View Filing Data

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	Apr. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Trading Symbol	dea
Entity Registrant Name	Easterly Government Properties, Inc.
Entity Central Index Key	0001622194
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		45,695,511

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Real estate properties, net	$ 1,232,211	$ 1,230,162
Cash and cash equivalents	9,591	12,682
Restricted cash	4,389	3,519
Deposits on acquisitions	1,050	750
Rents receivable	13,565	12,751
Accounts receivable	9,911	9,347
Deferred financing, net	733	945
Intangible assets, net	136,651	143,063
Interest rate swaps	5,890	4,031
Prepaid expenses and other assets	10,710	8,088
Total assets	1,424,701	1,425,338
Liabilities
Revolving credit facility	98,750	99,750
Term loan facility, net	99,236	99,202
Notes payable, net	173,702	173,692
Mortgage notes payable, net	202,495	203,250
Intangible liabilities, net	36,093	38,569
Accounts payable and accrued liabilities	19,733	19,786
Total liabilities	630,009	634,249
Equity
Common stock, par value $0.01, 200,000,000 shares authorized, 45,458,706 and 44,787,040 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	455	448
Additional paid-in capital	741,089	740,546
Retained earnings	8,646	7,127
Cumulative dividends	(95,447)	(83,718)
Accumulated other comprehensive income	4,889	3,403
Total stockholders’ equity	659,632	667,806
Non-controlling interest in Operating Partnership	135,060	123,283
Total equity	794,692	791,089
Total liabilities and equity	$ 1,424,701	$ 1,425,338

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	45,458,706	44,787,040
Common Stock, shares outstanding	45,458,706	44,787,040

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Rental income	$ 32,289	$ 26,020
Tenant reimbursements	3,483	3,628
Other income	202	239
Total revenues	35,974	29,887
Operating expenses
Property operating	6,560	6,349
Real estate taxes	3,700	2,735
Depreciation and amortization	14,634	12,869
Acquisition costs	224	532
Corporate general and administrative	3,459	3,444
Total expenses	28,577	25,929
Operating income	7,397	3,958
Other expenses
Interest expense, net	(5,582)	(2,417)
Net income	1,815	1,541
Non-controlling interest in Operating Partnership	(296)	(304)
Net income available to Easterly Government Properties, Inc.	$ 1,519	$ 1,237
Net income available to Easterly Government Properties, Inc. per share:
Basic	$ 0.03	$ 0.03
Diluted	$ 0.03	$ 0.03
Weighted-average common shares outstanding
Basic	45,008,062	36,891,595
Diluted	46,018,040	39,143,887
Dividends declared per common share	$ 0.26	$ 0.24

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 1,815	$ 1,541
Other comprehensive income:
Unrealized gain on interest rate swaps, net	1,859	108
Other comprehensive income	1,859	108
Comprehensive income	3,674	1,649
Non-controlling interest in Operating Partnership	(296)	(304)
Other comprehensive income attributable to non-controlling interest	(373)	(12)
Comprehensive income attributable to Easterly Government Properties, Inc.	$ 3,005	$ 1,333

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended	15 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Mar. 31, 2018
Cash flows from operating activities
Net income	$ 1,815	$ 1,541
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	14,634	12,869
Straight line rent	(1,807)	(143)
Amortization of above- / below-market leases	(2,279)	(2,112)
Amortization of unearned revenue	(26)	(27)
Amortization of loan premium / discount	(21)	(21)
Amortization of deferred financing costs	285	251
Non-cash compensation	864	727
Net change in:
Rents receivable	991	775
Accounts receivable	(564)	83
Prepaid expenses and other assets	(2,613)	(1,905)
Accounts payable and accrued liabilities	834	(1,313)
Net cash provided by operating activities	12,113	10,725
Cash flows from investing activities
Real estate acquisitions and deposits	(326)	(43,968)
Additions to operating properties	(890)	(124)
Additions to development properties	(10,410)	(79)
Net cash (used in) investing activities	(11,626)	(44,171)
Cash flows from financing activities
Payment of deferred financing costs		(18)
Issuance of common shares	13,669
Credit facility draws	4,000	65,750
Credit facility repayments	(5,000)	(119,750)
Term loan draws		100,000
Repayments of mortgage notes payable	(763)	(732)
Dividends and distributions paid	(14,424)	(11,049)
Payment of offering costs	(190)
Net cash provided by (used in) financing activities	(2,708)	34,201
Net increase (decrease) in Cash and cash equivalents and Restricted cash	(2,221)	755
Cash and cash equivalents and Restricted cash, beginning of period	16,201	6,491	$ 6,491	$ 6,491
Cash and cash equivalents and Restricted cash, end of period	13,980	7,246	$ 16,201	$ 13,980
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Cash paid for interest, net of capitalized interest	3,497	2,190
Offering costs accrued, not paid	17
Deferred asset acquisition costs accrued, not paid	8
Unrealized loss on interest rate swaps, net	1,859	108
Exchange of Common Units for Shares of Common Stock
Non-controlling interest in Operating Partnership		(1,727)
Common stock		1
Additional paid-in capital		1,726
Operating Properties [Member]
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Additions to properties accrued, not paid	183	102
Development Properties [Member]
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Additions to properties accrued, not paid	$ 2,532	$ 92

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2018
Accounting Policies [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation The information contained in the following notes to the consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2017, and related notes thereto, included in the Annual Report on Form 10-K of Easterly Government Properties, Inc. (which may be referred to in these financial statements as the “Company,” “we,” “us,” or “our”) for the year ended December 31, 2017 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 1, 2018. The Company is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code, as amended (the “Code”) commencing with its taxable year ended December 31, 2015. The operations of the Company are carried 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, either directly or through the U.S. General Services Administration (“GSA”). Our objective is to generate attractive risk-adjusted returns for our stockholders over the long term through dividends and capital appreciation. As of March 31, 2018, we wholly owned 46 operating properties in the United States, including 44 operating properties that were leased primarily to U.S. Government tenant agencies and two operating properties that were entirely leased to private tenants, encompassing approximately 3.7 million square feet in the aggregate. In addition, we wholly owned three properties under development that we expect will encompass approximately 0.3 million square feet upon completion. We focus on acquiring, developing, and managing U.S. Government leased properties that are essential to supporting the mission of the tenant agency and strive to be a partner of choice for the U.S. Government, working with the tenant agency to meet its needs and objectives. The Operating Partnership holds substantially all of our assets and conducts substantially all our business. The Company is the sole general partner of the Operating Partnership. The Company owned approximately 83.0% of the aggregate limited partnership interests in the Operating Partnership (“common units”) at March 31, 2018. We believe that we have operated and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S federal income tax purposes commencing with our taxable year ended December 31, 2015. Principles of Consolidation The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, Easterly Government Properties TRS, LLC, Easterly Government Services, LLC, the Operating Partnership and its other subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Basis of Presentation The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to state fairly the consolidated financial position of the Company at March 31, 2018, and the consolidated results of operations for the three months ended March 31, 2018 and 2017 and the consolidated cash flows for the three months ended March 31, 2018 and 2017. Certain prior year amounts have been reclassified to conform to the current year presentation. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities 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.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The significant accounting policies used in the preparation of the Company’s condensed consolidated financial statements are disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

Revision of Previously Reported Consolidated Financial Statements

In connection with the preparation of the Company’s consolidated financial statements for the year ended December 31, 2017, the Company identified an error in the estimated useful life utilized to amortize certain assets associated with three properties contributed at the time of the Company’s initial public offering in the first quarter of 2015. As a result of the error, Depreciation and amortization expense had been overstated and thereby Real estate properties, net, Intangible assets, net and Equity were understated. The Company concluded that the amounts are not material to any of its previously issued consolidated financial statements. However, to maintain proper comparability between our financial statements we have elected to revise prior periods. Accordingly, the Company revised these balances in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017. The effects of this revision to the consolidated financial statements are as follows (in thousands, except for per share data).

Effect of Revision For the Three Months Ended March 31, 2017	As Previously Reported		Adjustment			As Revised
Total revenues	$	29,887	$	—		$	29,887
Depreciation and amortization		13,060		(191	)		12,869
Total expenses		26,120		(191	)		25,929
Net income		1,350		191			1,541
Net income available to Easterly Government Properties, Inc.		1,084		153			1,237
Net income available to Easterly Government Properties, Inc. per share (basic and diluted)		0.03		—			0.03
Comprehensive income		1,458		191			1,649

Recently Adopted Accounting Pronouncements

On January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Please refer to Note 10 for more information pertaining to our adoption of this guidance.

On January 1, 2018, the Company adopted ASU No. 2016-15, Statement of Cash Flows (Topic 230), which provides classification guidance for certain cash receipts and cash payments including payment of debt extinguishment costs, settlement of zero-coupon debt instruments, insurance claim payments and distributions from equity method investees. The guidance should be applied retrospectively, however the implementation of this update did not have a material impact on our consolidated financial statements.

On January 1, 2018, the Company adopted and retrospectively applied ASU No. 2016-18, Statement of Cash Flows (Topic 230), which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The Company now reconciles both cash and cash equivalents and restricted cash in the accompanying Statements of Cash Flows for all periods, whereas under the prior guidance the Company explained the changes during the period for cash and cash equivalents only.

On January 1, 2018, the Company adopted ASU No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. This ASU clarifies the scope and accounting of a financial asset that meets the definition of an “in-substance nonfinancial asset” and defines the term “in-substance nonfinancial asset.” This ASU also adds guidance for partial sales of nonfinancial assets. The Company adopted this ASU using the modified retrospective method and the implementation of this update did not have a material impact on our consolidated financial statements.

On January 1, 2018, the Company adopted ASU 2017-09, Stock Compensation (Topic 718): Scope of Modification Accounting, which provides updated guidance about which changes to the terms or conditions of a share-based payment award would require an entity to apply modification accounting under the topic. The guidance should be applied prospectively to an award modified on or after the adoption date, however, implementation of this update did not have a material impact on our consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU No. 2016-02, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for in the same manner as operating leases today. As of March 31, 2018, the Company had a sublease for office space in Washington D.C. expiring in June 2021 and a lease for office space in San Diego, CA expiring in April 2022. The remaining contractual payments under the Company’s lease and sublease for office space aggregate $1.7 million.

The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. In connection with the new revenue guidance, we believe that the new revenue standard may apply to executory costs and other components of revenue deemed to be non-lease components, even when the revenue for such activities is not separately stipulated in the lease. In that case, we would need to separate the lease components of revenue due under leases from the non-lease components. Under the new guidance, we would continue to recognize the lease components of lease revenue on a straight-line basis over our respective lease terms as we do under prior guidance. However, we would recognize the non-lease components under the new revenue guidance as the related services are delivered. As a result, while the total revenue recognized over time would not differ under the new guidance, the recognition pattern could be different. The Company is currently in the process of evaluating the significance of the difference in the recognition pattern that would result from this change.

Additionally, ASU 2016-02 will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under ASU 2016-02, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred.

ASU No. 2016-02 is effective for reporting periods beginning January 1, 2019, with modified retrospective application for each reporting period presented at the time of adoption. Early adoption is also permitted for this guidance. The Company is in the process of evaluating the impact of this new guidance.

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of either adopting the new standard early using a modified retrospective transition method in any interim period after issuance of the update, or alternatively adopting the new standard for fiscal years beginning after December 15, 2018. This adoption method may require the Company to recognize the cumulative effect of initially applying the ASU as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. While the Company continues to assess all potential impacts of the standard, we do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.

Real Estate and Intangibles

3 Months Ended

Mar. 31, 2018

Real Estate [Abstract]

Real Estate and Intangibles

3. Real Estate and Intangibles

During the three months ended March 31, 2018, we incurred $0.2 million of acquisition-related expenses including $0.2 million of internal costs associated with property acquisitions.

Consolidated Real Estate and Intangibles

Real estate and intangibles consisted of the following as of March 31, 2018 (dollars in thousands):

	Total
Real estate properties, net
Land	$	134,163
Building		1,099,949
Acquired tenant improvements		47,503
Construction in progress		27,395
Accumulated amortization		(76,799	)
Total Real estate properties, net	$	1,232,211
Intangible assets, net
In-place leases	$	160,119
Acquired leasing commissions		38,464
Above market leases		9,455
Accumulated amortization		(71,387	)
Total Intangible assets, net	$	136,651
Intangible liabilities, net
Below market leases	$	(62,856	)
Accumulated amortization		26,763
Total Intangible liabilities, net	$	(36,093	)

Debt

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Debt

4. Debt

At March 31, 2018, our consolidated borrowings consisted of the following (dollars in thousands):

	Principal Outstanding			Interest	Current
Loan	March 31, 2018			Rate ⁽¹⁾	Maturity
Revolving credit facility:
Senior unsecured revolving credit facility ⁽²⁾	$	98,750		L + 150bps	February 2019 ⁽³⁾
Total revolving credit facility		98,750

Term loan facility:
Senior unsecured term loan facility		100,000		3.17% ⁽⁴⁾	September 2023
Total term loan facility		100,000
Less: Total unamortized deferred financing fees		(764	)
Total term loan facility, net		99,236

Notes payable:
Senior unsecured notes payable, series A		95,000		4.05%	May 2027
Senior unsecured notes payable, series B		50,000		4.15%	May 2029
Senior unsecured notes payable, series C		30,000		4.30%	May 2032
Total notes payable		175,000
Less: Total unamortized deferred financing fees		(1,298	)
Total notes payable, net		173,702

Mortgage notes payable:
CBP - Savannah		14,035		3.40% ⁽⁵⁾	July 2033
ICE - Charleston		19,517		4.21% ⁽⁵⁾	January 2027
MEPCOM - Jacksonville		10,574		4.41% ⁽⁵⁾	October 2025
USFS II - Albuquerque		16,816		4.46% ⁽⁵⁾	July 2026
DEA - Pleasanton		15,700		L + 150bps ⁽⁵⁾	October 2023
VA - Loma Linda		127,500		3.59% ⁽⁵⁾	July 2027
Total mortgage notes payable		204,142
Less: Total unamortized deferred financing fees		(2,002	)
Less: Total unamortized premium/discount		355
Total mortgage notes payable, net		202,495

Total debt	$	574,183

(1)

At March 31, 2018, the one-month LIBOR (“L”) was 1.88%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for the Company’s senior unsecured revolving credit facility and senior unsecured term loan facility is based on the Company’s consolidated leverage ratio, as defined in the respective loan agreements.

(2)

Available capacity of $301.2 million at March 31, 2018 with an accordion feature that provides additional capacity of up to $250.0 million, for a total facility size of not more than $650.0 million.

(3)

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

(4)

The interest rate is calculated based on two interest rate swaps with an effective date of March 29, 2017 with an aggregate notional value of $100.0 million, which effectively fix the interest rate at 3.17% annually, based on the Company’s consolidated leverage ratio, as defined in the senior unsecured term loan facility agreement.

(5)

Effective interest rates are as follows: CBP - Savannah 4.12%, ICE - Charleston 3.93%, MEPCOM - Jacksonville 3.89%, USFS II - Albuquerque 3.92%, DEA - Pleasanton 1.8%, VA – Loma Linda 3.78%.

Financial Covenant Considerations

The Company was in compliance with all financial and other covenants as of March 31, 2018 related to its senior unsecured revolving credit facility, senior unsecured term loan facility, senior unsecured notes payable and secured mortgage notes payable.

Fair Value of Debt

As of March 31, 2018, the carrying value of our senior unsecured revolving credit facility approximated fair value. In determining the fair value we considered the short term maturity, variable interest rate and credit spreads. We deem the fair value of our senior unsecured revolving credit facility as a Level 3 measurement.

As of March 31, 2018, the carrying value of our senior unsecured term loan facility approximated fair value. In determining the fair value we considered the variable interest rate and credit spreads. We deem the fair value of our senior unsecured term loan facility as a Level 3 measurement.

At March 31, 2018, the fair value of our notes payable was determined by discounting future contractual principal and interest payments using prevailing market rates. We deem the fair value measurement of our notes payable instruments as a Level 3 measurement. At March 31, 2018, the fair value of our notes payable was $172.9 million.

At March 31, 2018, the fair value of our mortgage debt was determined by discounting future contractual principal and interest payments using prevailing market rates. We deem the fair value measurement of our mortgage debt instruments as a Level 3 measurement. At March 31, 2018, the fair value of our mortgage debt was $198.2 million.

Derivatives and Hedging Activities	3 Months Ended
Derivatives and Hedging Activities	Mar. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	5. Derivatives and Hedging Activities As of March 31, 2018, the Company had two outstanding interest rate swaps with an aggregate notional value of $100.0 million that were designated as cash flow hedges. The swaps had an effective date of March 29, 2017 and extend until the maturity of our senior unsecured term loan facility on September 29, 2023. The swaps effectively fix the interest rate under our senior unsecured term loan facility at 3.17% annually based on the Company’s current consolidated leverage ratio and a variable interest rate of one-month LIBOR. Cash Flow Hedges of Interest Rate Risk As of March 31, 2018 our swaps were classified as an asset on our consolidated balance sheet at $5.9 million. The effective portion of changes in the fair value of derivatives designated and qualified as cash flow hedges is recorded in accumulated other comprehensive income and will be reclassified to interest expense in the period that the hedged forecasted transactions affect earnings on the Company’s variable rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings into interest expense. For the three months ended March 31, 2018 and March 31, 2017 the amount of unrealized gains recognized in accumulated other comprehensive income on interest rate swaps was $1.9 million and $0.1 million, respectively. For the three months ended March 31, 2018 the amount of gain reclassified from accumulated other comprehensive income into interest expense was less than $0.1 million. For the three months ended March 31, 2017 the amount of loss reclassified from accumulated other comprehensive income into interest expense was less than $0.1 million. Additionally, during the three months ended March 31, 2018 and March 31, 2017, there Company did not record any hedge ineffectiveness. The Company estimates that $0.7 million will be reclassified from accumulated other comprehensive income as a decrease to interest expense over the next 12 months. Credit-Risk-Related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on such indebtedness. As of March 31, 2018, the Company did not have any derivatives in a net liability position.

Fair Value Measurements

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

6. Fair Value Measurements

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

Recurring fair value measurements

The fair values of our interest rate swaps are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities in such interest rates. While the Company determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the Company’s derivatives held as of March 31, 2018 were classified as Level 2 of the fair value hierarchy.

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, other assets and accounts payable and accrued expenses are reasonable estimates of fair values because of the short maturities of these instruments. For our disclosure of debt fair values in Note 4, we estimated the fair value of our unsecured senior revolving credit facility based on the short term maturity, variable interest rates and credit spreads (categorized within Level 3 of the fair value hierarchy), estimated the fair value of our senior unsecured term loan facility based on the variable interest rate and credit spreads (categorized within Level 3 of the fair value hierarchy) and estimated the fair value of our other debt based on the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans, or groups of loans, with similar maturities and credit quality, and the estimated future payments included scheduled principal and interest payments. Fair value estimates are made as of a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. Settlement at such fair value amounts may not be possible and may not be prudent management decision.

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2018, aggregated by the level in the fair value hierarchy within which those measurements fall.

	As of March 31, 2018
Balance Sheet Line Item	Level 1		Level 2		Level 3
Interest rate swaps - Asset	$	—	$	5,890	$	—

- Definition

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

+ References + Details

Equity

3 Months Ended

Mar. 31, 2018

Equity [Abstract]

Equity

7. Equity

The following table summarizes the changes in our stockholders’ equity for the three months ended March 31, 2018 and 2017 (dollars in thousands):

	Shares		Common Stock Par Value		Additional Paid-in Capital			Retained Earnings (Deficit)		Cumulative Dividends			Accumulated Other Comprehensive Income		Non- controlling Interest in Operating Partnership			Total Equity
Three months ended March 31, 2018
Balance at December 31, 2017		44,787,040	$	448	$	740,546		$	7,127	$	(83,718	)	$	3,403	$	123,283		$	791,089
Stock based compensation				—		81			—		—			—		783			864
Dividends and distributions paid				—		—			—		(11,729	)		—		(2,695	)		(14,424	)
Issuance of common stock		671,666		7		13,482			—		—			—		—			13,489
Unrealized gain (loss) on interest rate swaps				—		—			—		—			1,486		373			1,859
Net income				—		—			1,519		—			—		296			1,815
Allocation of non-controlling interest in Operating Partnership				—		(13,020	)		—		—			—		13,020			—
Balance at March 31, 2018		45,458,706	$	455	$	741,089		$	8,646	$	(95,447	)	$	4,889	$	135,060		$	794,692
Three months ended March 31, 2017
Balance at December 31, 2016		36,874,810	$	369	$	597,164		$	2,679	$	(42,794	)	$	3,038	$	137,844		$	698,300
Stock based compensation				—		74			—		—			—		653			727
Dividends and distributions paid				—		—			—		(8,877	)		—		(2,172	)		(11,049	)
Grant of unvested restricted stock		2,692		—		—			—		—			—		—			—
Redemption of common units for shares of common stock		113,928		1		1,726			—		—			—		(1,727	)		—
Unrealized gain on interest rate swaps				—		—			—		—			96		12			108
Net income				—		—			1,237		—			—		304			1,541
Allocation of non-controlling interest in Operating Partnership				—		466			—		—			—		(466	)		—
Balance at March 31, 2017		36,991,430	$	370	$	599,430		$	3,916	$	(51,671	)	$	3,134	$	134,448		$	689,627

The Company granted 891,000 long term incentive plan units in our operating partnership (“LTIP units”) on May 6, 2015 and 40,000 LTIP units on February 26, 2016 to members of management as long-term incentive compensation under the 2015 Equity Incentive Plan, subject to the Company achieving certain absolute and relative total shareholder returns through the performance period, which ended on December 31, 2017. Based on the Company’s absolute and relative total shareholder return performance through the end of the performance period, the compensation committee determined that an aggregate of 2,079,297 LTIP units were earned. Under the terms of the awards, earned awards vested 50% on February 15, 2018 with the remaining 50% vesting on February 6, 2019, subject to the grantee’s continued employment.

On January 4, 2018, the Company granted an aggregate of 173,381 performance-based LTIP units to members of management, subject to the Company achieving certain absolute and relative total shareholder returns through the performance period. The awards consist of three separate tranches of 32,448 LTIP units, 55,463 LTIP units and 85,470 LTIP units with performance periods ending on December 31, 2018, December 31, 2019 and December 31, 2020, respectively. The performance criteria for each tranche is based 75% on the Company’s absolute total shareholder return performance and 25% on the Company’s relative total shareholder return performance during the relevant performance period, with 50% of the LTIP Units vesting when earned following the end of the applicable performance period and 50% of the earned award subject to an additional one year of vesting.

A summary of our shares of restricted common stock and LTIP unit awards at March 31, 2018 is as follows:

	Restricted Shares		Restricted Shares Weighted Average Grant Date Fair Value Per Share		LTIP Units			LTIP Units Weighted Average Grant Date Fair Value Per Share
Outstanding, December 31, 2017		17,912	$	19.72		926,000		$	8.91
Granted		—		—		173,381		$	18.31
Vested		—		—		(463,000	)	$	8.91
Forfeited		—		—		—			—
Outstanding, March 31, 2018		17,912	$	19.72		636,381		$	11.47

We recognized $0.9 million in compensation expense related to our shares of restricted common stock and the LTIP unit awards for the three months ended March 31, 2018. As of March 31, 2018, unrecognized compensation expense for both sets of awards was $3.9 million, which will be amortized over the vesting period.

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

Quarter		Declaration Date		Record Date		Pay Date		Dividend ⁽¹⁾
Q1 2018		May 3, 2018		June 11, 2018		June 28, 2018		$	0.26

(1)

Prior to the end of the performance period as set forth in the applicable LTIP unit award, holders of LTIP units are entitled to receive dividends per LTIP unit equal to 10% of the dividend paid per common unit. After the end of the performance period, the number of LTIP units, both vested and unvested, that LTIP award recipients have earned, if any, are entitled to receive dividends in an amount per LTIP unit equal to dividends, both regular and special, payable per common unit.

On March 3, 2017, we entered into separate equity distribution agreements with each of Citigroup Global Markets Inc., BTIG, LLC, Jefferies LLC, Raymond James & Associates, Inc., RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc. (collectively, the “managers”), pursuant to which we may issue and sell the shares of our common stock having an aggregate offering price of up to $100.0 million from time to time through the managers, acting as sales agents and/or principals (the “ATM Program”). The sales of shares of our common stock under the equity distribution agreements may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act. The following table sets forth certain information with respect to the ATM program as of March 31, 2018:

	Number of Shares Sold		Net Proceeds
For the year ended December 31, 2017		1,569,514	$	33,263
For the three months ended March 31, 2018		671,666		13,532
		2,241,180	$	46,795

We have used the proceeds from such sales for general corporate purposes. As of March 31, 2018, we had approximately $52.7 million of gross sales of our common stock available under our ATM program.

Earnings Per Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share

8. Earnings Per Share

Basic earnings or loss per share of common stock (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted average shares of common stock outstanding for the periods presented. Diluted EPS is computed after adjusting the basic EPS computation for the effect of dilutive common equivalent shares outstanding during the periods presented. Unvested restricted shares and unvested LTIP units are considered participating securities, which require the use of the two-class method for the computation of basic and diluted earnings per share. The following table sets forth the computation of the Company’s basic and diluted earnings per share of common stock for the three months ended March 31, 2018 and 2017 (amounts in thousands, except per share amounts):

	For the three months ended March 31,
	2018			2017
Numerator
Net income	$	1,815		$	1,541
Less: Non-controlling interest in Operating Partnership		(296	)		(304	)
Net income available to Easterly Government Properties, Inc.		1,519			1,237
Less: Dividends on participating securities		(279	)		(26	)
Net income available to common stockholders	$	1,240		$	1,211
Denominator for basic EPS		45,008,062			36,891,595
Dilutive effect of share-based compensation awards		12,803			11,815
Dilutive effect of LTIP units		997,175			1,818,392
Dilutive effect of shares issuable under forward sales agreements		—			422,085
Denominator for diluted EPS		46,018,040			39,143,887
Basic EPS	$	0.03		$	0.03
Diluted EPS	$	0.03		$	0.03

Operating Leases

3 Months Ended

Mar. 31, 2018

Leases [Abstract]

Operating Leases

9. Operating Leases

Our rental properties are subject to generally non-cancelable operating leases generating future minimum contractual rent payments due from tenants. As of March 31, 2018, future non-cancelable minimum contractual rent payments are as follows (dollars in thousands):

	Payments due by period
	Total		2018		2019		2020		2021		2022		Thereafter
Operating Leases
Minimum lease payments	$	850,806		76,506		96,333		90,704		79,985		68,225		439,053

The Company’s consolidated operating properties were 100% occupied by 24 tenants at March 31, 2018.

For the three months ended March 31, 2018 we recognized $28.2 million in rental income attributable to base rent, $2.3 million in rental income attributable to the amortization of our above- and below-market leases and a straight-line adjustment of $1.8 million.

Revenue

3 Months Ended

Mar. 31, 2018

Revenue From Contract With Customer [Abstract]

Revenue

10. Revenue

On January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) using the modified retrospective method and applied it to all contracts that were not completed as of January 1, 2018. The new guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers and replaced the existing revenue recognition guidance.

The adoption of Topic 606 did not have an impact on the Company’s historical financial statements as the revenue that falls under the scope of this guidance is limited to tenant construction projects and the associated management fee, the recognition of which did not change from how the Company has historically accounted for these projects upon adoption of the new guidance. Tenant construction project reimbursements consist primarily of subcontracted costs that are reimbursed to the Company by the tenant.

Historically, the Company has accounted for tenant construction project reimbursement arrangements using the percentage of completion method and will continue to recognize revenue from tenant construction projects using the percentage of completion method when the revenue and costs for such projects can be estimated with reasonable accuracy; when these criteria do not apply to a project, the Company recognizes revenue from that project using the completed contract method. Under the percentage of completion method, the Company recognizes a percentage of the total revenue on a project based on the cost of services provided on the project as of a point in time relative to the total costs on the project. The duration of the majority of tenant construction project reimbursement arrangements are less than a year and payment is typically due once a project is complete and work has been accepted by the tenant. For those projects ongoing as of March 31, 2018 and with a duration of greater than one year, the aggregate amount of transaction price allocated to remaining performance obligations at the end of the reporting period was $0.2 million, which will be recognized as revenue prior to the end of 2018 using the percentage of completion method as discussed above.

The table below sets forth revenue from tenant construction projects disaggregated by tenant agency for the three months ended March 31, 2018 (in thousands).

Tenant	Tenant Construction Project Income
Administrative Office of the U.S. Courts (“AOC”)	$	100
Drug Enforcement Administration (“DEA”)		23
Federal Bureau of Investigation (“FBI”)		58
Immigration and Customs Enforcement (“ICE”)		9
National Park Service (“NPS”)		31
U.S. Coast Guard (“USCG”)		6
U.S. Forest Service (“USFS”)		29
Department of Veteran Affairs (“VA”)		787
	$	1,043

The balance in Accounts receivable related to tenant construction projects was $3.5 million as of March 31, 2018 and $3.0 million as of December 31, 2017. There were no contract assets or liabilities as of March 31, 2018.

Concentrations Risk	3 Months Ended
Concentrations Risk	Mar. 31, 2018
Risks And Uncertainties [Abstract]
Concentrations Risk	11. 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 or nongovernmental tenants. At March 31, 2018, the U.S Government accounted for approximately 99.2% of rental income and non-governmental tenants accounted for the remaining approximately 0.8%. Fourteen of our 46 operating properties are located in California, accounting for approximately 25.8% of our total rentable square feet and approximately 33.3% of our total annualized lease income as of March 31, 2018. In addition, we owned two properties under development located in California. 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 significantly impacted.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events For its consolidated financial statements as of March 31, 2018, the Company evaluated subsequent events and noted no significant events.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2018
Accounting Policies [Abstract]
Revision of Previously Reported Consolidated Financial Statements	<div> <p style="margin-top:18pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Revision of Previously Reported Consolidated Financial Statements</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">In connection with the preparation of the Company’s consolidated financial statements for the year ended December 31, 2017, the Company identified an error in the estimated useful life utilized to amortize certain assets associated with three properties contributed at the time of the Company’s initial public offering in the first quarter of 2015. As a result of the error, Depreciation and amortization expense had been overstated and thereby Real estate properties, net, Intangible assets, net and Equity were understated. The Company concluded that the amounts are not material to any of its previously issued consolidated financial statements. However, to maintain proper comparability between our financial statements we have elected to revise prior periods. Accordingly, the Company revised these balances in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017. The effects of this revision to the consolidated financial statements are as follows (in thousands, except for per share data).</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.56%; border-bottom:solid 0.75pt #000000;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Effect of Revision For the Three Months Ended March 31, 2017</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.6%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.06%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As Previously Reported</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.6%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:8.56%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Adjustment</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.6%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.94%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As Revised</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.56%; border-top:solid 0.75pt #000000;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total revenues</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:8.06%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">29,887</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.56%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.94%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">29,887</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.56%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation and amortization</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:8.06%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,060</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.56%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(191</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.94%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,869</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.56%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total expenses</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:8.06%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">26,120</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.56%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(191</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.94%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25,929</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.56%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net income</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:8.06%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,350</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.56%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">191</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.94%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,541</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.56%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net income available to Easterly Government Properties, Inc.</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:8.06%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,084</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.56%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">153</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.94%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,237</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.56%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net income available to Easterly Government Properties, Inc. per share (basic and diluted)</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:8.06%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.03</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.56%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">—</font></p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.94%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.03</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.56%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Comprehensive income</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:8.06%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,458</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.56%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">191</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.94%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,649</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> </table></div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p></div>
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements On January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Please refer to Note 10 for more information pertaining to our adoption of this guidance. On January 1, 2018, the Company adopted ASU No. 2016-15, Statement of Cash Flows (Topic 230), which provides classification guidance for certain cash receipts and cash payments including payment of debt extinguishment costs, settlement of zero-coupon debt instruments, insurance claim payments and distributions from equity method investees. The guidance should be applied retrospectively, however the implementation of this update did not have a material impact on our consolidated financial statements. On January 1, 2018, the Company adopted and retrospectively applied ASU No. 2016-18, Statement of Cash Flows (Topic 230), which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The Company now reconciles both cash and cash equivalents and restricted cash in the accompanying Statements of Cash Flows for all periods, whereas under the prior guidance the Company explained the changes during the period for cash and cash equivalents only. On January 1, 2018, the Company adopted ASU No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. This ASU clarifies the scope and accounting of a financial asset that meets the definition of an “in-substance nonfinancial asset” and defines the term “in-substance nonfinancial asset.” This ASU also adds guidance for partial sales of nonfinancial assets. The Company adopted this ASU using the modified retrospective method and the implementation of this update did not have a material impact on our consolidated financial statements. On January 1, 2018, the Company adopted ASU 2017-09, Stock Compensation (Topic 718): Scope of Modification Accounting, which provides updated guidance about which changes to the terms or conditions of a share-based payment award would require an entity to apply modification accounting under the topic. The guidance should be applied prospectively to an award modified on or after the adoption date, however, implementation of this update did not have a material impact on our consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for in the same manner as operating leases today. As of March 31, 2018, the Company had a sublease for office space in Washington D.C. expiring in June 2021 and a lease for office space in San Diego, CA expiring in April 2022. The remaining contractual payments under the Company’s lease and sublease for office space aggregate $1.7 million. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. In connection with the new revenue guidance, we believe that the new revenue standard may apply to executory costs and other components of revenue deemed to be non-lease components, even when the revenue for such activities is not separately stipulated in the lease. In that case, we would need to separate the lease components of revenue due under leases from the non-lease components. Under the new guidance, we would continue to recognize the lease components of lease revenue on a straight-line basis over our respective lease terms as we do under prior guidance. However, we would recognize the non-lease components under the new revenue guidance as the related services are delivered. As a result, while the total revenue recognized over time would not differ under the new guidance, the recognition pattern could be different. The Company is currently in the process of evaluating the significance of the difference in the recognition pattern that would result from this change. Additionally, ASU 2016-02 will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under ASU 2016-02, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. ASU No. 2016-02 is effective for reporting periods beginning January 1, 2019, with modified retrospective application for each reporting period presented at the time of adoption. Early adoption is also permitted for this guidance. The Company is in the process of evaluating the impact of this new guidance. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of either adopting the new standard early using a modified retrospective transition method in any interim period after issuance of the update, or alternatively adopting the new standard for fiscal years beginning after December 15, 2018. This adoption method may require the Company to recognize the cumulative effect of initially applying the ASU as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. While the Company continues to assess all potential impacts of the standard, we do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Summary of Effect of Revision to Consolidated Financial Statements

The effects of this revision to the consolidated financial statements are as follows (in thousands, except for per share data).

Effect of Revision For the Three Months Ended March 31, 2017	As Previously Reported		Adjustment			As Revised
Total revenues	$	29,887	$	—		$	29,887
Depreciation and amortization		13,060		(191	)		12,869
Total expenses		26,120		(191	)		25,929
Net income		1,350		191			1,541
Net income available to Easterly Government Properties, Inc.		1,084		153			1,237
Net income available to Easterly Government Properties, Inc. per share (basic and diluted)		0.03		—			0.03
Comprehensive income		1,458		191			1,649

Real Estate and Intangibles (Tables)

3 Months Ended

Mar. 31, 2018

Real Estate [Abstract]

Schedule of Real Estate and Intangibles

Real estate and intangibles consisted of the following as of March 31, 2018 (dollars in thousands):

	Total
Real estate properties, net
Land	$	134,163
Building		1,099,949
Acquired tenant improvements		47,503
Construction in progress		27,395
Accumulated amortization		(76,799	)
Total Real estate properties, net	$	1,232,211
Intangible assets, net
In-place leases	$	160,119
Acquired leasing commissions		38,464
Above market leases		9,455
Accumulated amortization		(71,387	)
Total Intangible assets, net	$	136,651
Intangible liabilities, net
Below market leases	$	(62,856	)
Accumulated amortization		26,763
Total Intangible liabilities, net	$	(36,093	)

Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Summary of Borrowings

At March 31, 2018, our consolidated borrowings consisted of the following (dollars in thousands):

	Principal Outstanding			Interest	Current
Loan	March 31, 2018			Rate ⁽¹⁾	Maturity
Revolving credit facility:
Senior unsecured revolving credit facility ⁽²⁾	$	98,750		L + 150bps	February 2019 ⁽³⁾
Total revolving credit facility		98,750

Term loan facility:
Senior unsecured term loan facility		100,000		3.17% ⁽⁴⁾	September 2023
Total term loan facility		100,000
Less: Total unamortized deferred financing fees		(764	)
Total term loan facility, net		99,236

Notes payable:
Senior unsecured notes payable, series A		95,000		4.05%	May 2027
Senior unsecured notes payable, series B		50,000		4.15%	May 2029
Senior unsecured notes payable, series C		30,000		4.30%	May 2032
Total notes payable		175,000
Less: Total unamortized deferred financing fees		(1,298	)
Total notes payable, net		173,702

Mortgage notes payable:
CBP - Savannah		14,035		3.40% ⁽⁵⁾	July 2033
ICE - Charleston		19,517		4.21% ⁽⁵⁾	January 2027
MEPCOM - Jacksonville		10,574		4.41% ⁽⁵⁾	October 2025
USFS II - Albuquerque		16,816		4.46% ⁽⁵⁾	July 2026
DEA - Pleasanton		15,700		L + 150bps ⁽⁵⁾	October 2023
VA - Loma Linda		127,500		3.59% ⁽⁵⁾	July 2027
Total mortgage notes payable		204,142
Less: Total unamortized deferred financing fees		(2,002	)
Less: Total unamortized premium/discount		355
Total mortgage notes payable, net		202,495

Total debt	$	574,183

(1)

(2)

Available capacity of $301.2 million at March 31, 2018 with an accordion feature that provides additional capacity of up to $250.0 million, for a total facility size of not more than $650.0 million.

(3)

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

(4)

(5)

Effective interest rates are as follows: CBP - Savannah 4.12%, ICE - Charleston 3.93%, MEPCOM - Jacksonville 3.89%, USFS II - Albuquerque 3.92%, DEA - Pleasanton 1.8%, VA – Loma Linda 3.78%.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

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

	As of March 31, 2018
Balance Sheet Line Item	Level 1		Level 2		Level 3
Interest rate swaps - Asset	$	—	$	5,890	$	—

Equity (Tables)

3 Months Ended

Mar. 31, 2018

Equity [Abstract]

Summary of Changes In Stockholders' Equity

The following table summarizes the changes in our stockholders’ equity for the three months ended March 31, 2018 and 2017 (dollars in thousands):

	Shares		Common Stock Par Value		Additional Paid-in Capital			Retained Earnings (Deficit)		Cumulative Dividends			Accumulated Other Comprehensive Income		Non- controlling Interest in Operating Partnership			Total Equity
Three months ended March 31, 2018
Balance at December 31, 2017		44,787,040	$	448	$	740,546		$	7,127	$	(83,718	)	$	3,403	$	123,283		$	791,089
Stock based compensation				—		81			—		—			—		783			864
Dividends and distributions paid				—		—			—		(11,729	)		—		(2,695	)		(14,424	)
Issuance of common stock		671,666		7		13,482			—		—			—		—			13,489
Unrealized gain (loss) on interest rate swaps				—		—			—		—			1,486		373			1,859
Net income				—		—			1,519		—			—		296			1,815
Allocation of non-controlling interest in Operating Partnership				—		(13,020	)		—		—			—		13,020			—
Balance at March 31, 2018		45,458,706	$	455	$	741,089		$	8,646	$	(95,447	)	$	4,889	$	135,060		$	794,692
Three months ended March 31, 2017
Balance at December 31, 2016		36,874,810	$	369	$	597,164		$	2,679	$	(42,794	)	$	3,038	$	137,844		$	698,300
Stock based compensation				—		74			—		—			—		653			727
Dividends and distributions paid				—		—			—		(8,877	)		—		(2,172	)		(11,049	)
Grant of unvested restricted stock		2,692		—		—			—		—			—		—			—
Redemption of common units for shares of common stock		113,928		1		1,726			—		—			—		(1,727	)		—
Unrealized gain on interest rate swaps				—		—			—		—			96		12			108
Net income				—		—			1,237		—			—		304			1,541
Allocation of non-controlling interest in Operating Partnership				—		466			—		—			—		(466	)		—
Balance at March 31, 2017		36,991,430	$	370	$	599,430		$	3,916	$	(51,671	)	$	3,134	$	134,448		$	689,627

Summary of Shares of Restricted Common Stock and Long-term Incentive Plan Units in Operating Partnership Awards

A summary of our shares of restricted common stock and LTIP unit awards at March 31, 2018 is as follows:

	Restricted Shares		Restricted Shares Weighted Average Grant Date Fair Value Per Share		LTIP Units			LTIP Units Weighted Average Grant Date Fair Value Per Share
Outstanding, December 31, 2017		17,912	$	19.72		926,000		$	8.91
Granted		—		—		173,381		$	18.31
Vested		—		—		(463,000	)	$	8.91
Forfeited		—		—		—			—
Outstanding, March 31, 2018		17,912	$	19.72		636,381		$	11.47

Summary of Dividends Declared

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

Quarter		Declaration Date		Record Date		Pay Date		Dividend ⁽¹⁾
Q1 2018		May 3, 2018		June 11, 2018		June 28, 2018		$	0.26

(1)

Schedule of Information with Respect to ATM Program

The following table sets forth certain information with respect to the ATM program as of March 31, 2018:

	Number of Shares Sold		Net Proceeds
For the year ended December 31, 2017		1,569,514	$	33,263
For the three months ended March 31, 2018		671,666		13,532
		2,241,180	$	46,795

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of the Company’s basic and diluted earnings per share of common stock for the three months ended March 31, 2018 and 2017 (amounts in thousands, except per share amounts):

	For the three months ended March 31,
	2018			2017
Numerator
Net income	$	1,815		$	1,541
Less: Non-controlling interest in Operating Partnership		(296	)		(304	)
Net income available to Easterly Government Properties, Inc.		1,519			1,237
Less: Dividends on participating securities		(279	)		(26	)
Net income available to common stockholders	$	1,240		$	1,211
Denominator for basic EPS		45,008,062			36,891,595
Dilutive effect of share-based compensation awards		12,803			11,815
Dilutive effect of LTIP units		997,175			1,818,392
Dilutive effect of shares issuable under forward sales agreements		—			422,085
Denominator for diluted EPS		46,018,040			39,143,887
Basic EPS	$	0.03		$	0.03
Diluted EPS	$	0.03		$	0.03

Operating Leases (Tables)

3 Months Ended

Mar. 31, 2018

Leases [Abstract]

Summary of Future Non Cancellable Minimum Contractual Rent Payments

	Payments due by period
	Total		2018		2019		2020		2021		2022		Thereafter
Operating Leases
Minimum lease payments	$	850,806		76,506		96,333		90,704		79,985		68,225		439,053

Revenue (Tables)

3 Months Ended

Mar. 31, 2018

Revenue From Contract With Customer [Abstract]

Summary of Revenue from Tenant Construction Projects Disaggregated by Tenant Agency

The table below sets forth revenue from tenant construction projects disaggregated by tenant agency for the three months ended March 31, 2018 (in thousands).

Tenant	Tenant Construction Project Income
Administrative Office of the U.S. Courts (“AOC”)	$	100
Drug Enforcement Administration (“DEA”)		23
Federal Bureau of Investigation (“FBI”)		58
Immigration and Customs Enforcement (“ICE”)		9
National Park Service (“NPS”)		31
U.S. Coast Guard (“USCG”)		6
U.S. Forest Service (“USFS”)		29
Department of Veteran Affairs (“VA”)		787
	$	1,043

Organization and Basis of Presentation - Additional Information (Detail) ft² in Millions	3 Months Ended
	Mar. 31, 2018 ft² Property
Organization And Significant Accounting Policies [Line Items]
Outstanding common units of aggregate limited partnership interest owned percentage	83.00%
Wholly Owned Operating Properties [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	46
Aggregate area of land \| ft²	3.7
Wholly Owned Operating Properties [Member] \| Government [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	44
Wholly Owned Operating Properties [Member] \| Private Tenants [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	2
Wholly Owned Properties Under Development [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	3
Aggregate area of land \| ft²	0.3

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($) Property	Mar. 31, 2015 Property
Accounting Policies [Line Items]
Remaining contractual payments under lease and sublease for office space \| $	$ 850,806
Corporate Office Leases [Member]
Accounting Policies [Line Items]
Remaining contractual payments under lease and sublease for office space \| $	$ 1,700
DISTRICT OF COLUMBIA \| Sublease [Member]
Accounting Policies [Line Items]
Operating lease agreement expire date	Jun. 30, 2021
California [Member]
Accounting Policies [Line Items]
Number of properties \| Property	14
California [Member] \| San Diego [Member]
Accounting Policies [Line Items]
Operating lease agreement expire date	Apr. 30, 2022
Error in Estimated Useful Life Utilized to Amortize Properties [Member]
Accounting Policies [Line Items]
Number of properties \| Property		3

Summary of Significant Accounting Policies - Summary of Effect of Revision to Consolidated Financial Statements (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Total revenues	$ 35,974	$ 29,887
Depreciation and amortization	14,634	12,869
Total expenses	28,577	25,929
Net income	1,815	1,541
Net income available to Easterly Government Properties, Inc.	1,519	$ 1,237
Net income available to Easterly Government Properties, Inc. per share (basic and diluted)		$ 0.03
Comprehensive income	$ 3,674	$ 1,649
As Previously Reported [Member]
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Total revenues		29,887
Depreciation and amortization		13,060
Total expenses		26,120
Net income		1,350
Net income available to Easterly Government Properties, Inc.		$ 1,084
Net income available to Easterly Government Properties, Inc. per share (basic and diluted)		$ 0.03
Comprehensive income		$ 1,458
Adjustment [Member]
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Depreciation and amortization		(191)
Total expenses		(191)
Net income		191
Net income available to Easterly Government Properties, Inc.		153
Comprehensive income		$ 191

Real Estate and Intangibles - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Real Estate Properties [Line Items]
Acquisition-related expenses	$ 224	$ 532
Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Acquisition-related expenses	200
Internal costs related to acquisitions	$ 200

Real Estate and Intangibles - Schedule of Real Estate and Intangibles (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real estate properties, net
Land	$ 134,163
Building	1,099,949
Acquired tenant improvements	47,503
Construction in progress	27,395
Accumulated amortization	(76,799)
Total Real estate properties, net	1,232,211	$ 1,230,162
Intangible assets, net
Accumulated amortization	(71,387)
Total Intangible assets, net	136,651
Intangible liabilities, net
Intangible Liabilities, Below market leases	(62,856)
Intangible Liabilities, Accumulated amortization	26,763
Total Intangible liabilities, net	(36,093)
In-place leases [Member]
Intangible assets, net
Above market leases	160,119
Acquired Leasing Commissions [Member]
Intangible assets, net
Above market leases	38,464
Above Market Leases [Member]
Intangible assets, net
Above market leases	$ 9,455

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

3 Months Ended

Mar. 31, 2018

Dec. 31, 2017

Debt - Summary of Borrowings (Parenthetical) (Detail)			3 Months Ended
Debt - Summary of Borrowings (Parenthetical) (Detail)	Mar. 31, 2018 USD ($) Swap	Mar. 29, 2017 USD ($) Swap	Mar. 31, 2018 USD ($) Swap
Mortgage Notes Payable [Member] \| CBP Savannah [Member]
Debt Instrument [Line Items]
Effective interest rate	4.12%		4.12%
Mortgage Notes Payable [Member] \| ICE Charleston [Member]
Debt Instrument [Line Items]
Effective interest rate	3.93%		3.93%
Mortgage Notes Payable [Member] \| MEPCOM Jacksonville [Member]
Debt Instrument [Line Items]
Effective interest rate	3.89%		3.89%
Mortgage Notes Payable [Member] \| USFS II Albuquerque [Member]
Debt Instrument [Line Items]
Effective interest rate	3.92%		3.92%
Mortgage Notes Payable [Member] \| DEA Pleasanton [Member]
Debt Instrument [Line Items]
Effective interest rate	1.80%		1.80%
Mortgage Notes Payable [Member] \| VA Loma Linda [Member]
Debt Instrument [Line Items]
Effective interest rate	3.78%		3.78%
Revolving Credit Facility [Member] \| Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Amount available under revolving credit facility	$ 301,200,000		$ 301,200,000
Credit facility additional maximum borrowing capacity	250,000,000		250,000,000
Credit facility maximum borrowing capacity	$ 650,000,000		$ 650,000,000
Line of Credit Facility, Description			Our senior unsecured revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.
Senior Unsecured Term Loan Facility [Member] \| Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps \| Swap	2	2	2
Forward swaps effective date		Mar. 29, 2017	Mar. 29, 2017
Aggregate notional value of interest rate swaps	$ 100,000,000	$ 100,000,000	$ 100,000,000
Forward swaps interest rate	3.17%	3.17%	3.17%
LIBOR [Member]
Debt Instrument [Line Items]
Loan, interest rate	1.88%

Debt - Additional Information (Detail) $ in Millions	Mar. 31, 2018 USD ($)
Debt Instrument [Line Items]
Fair value of notes payable	$ 172.9
Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Fair value of debt	$ 198.2

Derivative and Hedging Activities - Additional Information (Detail)		3 Months Ended
	Mar. 29, 2017 USD ($) Swap	Mar. 31, 2018 USD ($) Swap	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)
Derivative [Line Items]
Interest rate swaps		$ 5,890,000		$ 4,031,000
Unrealized gain recognized in accumulated other comprehensive income on interest rate swaps		1,900,000	$ 100,000
Gain (loss) on interest rate cash flow hedge ineffectiveness		0	0
Estimates reclassified from accumulated other comprehensive income decrease to interest expense over the next 12 months		700,000
Credit risk related contingent features derivatives in a net liability position		0
Maximum [Member]
Derivative [Line Items]
Gain (loss) reclassified from accumulated other comprehensive income into interest expense		$ 100,000	$ (100,000)
Interest Rate Swaps [Member] \| Senior Unsecured Term Loan Facility [Member]
Derivative [Line Items]
Number of forward interest rate swaps \| Swap	2	2
Aggregate notional value of interest rate swaps	$ 100,000,000	$ 100,000,000
Forward swaps effective date	Mar. 29, 2017	Mar. 29, 2017
Maturity of senior unsecured term loan facility		Sep. 29, 2023
Forward swaps interest rate	3.17%	3.17%
Interest rate swap description		The swaps effectively fix the interest rate under our senior unsecured term loan facility at 3.17% annually based on the Company’s current consolidated leverage ratio and a variable interest rate of one-month LIBOR.
Variable interest rate receive on interest rate swaps		one-month LIBOR

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps - Asset	$ 5,890	$ 4,031
Fair Value Measured on Recurring Basis [Member] \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps - Asset	$ 5,890

Equity - Additional Information (Detail)					3 Months Ended	12 Months Ended
Equity - Additional Information (Detail)	Jan. 04, 2018 Tranche shares	Mar. 03, 2017 USD ($)	Feb. 26, 2016 shares	May 06, 2015 shares	Mar. 31, 2018 USD ($) shares	Dec. 31, 2017 shares
Stockholders Equity Note Disclosure [Line Items]
Unrecognized compensation expense \| $					$ 3,900,000
Aggregate offering price of shares of common stock that the Company may issue and sell \| $		$ 100,000,000
2015 Equity Incentive Plan [Member]
Stockholders Equity Note Disclosure [Line Items]
Compensation expense recognized \| $					900,000
ATM Program
Stockholders Equity Note Disclosure [Line Items]
Gross sale of common stock available for grant \| $					$ 52,700,000
Long Term Incentive Plan [Member]
Stockholders Equity Note Disclosure [Line Items]
LTIP units of limited partnership interest, granted					173,381
Aggregate LTIP units earned, during the period						2,079,297
Aggregate performance-based units granted	173,381
Number of tranches \| Tranche	3
Percentage of awards based on absolute shareholder return performance	75.00%
Percentage of awards based on relative shareholder return performance	25.00%
Percentage of awards vesting when earned following completion of applicable performance period	50.00%
Percentage of awards earned subject to additional year of vesting	50.00%
Additional vesting year of awards	1 year
Long Term Incentive Plan [Member] \| 2015 Equity Incentive Plan [Member]
Stockholders Equity Note Disclosure [Line Items]
LTIP units of limited partnership interest, granted			40,000	891,000
Tranche One [Member] \| Long Term Incentive Plan [Member]
Stockholders Equity Note Disclosure [Line Items]
Percentage of shares vest under long term incentive plan						50.00%
Aggregate performance-based units granted	32,448
Tranche Two [Member] \| Long Term Incentive Plan [Member]
Stockholders Equity Note Disclosure [Line Items]
Percentage of shares vest under long term incentive plan						50.00%
Aggregate performance-based units granted	55,463
Tranche Three [Member] \| Long Term Incentive Plan [Member]
Stockholders Equity Note Disclosure [Line Items]
Aggregate performance-based units granted	85,470

Equity - Summary of Shares of Restricted Common Stock and Long-term Incentive Plan Units in Operating Partnership Awards (Detail)	3 Months Ended
	Mar. 31, 2018 $ / shares shares
Restricted Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares/Units, Outstanding beginning balance \| shares	17,912
Shares/Units, Outstanding ending balance \| shares	17,912
Weighted Average Grant Date Fair Value Per Share, Outstanding beginning balance \| $ / shares	$ 19.72
Weighted Average Grant Date Fair Value Per Share, Outstanding ending balance \| $ / shares	$ 19.72
Long Term Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares/Units, Outstanding beginning balance \| shares	926,000
Shares/Units, Granted \| shares	173,381
Shares/Units, Vested \| shares	(463,000)
Shares/Units, Outstanding ending balance \| shares	636,381
Weighted Average Grant Date Fair Value Per Share, Outstanding beginning balance \| $ / shares	$ 8.91
Weighted Average Grant Date Fair Value Per Share, Granted \| $ / shares	18.31
Weighted Average Grant Date Fair Value Per Share, Vested \| $ / shares	8.91
Weighted Average Grant Date Fair Value Per Share, Outstanding ending balance \| $ / shares	$ 11.47

Equity - Summary of Dividends Declared (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Operating partnership dividend rate percentage	10.00%

Earnings Per Share - Summary of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share Basic And Diluted [Line Items]
Net income	$ 1,815	$ 1,541
Less: Non-controlling interest in Operating Partnership	(296)	(304)
Net income available to Easterly Government Properties, Inc.	1,519	1,237
Less: Dividends on participating securities	(279)	(26)
Net income available to common stockholders	$ 1,240	$ 1,211
Denominator for basic EPS	45,008,062	36,891,595
Denominator for diluted EPS	46,018,040	39,143,887
Basic EPS	$ 0.03	$ 0.03
Diluted EPS	$ 0.03	$ 0.03
Stock Compensation Plan [Member]
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect	12,803	11,815
Long Term Incentive Plan [Member]
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect	997,175	1,818,392
Forward Sales Agreements [Member]
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect		422,085

Operating Leases - Summary of Future Non Cancellable Minimum Contractual Rent Payments (Detail) $ in Thousands	Mar. 31, 2018 USD ($)
Leases [Abstract]
Minimum lease payments, Total	$ 850,806
Minimum lease payments, 2018	76,506
Minimum lease payments, 2019	96,333
Minimum lease payments, 2020	90,704
Minimum lease payments, 2021	79,985
Minimum lease payments, 2022	68,225
Minimum lease payments, Thereafter	$ 439,053

Operating Leases - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($) Tenants	Mar. 31, 2017 USD ($)
Leases [Abstract]
Number of consolidated operating properties	100.00%
Number of tenants \| Tenants	24
Rental income attributable to base rent	$ 28,200
Amortization of above and below market leases	2,279	$ 2,112
Straight-line rent adjustments	$ 1,800

Revenue - Additional Information (Detail) - ASU 2014-09 [Member] - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Aggregate amount of transaction price allocted to remaining performance obligations	$ 200,000
Accounts receivable related to tenant construction projects	3,500,000	$ 3,000,000
Contract assets	0
Contract liabilities	$ 0

Revenue - Summary of Revenue from Tenant Construction Projects Disaggregated by Tenant Agency (Detail) - ASU 2014-09 [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	$ 1,043
Administrative Office of the U.S. Courts ("AOC") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	100
Drug Enforcement Administration ("DEA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	23
Federal Bureau of Investigation ("FBI") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	58
Immigration and Customs Enforcement ("ICE") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	9
National Park Service ("NPS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	31
U.S. Coast Guard ("USCG") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	6
U.S. Forest Service ("USFS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	29
Department of Veteran Affairs ("VA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	$ 787

Concentrations Risk - Additional Information (Detail)	3 Months Ended
Concentrations Risk - Additional Information (Detail)	Mar. 31, 2018 Property
Wholly Owned Properties [Member]
Concentration Risk [Line Items]
Number of properties	46
California [Member]
Concentration Risk [Line Items]
Number of properties	14
California [Member] \| Properties Under Development [Member]
Concentration Risk [Line Items]
Number of properties	2
Lease Income [Member] \| Credit Concentration Risk [Member] \| California [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	33.30%
Rentable Square Feet [Member] \| Credit Concentration Risk [Member] \| California [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	25.80%
U.S. Government [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	99.20%
Non Governmental Tenants [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	0.80%