakewood [Member] \| Easterly Partner LLC [Member] \| COLORADO \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	122,225
Usfs Two Albuquerque [Member] \| Easterly Partner LLC [Member] \| TEXAS \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	98,720
Usfs One Albuquerque [Member] \| Easterly Partner LLC [Member] \| TEXAS \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	92,455
Aoc Del Rio [Member] \| Easterly Partner LLC [Member] \| TEXAS \| Courthouse Or Office[Member]
Real Estate Properties [Line Items]
Rentable Square Feet	89,880
Dea Dallas [Member] \| Easterly Partner LLC [Member] \| TEXAS \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	71,827
Dea Albany [Member] \| Easterly Partner LLC [Member] \| NEW YORK \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	31,976
Fbi Little Rock [Member] \| Easterly Partner LLC [Member] \| ARKANSAS \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	101,977
Cbp Sunburst [Member] \| Easterly Partner LLC [Member] \| MONTANA \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	33,000
Uscg Martinsburg [Member] \| Easterly Partner LLC [Member] \| WEST VIRGINIA \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	59,547
MEPCOM Jacksonville [Member] \| Easterly Partner LLC [Member] \| FLORIDA \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	30,000
CBP Savannah [Member] \| Western Devcon, Inc [Member] \| GEORGIA \| Laboratory [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	35,000
Aoc El Centro [Member] \| Western Devcon, Inc [Member] \| California \| Courthouse Or Office[Member]
Real Estate Properties [Line Items]
Rentable Square Feet	46,813
Dea Vista [Member] \| Western Devcon, Inc [Member] \| California \| Laboratory [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	54,119
Dea Santa Ana [Member] \| Western Devcon, Inc [Member] \| California \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	39,905
Cbp Chula Vista [Member] \| Western Devcon, Inc [Member] \| California \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	59,397
Dea North Highlands [Member] \| Western Devcon, Inc [Member] \| California \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	37,975
Dea Otay [Member] \| Western Devcon, Inc [Member] \| California \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	32,560
Dea Riverside [Member] \| Western Devcon, Inc [Member] \| California \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	34,354
Ssa Mission Viejo [Member] \| Western Devcon, Inc [Member] \| California \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	11,590
Ssa San Diego [Member] \| Western Devcon, Inc [Member] \| California \| Office [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	11,743
Dea San Diego [Member] \| Western Devcon, Inc [Member] \| California \| Warehouse [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	16,100
2650 SW 145th Avenue - Parbel of Florida [Member] \| Western Devcon, Inc [Member] \| FLORIDA \| Warehouse Or Distribution [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	81,721
5998 Osceola Court - United Technologies [Member] \| Western Devcon, Inc [Member] \| GEORGIA \| Manufacturing Warehouse [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	105,641
501 East Hunter Street - Lummus Corporation [Member] \| Western Devcon, Inc [Member] \| TEXAS \| Distribution [Member]
Real Estate Properties [Line Items]
Rentable Square Feet	70,078

Real Estate and Intangibles - Fair Values of Assets Acquired and Liabilities Assumed (Detail) $ in Thousands	Mar. 31, 2015 USD ($)
Business Acquisition [Line Items]
Total Real Estate	$ 629,979
Total Intangibles	108,540
Total Deferred Market Liabilities	(36,705)
Debt Assumed	(363,709)
Net Current Assets Transferred	8,979
Net assets acquired	347,084
Real Estate Investment [Member]
Business Acquisition [Line Items]
Land	79,254
Building	518,896
Acquired tenant improvements	31,829
In-place leases [Member]
Business Acquisition [Line Items]
Total Intangibles	82,526
Acquired Leasing Commissions [Member]
Business Acquisition [Line Items]
Total Intangibles	15,607
Above Market Leases [Member]
Business Acquisition [Line Items]
Total Intangibles	10,407
Below Market Leases [Member]
Business Acquisition [Line Items]
Total Deferred Market Liabilities	(36,705)
Easterly Partner LLC [Member]
Business Acquisition [Line Items]
Total Real Estate	482,594
Total Intangibles	75,119
Total Deferred Market Liabilities	(34,383)
Debt Assumed	(271,622)
Net Current Assets Transferred	8,979
Net assets acquired	260,687
Easterly Partner LLC [Member] \| Real Estate Investment [Member]
Business Acquisition [Line Items]
Land	43,681
Building	411,472
Acquired tenant improvements	27,441
Easterly Partner LLC [Member] \| In-place leases [Member]
Business Acquisition [Line Items]
Total Intangibles	61,218
Easterly Partner LLC [Member] \| Acquired Leasing Commissions [Member]
Business Acquisition [Line Items]
Total Intangibles	11,257
Easterly Partner LLC [Member] \| Above Market Leases [Member]
Business Acquisition [Line Items]
Total Intangibles	2,644
Easterly Partner LLC [Member] \| Below Market Leases [Member]
Business Acquisition [Line Items]
Total Deferred Market Liabilities	(34,383)
Western Devcon, Inc [Member]
Business Acquisition [Line Items]
Total Real Estate	147,385
Total Intangibles	33,421
Total Deferred Market Liabilities	(2,322)
Debt Assumed	(92,087)
Net assets acquired	86,397
Western Devcon, Inc [Member] \| Real Estate Investment [Member]
Business Acquisition [Line Items]
Land	35,573
Building	107,424
Acquired tenant improvements	4,388
Western Devcon, Inc [Member] \| In-place leases [Member]
Business Acquisition [Line Items]
Total Intangibles	21,308
Western Devcon, Inc [Member] \| Acquired Leasing Commissions [Member]
Business Acquisition [Line Items]
Total Intangibles	4,350
Western Devcon, Inc [Member] \| Above Market Leases [Member]
Business Acquisition [Line Items]
Total Intangibles	7,763
Western Devcon, Inc [Member] \| Below Market Leases [Member]
Business Acquisition [Line Items]
Total Deferred Market Liabilities	$ (2,322)

Real Estate and Intangibles - Schedule of Real Estate and Intangibles (Detail) $ in Thousands	Mar. 31, 2015 USD ($)
Real Estate
Land	$ 79,254
Building	518,929
Acquired tenant improvements	31,829
Accumulated amortization	(2,404)
Total Real Estate	627,608
Intangibles
Above market leases	31,829
Accumulated amortization	(2,684)
Total Intangibles	105,856
Intangible Liabilities, Below market leases	(36,705)
Intangible Liabilities, Accumulated amortization	864
Total Intangible Liabilities	(35,841)
In-place leases [Member]
Real Estate
Acquired tenant improvements	82,526
Intangibles
Above market leases	82,526
Acquired Leasing Commissions [Member]
Real Estate
Acquired tenant improvements	15,607
Intangibles
Above market leases	15,607
Above Market Leases [Member]
Real Estate
Acquired tenant improvements	10,407
Intangibles
Above market leases	$ 10,407

Real Estate and Intangibles - Amortization of Total Intangible Assets and Intangible Liabilities (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2015 USD ($)
Real Estate [Abstract]
Intangible assets, 2015	$ 14,664
Intangible assets, 2016	18,866
Intangible assets, 2017	17,731
Intangible assets, 2018	14,404
Intangible assets, 2019	9,633
Intangible assets, Thereafter	30,558
Intangible assets, Total	105,856
Intangible liabilities, 2015	(4,723)
Intangible liabilities, 2016	(6,163)
Intangible liabilities, 2017	(5,966)
Intangible liabilities, 2018	(5,601)
Intangible liabilities, 2019	(3,856)
Intangible liabilities, Thereafter	(9,532)
Intangible liabilities, Total	$ (35,841)

Debt - Additional Information (Detail) - USD ($)	3 Months Ended
Debt - Additional Information (Detail) - USD ($)	Mar. 31, 2015	Feb. 11, 2015
Debt Instrument [Line Items]
Debt Instrument, Description	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 LIBOR rate plus 1.00% plus (b) a margin ranging from 0.4% to 0.9%, or a Eurodollar rate equal to a periodic fixed rate equal to LIBOR plus, a margin ranging from 1.4% to 1.9%, in each case with a margin based on our leverage ratio.
Percentage of minimum proceeds from common stock issuance under covenant	75.00%
Revolving credit facility, Covenant Terms, Minimum EBITDA to Fixed Charges Ratio	150.00%
Revolving credit facility, covenant terms	(i) the maximum ratio of consolidated total indebtedness to total asset value (each as defined in the agreement) may not exceed 60.0% on any date, provided that the maximum ratio may be increased to 65.0% for the two consecutive quarters following the date on which a material acquisition (as defined in the agreement) occurs, (ii) the maximum ratio of consolidated secured indebtedness (as defined in the agreement) to total asset value may not exceed 40.0% on any date, (iii) the maximum ratio of consolidated secured recourse indebtedness (as defined in the agreement) to total asset value may not exceed 15% on any date, (iv) the minimum consolidated tangible net worth (as defined in the agreement) may not, on any date, be less than the sum of an amount equal to 75.0% of our consolidated tangible net worth as of the closing date of the facility plus an amount equal to 75.0% of the aggregate net cash proceeds received by us from any offering of our capital stock after the closing date of the facility, (v) the minimum ratio of adjusted consolidated EBITDA to consolidated fixed charges (each as defined in the agreement) may not be less than 1.50 to 1.00 on any date, (vi) the maximum ratio of consolidated unsecured indebtedness to unencumbered asset value (each as defined in the agreement) may not exceed 60% as of any date and (vii) the minimum ratio of adjusted consolidated net operating income from unencumbered assets (as defined in the agreement) to interest payable on unsecured debt (as determined in accordance with the agreement) shall not be less than 1.75 to 1.00 on any date. Additionally, under the proposed revolving credit facility, our distributions may not exceed the greater of (i) 95.0% of our FFO or (ii) the amount required for us to maintain our status as a REIT and avoid the payment of federal or state income or excise tax.
Outstanding borrowings	$ 30,917,000
Repayment outstanding mortgage indebtedness	24,500,000
Unsecured Debt [Member]
Debt Instrument [Line Items]
Amount borrowed under senior unsecured revolving credit facility	55,400,000
Outstanding borrowings	30,900,000
Unsecured revolving credit facility, weighted average outstanding amount	$ 19,500,000
Unsecured revolving credit facility, weighted average interest rate	1.58%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
LIBOR Rate	0.17%
Maximum [Member]
Debt Instrument [Line Items]
Total indebtedness to total asset value under covenant	60.00%
Unsecured indebtedness to unencumbered asset value under covenant	60.00%
Percentage of fund flow from operation under covenant	95.00%
Maximum [Member] \| Eurodollar [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate margin	1.90%
Minimum [Member]
Debt Instrument [Line Items]
Percentage of minimum tangible net worth under covenant	75.00%
Net operating income from unencumbered assets to interest payable on unsecured debt under covenant	175.00%
Minimum [Member] \| Eurodollar [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate margin	1.40%
Property In Lakewood [Member] \| COLORADO
Debt Instrument [Line Items]
Outstanding borrowings	$ 20,000,000
Federal Funds [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate margin	0.50%
Federal Funds [Member] \| One Month Libor [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate margin	1.00%
Federal Funds [Member] \| Maximum [Member] \| One Month Libor [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate margin	0.90%
Federal Funds [Member] \| Minimum [Member] \| One Month Libor [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate margin	0.40%
Senior Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility current borrowing capacity	$ 400,000,000	$ 400,000,000
Credit facility maximum borrowing capacity		250,000,000
Credit facility maximum borrowing capacity		$ 650,000,000
Debt instrument, termination year	4 years
Line of Credit Facility, Description	In addition, there will be two extension options for the senior unsecured revolving credit facility and each extension option will allow us to extend the senior unsecured revolving credit facility for an additional six months, in each case if certain conditions are satisfied.
Senior Unsecured Revolving Credit Facility [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate margin	1.40%
Unsecured revolving credit facility, weighted average interest rate	1.58%
Conditional [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Total indebtedness to total asset value under covenant	65.00%
Secured Debt [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Total indebtedness to total asset value under covenant	40.00%
Recourse Indebtedness [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Total indebtedness to total asset value under covenant	15.00%
Senior Unsecured Revolving Credit Facility [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Outstanding borrowings	$ 35,400,000
Mortgage Debt [Member] \| Non Recourse [Member]
Debt Instrument [Line Items]
Secured nonrecourse debt	$ 293,400,000

Debt - Summary of Mortgage Debt (Detail) $ in Thousands	3 Months Ended
Debt - Summary of Mortgage Debt (Detail) $ in Thousands	Mar. 31, 2015 USD ($)
Debt Instrument [Line Items]
Premium/Discount	$ (614)
Carrying Value	100,898
Mortgage Debt [Member]
Debt Instrument [Line Items]
Fixed/Floating	0
Principal Balance	69,367
Premium/Discount	614
Carrying Value	69,981
Mortgage Debt [Member] \| CBP Savannah [Member]
Debt Instrument [Line Items]
Fixed/Floating	$ 0
Contractual Interest Rate	3.40%
Effective Interest Rate	4.12%
Maturity Date	Jul. 31, 2033
Principal Balance	$ 16,070
Premium/Discount	(907)
Carrying Value	15,163
Mortgage Debt [Member] \| ICE Charleston [Member]
Debt Instrument [Line Items]
Fixed/Floating	$ 0
Contractual Interest Rate	4.21%
Effective Interest Rate	3.93%
Maturity Date	Jan. 31, 2027
Principal Balance	$ 22,767
Premium/Discount	438
Carrying Value	23,205
Mortgage Debt [Member] \| MEPCOM Jacksonville [Member]
Debt Instrument [Line Items]
Fixed/Floating	$ 0
Contractual Interest Rate	4.41%
Effective Interest Rate	3.89%
Maturity Date	Oct. 31, 2025
Principal Balance	$ 13,030
Premium/Discount	360
Carrying Value	13,390
Mortgage Debt [Member] \| USFS II Albuquerque [Member]
Debt Instrument [Line Items]
Fixed/Floating	$ 0
Contractual Interest Rate	4.46%
Effective Interest Rate	3.92%
Maturity Date	Jul. 31, 2026
Principal Balance	$ 17,500
Premium/Discount	723
Carrying Value	$ 18,223

Debt - Summary of Aggregate Debt Maturities (Detail) $ in Thousands	Mar. 31, 2015 USD ($)
Debt Disclosure [Abstract]
2015	$ 1,828
2016	2,857
2017	2,977
2018	3,100
2019	34,146
Thereafter	55,376
Unamortized fair value adjustments	100,284
Unamortized fair value adjustments	614
Unamortized fair value adjustments	$ 100,898

Equity - Summary of Changes In Stockholders Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Shareholders Equity [Line Items]
Balance at December 31, 2014	$ 297,184
Distributions	(5,441)
Public offering	191,583
Proceeds of private placement	75,638
Contribution of Western Devcon Properties for OP units	86,397
Stock based compensation	55
Grant of unvested restricted stock	0
Buyback of common stock	(1)
Net loss	(8,001)	$ 7,421
Allocation of NCI in OP	249,272
Balance at March 31, 2015	$ 637,414
Balance at December 31, 2014, Shares	1,000
Exchange of members' capital and non controlling interests for OP units and shares, Shares	3,308,000
Public offering, Shares	13,800,000
Proceeds of private placement, Shares	7,033,712
Grant of unvested restricted stock, Shares	2,667
Buyback of common stock, Shares	(1,000)
Balance at March 31, 2015, Shares	24,168,379
Partnership [Member]
Shareholders Equity [Line Items]
Net loss	$ (8,001)
Common Stock Par Value [Member]
Shareholders Equity [Line Items]
Exchange of members' capital and non controlling interests for OP units and shares	33
Public offering	138
Proceeds of private placement	70
Grant of unvested restricted stock	0
Balance at March 31, 2015	241
Additional Paid-in Capital [Member]
Shareholders Equity [Line Items]
Balance at December 31, 2014	1
Exchange of members' capital and non controlling interests for OP units and shares	67,312
Public offering	191,445
Proceeds of private placement	105,435
Stock based compensation	55
Grant of unvested restricted stock	0
Buyback of common stock	(1)
Allocation of NCI in OP	26,539
Balance at March 31, 2015	390,786
Dividends in Excess of Earnings [Member]
Shareholders Equity [Line Items]
Grant of unvested restricted stock	0
Balance at March 31, 2015	(2,885)
Dividends in Excess of Earnings [Member] \| Partnership [Member]
Shareholders Equity [Line Items]
Net loss	(2,885)
Non-controlling Interest in Operating Partnership [Member]
Shareholders Equity [Line Items]
Exchange of members' capital and non controlling interests for OP units and shares	194,530
Contribution of Western Devcon Properties for OP units	86,397
Grant of unvested restricted stock	0
Allocation of NCI in OP	(26,539)
Balance at March 31, 2015	249,272
Non-controlling Interest in Operating Partnership [Member] \| Partnership [Member]
Shareholders Equity [Line Items]
Net loss	(5,116)
Easterly Partners, LLC [Member] \| Non-controlling Interest in Operating Partnership [Member]
Shareholders Equity [Line Items]
Balance at December 31, 2014	283,847
Distributions	(5,432)
Exchange of members' capital and non controlling interests for OP units and shares	(249,137)
Proceeds of private placement	(29,278)
Grant of unvested restricted stock	0
Easterly Partners, LLC [Member] \| Capital / (Deficit) [Member]
Shareholders Equity [Line Items]
Balance at December 31, 2014	13,336
Distributions	(9)
Exchange of members' capital and non controlling interests for OP units and shares	(12,738)
Proceeds of private placement	(589)
Grant of unvested restricted stock	$ 0

Equity - Additional Information (Detail)			3 Months Ended
Equity - Additional Information (Detail)	Feb. 11, 2015 USD ($) Property $ / shares shares	Oct. 16, 2014 USD ($) shares	Mar. 31, 2015 USD ($) Property shares	Dec. 31, 2014 shares
Stockholders Equity Note Disclosure [Line Items]
Gross proceeds from initial public offering \| $	$ 207,000,000
Stock-based awards with respect to equity incentive plans			2,273,959
Cash based awards with respect to equity incentive plans \| $			$ 5,000,000
Common stock issued to non-employee directors			2,667
Additional shares or options issued			24,168,379	1,000
Western Devcon, Inc [Member]
Stockholders Equity Note Disclosure [Line Items]
Number of properties \| Property	14		14
Common units issued upon acquisition			5,759,819
Minimum [Member]
Stockholders Equity Note Disclosure [Line Items]
Percentage of exercise price of option over fair market value of common stock			100.00%
Maximum [Member]
Stockholders Equity Note Disclosure [Line Items]
Share based compensation, term of options			10 years
2015 Equity Incentive Plan [Member]
Stockholders Equity Note Disclosure [Line Items]
Common stock reserved for future issuance under equity incentive plans			2,273,959
Common stock issued to non-employee directors			26,667
Compensation expense recognized \| $			$ 100,000
Additional shares or options issued			0
Lock-up period			180 days
IPO [Member]
Stockholders Equity Note Disclosure [Line Items]
Shares issued, number of shares	13,800,000
Shares issued, price per share \| $ / shares	$ 15.00
Number of properties \| Property	15
Over-Allotment Option [Member]
Stockholders Equity Note Disclosure [Line Items]
Shares issued, number of shares	1,800,000
Private Placement [Member]
Stockholders Equity Note Disclosure [Line Items]
Shares issued, number of shares	7,033,712
Shares issued, price per share \| $ / shares	$ 15.00
Additional shares or options issued			7,033,712
Common Stock Par Value [Member]
Stockholders Equity Note Disclosure [Line Items]
Shares issued, number of shares		1,000
Shares issued, value \| $		$ 1,000
Common Stock Par Value [Member] \| IPO [Member]
Stockholders Equity Note Disclosure [Line Items]
Shares issued upon acquisition	3,308,000
Common Units [Member] \| Western Devcon, Inc [Member]
Stockholders Equity Note Disclosure [Line Items]
Common units issued upon acquisition	5,759,819
Common Units [Member] \| IPO [Member]
Stockholders Equity Note Disclosure [Line Items]
Common units issued upon acquisition	9,771,120

Earnings Per Share - Summary of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net (loss)	$ (8,001)	$ 7,421
Less: Non-controlling interest	(5,116)
Net Income available to Easterly Government Properties, Inc.	$ (2,885)	$ 6,520
Denominator for basic EPS	13,144,277
Dilutive effect of share-based compensation awards	0
Denominator for basic and diluted EPS	13,144,277
Basic EPS	$ (0.22)
Diluted EPS	$ (0.22)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

- Definition

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

+ References + Details

Concentrations Risk	3 Months Ended
Concentrations Risk	Mar. 31, 2015
Risks and Uncertainties [Abstract]
Concentrations Risk	9. Concentrations Risk Concentrations of credit risk arise for the Company when multiple tenants of the Company are engaged in similar business activities, are located in the same geographic region or have similar economic features that impact in a similar manner their ability to meet contractual obligations, including those to the Company. The Company regularly monitors its tenant base to assess potential concentrations of credit risk. As stated in Note 1 above, the Company leases commercial space to the U.S. Government through the GSA or other federal agencies or nongovernmental tenants. For the three months ended March 31, 2015 (unaudited), the GSA and other federal agency accounted for approximately 97% of rental income and non-governmental tenants accounted for the remaining approximately 4%. Eleven of our 29 properties are located in California, accounting for approximately 25% of our total rentable square feet and approximately 33% of our total annualized lease income as of March 31, 2015. To the extent that weak economic or real estate conditions or natural disasters affect California more severely than other areas of the country, our business, financial condition and results of operations could be negatively impacted.

Related Party	3 Months Ended
Related Party	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party	10. Related Party Upon completion of the IPO, we were responsible for reimbursing Easterly Capital $0.2 million for the three months ended March 31, 2015 for a portion of their rent and office expense at their Beverly, MA office and for the services of certain employees. Additionally, during the three months ended March 31, 2015, Western Devcon was responsible for reimbursing us $0.1 million for payroll expenses and interest and defeasance costs at closing that we paid on their behalf.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events For its consolidated financial statements as of March 31, 2015, the Company evaluated subsequent events and noted the following significant events: On January 23, 2015, the Predecessor entered into a purchase and sale agreement for the purchase of an 115,650 rentable square feet property located in Lakewood, Colorado for a purchase price of approximately $20.3 million. The building was constructed in 1999 and is 100% leased to the GSA and occupied by the U.S. Department of energy under a 15-year lease that expires in November 2029. On March 9, 2015, the right to acquire the property was assigned to the Operating Partnership. As of March 31, 2015, we had a $20.2 million deposit related to the acquisition of the property in deposits on acquisitions. On April 1, 2015, the Operating Partnership closed on the acquisition at a purchase price of $20.3 million. On May 6, 2015, the Board of Directors declared a dividend for the first quarter of 2015 in the amount of $0.11 per common stock and per common unit of the Operating Partnership, outstanding to stockholders and common unitholders of record as of the close of business on May 18, 2015. Such dividends are to be paid on June 3, 2015.

Summary of Significant Accounting Policies - Summary of Range of useful Lives For Depreciable Assets (Detail)	3 Months Ended
	Mar. 31, 2015
Building [Member]
Property, Plant and Equipment [Line Items]
Building improvements	40 years
Minimum [Member] \| Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Building improvements	5 years
Minimum [Member] \| Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Building improvements	3 years
Maximum [Member] \| Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Building improvements	40 years
Maximum [Member] \| Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Building improvements	7 years

Summary of Significant Accounting Policies - Additional Information (Detail) - Senior Unsecured Revolving Credit Facility [Member] - USD ($)	Mar. 31, 2015	Feb. 11, 2015
Accounting Policies [Line Items]
Deferred financing costs	$ 3,400,000
Deferred financing costs accumulated amortization	100,000
Line of credit facility associated with deferred financing costs	$ 400,000,000	$ 400,000,000

Combined Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	200,000,000	100,000
Common Stock, shares issued	24,168,379	1,000
Common Stock, shares outstanding	24,168,379	1,000

Debt - Summary of Borrowings (Detail) $ in Thousands	Mar. 31, 2015 USD ($)
Debt Instrument [Line Items]
Long term debt, Total	$ 100,898
Senior Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long term debt, Total	30,917
Mortgage Debt [Member]
Debt Instrument [Line Items]
Long term debt, Total	$ 69,981

Fair value measurements - Level 3 Based Upon Significance of Unobservable Inputs to Overall Fair Value Measurement (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Fair Value Disclosures [Abstract]
Beginning Balance	$ 267,683	$ 173,099
Purchase of investments		30,316
Contributions to investments	257	748
Distributions from investments		(1,366)
Net change in realized appreciation	0
Net change in unrealized appreciation (depreciation)	(5,122)	7,480
Sale of investments	$ (262,818)
Ending Balance		$ 210,277

Commitments and Contingencies - Summary of Future Minimum Contractual Rent Payments (Detail) $ in Thousands	Mar. 31, 2015 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Minimum lease payments, Total	$ 389,644
Minimum lease payments, 2015	36,859
Minimum lease payments,2016	48,303
Minimum lease payments,2017	48,705
Minimum lease payments,2018	46,933
Minimum lease payments,2019	41,827
Minimum lease payments,Thereafter	$ 167,017

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2015 USD ($) ft² Property Tenants	Mar. 31, 2014 USD ($)
Commitments And Contingencies [Line Items]
Number of consolidated properties \| Property	100
Number of tenants \| Tenants	16
Straight-line rent adjustments	$ 8.6
Amortization of above and below market leases	$ 0.7
Tax Protection Agreement Period	8 years
DISTRICT OF COLUMBIA
Commitments And Contingencies [Line Items]
Area of leased property \| ft²	4,731
Operating lease agreement expire date	Mar. 31, 2016
California
Commitments And Contingencies [Line Items]
Area of leased property \| ft²	5,752
Operating lease agreement expire date	Apr. 30, 2017
Corporate Office Leases [Member]
Commitments And Contingencies [Line Items]
Rent expense	$ 0.1	$ 0.1

Commitments and Contingencies - Summary of Future Minimum Rental Payments Under Company's Corporate Office Leases (Detail) $ in Thousands	Mar. 31, 2015 USD ($)
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
Minimum lease payments, Total	$ 389,644
Minimum lease payments, 2015	36,859
Minimum lease payments,2016	48,303
Minimum lease payments,2017	48,705
Minimum lease payments,2018	46,933
Corporate Office Leases [Member]
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
Minimum lease payments, Total	506
Minimum lease payments, 2015	273
Minimum lease payments,2016	189
Minimum lease payments,2017	44
Minimum lease payments,2018	$ 0

Concentrations Risk - Additional Information (Detail)	3 Months Ended
Concentrations Risk - Additional Information (Detail)	Mar. 31, 2015 Property
Wholly Owned Properties [Member]
Concentration Risk [Line Items]
Number of properties	29
California
Concentration Risk [Line Items]
Number of properties	11
Lease Income [Member] \| Credit Concentration Risk [Member] \| California
Concentration Risk [Line Items]
Percentage of concentrations risk	33.00%
Rentable Square Feet [Member] \| Credit Concentration Risk [Member] \| California
Concentration Risk [Line Items]
Percentage of concentrations risk	25.00%
General Services Administration And Other Federal Agencies [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	97.00%
Non Governmental Tenants [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	4.00%

Related Party - Additional Information (Detail) $ in Millions	Mar. 31, 2015 USD ($)
Payroll Expenses, Interest and Defeasance Costs [Member] \| Easterly Capital [Member]
Related Party Transaction [Line Items]
Due from related parties	$ 0.2
Rent and Office Expense [Member] \| Western Devcon, Inc [Member]
Related Party Transaction [Line Items]
Due to related parties current	$ 0.1

Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Millions				3 Months Ended
	May 06, 2015 $ / shares	Apr. 01, 2015 USD ($)	Jan. 23, 2015 USD ($) ft²	Mar. 31, 2015 USD ($)
Subsequent Events [Abstract]
Purchase of property, plant and equipment			$ 20.3
Rentable property acquired \| ft²			115,650
Percentage of property leased			100.00%
Lease term			15 years
Deposit for Property				$ 20.2
Closing Balance of acquisition purchase price		$ 20.3
Dividend declared per common stock \| $ / shares	$ 0.11
Dividend payable date				Jun. 03, 2015
Dividend payable, date of record				May 18, 2015