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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2018	Feb. 20, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Trading Symbol	DEA
Entity Registrant Name	Easterly Government Properties, Inc.
Entity Central Index Key	0001622194
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,903,247
Entity Public Float			$ 1,186

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Real estate properties, net	$ 1,626,617	$ 1,230,162
Cash and cash equivalents	6,854	12,682
Restricted cash	4,251	3,519
Deposits on acquisitions	7,070	750
Rents receivable	21,140	12,751
Accounts receivable	11,690	9,347
Deferred financing, net	2,459	945
Intangible assets, net	165,668	143,063
Interest rate swaps	4,563	4,031
Prepaid expenses and other assets	11,238	8,088
Total assets	1,861,550	1,425,338
Liabilities
Revolving credit facility	134,750	99,750
Term loan facilities, net	248,238	99,202
Notes payable, net	173,778	173,692
Mortgage notes payable, net	209,589	203,250
Intangible liabilities, net	30,835	38,569
Interest rate swaps	1,797
Accounts payable and accrued liabilities	37,310	19,786
Total liabilities	836,297	634,249
Commitments and contingencies (Note 11)
Equity
Common stock, par value $0.01, 200,000,000 shares authorized, 60,849,206 and 44,787,040 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively	608	448
Additional paid-in capital	1,017,415	740,546
Retained earnings	12,831	7,127
Cumulative dividends	(139,103)	(83,718)
Accumulated other comprehensive income	2,412	3,403
Total stockholders' equity	894,163	667,806
Non-controlling interest in Operating Partnership	131,090	123,283
Total equity	1,025,253	791,089
Total liabilities and equity	$ 1,861,550	$ 1,425,338

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 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	60,849,206	44,787,040
Common Stock, shares outstanding	60,849,206	44,787,040

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Rental income	$ 142,381	$ 116,002	$ 93,364
Total revenues	160,591	130,673	104,618
Expenses
Property operating	30,912	24,907	21,078
Real estate taxes	17,311	13,730	9,896
Depreciation and amortization	66,403	54,873	45,883
Acquisition costs	1,579	1,493	1,798
Corporate general and administrative	14,824	12,900	12,289
Total expenses	131,029	107,903	90,944
Other expenses
Interest expense, net	(22,903)	(17,071)	(8,177)
Loss on the sale of operating property		(310)
Net income	6,659	5,389	5,497
Non-controlling interest in Operating Partnership	(955)	(941)	(1,534)
Net income available to Easterly Government Properties, Inc.	$ 5,704	$ 4,448	$ 3,963
Net income available to Easterly Government Properties, Inc. per share:
Basic	$ 0.09	$ 0.11	$ 0.13
Diluted	$ 0.08	$ 0.10	$ 0.12
Weighted- average common shares outstanding
Basic	53,511,137	39,607,740	30,645,279
Diluted	54,931,380	41,563,540	32,372,538
Dividends declared per common share	$ 1.04	$ 1.00	$ 0.92
Tenant Reimbursements [Member]
Revenues
Total revenues	$ 16,978	$ 13,929	$ 10,647
Other Income [Member]
Revenues
Total revenues	$ 1,232	$ 742	$ 607

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 6,659	$ 5,389	$ 5,497
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swaps, net	(1,265)	246	3,785
Other comprehensive income (loss):	(1,265)	246	3,785
Comprehensive income	5,394	5,635	9,282
Non-controlling interest in Operating Partnership	(955)	(941)	(1,534)
Other comprehensive (income) loss attributable to non-controlling interest	274	119	(747)
Comprehensive income attributable to Easterly Government Properties, Inc.	$ 4,713	$ 4,813	$ 7,001

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Consolidated Statements of Stockholders Equity - USD ($) $ in Thousands	Total	Common Stock Par Value [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Deficit) [Member]	Cumulative Dividends [Member]	Accumulated Other Comprehensive Income [Member]	Non-controlling Interest in Operating Partnership [Member]
Beginning balance at Dec. 31, 2015	$ 620,568	$ 241	$ 391,767	$ (1,284)	$ (13,051)		$ 242,895
Balance (in shares) at Dec. 31, 2015		24,168,379
Stock based compensation	2,905		296				2,609
Grant of unvested restricted stock (in shares)		16,128
Dividends and distributions paid	(40,294)				(29,743)		(10,551)
Redemption of common units to common stock		$ 66	99,766				(99,832)
Redemption of common units to common stock (in shares)		6,471,258
Issuance of common stock, net	105,839	$ 62	105,777
Issuance of common stock, net (in shares)		6,219,045
Unrealized gain (loss) on interest rate swaps	3,785					$ 3,038	747
Net income	5,497			3,963			1,534
Allocation of NCI in Operating Partnership			(442)				442
Balance at Dec. 31, 2016	698,300	$ 369	597,164	2,679	(42,794)	3,038	137,844
Balance (in shares) at Dec. 31, 2016		36,874,810
Stock based compensation	2,963		322				2,641
Grant of unvested restricted stock (in shares)		17,912
Dividends and distributions paid	(49,180)				(40,924)		(8,256)
Redemption of common units to common stock		$ 14	20,658				(20,672)
Redemption of common units to common stock (in shares)		1,379,804
Contribution of Property for common units	11,531						11,531
Issuance of common stock, net	121,840	$ 65	121,775
Issuance of common stock, net (in shares)		6,514,514
Unrealized gain (loss) on interest rate swaps	246					365	(119)
Net income	5,389			4,448			941
Allocation of NCI in Operating Partnership			627				(627)
Balance at Dec. 31, 2017	791,089	$ 448	740,546	7,127	(83,718)	3,403	123,283
Balance (in shares) at Dec. 31, 2017		44,787,040
Stock based compensation	3,039		406				2,633
Grant of unvested restricted stock (in shares)		21,328
Dividends and distributions paid	(65,956)				(55,385)		(10,571)
Redemption of common units to common stock		$ 7	10,300				(10,307)
Redemption of common units to common stock (in shares)		658,801
Contribution of Property for common units	5,184						5,184
Issuance of common stock, net	286,503	$ 153	286,350
Issuance of common stock, net (in shares)		15,382,037
Unrealized gain (loss) on interest rate swaps	(1,265)					(991)	(274)
Net income	6,659			5,704			955
Allocation of NCI in Operating Partnership			(20,187)				20,187
Balance at Dec. 31, 2018	$ 1,025,253	$ 608	$ 1,017,415	$ 12,831	$ (139,103)	$ 2,412	$ 131,090
Balance (in shares) at Dec. 31, 2018		60,849,206

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net income	$ 6,659	$ 5,389	$ 5,497
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	66,403	54,873	45,883
Straight line rent	(5,637)	(2,782)	(108)
Amortization of above- / below-market leases	(8,593)	(8,517)	(7,153)
Amortization of unearned revenue	(194)	(106)	(105)
Amortization of loan premium / discount	(82)	(85)	(85)
Amortization of deferred financing costs	1,279	1,181	899
Loss on the sale of operating property		310
Non-cash compensation	3,039	2,963	2,905
Net change in:
Rents receivable	(2,729)	(1,428)	(1,902)
Accounts receivable	(2,343)	(3,524)	(2,903)
Prepaid expenses and other assets	(2,948)	(1,592)	87
Accounts payable and accrued liabilities	7,928	2,549	4,362
Net cash provided by operating activities	62,782	49,231	47,377
Cash flows from investing activities
Real estate acquisitions and deposits	(402,569)	(392,588)	(168,719)
Additions to operating properties	(5,691)	(3,948)	(1,298)
Additions to development properties	(58,483)	(9,877)	(264)
Proceeds from sale of operating property, net		10,539
Net cash (used in) investing activities	(466,743)	(395,874)	(170,281)
Cash flows from financing activities
Payment of deferred financing costs	(3,474)	(3,440)	(955)
Issuance of common shares	297,805	126,331	110,032
Credit facility draws	163,000	161,000	87,250
Credit facility repayments	(128,000)	(273,417)	(29,500)
Term loan draws	150,000	100,000
Issuance of notes payable		175,000
Borrowings on mortgage notes payable		127,500
Repayments of mortgage notes payable	(3,189)	(2,977)	(2,857)
Dividends and distributions paid	(65,956)	(49,180)	(40,294)
Payment of offering costs	(11,321)	(4,464)	(4,193)
Net cash provided by financing activities	398,865	356,353	119,483
Net increase (decrease) in Cash and cash equivalents and Restricted cash	(5,096)	9,710	(3,421)
Cash and cash equivalents and Restricted cash, beginning of year	16,201	6,491	9,912
Cash and cash equivalents and Restricted cash, end of year	11,105	16,201	6,491
Cash paid for interest, net of capitalized interest	21,289	15,165	7,438
Capitalized interest	1,702	442
Non-cash investing and financing activities:
Deferred asset acquisition	10
Deferred offering accrued, not paid		27
Offering costs, accrued not paid	8
Unrealized gain (loss) on interest rate swaps, net	(1,265)	246	3,785
Debt assumed on acquisition of operating property	9,414
Properties acquired for common units	5,184	11,531
Exchange of Common Units for Shares of Common Stock
Non-controlling interest in Operating Partnership	(10,307)	(20,672)	(99,832)
Common Stock	7	14	66
Additional paid-in capital	10,300	20,658	99,766
Operating Properties [Member]
Non-cash investing and financing activities:
Additions to properties	460	265	16
Development Properties [Member]
Non-cash investing and financing activities:
Additions to properties	$ 11,469	$ 3,293	$ 3

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Organization and Basis of Presentation

1. Organization and Basis of Presentation

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

We are an internally managed REIT, focused primarily on the acquisition, development, and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential functions. We generate substantially all of our revenue by leasing our properties to such agencies either directly or through the U.S. General Services Administration (“GSA”). Our objective is to generate attractive risk-adjusted returns for our stockholders over the long term through dividends and capital appreciation.

As of December 31, 2018, we wholly owned 62 operating properties in the United States, including 60 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 5.3 million square feet (square feet unaudited herein and throughout the Notes) in the aggregate. In addition, we wholly owned two properties under development that we expect will encompass approximately 0.1 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 closely 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 87.2% of the aggregate limited partnership interests in the Operating Partnership (“common units”) at December 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, including Easterly Government Properties TRS, LLC and Easterly Government Services, LLC, the Operating Partnership and its other subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

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

Real Estate Properties

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

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

•

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

•

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

•

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

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

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

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

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

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

Cash and Cash Equivalents

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

Restricted Cash

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

Rent Receivable and Accounts Receivable

Rent receivable and Accounts receivable on the accompanying Consolidated Balance Sheets includes accrued rental income and other tenant accounts receivable, respectively. The Company accrues rental and other tenant income earned, but not yet receivable, in accordance with GAAP.

Deferred Costs

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

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

Deferred leasing commissions include commissions, compensation costs of leasing personnel, and other direct and incremental costs incurred to obtain new tenant leases as well as to renew existing tenant leases, and are presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Leasing commissions are capitalized and amortized over the terms of the related leases upon lease commencement using the straight-line method. If a lease terminates prior to the expiration of its initial term, any unamortized costs related to the lease are accelerated into amortization expense. Changes in leasing commissions are presented in the cash flows from operating activities section of the accompanying Consolidated Statements of Cash Flows.

Interest Rate Swaps

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

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

Please refer to Note 5 for more information pertaining to interest rate derivatives.

Non-Controlling Interests

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

Revenue Recognition

Rental income includes base rents paid by each tenant in accordance with its lease agreement conditions. We recognize rental income on a straight-line basis over the lease term of the respective leases. For acquisitions of existing buildings, we recognize rental income from leases already in place coincident with the date of property closing. Lease incentives are recorded as a deferred asset and amortized as a reduction of revenue on a straight-line basis over the respective lease term. Above- and below-market leases are amortized into rental income over the terms of the respective leases.

Tenant reimbursement income (scheduled rent increases based on increases in real estate taxes, operating expenses and utility usage, projects and other reimbursements) and parking garage income is recognized by us in the consolidated statements of operations once services are rendered, fees are determinable and collectability is assured. We 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, we recognize revenue from that project using the completed contract method. Under the percentage of completion method, we recognize a percentage of the total estimated revenue on a project based on the cost of services provided on the project as of a point in time relative to the total estimated costs on the project. Fully reimbursed income was included within “Tenant reimbursements” and associated expenses were included in “Property operating” expenses. Income on these projects was included in “Other income.”

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 primarily 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.

Income Taxes

We believe that we have operated and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015. So long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on our net income that we distribute to our stockholders. To maintain our qualification as a REIT, we are required under the Code to distribute at least 90% of our REIT taxable income (without regard to the deduction for dividends paid and excluding net capital gains) to our stockholders and meet certain other requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate rates. Even if we qualify as a REIT, we will be subject to certain U.S. federal, state and local taxes on our income and property, and on taxable income that we do not distribute to our stockholders. In addition, we may provide services that are not customarily provided by a landlord, hold properties for sale and engage in other activities (such as a management business) through Taxable REIT Subsidiaries (“TRSs”) and the income of those subsidiaries will be subject to U.S. federal income tax at regular corporate rates. For the years ended December 31, 2018, 2017 and 2016, we did not incur any material tax liability associated with any of the above.

We do not anticipate any potential expense related to uncertain tax positions as we closely monitor our REIT compliance, do not have any prohibited transactions related to property sales, and neither the states in which we operate nor our foreign investors subject us to withholding tax requirements.

The following table reconciles GAAP net income to taxable income (amounts in thousands):

	For the years ended December 31,
	2018				2017				2016
Net income (loss)	$	6,659			$	5,389			$	5,497
Book depreciation and amortization		66,260				54,782				45,797
Above/Below market lease amortization		(8,593	)			(8,517	)			(7,153	)
Straight-line rent and other non-cash adjustments		(5,619	)			(2,776	)			(108	)
Book/Tax differences on unearned rent		301				16				(37	)
Book/Tax differences on stock based compensation		3,039				2,663				2,780
Book/Tax differences on development profit on lump sum payments		3,413				—				—
Book/Tax differences on post IPO property acquisition costs		—				—				620
Book/Tax differences on fee waiver income from seller		1,400				—				—
Other book/tax differences, net		749				383				901
Tax depreciation		(34,612	)			(25,552	)			(20,622	)
Loss attributable to non-controlling interest		(6,021	)			(5,180	)			(8,474	)
Taxable income subject to distribution requirements	$	26,976		⁽¹⁾	$	21,208		⁽²⁾	$	19,201		⁽³⁾

(1)	The Company’s distributions are characterized as 45.83% ordinary taxable dividend and 54.17% return of capital.

(2)	The Company’s distributions are characterized as 47.24% ordinary taxable dividend and 52.76% return of capital.

(3)	The Company’s distributions are characterized as 59.32% ordinary taxable dividend and 40.68% return of capital.

Stock Based Compensation

The Company grants equity-based compensation awards to its officers, employees and non-employee directors in the form of restricted shares of common stock and long-term incentive plan units in the Operating Partnership (“LTIP units”). See Note 7 (Equity) for further discussion of restricted shares of common stock and LTIP units. The restricted shares of common stock and LTIP units issued to officers, employees, and non-employee directors vest over a period of time as determined by our board of directors at the date of grant. The Company recognizes compensation expense for non-vested restricted shares of common stock and LTIP units granted to officers, employees and non-employee directors on a straight-line basis over the requisite service and/or performance period based upon the fair market value of the shares on the date of grant, as adjusted for forfeitures.

Earnings Per Share of Common Stock Amount

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

Segments

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

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 the revenue recognition accounting policy 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 Company adopted this ASU using the 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 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. For the year ended December 31, 2017, the effect of the change in accounting principle was a decrease in cash used in investing activities of approximately $1.9 million on the accompanying Consolidated Statements of Cash Flows. For the year ended December 31, 2016, the effect of the change in accounting principle was an increase in cash used in investing activities of approximately $0.1 million on the accompanying Consolidated Statements of Cash Flows.

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 Company adopted this ASU using the prospective method to an award modified on or after the adoption date, however, the 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 Financial Accounting Standards Board (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 December 31, 2018, the Company had a sublease for office space in Washington, DC expiring in June 2021 and a lease for office space in San Diego, CA expiring in April 2022.

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, the new revenue standard will apply to other components of revenue deemed to be non-lease components, such as reimbursement for certain expenses which are based off of usage. Under the new guidance, we will 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 these 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 is different. This does not result in a difference from how the Company has historically recognized revenue for these lease and non-lease components.

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.

The Company has elected to apply the package of practical expedients not to reassess all of its leases that had commenced as of January 1, 2019 (including those for which the entity is a lessee or a lessor). Application of the guidance will result in recording a right-of-use asset and lease liability of $1.3 million for the Company’s two office leases for which it is the lessee and lease expense will be recognized on a straight-line basis. In addition, the Company will expense certain initial direct costs associated with lease renewals that have not yet commenced, however the amount will not be material to the financial statements.

In July 2018, the FASB issued ASU 2018-11, Targeted Improvements to Topic 842 Leases. The improvements in ASU 2018-11 provide for (a) an optional new transition method for adoption that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption and (b) a practical expedient for lessors, under certain circumstances, to combine the lease and non-lease components of revenues for presentation purposes. The Company may apply the practical expedient to combine certain lease and non-lease components, however this would not result in a material difference from how the Company has historically recognized revenue for these leases and non-lease components.

In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, which clarifies, corrects, or consolidates authoritative guidance issued in ASU 2016-02 and is effective upon adoption of ASU 2016-02.

In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors, which requires lessors to exclude from variable payments, and therefore revenue, all lessor costs explicitly required to be paid by lessees directly to third parties. ASU 2018-20 also requires lessors to account for costs excluded from the consideration of a contract that are explicitly paid by the lessor and reimbursed by the lessee as variable payments. This will not result in a material impact to the historical financial statements. 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 or utilizing the optional transition method under ASU 2018-11. Early adoption is also permitted for this guidance. The Company will adopt ASU 2016-02 using the modified retrospective approach that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption in accordance with ASU 2018-11.

The Company is continuing to evaluate the disclosure requirements in Topic 842, Leases, and has not determined the impact on the footnote disclosures to its consolidated financial statements.

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

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

Real Estate and Intangibles

3. Real Estate and Intangibles

Acquisitions

During the year ended December 31, 2018, we acquired fifteen operating properties in asset acquisitions, consisting of VA – Golden, VA – San Jose, the First Closing Properties (as defined below), the Second Closing Properties (as defined below), DEA – Upper Marlboro and TREAS – Birmingham for an aggregate purchase price of $412.0 million. During the year ended December 31, 2017, we acquired four operating properties in asset acquisitions, consisting of OSHA – Sandy, VA – Loma Linda, FBI – Salt Lake, and VA – South Bend for an aggregate purchase price of $385.3 million, of which VA – Loma Linda comprised $212.6 million.

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

	December 31, 2018			December 31, 2017
Real estate
Land	$	27,406		$	20,839
Building		324,081			319,698
Acquired tenant improvements		9,861			7,690
Total real estate		361,348			348,227
Intangible assets
In-place leases		45,702			30,458
Acquired leasing commissions		5,342			12,992
Above-market leases		1,438			—
Total intangible assets		52,482			43,450
Intangible liabilities
Below-market leases		(1,837	)		(6,357	)
Total intangible liabilities		(1,837	)		(6,357	)
Prepaid expenses and other assets
Contingent consideration		43			—
Purchase price		412,036			385,320
Less: Mortgage note assumed		(9,414	)		—
Net assets acquired		402,622			385,320

The intangible assets and liabilities of the acquired operating properties have an aggregate weighted average amortization period of 6.25 years and 15.58 years as of December 31, 2018 and 2017, respectively.

During the year ended December 31, 2018, we included $13.6 million of revenues and $0.6 million of net income in our consolidated statement of operations related to the operating properties acquired. Additionally, we incurred $1.6 million of acquisition-related costs including $1.1 million of internal costs associated with the property acquisitions.

During the year ended December 31, 2017, we included $14.5 million of revenues and $3.2 million of net income in our consolidated statement of operations related to the operating properties acquired. Additionally, we incurred $1.5 million of acquisition-related costs including $1.4 million of internal costs associated with the property acquisitions.

On June 15, 2018, we entered into a purchase and sale agreement to acquire a 1,479,762-square foot portfolio of 14 properties (the “Portfolio Properties”) for an aggregate purchase price of approximately $430.0 million. On September 13, 2018, we closed on the acquisition of eight of the Portfolio Properties (the “First Closing”). The eight properties acquired in the First Closing, consisting of an aggregate of 1,024,036 square feet, include the following (listed by primary tenant agency, if applicable, and location): Various GSA – Buffalo, NY, Various GSA – Chicago, IL, TREAS – Parkersburg, WV, SSA – Charleston, WV, FBI – Pittsburgh, PA, GSA – Clarksburg, WV, ICE – Pittsburgh, PA and SSA – Dallas, TX (collectively, the “First Closing Properties”).

On October 16, 2018, we completed the acquisition of three of the 14 Portfolio Properties (the “Second Closing”). The three properties acquired in the Second Closing consist of an aggregate of 90,688 square feet and include the following (listed by primary tenant agency and location): JUD – Charleston, SC, VA – Baton Rouge, LA and DEA – Bakersfield, CA (collectively, the “Second Closing Properties”). As a result of the First Closing and the Second Closing, as of December 31, 2018, we had completed the acquisition of 11 of the 14 Portfolio Properties. See Note 14 (Subsequent Events) for information regarding the closing of the three remaining Portfolio Properties.

Dispositions

On December 28, 2017, the Company sold 2650 SW 145^th Avenue – Parbel of Florida to a third party. Net proceeds from the sale of operating property were $10.5 million and the Company recognized a loss on the sale of operating property of $0.3 million, mainly attributable to transaction costs, for the year ended December 31, 2017. This disposition was accounted for under the full accrual method.

Development Placed in Service

On October 1, 2018, the FEMA – Tracy development project was substantially completed and a 20-year non-cancelable lease commenced with the GSA for the beneficial use of the Federal Emergency Management Agency (“FEMA”).

Consolidated Real Estate and Intangibles

In addition to the operating property acquisitions, we acquired two properties for development, FDA – Lenexa and FEMA – Tracy, during the year ended December 31, 2017.

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

	December 31, 2018			December 31, 2017
Real estate properties, net
Land	$	161,569		$	134,163
Building		1,458,981			1,099,140
Acquired tenant improvements		57,364			47,503
Construction in progress		54,532			17,746
Accumulated depreciation		(105,829	)		(68,390	)
Total Real estate properties, net	$	1,626,617		$	1,230,162
Intangible assets, net
In-place leases	$	205,821		$	160,119
Acquired leasing commissions		43,806			38,464
Above market leases		10,893			9,455
Accumulated amortization		(94,852	)		(64,975	)
Total Intangible assets, net	$	165,668		$	143,063
Intangible liabilities, net
Below market leases	$	(64,693	)	$	(62,856	)
Accumulated amortization		33,858			24,287
Total Intangible liabilities, net	$	(30,835	)	$	(38,569	)

The projected amortization of total intangible assets and intangible liabilities as of December 31, 2018 are as follows (amounts in thousands):

	Total
Intangible assets
2019	$	36,135
2020		28,869
2021		16,916
2022		12,822
2023		11,896
Thereafter		59,030
	$	165,668
Intangible liabilities
2019	$	(7,383	)
2020		(6,554	)
2021		(4,590	)
2022		(2,982	)
2023		(2,890	)
Thereafter		(6,436	)
	$	(30,835	)

The following table summarizes the scheduled amortization of the Company’s acquired above- and below-market lease intangibles for each of the five succeeding years as of December 31, 2018 (amounts in thousands):

	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2019	$	1,373	$	(7,383	)
2020		1,108		(6,554	)
2021		711		(4,590	)
2022		624		(2,982	)
2023		608		(2,890	)

Above-market lease amortization reduces Rental income on our Consolidated Statements of Operations and below-market lease amortization increases Rental income on our Consolidated Statements of Operations.

Debt

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Debt

4. Debt

The following table sets forth a summary of the Company’s outstanding indebtedness as of December 31, 2018 and December 31, 2017 (dollars in thousands):

	Principal Outstanding						Interest	Current
Loan	December 31, 2018			December 31, 2017			Rate ⁽¹⁾	Maturity
Revolving credit facility:
Revolving credit facility ⁽²⁾	$	134,750		$	99,750		L + 125bps	June 2022 ⁽³⁾
Total revolving credit facility		134,750			99,750

Term loan facilities:
2016 term loan facility		100,000			100,000		2.62% ⁽⁴⁾	March 2024
2018 term loan facility		150,000			—		3.91% ⁽⁵⁾	June 2023
Total term loan facilities		250,000			100,000
Less: Total unamortized deferred financing fees		(1,762	)		(798	)
Total term loan facilities, net		248,238			99,202

Notes payable:
Senior unsecured notes payable, series A		95,000			95,000		4.05%	May 2027
Senior unsecured notes payable, series B		50,000			50,000		4.15%	May 2029
Senior unsecured notes payable, series C		30,000			30,000		4.30%	May 2032
Total notes payable		175,000			175,000
Less: Total unamortized deferred financing fees		(1,222	)		(1,308	)
Total notes payable, net		173,778			173,692

Mortgage notes payable:
CBP – Savannah		13,495			14,212		3.40% ⁽⁶⁾	July 2033
ICE – Charleston		18,637			19,804		4.21% ⁽⁶⁾	January 2027
MEPCOM – Jacksonville		9,891			10,796		4.41% ⁽⁶⁾	October 2025
USFS II – Albuquerque		16,581			16,893		4.46% ⁽⁶⁾	July 2026
DEA – Pleasanton		15,700			15,700		L + 150bps ⁽⁶⁾	October 2023
VA – Loma Linda		127,500			127,500		3.59% ⁽⁶⁾	July 2027
VA – Golden		9,341			—		5.00% ⁽⁶⁾	April 2024
Total mortgage notes payable		211,145			204,905
Less: Total unamortized deferred financing fees		(1,834	)		(2,031	)
Less: Total unamortized premium/discount		278			376
Total mortgage notes payable, net		209,589			203,250

Total debt	$	766,355		$	575,894

(1)

Current interest rates as of December 31, 2018. At December 31, 2018 and 2017, the one-month LIBOR (“L”) was 2.50% and 1.56%, respectively. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for each of our revolving credit facility, our 2018 term loan facility and our 2016 term loan facility is based on the Company’s consolidated leverage ratio, as defined in the respective loan agreements.

(2)

Available capacity of $315.2 million and $300.2 million at December 31, 2018 and 2017, respectively, with an accordion feature that provides additional capacity of up to $250.0 million.

(3)

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

(4)

Entered into two interest rate swaps with an effective date of March 29, 2017 with an aggregate notional value of $100.0 million to effectively fix the interest rate at 2.62% annually, based on the Company’s consolidated leverage ratio, as defined in the 2016 term loan facility agreement.

(5)

Entered into four interest rate swaps with an effective date of December 13, 2018 with an aggregate notional value of $150.0 million to effectively fix the interest rate at 3.91% annually, based on the Company’s consolidated leverage ratio, as defined in the 2018 term loan facility agreement.

(6)

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%, VA – Golden 5.03%.

2018 Activity

On June 18, 2018, we entered into an amended and restated senior unsecured credit facility (our “amended senior unsecured credit facility”). Our amended senior unsecured credit facility increased the total borrowing capacity of our existing senior unsecured credit facility by $200.0 million for a total credit facility size of $600.0 million, consisting of two components: (i) a $450.0 million senior unsecured revolving credit facility (the “revolving credit facility”), and (ii) a $150.0 million senior unsecured term loan facility (the “2018 term loan facility”). The revolving credit facility also includes an accordion feature that will provide us with additional capacity, subject to the satisfaction of customary terms and conditions, of up to $250.0 million.

The Operating Partnership is the borrower, and we and certain of our subsidiaries that directly own certain of our properties are guarantors under our amended senior unsecured credit facility. The revolving credit facility matures in four years and the 2018 term loan facility matures in five years. In addition, the revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.

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

•	a Eurodollar rate equal to a periodic fixed rate equal to LIBOR plus, a margin ranging from 1.25% to 1.80% for advances under the revolving credit facility and a margin ranging from 1.20% to 1.75% for advances under the 2018 term loan facility; or

•

a fluctuating rate equal to the sum of (a) the highest of (x) Citibank, N.A.’s base rate, (y) the federal funds effective rate plus 0.50% and (z) the one-month Eurodollar rate plus 1.00% plus (b) a margin ranging from 0.25% to 0.80% for advances under the revolving credit facility and a margin ranging from 0.20% to 0.75% for advances under the 2018 term loan facility, in each case with a margin based on our leverage ratio.

The 2018 term loan facility had a 364-day delayed draw period and is prepayable without penalty for the entire term of the loan. On September 10, 2018, we fully drew $150.0 million on our 2018 term loan facility.

On June 18, 2018, we entered into a second amendment to our existing $100.0 million senior unsecured term loan facility (the “2016 term loan facility”). The second amendment amends certain covenants and other provisions in the 2016 term loan facility to conform to changes made to such covenants and other provisions in our amended senior unsecured credit facility.

On October 3, 2018, we entered into a third letter amendment (the “Third Amendment”) to the 2016 term loan facility. The Third Amendment reduced the interest rate margin applicable to borrowings under the 2016 term loan facility and extended the maturity date by six months to March 29, 2024.

2017 Activity

On March 20, 2017 we fully drew $100.0 million on our senior unsecured term loan facility which we entered into on September 29, 2016.

On May 25, 2017, the Operating Partnership issued $175 million of fixed rate, senior unsecured notes (the “Notes) in a private placement pursuant to a purchase agreement among the Operating Partnership, the Company and the purchasers of the Notes (the “Purchase Agreement”). The Notes are unconditionally guaranteed by the Company and various subsidiaries of the Operating Partnership (the “Subsidiary Guarantors”).

Subject to the terms of the Purchase Agreement and the Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, “make-whole” amount or interest under the Notes, and (ii) a default in the payment of certain other indebtedness of the Operating Partnership or of the Company or of the Subsidiary Guarantors, the principal and accrued and unpaid interest and the make-whole amount on the outstanding Notes will become due and payable at the option of the holders. The Purchase Agreement and the Notes also contain various covenants, including, among others, financial covenants with respect to debt service coverage, consolidated net worth, fixed charges and consolidated leverage and covenants relating to liens. If the Operating Partnership or the Company breaches any of these covenants, the principal and accrued and unpaid interest and the make-whole amount on the outstanding Notes will become due and payable at the option of the holders.

The Operating Partnership may prepay at any time all, or from time to time any part of, the Notes, in the amount not less than 5% of the aggregate principal amount of the Notes then outstanding at (i) 100% of the principal amount so prepaid, together with accrued interest, and (ii) a make-whole amount that is calculated by discounting the value of the remaining scheduled interest payments that would otherwise be payable through the scheduled maturity date of the applicable Notes on the principal amount being prepaid. The Operating Partnership has the right to make tender offers and is required to make other prepayment offers under the terms set forth in the Purchase Agreement.

On June 28, 2017, the Company, through a wholly-owned subsidiary of the Operating Partnership, entered into a $127.5 million mortgage loan secured by VA – Loma Linda.

Financial Covenant Considerations

The Company was in compliance with all financial and other covenants as of December 31, 2018 related to its revolving credit facility, 2016 term loan facility, 2018 term loan facility, notes payable and mortgage notes payable.

Fair Value of Debt

As of December 31, 2018 and 2017, the carrying value of our 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 December 31, 2018 and 2017, the carrying value of our 2016 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 2016 term loan facility as a Level 3 measurement.

As of December 31, 2018, the carrying value of our 2018 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 2018 term loan facility as a Level 3 measurement.

As of December 31, 2018 and 2017, 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 December 31, 2018 and 2017, the fair value of our notes payable was $172.0 million and $177.5 million, respectively.

As of December 31, 2018 and 2017, 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 December 31, 2018 and 2017, the fair value of our mortgage debt was $206.8 million and $203.1 million, respectively.

Aggregate Debt Maturities

The Company’s aggregate debt maturities based on outstanding principal as of December 31, 2018 are as follows (dollars in thousands):

	Total
2019	$	3,391
2020		3,564
2021		4,233
2022		140,047
2023		171,285
Thereafter		448,375
		770,895
Unamortized premium/discount & deferred financing		(4,540	)
	$	766,355

Derivatives and Hedging Activities

12 Months Ended

Dec. 31, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

5. Derivatives and Hedging Activities

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

								Fair Value at December 31,
Notional Amount		Fixed Rate			Floating Rate Index	Effective Date	Expiration Date	2018			2017
$	100,000		1.41	%	One-Month LIBOR	March 29, 2017	September 29, 2023	$	4,563		$	4,031
	150,000		2.71	%	One-Month LIBOR	December 13, 2018	June 19, 2023		(1,797	)		—

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

	Fair Value at December 31,
Balance Sheet Line Item	2018			2017
Interest rate swaps-Asset	$	4,563		$	4,031
Interest rate swaps-Liability		(1,797	)		—

Cash Flow Hedges of Interest Rate Risk

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 year ended December 31, 2018 and 2017, the Company did not record any hedge ineffectiveness related to the hedged derivatives.

Amounts reported in accumulated other comprehensive income (loss) related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company's variable rate debt. The Company estimates that $0.9 million will be reclassified from accumulated other comprehensive income as a decrease to interest expense over the next 12 months.

The table below presents the effects of our interest rate derivatives on our consolidated statements of operations and comprehensive income (dollars in thousands):

	For the years ended December 31,
	2018			2017			2016
Unrealized gain (loss) recognized in AOCI	$	(713	)	$	63		$	3,785
Gain (loss) reclassified from AOCI into interest expense		552			(183	)		—

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 the indebtedness. As of December 31, 2018, the net fair value of derivatives in a liability position related to these agreements was $1.2 million. As of December 31, 2018, the Company had not breached the provisions of these agreements and has not posted any collateral related to these agreements.

Fair Value Measurements

12 Months Ended

Dec. 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 December 31, 2018 and 2017 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 2016 and 2018 term loan facility based on the variable interest rate and credit spreads (categorized within Level 3 of the fair value hierarchy) and estimated the fair value of our other debt based on the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans, or groups of loans, with similar maturities and credit quality, and the estimated future payments included scheduled principal and interest payments. Fair value estimates are made as of a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. Settlement at such fair value amounts may not be possible and may not be a prudent management decision.

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017, aggregated by the level in the fair value hierarchy within which those measurements fall (amounts in thousands).

	As of December 31, 2018
Balance Sheet Line Item	Level 1		Level 2			Level 3
Interest rate swaps - Asset	$	—	$	4,563		$	—
Interest rate swaps - Liability	$	—	$	(1,797	)	$	—

	As of December 31, 2017
Balance Sheet Line Item	Level 1		Level 2		Level 3
Interest rate swaps - Asset	$	—	$	4,031	$	—

- 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

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Equity

7. Equity

2015 Equity Incentive Plan

Our board of directors adopted, and our sole stockholder approved, our 2015 Equity Incentive Plan, as amended (the “2015 Equity Incentive Plan”) under which we may grant cash and equity incentive awards to our executive officers, non-employee directors and eligible employees in order to attract, motivate and retain the talent for which we compete. The 2015 Equity Incentive Plan is administered by the compensation committee of our board of directors and permits us to make grants of options, stock appreciation rights, restricted stock units, restricted stock, dividend equivalent rights, cash-based awards, performance-based awards and other equity-based awards, including LTIP units, or any combination of the foregoing.

Grant awards of restricted stock, restricted stock units, performance shares or cash-based awards under the 2015 Equity Incentive Plan are intended to qualify as “performance based compensation” under Section 162(m) of the Code. Those awards would only vest or become payable upon the attainment of performance goals that are established by our compensation committee and related to established performance criteria. From and after the time that we become subject to Section 162(m) of the Code, the maximum award that is intended to qualify as “performance-based compensation” under Section 162(m) of the Code that may be made to any one employee during any one calendar year period is 2,273,959 shares of our common stock with respect to stock-based award and $5.0 million with respect to a cash based award.

The shares issued under the 2015 Equity Incentive Plan are authorized but unissued shares or shares that we reacquire. The shares of our common stock underlying any awards that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by us prior to vesting, satisfied without any issuance of stock, expire or are otherwise terminated (other than by exercise) under the 2015 Equity Incentive Plan are added back to the shares available for issuance under the 2015 Equity Incentive Plan. At the Company’s 2017 annual meeting of stockholders held on May 9, 2017, the Company’s stockholders approved an amendment to the 2015 Equity Incentive Plan to increase the aggregate number of shares authorized for issuance under the 2015 Equity Incentive Plan by 3,000,000 shares to 5,273,959 shares of our common stock.

In connection with the Company’s 2017 annual meeting of stockholders, we issued an aggregate of 15,220 shares of restricted common stock to our non-employee directors, which will vest upon the earlier of the anniversary of the date of grant or the Company’s 2018 annual meeting of stockholders.

The Company granted 40,000 LTIP units on February 26, 2016 to members of management as long-term incentive compensation under the 2015 Equity Incentive Plan, as amended (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 of the Company’s board of directors 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 and 50% 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 under the 2015 Equity Incentive Plan, 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.

On April 3, 2018, the Company issued an aggregate of 2,236 shares of restricted common stock to certain employees pursuant to our 2015 Equity Incentive Plan. The restricted common stock grants will vest upon the second anniversary of the grant date so long as the grantee remains an employee of the Company on such date.

In connection with our 2018 annual meeting of stockholders, we issued an aggregate of 19,092 shares of restricted common stock to our non-employee directors pursuant to our 2015 Equity Incentive Plan. The restricted common stock grants will vest upon the earlier of the anniversary of the date of the grant or the next annual stockholder meeting.

A summary of our non-vested common share awards at December 31, 2018, 2017 and 2016 is as follows:

	Restricted Shares			Restricted Shares Weighted average grant date fair value		LTIP Units			LTIP Units Weighted average grant date fair value
Outstanding, December 31, 2015		26,667		$	15		891,000		$	8.67
Vested		(26,667	)	$	15.00		—		$	—
Granted		16,128			18.60		40,000			14.15
Forfeited		—			—		(5,000	)		8.67
Outstanding, December 31, 2016		16,128		$	18.60		926,000		$	8.91
Vested		(16,128	)	$	18.60		—		$	—
Granted		17,912			19.72		—			—
Forfeited		—			—		—			—
Outstanding, December 31, 2017		17,912		$	19.72		926,000		$	8.91
Vested		(15,220	)	$	19.71		(463,000	)	$	8.91
Granted		21,328			20.87		173,381			18.31
Forfeited		—			—		—			—
Outstanding, December 31, 2018		24,020		$	20.74		636,381		$	11.47

We recognized $3.0 million, $3.0 million and $2.9 million in compensation expense, related to the restricted common stock and the LTIP unit awards, for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018 unrecognized compensation expense for both awards was $2.1 million, which will be amortized over the vesting period.

We valued our non-vested restricted share awards at the grant date fair value, which was the market price of our common stock as of the applicable grant date.

For the LTIP unit awards granted, we used a Monte Carlo Simulation (risk-neutral approach) to determine the number of shares that may be issued pursuant to the award.

For LTIP units granted in 2016 we utilized a risk-free rate of 0.7%, derived from the Treasury note yield as of the grant date. Since the Company has a limited amount of operating history, the expected volatility assumption of 20.0% was derived from the observed historical volatility of the common stock prices of a select group of peer companies within the REIT industry. Based on the selected dividend yields of guideline companies and expected dividend levels, we utilized an expected dividend yield of 5.5%.

For LTIP units granted in 2018 we utilized a risk-free rate of 2.1%, derived from the Treasury note yield as of the grant date. Since the Company has a limited amount of operating history, the expected volatility assumption of 16.0% was derived from the observed historical volatility of the common stock prices of a select group of peer companies within the REIT industry and the observed implied volatility on the Company’s stock options. Based on the selected dividend yields of guideline companies and expected dividend levels, we utilized an expected dividend yield of 5.0%.

No additional shares of common stock or options were issued under the 2015 Equity Incentive Plan as of December 31, 2018.

Underwritten Public Offering of Common Stock

On June 7, 2016, we completed an underwritten public offering of an aggregate of 6,219,045 shares of common stock, consisting of 4,719,045 shares sold by us to the underwriters and 1,500,000 shares offered on a forward basis in connection with certain forward sales agreements. The gross proceeds from the offering of 4,719,045 shares sold by us to the underwriters was $84.9 million before deducting underwriting discounts, commissions and estimated offering expenses. On November 29, 2016, the Company physically settled the forward sales agreements by issuing an aggregate of 1,500,000 shares of common stock in exchange for approximately $25.1 million. The Company accounted for the forward share agreements as equity.

On March 27, 2017, we completed an underwritten public offering of an aggregate of 4,945,000 shares of common stock, including 645,000 shares sold pursuant the underwriters’ exercise in full of their option to purchase additional shares. The shares were offered on a forward basis in connection with certain forward sales agreements entered into with certain financial institutions, acting as forward purchasers. Pursuant to the forward sales agreements, the forward purchasers borrowed and the forward sellers, acting as agents for the forward purchasers, sold an aggregate of 4,945,000 shares in the public offering. On September 11, 2017, the Company physically settled the forward sales agreements by issuing an aggregate of 4,945,000 shares of common stock in exchange for approximately $92.7 million. The Company accounted for the forward share agreements as equity.

On June 21, 2018, we completed an underwritten public offering of an aggregate of 20,700,000 shares of our common stock, consisting of (i) 13,700,000 shares sold by us to the underwriters (including 2,700,000 shares pursuant to the underwriters’ exercise of their option to purchase additional shares) and (ii) 7,000,000 shares offered and sold on a forward basis in connection with forward sales agreements entered into with certain financial institutions, acting as forward purchasers. We received approximately $252.9 million in net proceeds from the sale of shares offered by us in the offering, after deducting underwriting discounts and commissions and our offering expenses. Subject to the Company’s right to elect cash or net share settlement, we expect to physically settle the forward sales agreements no later than June 21, 2019. Assuming the forward sales agreements are physically settled in full utilizing an initial forward sale price of $18.48 per share adjusted for a floating interest rate factor equal to the federal funds rate less a spread and subject to a decrease related to expected dividends on shares of our common stock during the applicable term of the forward sales agreement, we expect to receive an additional $126.1 million of net proceeds, after deducting underwriting discounts, commissions and estimated offering expenses. As of December 31, 2018, the forward sale price was $18.04 per share.

Redemption of Common Units to Common Stock

In connection with the liquidation of the Easterly Funds, an aggregate of 6,471,258 shares of common stock were issued between May 11, 2016 and December 31, 2016 upon the redemption of an aggregate of 6,471,258 common units in accordance with the terms of the partnership agreement of the Operating Partnership. During the year ended December 31, 2017, we issued 1,379,804 shares of our common stock upon the redemption of 1,379,804 common units in accordance with the terms of the partnership agreement of the Operating Partnership. During the year ended December 31, 2018, we issued 658,801 shares of our common stock upon the redemption of 658,801 common units in accordance with the terms of the partnership agreement of the Operating Partnership.

Dividends and Distributions Paid

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

Quarter	Declaration Date	Record Date	Pay Date	Dividend
Q1 2016	May 4, 2016	June 8, 2016	June 23, 2016		0.23
Q2 2016	August 3, 2016	August 26, 2016	September 13, 2016		0.23
Q3 2016	November 3, 2016	December 7, 2016	December 22, 2016		0.24
Q4 2016	February 23, 2017	March 7, 2017	March 22, 2017		0.24
Q1 2017	May 3, 2017	June 14, 2017	June 29, 2017		0.25
Q2 2017	August 2, 2017	September 13, 2017	September 28, 2017		0.25
Q3 2017	November 2, 2017	December 6, 2017	December 21, 2017		0.26
Q4 2017	February 21, 2018	March 13, 2018	March 28, 2018		0.26
Q1 2018	May 3, 2018	June 11, 2018	June 28, 2018		0.26
Q2 2018	August 1, 2018	September 13, 2018	September 27, 2018		0.26
Q3 2018	October 29, 2018	December 13, 2018	December 27, 2018		0.26
Q4 2018	February 21, 2019	March 14, 2019	March 28, 2019		0.26

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 of our operating partnership. After the end of the performance period, the number of LTIP units, both vested and unvested, that LTIP award recipients have earned, if any, are entitled to receive dividends in an amount per LTIP unit equal to dividends, both regular and special, payable per common unit of our operating partnership.

ATM Program

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 December 31, 2018:

For the Three Months Ended:	Number of Shares Sold		Net Proceeds
March 31, 2018		671,666	$	13,531,864
June 30, 2018		1,010,371		20,207,590
September 30, 2018		—		—
December 31, 2018		—		—
		1,682,037	$	33,739,454

We have used the proceeds from such sales for general corporate purposes. As of December 31, 2018, we had approximately $32.3 million of gross sales of our common stock available under our ATM program.

Contribution of Property for Common Units

On October 4, 2017, the Company acquired FEMA – Tracy for which it paid as partial consideration 575,707 common units. The issuance of the common units was effected in reliance upon an exemption from registration provided by Section 4(a)(2) under the Securities Act of 1933, as amended.

On November 9, 2018, the Company acquired TREAS – Birmingham for which it paid 271,918 common units. The issuance of the common units was effected in reliance upon an exemption from registration provided by Section 4(a)(2) under the Securities Act of 1933, as amended.

Earnings Per Share

12 Months Ended

Dec. 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 or loss attributable to common stockholders by the weighted average shares of common stock outstanding for the periods presented. Diluted EPS is computed after adjusting the basic EPS computation for the effect of dilutive common equivalent shares outstanding during the periods presented. Unvested restricted shares and LTIP units are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. The following table sets forth the computation of the Company’s basic and diluted earnings per share of common stock for the years ended December 31, 2018, 2017 and 2016 (amounts in thousands, except per share amounts):

	For the years ended December 31,
	2018			2017			2016
Numerator
Net income (loss)	$	6,659		$	5,389		$	5,497
Less: Non-controlling interest in Operating Partnership		(955	)		(941	)		(1,534	)
Net income (loss) available to Easterly Government Properties, Inc.		5,704			4,448			3,963
Less: Dividends on participating securities		(1,123	)		(110	)		(102	)
Net income (loss) available to common stockholders	$	4,581		$	4,338		$	3,861
Denominator for basic EPS		53,511,137			39,607,740			30,645,279
Dilutive effect of share-based compensation awards		9,510			11,384			13,691
Dilutive effect of LTIP units ⁽¹⁾		1,135,544			1,944,416			1,713,568
Dilutive effect of shares issuable under forward sales agreements		275,189			—			—
Denominator for diluted EPS		54,931,380			41,563,540			32,372,538
Basic EPS	$	0.09		$	0.11		$	0.13
Diluted EPS	$	0.08		$	0.10		$	0.12

(1)

During the year ended December 31, 2018, there were approximately 173,381 unvested performance-based LTIP units that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.

Operating Leases

12 Months Ended

Dec. 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 December 31, 2018, future non-cancelable minimum contractual rent payments on our operating properties are as follows (dollars in thousands):

	Payments due by period
	Total		2019		2020		2021		2022		2023		Thereafter
Operating Leases
Minimum lease payments	$	1,251,546		151,152		139,315		116,827		99,822		92,392		652,038

The Company’s consolidated operating properties were 100% occupied by 38 tenants at December 31, 2018 and 100% occupied by 23 tenants at December 31, 2017.

For the year ended December 31, 2018 we recognized $128.0 million in rental income attributable to base rent, $8.6 million in rental income attributable to the amortization of our above- and below-market leases, $0.2 million in rental income attributable to the amortization of unearned revenue and a straight-line adjustment of $5.6 million.

For the year ended December 31, 2017 we recognized $103.8 million in rental income attributable to base rent, $8.5 million in rental income attributable to the amortization of our above- and below-market leases, $0.1 million in rental income attributable to the amortization of unearned revenue and a straight-line adjustment of $2.8 million.

For the year ended December 31, 2016 we recognized $85.8 million in rental income attributable to base rent, $7.2 million in rental income attributable to the amortization of our above- and below-market leases and a straight-line adjustment, $0.1 million in rental income attributable to the amortization of unearned revenue and a straight-line adjustment of $0.3 million.

Information about our leases for development properties as of December 31, 2018 is set forth in the table below:

Property Name

Location

Tenant

Property

Type ⁽¹⁾

Lease Term

Estimated Rentable

Square

Feet

FDA - Alameda

Alameda, CA

Food and Drug Administration

20-year

69,624

FDA - Lenexa

Lenexa, KS

Food and Drug Administration

20-year

⁽²⁾

59,690

Total

129,314

(1) L=Laboratory

(2) The 20-year lease term includes a firm term of 15 years and a soft term of 5 years.

Revenue

12 Months Ended

Dec. 31, 2018

Revenue From Contract With Customer [Abstract]

Revenue

10. Revenue

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

	For the year ended December 31,
Tenant	2018
Department of Veteran Affairs (“VA”)	$	2,896
Federal Bureau of Investigation (“FBI”)		1,317
U.S. Forest Service (“USFS”)		577
Drug Enforcement Administration (“DEA”)		375
The Judiciary of the U.S. Government (“JUD”)		201
National Park Service (“NPS”)		40
U.S. Citizenship and Immigration Services (“USCIS”)		39
Social Security Administration (“SSA”)		31
National Labor Relations Board ("NLRB")		18
Immigration and Customs Enforcement (“ICE”)		9
U.S. Coast Guard (“USCG”)		6
Environmental Protection Agency ("EPA")		4
Department of Transportation ("DOT")		1
Internal Revenue Service ("IRS")		1
	$	5,515

The balance in Accounts receivable related to tenant construction projects was $2.4 million as of December 31, 2018. There were no contract assets or liabilities as of December 31, 2018.

The duration of the majority of tenant construction project reimbursement arrangements are less than a year and payment is typically due once a project is complete and work has been accepted by the tenant. There were no projects ongoing as of December 31, 2018 with a duration of greater than one year.

During the twelve months ended December 31, 2018, the Company also recognized $0.2 million in parking garage income generated from the operations of a parking garage situated on the Various GSA – Buffalo property acquired in third quarter of 2018. The monthly and transient daily parking revenue falls within the scope of ASC 606 and is accounted for at the point in time when control of the goods or services transfers to the customer and the Company’s performance obligation is satisfied, consistent with the Company’s previous accounting. As of December 31, 2018, there was less than $0.1 million in Accounts receivable attributable to parking garage income.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

a) Operating Leases

In October of 2015 we entered into a sublease agreement for 5,682 square feet of office space in Washington, D.C. with a commencement date of March 2016 and expiration date of June 2021.

We also lease 5,752 square feet of office space in San Diego, CA under an operating lease that commenced February 2015 and expires in April 2022.

Rent expense incurred under the terms of the corporate office leases, was $0.5 million, $0.4 million and $0.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. Future minimum rental payments under the Company’s corporate office leases as of December 31, 2018 are summarized as follows (amounts in thousands):

	Payments due by period
	Total		2019		2020		2021		2022		2023		Thereafter
Corporate office leases
Minimum lease payments	$	1,392		479		496		352		65		—		—

b) Environmental

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

c) Tax Protection Agreements

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

On October 21, 2015, the Company entered into a second tax protection agreement with Mr. Ibe, under which the Company agreed to indemnify Mr. Ibe for any taxes incurred as a result of a taxable sale of the DEA – Pleasanton property for a period of eight years after the closing of the acquisition and to offer Mr. Ibe and certain affiliates of Mr. Ibe the opportunity to guarantee, in the aggregate, up to approximately $15.7 million of indebtedness of the Operating Partnership for two years following the contribution of the DEA – Pleasanton property and up to approximately $7.2 million of indebtedness thereafter until the eighth anniversary of the closing of the acquisition, subject to certain conditions. The Company also agreed in the tax protection agreement with Mr. Ibe to use the “traditional method” of making allocations under Section 704(c) of the Code for the eight-year period.

In connection with our acquisition of a property in 2017, we entered into a tax protection agreement, under which we agreed to indemnify the contributor for any taxes incurred as a result of a taxable sale of such property for a period of two years. The Company also agreed in the tax protection agreement with the contributor to use the “traditional method” of making allocations under Section 704(c) of the Code for the two-year period.

In connection with our acquisition of a property in 2018, we entered into a tax protection agreement, under which we agreed to indemnify the contributor for any taxes incurred as a result of a taxable sale of such property for a period of four years. The Company also agreed in the tax protection agreement with the contributor to use the “traditional method” of making allocations under Section 704(c) of the Code for the four-year period.

d) Letters of Credit

As of December 31, 2018 and 2017, the Company had $0.1 million and $0.1 million of standby letters of credit, respectively. There were no draws against these letters of credit during the years ended December 31, 2018 or 2017.

Concentrations Risk

12 Months Ended

Dec. 31, 2018

Risks And Uncertainties [Abstract]

Concentrations Risk

12. Concentrations Risk

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

As stated in Note 1 above, the Company leases commercial space to the U.S. Government through the GSA or other federal agencies or nongovernmental tenants. At December 31, 2018, the GSA and other federal agency accounted for approximately 98.8% of rental income and non-governmental tenants accounted for the remaining approximately 1.2%. At December 31, 2017, the GSA and other federal agency accounted for approximately 98.7% of rental income and non-governmental tenants accounted for the remaining approximately 1.3%.

At December 31, 2018, seventeen of our 62 operating properties were located in California, accounting for approximately 23.9% of our total rentable square feet and approximately 30.1% of our total annualized lease income. At December 31, 2017, fourteen of our 46 operating properties were located in California, accounting for approximately 25.8% of our total rentable square feet and approximately 33.3% of our total annualized lease income. To the extent that weak economic or real estate conditions or natural disasters affect California, our business, financial condition and results of operations could be negatively impacted.

Related Party

12 Months Ended

Dec. 31, 2018

Related Party

13. Related Party

For the years ended December 31, 2018, 2017 and 2016 we were responsible for reimbursing certain entities controlled by our Chairman $0.1 million, $0.1 million and $0.1 million, respectively, for a portion of rent and office expense at their Beverly, MA office and for the services of certain employees. Additionally, during the years ended December 31, 2018, 2017 and 2016, certain entities controlled by our Vice Chairman were responsible for reimbursing us $0.1 million, $0.1 million and $0.2 million, respectively, for certain costs that we paid on their behalf.

Subsequent Events

12 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

For its consolidated financial statements as of December 31, 2018, the Company evaluated subsequent events and noted the following significant events.

On January 31, 2019, we completed the acquisition of the three remaining Portfolio Properties (the “Final Closing”). The three Portfolio Properties acquired in the Final Closing consist of an aggregate of 355,426 square feet and include the following (listed by primary tenant agency, if applicable, and location): DEA – Sterling, VA, FDA – College Park, MD and Various GSA – Portland, OR. As a result of the First Closing, the Second Closing and the Final Closing, we have completed the acquisition of Portfolio Properties.

The Company granted an aggregate of 143,538 performance-based LTIP units to members of management pursuant to the 2015 Equity Incentive Plan, subject to the Company achieving certain absolute and relative total shareholder returns through the performance period. The awards consist of two separate tranches of 45,238 LTIP units and 98,300 LTIP units with performance periods ending on December 31, 2020 and December 31, 2021, respectively. 50% of the LTIP Units vest when earned following the end of the applicable performance period and 50% of the earned award is subject to an additional one year of vesting.

The Company granted an aggregate of 54,041 shares of restricted common stock to members of management pursuant to the 2015 Equity Incentive Plan, of which an aggregate of 17,645 shares will vest on January 18, 2021 and an aggregate of 36,396 shares will vest on January 18, 2022.

Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data

15. Selected Quarterly Financial Data (unaudited)

The following is a summary of our unaudited quarterly results of operations for 2018 (amounts in thousands, except per share amounts):

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Total revenues	$	35,974	$	36,972	$	39,437	$	48,208
Net income available to Easterly Government Properties, Inc.		1,519		1,440		2,155	$	590
Net income available to Easterly Government Properties, Inc. per share (basic)	$	0.03	$	0.02	$	0.03	$	0.01
Net income available to Easterly Government Properties, Inc. per share (diluted)	$	0.03	$	0.02	$	0.03	$	0.01

The following is a summary of our unaudited quarterly results of operations for 2017 (amounts in thousands, except per share amounts):

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Total revenues	$	29,887	$	30,603	$	33,858	$	36,325
Net income available to Easterly Government Properties, Inc.		1,237		982		942		1,287
Net income available to Easterly Government Properties, Inc. per share (basic)	$	0.03	$	0.03	$	0.02	$	0.03
Net income available to Easterly Government Properties, Inc. per share (diluted)	$	0.03	$	0.02	$	0.02	$	0.03

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2018

Real Estate And Accumulated Depreciation Disclosure [Abstract]

Schedule III, Real Estate and Accumulated Depreciation

Easterly Government Properties, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2018

(Amounts in thousands)

				Initial Cost to Company						Cost amount carried at Close of Period
Location	Type⁽¹⁾	Encumbrances⁽²⁾		Land		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition		Land		Buildings and Improvements		Total⁽³⁾		Accumulated Depreciation⁽⁴⁾		Original Construction Date(s) (Unaudited)	Date Acquired
Aberdeen, MS	C/O	$	—	$	1,147	$	14,044	$	94	$	1,147	$	14,138	$	15,285	$	1,303	2005	6/17/2015
Albany, NY	O		—		1,801		11,544		218		1,801		11,762		13,563		1,137	2004	2/11/2015
Albany, NY	O		—		1,412		17,128		459		1,412		17,587		18,999		937	1998	11/22/2016
Albuquerque, NM	O		17,047		2,345		28,611		114		2,345		28,725		31,070		3,845	2011	2/11/2015
Albuquerque, NM	O		—		2,905		23,804		464		2,905		24,268		27,173		2,843	2006	2/11/2015
Albuquerque, NM	O		—		3,062		28,201		74		3,062		28,275		31,337		2,578	2011	2/17/2016
Arlington, VA	O		—		14,350		44,442		154		14,350		44,596		58,946		7,223	2009	2/11/2015
Bakersfield, CA	O		—		438		2,253		—		438		2,253		2,691		14	2000	10/16/2018
Baton Rouge, LA	OC		—		344		5,241		—		344		5,241		5,585		27	2004	10/16/2018
Birmingham, AL	O		—		408		10,853		67		408		10,920		11,328		845	2005	7/1/2016
Birmingham, AL	O		—		755		22,537		165		755		22,702		23,457		1,611	2005	7/1/2016
Birmingham, AL	O		—		1,410		17,276		—		1,410		17,276		18,686		82	2014	11/9/2018
Buffalo, NY	O		—		246		80,913		10		246		80,923		81,169		1,129	2004	9/13/2018
Charleston, SC	C/O		—		1,325		21,189		—		1,325		21,189		22,514		110	1999	10/16/2018
Charleston, WV	O		—		551		13,732		—		551		13,732		14,283		160	1959 / 2000	9/13/2018
Chula Vista, CA	O		—		6,332		7,471		362		6,332		7,833		14,165		805	1998	2/11/2015
Clarksburg, WV	O		—		108		13,421		31		108		13,452		13,560		101	1999	9/13/2018
Dallas, TX	O		—		1,005		14,546		169		1,005		14,715		15,720		1,857	2001	2/11/2015
Dallas, TX	L		—		2,753		23,848		146		2,753		23,994		26,747		1,851	2001	12/1/2015
Dallas, TX	O		—		740		8,191		6		740		8,197		8,937		77	2005	9/13/2018
Del Rio, TX	C/O		—		210		30,676		771		210		31,447		31,657		3,536	1992 / 2004	2/11/2015
Des Plaines, IL	O		—		1,742		9,325		92		1,742		9,417		11,159		103	1971 / 1999	9/13/2018
El Centro, CA	C/O		—		1,084		20,765		501		1,084		21,266		22,350		2,533	2004	2/11/2015
Fresno, CA	O		—		1,499		68,309		262		1,499		68,571		70,070		7,578	2003	2/11/2015
Golden, CO	O/W		9,327		4,080		8,933		20		4,080		8,953		13,033		204	1996 / 2011	5/24/2018
Jacksonville, FL	O		10,078		2,532		16,621		14		2,532		16,635		19,167		2,205	2010	2/11/2015
Kansas City, KS	L		—		828		33,035		448		828		33,483		34,311		2,247	2003	7/1/2016
Lakewood, CO	O		—		1,521		32,865		169		1,521		33,034		34,555		4,058	2004	2/11/2015
Lakewood, CO	O		—		1,377		18,204		714		1,377		18,918		20,295		1,771	1999	4/1/2015
Lincoln, NE	O		—		2,310		26,328		867		2,310		27,195		29,505		2,943	2005	11/12/2015
Little Rock, AR	O		—		2,278		19,318		266		2,278		19,584		21,862		2,374	2001	2/11/2015
Loma Linda, CA	OC		125,743		12,476		177,357		28		12,476		177,385		189,861		7,022	2016	6/1/2017
Lubbock, TX	W/D		—		541		972		—		541		972		1,513		129	2013	2/11/2015
Martinsburg, WV	O		—		1,700		13,294		76		1,700		13,370		15,070		1,538	2007	2/11/2015
Midland, GA	W/M		—		1,715		1,650		—		1,715		1,650		3,365		252	2014	2/11/2015
Mission Viejo, CA	O		—		1,454		1,690		255		1,454		1,945		3,399		300	2005	2/11/2015

Easterly Government Properties, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2018

(Amounts in thousands)

				Initial Cost to Company						Cost amount carried at Close of Period
Location	Type⁽¹⁾	Encumbrances⁽²⁾		Land		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition		Land		Buildings and Improvements		Total⁽³⁾		Accumulated Depreciation⁽⁴⁾		Original Construction Date(s) (Unaudited)	Date Acquired
North Charleston, SC	O		18,906		963		34,987		383		963		35,370		36,333		3,824	1994 / 2012	2/11/2015
Omaha, NE	O		—		4,635		41,319		818		4,635		42,137		46,772		5,440	2009	2/11/2015
Omaha, NE	O		—		1,517		14,156		159		1,517		14,315		15,832		1,166	2004	5/19/2016
Parkersburg, WV	O		—		365		52,200		1		365		52,201		52,566		494	2004 / 2006	9/13/2018
Pittsburgh, PA	O		—		384		24,877		113		384		24,990		25,374		189	2001	9/13/2018
Pittsburgh, PA	O		—		200		5,339		26		200		5,365		5,565		45	2004	9/13/2018
Pleasanton, CA	L		15,622		5,765		20,859		19		5,765		20,878		26,643		1,670	2015	10/21/2015
Richmond, VA	O		—		3,041		23,931		128		3,041		24,059		27,100		2,315	2001	12/7/2015
Riverside, CA	O		—		1,983		6,755		58		1,983		6,813		8,796		949	1997	2/11/2015
Sacramento, CA	O		—		1,434		9,369		40		1,434		9,409		10,843		1,191	2002	2/11/2015
Salt Lake City, UT	O		—		2,049		79,955		185		2,049		80,140		82,189		2,876	2012	9/28/2017
San Antonio, TX	O		—		3,745		49,153		580		3,745		49,733		53,478		5,911	2007	2/11/2015
San Diego, CA	O		—		1,389		7,358		26		1,389		7,384		8,773		941	1997	2/11/2015
San Diego, CA	O		—		773		2,481		15		773		2,496		3,269		267	2003	2/11/2015
San Diego, CA	W		—		3,060		510		904		3,060		1,414		4,474		142	1999	2/11/2015
San Diego, CA	O		—		2,252		12,280		302		2,252		12,582		14,834		1,294	2001	9/11/2015
San Jose, CA	OC		—		10,419		52,750		—		10,419		52,750		63,169		623	2018	7/11/2018
Sandy, UT	L		—		2,361		31,574		70		2,361		31,644		34,005		1,727	2003	2/3/2017
Santa Ana, CA	O		—		6,413		8,635		94		6,413		8,729		15,142		1,104	2004	2/11/2015
Savannah, GA	L		12,866		3,220		10,687		103		3,220		10,790		14,010		1,191	2013	2/11/2015
South Bend, IN	C/O		—		514		6,590		131		514		6,721		7,235		370	1996 / 2011	12/23/2016
South Bend, IN	OC		—		3,954		38,503		—		3,954		38,503		42,457		1,083	2017	11/16/2017
Sunburst, MT	O		—		2,192		9,423		354		2,192		9,777		11,969		1,075	2008	2/11/2015
Tracy, CA	W		—		2,678		548		29,324		2,678		29,872		32,550		183	2018	10/4/2017
Upper Marlboro, MD	L		—		5,054		18,301		2		5,054		18,303		23,357		59	2002	11/15/2018
Vista, CA	L		—		3,998		24,053		314		3,998		24,367		28,365		2,372	2002	2/11/2015
Various	Various		—		6,427		7,762		46,770		6,427		54,532		60,959		—	N/A	Various
		$	209,589	$	161,569	$	1,482,942	$	87,935	$	161,569	$	1,570,877	$	1,732,446	$	105,829

(1)

OC=Outpatient Clinic; O=Office; C=Courthouse; L=Laboratory; W=Warehouse; D=Distribution; M=Manufacturing.

(2)

Includes the unamortized balance of the fair value adjustments.

(3)

Excludes value of real estate intangibles.

(4)

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

The aggregate cost and accumulated depreciation for tax purposes was approximately $1,727.3 million and $174.7 million, respectively.

Easterly Government Properties, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2018

(Amounts in thousands)

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

	Real Estate Properties			Accumulated Depreciation
Balance at December 31, 2015		788,597			16,590
Additions		152,631			23,572
Balance at December 31, 2016		941,228			40,162
Additions		368,918			29,001
Dispositions		(11,594	)		(773	)
Balance at December 31, 2017		1,298,552			68,390
Additions		433,894			37,439
Balance at December 31, 2018		1,732,446			105,829

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Real Estate Properties

•

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

Cash and Cash Equivalents

Restricted Cash

Rent Receivable and Accounts Receivable

Deferred Costs

Interest Rate Swaps

Please refer to Note 5 for more information pertaining to interest rate derivatives.

Non-controlling Interests

Non-Controlling Interests

Revenue Recognition

Income Taxes

The following table reconciles GAAP net income to taxable income (amounts in thousands):

	For the years ended December 31,
	2018				2017				2016
Net income (loss)	$	6,659			$	5,389			$	5,497
Book depreciation and amortization		66,260				54,782				45,797
Above/Below market lease amortization		(8,593	)			(8,517	)			(7,153	)
Straight-line rent and other non-cash adjustments		(5,619	)			(2,776	)			(108	)
Book/Tax differences on unearned rent		301				16				(37	)
Book/Tax differences on stock based compensation		3,039				2,663				2,780
Book/Tax differences on development profit on lump sum payments		3,413				—				—
Book/Tax differences on post IPO property acquisition costs		—				—				620
Book/Tax differences on fee waiver income from seller		1,400				—				—
Other book/tax differences, net		749				383				901
Tax depreciation		(34,612	)			(25,552	)			(20,622	)
Loss attributable to non-controlling interest		(6,021	)			(5,180	)			(8,474	)
Taxable income subject to distribution requirements	$	26,976		⁽¹⁾	$	21,208		⁽²⁾	$	19,201		⁽³⁾

(1)	The Company’s distributions are characterized as 45.83% ordinary taxable dividend and 54.17% return of capital.

(2)	The Company’s distributions are characterized as 47.24% ordinary taxable dividend and 52.76% return of capital.

(3)	The Company’s distributions are characterized as 59.32% ordinary taxable dividend and 40.68% return of capital.

Stock Based Compensation

Earnings Per Share of Common Stock Amount

Segments

Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

The Company is continuing to evaluate the disclosure requirements in Topic 842, Leases, and has not determined the impact on the footnote disclosures to its consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Summary of Range of useful Lives For Depreciable Assets

Range of useful lives for depreciable assets are as follows:

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

Reconciliation of GAAP Net Income to Taxable Income

The following table reconciles GAAP net income to taxable income (amounts in thousands):

	For the years ended December 31,
	2018				2017				2016
Net income (loss)	$	6,659			$	5,389			$	5,497
Book depreciation and amortization		66,260				54,782				45,797
Above/Below market lease amortization		(8,593	)			(8,517	)			(7,153	)
Straight-line rent and other non-cash adjustments		(5,619	)			(2,776	)			(108	)
Book/Tax differences on unearned rent		301				16				(37	)
Book/Tax differences on stock based compensation		3,039				2,663				2,780
Book/Tax differences on development profit on lump sum payments		3,413				—				—
Book/Tax differences on post IPO property acquisition costs		—				—				620
Book/Tax differences on fee waiver income from seller		1,400				—				—
Other book/tax differences, net		749				383				901
Tax depreciation		(34,612	)			(25,552	)			(20,622	)
Loss attributable to non-controlling interest		(6,021	)			(5,180	)			(8,474	)
Taxable income subject to distribution requirements	$	26,976		⁽¹⁾	$	21,208		⁽²⁾	$	19,201		⁽³⁾

(1)	The Company’s distributions are characterized as 45.83% ordinary taxable dividend and 54.17% return of capital.

(2)	The Company’s distributions are characterized as 47.24% ordinary taxable dividend and 52.76% return of capital.

(3)	The Company’s distributions are characterized as 59.32% ordinary taxable dividend and 40.68% return of capital.

Real Estate and Intangibles (Tables)

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

Fair Values of Assets Acquired and Liabilities Assumed

Acquisitions

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

	December 31, 2018			December 31, 2017
Real estate
Land	$	27,406		$	20,839
Building		324,081			319,698
Acquired tenant improvements		9,861			7,690
Total real estate		361,348			348,227
Intangible assets
In-place leases		45,702			30,458
Acquired leasing commissions		5,342			12,992
Above-market leases		1,438			—
Total intangible assets		52,482			43,450
Intangible liabilities
Below-market leases		(1,837	)		(6,357	)
Total intangible liabilities		(1,837	)		(6,357	)
Prepaid expenses and other assets
Contingent consideration		43			—
Purchase price		412,036			385,320
Less: Mortgage note assumed		(9,414	)		—
Net assets acquired		402,622			385,320

Schedule of Real Estate and Intangibles

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

	December 31, 2018			December 31, 2017
Real estate properties, net
Land	$	161,569		$	134,163
Building		1,458,981			1,099,140
Acquired tenant improvements		57,364			47,503
Construction in progress		54,532			17,746
Accumulated depreciation		(105,829	)		(68,390	)
Total Real estate properties, net	$	1,626,617		$	1,230,162
Intangible assets, net
In-place leases	$	205,821		$	160,119
Acquired leasing commissions		43,806			38,464
Above market leases		10,893			9,455
Accumulated amortization		(94,852	)		(64,975	)
Total Intangible assets, net	$	165,668		$	143,063
Intangible liabilities, net
Below market leases	$	(64,693	)	$	(62,856	)
Accumulated amortization		33,858			24,287
Total Intangible liabilities, net	$	(30,835	)	$	(38,569	)

Amortization of Total Intangible Assets and Intangible Liabilities

The projected amortization of total intangible assets and intangible liabilities as of December 31, 2018 are as follows (amounts in thousands):

	Total
Intangible assets
2019	$	36,135
2020		28,869
2021		16,916
2022		12,822
2023		11,896
Thereafter		59,030
	$	165,668
Intangible liabilities
2019	$	(7,383	)
2020		(6,554	)
2021		(4,590	)
2022		(2,982	)
2023		(2,890	)
Thereafter		(6,436	)
	$	(30,835	)

Summary of Scheduled Amortization Market Lease Intangibles

	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2019	$	1,373	$	(7,383	)
2020		1,108		(6,554	)
2021		711		(4,590	)
2022		624		(2,982	)
2023		608		(2,890	)

Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Summary of Borrowings

The following table sets forth a summary of the Company’s outstanding indebtedness as of December 31, 2018 and December 31, 2017 (dollars in thousands):

	Principal Outstanding						Interest	Current
Loan	December 31, 2018			December 31, 2017			Rate ⁽¹⁾	Maturity
Revolving credit facility:
Revolving credit facility ⁽²⁾	$	134,750		$	99,750		L + 125bps	June 2022 ⁽³⁾
Total revolving credit facility		134,750			99,750

Term loan facilities:
2016 term loan facility		100,000			100,000		2.62% ⁽⁴⁾	March 2024
2018 term loan facility		150,000			—		3.91% ⁽⁵⁾	June 2023
Total term loan facilities		250,000			100,000
Less: Total unamortized deferred financing fees		(1,762	)		(798	)
Total term loan facilities, net		248,238			99,202

Notes payable:
Senior unsecured notes payable, series A		95,000			95,000		4.05%	May 2027
Senior unsecured notes payable, series B		50,000			50,000		4.15%	May 2029
Senior unsecured notes payable, series C		30,000			30,000		4.30%	May 2032
Total notes payable		175,000			175,000
Less: Total unamortized deferred financing fees		(1,222	)		(1,308	)
Total notes payable, net		173,778			173,692

Mortgage notes payable:
CBP – Savannah		13,495			14,212		3.40% ⁽⁶⁾	July 2033
ICE – Charleston		18,637			19,804		4.21% ⁽⁶⁾	January 2027
MEPCOM – Jacksonville		9,891			10,796		4.41% ⁽⁶⁾	October 2025
USFS II – Albuquerque		16,581			16,893		4.46% ⁽⁶⁾	July 2026
DEA – Pleasanton		15,700			15,700		L + 150bps ⁽⁶⁾	October 2023
VA – Loma Linda		127,500			127,500		3.59% ⁽⁶⁾	July 2027
VA – Golden		9,341			—		5.00% ⁽⁶⁾	April 2024
Total mortgage notes payable		211,145			204,905
Less: Total unamortized deferred financing fees		(1,834	)		(2,031	)
Less: Total unamortized premium/discount		278			376
Total mortgage notes payable, net		209,589			203,250

Total debt	$	766,355		$	575,894

(1)

(2)

Available capacity of $315.2 million and $300.2 million at December 31, 2018 and 2017, respectively, with an accordion feature that provides additional capacity of up to $250.0 million.

(3)

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

(4)

(5)

(6)

Schedule of Aggregate Debt Maturities

The Company’s aggregate debt maturities based on outstanding principal as of December 31, 2018 are as follows (dollars in thousands):

	Total
2019	$	3,391
2020		3,564
2021		4,233
2022		140,047
2023		171,285
Thereafter		448,375
		770,895
Unamortized premium/discount & deferred financing		(4,540	)
	$	766,355

Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

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

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

								Fair Value at December 31,
Notional Amount		Fixed Rate			Floating Rate Index	Effective Date	Expiration Date	2018			2017
$	100,000		1.41	%	One-Month LIBOR	March 29, 2017	September 29, 2023	$	4,563		$	4,031
	150,000		2.71	%	One-Month LIBOR	December 13, 2018	June 19, 2023		(1,797	)		—

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

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

	Fair Value at December 31,
Balance Sheet Line Item	2018			2017
Interest rate swaps-Asset	$	4,563		$	4,031
Interest rate swaps-Liability		(1,797	)		—

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

The table below presents the effects of our interest rate derivatives on our consolidated statements of operations and comprehensive income (dollars in thousands):

	For the years ended December 31,
	2018			2017			2016
Unrealized gain (loss) recognized in AOCI	$	(713	)	$	63		$	3,785
Gain (loss) reclassified from AOCI into interest expense		552			(183	)		—

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959

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-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

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

	As of December 31, 2018
Balance Sheet Line Item	Level 1		Level 2			Level 3
Interest rate swaps - Asset	$	—	$	4,563		$	—
Interest rate swaps - Liability	$	—	$	(1,797	)	$	—

	As of December 31, 2017
Balance Sheet Line Item	Level 1		Level 2		Level 3
Interest rate swaps - Asset	$	—	$	4,031	$	—

Equity (Tables)

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Summary of Non-vested Common Share Awards

A summary of our non-vested common share awards at December 31, 2018, 2017 and 2016 is as follows:

	Restricted Shares			Restricted Shares Weighted average grant date fair value		LTIP Units			LTIP Units Weighted average grant date fair value
Outstanding, December 31, 2015		26,667		$	15		891,000		$	8.67
Vested		(26,667	)	$	15.00		—		$	—
Granted		16,128			18.60		40,000			14.15
Forfeited		—			—		(5,000	)		8.67
Outstanding, December 31, 2016		16,128		$	18.60		926,000		$	8.91
Vested		(16,128	)	$	18.60		—		$	—
Granted		17,912			19.72		—			—
Forfeited		—			—		—			—
Outstanding, December 31, 2017		17,912		$	19.72		926,000		$	8.91
Vested		(15,220	)	$	19.71		(463,000	)	$	8.91
Granted		21,328			20.87		173,381			18.31
Forfeited		—			—		—			—
Outstanding, December 31, 2018		24,020		$	20.74		636,381		$	11.47

Summary of Dividends Declared

Dividends and Distributions Paid

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

Quarter	Declaration Date	Record Date	Pay Date	Dividend
Q1 2016	May 4, 2016	June 8, 2016	June 23, 2016		0.23
Q2 2016	August 3, 2016	August 26, 2016	September 13, 2016		0.23
Q3 2016	November 3, 2016	December 7, 2016	December 22, 2016		0.24
Q4 2016	February 23, 2017	March 7, 2017	March 22, 2017		0.24
Q1 2017	May 3, 2017	June 14, 2017	June 29, 2017		0.25
Q2 2017	August 2, 2017	September 13, 2017	September 28, 2017		0.25
Q3 2017	November 2, 2017	December 6, 2017	December 21, 2017		0.26
Q4 2017	February 21, 2018	March 13, 2018	March 28, 2018		0.26
Q1 2018	May 3, 2018	June 11, 2018	June 28, 2018		0.26
Q2 2018	August 1, 2018	September 13, 2018	September 27, 2018		0.26
Q3 2018	October 29, 2018	December 13, 2018	December 27, 2018		0.26
Q4 2018	February 21, 2019	March 14, 2019	March 28, 2019		0.26

Schedule of Information with Respect to ATM Program

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

For the Three Months Ended:	Number of Shares Sold		Net Proceeds
March 31, 2018		671,666	$	13,531,864
June 30, 2018		1,010,371		20,207,590
September 30, 2018		—		—
December 31, 2018		—		—
		1,682,037	$	33,739,454

Earnings Per Share (Tables)

12 Months Ended

Dec. 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 years ended December 31, 2018, 2017 and 2016 (amounts in thousands, except per share amounts):

	For the years ended December 31,
	2018			2017			2016
Numerator
Net income (loss)	$	6,659		$	5,389		$	5,497
Less: Non-controlling interest in Operating Partnership		(955	)		(941	)		(1,534	)
Net income (loss) available to Easterly Government Properties, Inc.		5,704			4,448			3,963
Less: Dividends on participating securities		(1,123	)		(110	)		(102	)
Net income (loss) available to common stockholders	$	4,581		$	4,338		$	3,861
Denominator for basic EPS		53,511,137			39,607,740			30,645,279
Dilutive effect of share-based compensation awards		9,510			11,384			13,691
Dilutive effect of LTIP units ⁽¹⁾		1,135,544			1,944,416			1,713,568
Dilutive effect of shares issuable under forward sales agreements		275,189			—			—
Denominator for diluted EPS		54,931,380			41,563,540			32,372,538
Basic EPS	$	0.09		$	0.11		$	0.13
Diluted EPS	$	0.08		$	0.10		$	0.12

(1)

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2018

Leases [Abstract]

Summary of Future Non Cancellable Minimum Contractual Rent Payments

	Payments due by period
	Total		2019		2020		2021		2022		2023		Thereafter
Operating Leases
Minimum lease payments	$	1,251,546		151,152		139,315		116,827		99,822		92,392		652,038

Schedule of Information about Leases for Development Properties

Information about our leases for development properties as of December 31, 2018 is set forth in the table below:

Property Name

Location

Tenant

Property

Type ⁽¹⁾

Lease Term

Estimated Rentable

Square

Feet

FDA - Alameda

Alameda, CA

Food and Drug Administration

20-year

69,624

FDA - Lenexa

Lenexa, KS

Food and Drug Administration

20-year

⁽²⁾

59,690

Total

129,314

(1) L=Laboratory

(2) The 20-year lease term includes a firm term of 15 years and a soft term of 5 years.

Revenue (Tables)

12 Months Ended

Dec. 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 year ended December 31, 2018 (in thousands).

	For the year ended December 31,
Tenant	2018
Department of Veteran Affairs (“VA”)	$	2,896
Federal Bureau of Investigation (“FBI”)		1,317
U.S. Forest Service (“USFS”)		577
Drug Enforcement Administration (“DEA”)		375
The Judiciary of the U.S. Government (“JUD”)		201
National Park Service (“NPS”)		40
U.S. Citizenship and Immigration Services (“USCIS”)		39
Social Security Administration (“SSA”)		31
National Labor Relations Board ("NLRB")		18
Immigration and Customs Enforcement (“ICE”)		9
U.S. Coast Guard (“USCG”)		6
Environmental Protection Agency ("EPA")		4
Department of Transportation ("DOT")		1
Internal Revenue Service ("IRS")		1
	$	5,515

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Future Non Cancellable Minimum Contractual Rent Payments

	Payments due by period
	Total		2019		2020		2021		2022		2023		Thereafter
Operating Leases
Minimum lease payments	$	1,251,546		151,152		139,315		116,827		99,822		92,392		652,038

Corporate Office Leases [Member]

Summary of Future Non Cancellable Minimum Contractual Rent Payments

Future minimum rental payments under the Company’s corporate office leases as of December 31, 2018 are summarized as follows (amounts in thousands):

	Payments due by period
	Total		2019		2020		2021		2022		2023		Thereafter
Corporate office leases
Minimum lease payments	$	1,392		479		496		352		65		—		—

Selected Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Summary of Unaudited Quarterly Results of Operations

The following is a summary of our unaudited quarterly results of operations for 2018 (amounts in thousands, except per share amounts):

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Total revenues	$	35,974	$	36,972	$	39,437	$	48,208
Net income available to Easterly Government Properties, Inc.		1,519		1,440		2,155	$	590
Net income available to Easterly Government Properties, Inc. per share (basic)	$	0.03	$	0.02	$	0.03	$	0.01
Net income available to Easterly Government Properties, Inc. per share (diluted)	$	0.03	$	0.02	$	0.03	$	0.01

The following is a summary of our unaudited quarterly results of operations for 2017 (amounts in thousands, except per share amounts):

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Total revenues	$	29,887	$	30,603	$	33,858	$	36,325
Net income available to Easterly Government Properties, Inc.		1,237		982		942		1,287
Net income available to Easterly Government Properties, Inc. per share (basic)	$	0.03	$	0.03	$	0.02	$	0.03
Net income available to Easterly Government Properties, Inc. per share (diluted)	$	0.03	$	0.02	$	0.02	$	0.03

Organization and Basis of Presentation - Additional Information (Detail) ft² in Millions	12 Months Ended
	Dec. 31, 2018 ft² Property
Organization And Significant Accounting Policies [Line Items]
Outstanding common units of aggregate limited partnership interest owned percentage	87.20%
Wholly Owned Operating Properties [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	62
Aggregate area of land \| ft²	5.3
Wholly Owned Operating Properties [Member] \| Government [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	60
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	2
Aggregate area of land \| ft²	0.1

Summary of Significant Accounting Policies - Summary of Range of useful Lives For Depreciable Assets (Detail)	12 Months Ended
	Dec. 31, 2018
Building [Member]
Property Plant And Equipment [Line Items]
Useful lives for depreciable assets	40 years
Building Improvements [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives for depreciable assets	5 years
Building Improvements [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives for depreciable assets	40 years
Furniture and Equipment [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives for depreciable assets	3 years
Furniture and Equipment [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives for depreciable assets	7 years

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2015	Dec. 31, 2018	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jan. 01, 2019 USD ($) Lease
DISTRICT OF COLUMBIA \| Sublease [Member]
Accounting Policies [Line Items]
Operating lease agreement expire date	Jun. 30, 2021	Jun. 30, 2021
California [Member] \| San Diego [Member]
Accounting Policies [Line Items]
Operating lease agreement expire date		Apr. 30, 2022
ASU 2016-18 [Member]
Accounting Policies [Line Items]
Increase (decrease) in cash used in investing activities			$ (1.9)	$ 0.1
ASU 2016-02 [Member] \| Subsequent Event [Member]
Accounting Policies [Line Items]
Right-of-use asset					$ 1.3
Lease liability					$ 1.3
ASU 2016-02 [Member] \| Subsequent Event [Member] \| Office [Member]
Accounting Policies [Line Items]
Number of leases \| Lease					2
Minimum [Member]
Accounting Policies [Line Items]
Distribution of REIT taxable income		90.00%

Summary of Significant Accounting Policies - Reconciliation of GAAP Net Income to Taxable Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Net income (loss)	$ 6,659	$ 5,389	$ 5,497
Book depreciation and amortization	66,260	54,782	45,797
Above/Below market lease amortization	(8,593)	(8,517)	(7,153)
Straight-line rent and other non-cash adjustments	(5,619)	(2,776)	(108)
Book/Tax differences on unearned rent	301	16	(37)
Book/Tax differences on stock based compensation	3,039	2,663	2,780
Book/Tax differences on development profit on lump sum payments	3,413
Book/Tax differences on post IPO property acquisition costs			620
Book/Tax differences on fee waiver income from seller	1,400
Other book/tax differences, net	749	383	901
Tax depreciation	(34,612)	(25,552)	(20,622)
Loss attributable to non-controlling interest	(6,021)	(5,180)	(8,474)
Taxable income subject to distribution requirements	$ 26,976	$ 21,208	$ 19,201

Summary of Significant Accounting Policies - Reconciliation of GAAP Net Income to Taxable Income (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Ordinary taxable dividend	45.83%	47.24%	59.32%
Return of capital	54.17%	52.76%	40.68%

Real Estate and Intangibles - Additional Information (Detail) $ in Thousands			3 Months Ended								12 Months Ended
	Oct. 16, 2018 ft² Property	Jun. 15, 2018 USD ($) ft² Property	Dec. 31, 2018 USD ($) Property	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) Property	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2018 USD ($) Property	Dec. 31, 2017 USD ($) Property	Dec. 31, 2016 USD ($)	Oct. 01, 2018	Sep. 13, 2018 ft² Property
Real Estate Properties [Line Items]
Revenues			$ 48,208	$ 39,437	$ 36,972	$ 35,974	$ 36,325	$ 33,858	$ 30,603	$ 29,887	$ 160,591	$ 130,673	$ 104,618
Net income available to Easterly Government Properties, Inc.			$ 590	$ 2,155	$ 1,440	$ 1,519	1,287	$ 942	$ 982	$ 1,237	5,704	4,448	3,963
Acquisition-related costs											$ 1,579	1,493	$ 1,798
Number of remaining portfolio properties \| Property	3
Proceeds from sale of operating property, net												10,539
Loss on sale of operating property												310
Lease term			20 years								20 years			20 years
SW 145th Avenue Parbel of Florida [Member]
Real Estate Properties [Line Items]
Proceeds from sale of operating property, net												10,500
Loss on sale of operating property												300
Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Purchase price			$ 402,622				$ 385,320				$ 402,622	$ 385,320
Weighted average amortization period											6 years 3 months	15 years 6 months 29 days
Revenues											$ 13,600	$ 14,500
Net income available to Easterly Government Properties, Inc.											600	3,200
Acquisition-related costs											1,600	1,500
Internal costs related to acquisitions											$ 1,100	$ 1,400
Portfolio Properties [Member]
Real Estate Properties [Line Items]
Number of properties \| Property	14
Portfolio Properties [Member] \| Purchase and Sale Agreement [Member]
Real Estate Properties [Line Items]
Number of properties \| Property		14
Area of properties acquired \| ft²		1,479,762
Purchase price		$ 430,000
First Closing Properties [Member] \| Purchase and Sale Agreement [Member]
Real Estate Properties [Line Items]
Number of properties \| Property															8
Area of properties acquired \| ft²															1,024,036
First Closing and Second Closing [Member]
Real Estate Properties [Line Items]
Number of properties \| Property	11
FDA – Lenexa and FEMA – Tracy [Member]
Real Estate Properties [Line Items]
Number of properties \| Property							2					2
VA – Golden, VA – San Jose, First Closing Properties, Second Closing Properties, DEA – Upper Marlboro and TREAS – Birmingham [Member] \| Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Number of properties \| Property			15								15
Purchase price			$ 412,000								$ 412,000
OSHA Sandy, VA Loma Linda, FBI Salt Lake, and VA South Bend [Member] \| Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Number of properties \| Property							4					4
Purchase price							$ 385,300					$ 385,300
VA Loma Linda [Member] \| Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Purchase price							$ 212,600					$ 212,600
JUD Charleston, SC, VA Baton Rouge, LA and DEA Bakersfield, CA [Member] \| Second Closing [Member]
Real Estate Properties [Line Items]
Number of properties \| Property	3
Area of properties acquired \| ft²	90,688

Real Estate and Intangibles - Fair Values of Assets Acquired and Liabilities Assumed (Detail) - Operating Properties Acquired [Member] - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Total real estate	$ 361,348	$ 348,227
Total intangible assets	52,482	43,450
Total intangible liabilities	(1,837)	(6,357)
Contingent consideration	43
Purchase price	412,036	385,320
Less: Mortgage note assumed	(9,414)
Net assets acquired	402,622	385,320
Real Estate Investment [Member]
Business Acquisition [Line Items]
Land	27,406	20,839
Building	324,081	319,698
Acquired tenant improvements	9,861	7,690
In-place leases [Member]
Business Acquisition [Line Items]
Total intangible assets	45,702	30,458
Acquired Leasing Commissions [Member]
Business Acquisition [Line Items]
Total intangible assets	5,342	12,992
Above Market Leases [Member]
Business Acquisition [Line Items]
Total intangible assets	1,438
Below Market Leases [Member]
Business Acquisition [Line Items]
Total intangible liabilities	$ (1,837)	$ (6,357)

Real Estate and Intangibles - Schedule of Real Estate and Intangibles (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real estate properties, net
Land	$ 161,569	$ 134,163
Building	1,458,981	1,099,140
Acquired tenant improvements	57,364	47,503
Construction in progress	54,532	17,746
Accumulated depreciation	(105,829)	(68,390)
Total Real estate properties, net	1,626,617	1,230,162
Intangible assets, net
Accumulated amortization	(94,852)	(64,975)
Total Intangible assets, net	165,668	143,063
Intangible liabilities, net
Intangible Liabilities, Below market leases	(64,693)	(62,856)
Intangible Liabilities, Accumulated amortization	33,858	24,287
Total Intangible liabilities, net	(30,835)	(38,569)
In-place leases [Member]
Intangible assets, net
Above market leases	205,821	160,119
Acquired Leasing Commissions [Member]
Intangible assets, net
Above market leases	43,806	38,464
Above Market Leases [Member]
Intangible assets, net
Above market leases	$ 10,893	$ 9,455

Real Estate and Intangibles - Amortization of Total Intangible Assets and Intangible Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Intangible assets, 2019	$ 36,135
Intangible assets, 2020	28,869
Intangible assets, 2021	16,916
Intangible assets, 2022	12,822
Intangible assets, 2023	11,896
Intangible assets, Thereafter	59,030
Intangible assets, Total	165,668
Intangible liabilities, 2019	(7,383)
Intangible liabilities, 2020	(6,554)
Intangible liabilities, 2021	(4,590)
Intangible liabilities, 2022	(2,982)
Intangible liabilities, 2023	(2,890)
Intangible liabilities, Thereafter	(6,436)
Intangible liabilities, Total	$ (30,835)	$ (38,569)

Real Estate and Intangibles - Summary of Scheduled Amortization Market Lease Intangibles (Detail) $ in Thousands	Dec. 31, 2018 USD ($)
Acquired Above-Market Lease Intangibles
2019	$ 1,373
2020	1,108
2021	711
2022	624
2023	608
Acquired Below-Market Lease Intangibles
2019	(7,383)
2020	(6,554)
2021	(4,590)
2022	(2,982)
2023	$ (2,890)

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

12 Months Ended

Dec. 31, 2018

Jun. 18, 2018

Dec. 31, 2017

Debt - Summary of Borrowings (Parenthetical) (Detail)			12 Months Ended
Debt - Summary of Borrowings (Parenthetical) (Detail)	Dec. 31, 2018 USD ($) Swap	Dec. 31, 2017 USD ($)	Dec. 31, 2018 USD ($) Swap	Jun. 18, 2018 USD ($)
CBP Savannah [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate	4.12%		4.12%
ICE Charleston [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate	3.93%		3.93%
MEPCOM Jacksonville [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate	3.89%		3.89%
USFS II Albuquerque [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate	3.92%		3.92%
DEA Pleasanton [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate	1.80%		1.80%
VA Loma Linda [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate	3.78%		3.78%
VA Golden [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate	5.03%		5.03%
2016 Term Loan Facility [Member] \| Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps \| Swap	2		2
Forward swaps effective date	Mar. 29, 2017
Aggregate notional value of interest rate swaps	$ 100,000,000		$ 100,000,000
Forward swaps interest rate	2.62%		2.62%
2018 Term Loan Facility [Member] \| Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps \| Swap	4		4
Forward swaps effective date	Dec. 13, 2018
Aggregate notional value of interest rate swaps	$ 150,000,000		$ 150,000,000
Forward swaps interest rate	3.91%		3.91%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount available under revolving credit facility	$ 315,200,000	$ 300,200,000	$ 315,200,000
Credit facility additional maximum borrowing capacity	$ 250,000,000		$ 250,000,000	$ 250,000,000
Line of Credit Facility, Description			Revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.
LIBOR [Member]
Debt Instrument [Line Items]
Loan, interest rate	2.50%	1.56%

Debt - Schedule of Aggregate Debt Maturities (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2019	$ 3,391
2020	3,564
2021	4,233
2022	140,047
2023	171,285
Thereafter	448,375
Debt instrument carrying amount	770,895
Unamortized premium/discount & deferred financing	(4,540)
Total debt, Principal Outstanding	$ 766,355	$ 575,894

Derivative and Hedging Activities - Schedule of Key Terms and Fair Values of Our Interest Rate Swap Derivatives (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Interest Swap Rate at 1.14 % Fixed Rate[Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 100,000,000
Forward swaps interest rate	1.41%
Floating Rate Index	One-Month LIBOR
Forward swaps effective date	Mar. 29, 2017
Expiration Date	Sep. 29, 2023
Fair Value	$ 4,563,000	$ 4,031,000
Interest Swap Rate at 2.71 % Fixed Rate[Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 150,000,000
Forward swaps interest rate	2.71%
Floating Rate Index	One-Month LIBOR
Forward swaps effective date	Dec. 13, 2018
Expiration Date	Jun. 19, 2023
Fair Value	$ (1,797,000)

Derivative and Hedging Activities - Schedule of Fair Value of Our Interest Rate Derivatives as Well as Their Classification on Our Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest rate swaps-Asset	$ 4,563	$ 4,031
Interest rate swaps-Liability	$ (1,797)

Derivative and Hedging Activities - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Estimates reclassified from accumulated other comprehensive income decrease to interest expense over the next 12 months	$ 0.9
Credit risk related contingent features derivatives, net fair value of derivatives in liability position	$ 1.2

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps - Asset	$ 4,563	$ 4,031
Interest rate swaps - Liability	(1,797)
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	4,563	$ 4,031
Interest rate swaps - Liability	$ (1,797)

Equity - Additional Information (Detail)												12 Months Ended
Equity - Additional Information (Detail)	Dec. 31, 2018 USD ($) $ / shares shares	Nov. 09, 2018 shares	Jun. 21, 2018 USD ($) $ / shares shares	Apr. 03, 2018 shares	Jan. 04, 2018 Tranche shares	Oct. 04, 2017 shares	Sep. 11, 2017 USD ($) shares	Mar. 27, 2017 shares	Mar. 03, 2017 USD ($)	Jun. 07, 2016 USD ($) shares	Feb. 26, 2016 shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 USD ($) shares	May 09, 2017 shares
Stockholders Equity Note Disclosure [Line Items]
Stock-based awards with respect to equity incentive plans	2,273,959											2,273,959
Cash based awards with respect to equity incentive plans \| $												$ 5,000,000
Unrecognized compensation expense \| $	$ 2,100,000											$ 2,100,000
Risk-free rate												2.10%		0.70%
Expected volatility assumption												16.00%		20.00%
Expected dividend yield												5.00%		5.50%
Common Stock, shares issued	60,849,206											60,849,206	44,787,040
Operating partnership dividend rate percentage												10.00%
Aggregate offering price of shares of common stock that the Company may issue and sell \| $									$ 100,000,000
Easterly Funds [Member]
Stockholders Equity Note Disclosure [Line Items]
Redemption of common units to common stock (in share)												658,801	1,379,804	6,471,258
Underwritten Public Offering [Member]
Stockholders Equity Note Disclosure [Line Items]
Common Stock, shares issued			20,700,000					4,945,000		6,219,045
Shares offered directly by the company			13,700,000					645,000		4,719,045
Underwriters option to purchase additional shares			2,700,000
Shares offered on forward basis			7,000,000							1,500,000
Gross proceeds from shares sold to underwriters \| $			$ 252,900,000							$ 84,900,000
Forward sales agreements settlement date												Jun. 21, 2019
Shares offered on forward basis, amount \| $			$ 126,100,000							$ 25,100,000
Forward sale price \| $ / shares	$ 18.04		$ 18.48
Forward Sales Agreement [Member]
Stockholders Equity Note Disclosure [Line Items]
Common Stock, shares issued							4,945,000
Proceeds from issuance of common stock \| $							$ 92,700,000
2015 Equity Incentive Plan [Member]
Stockholders Equity Note Disclosure [Line Items]
Aggregate number of common stock, shares authorized for issuance													5,273,959		3,000,000
Compensation expense recognized \| $												$ 3,000,000	$ 3,000,000	$ 2,900,000
Common Stock, shares issued	0											0
2015 Equity Incentive Plan [Member] \| Employee [Member]
Stockholders Equity Note Disclosure [Line Items]
Restricted common stock issued				2,236
Restricted common stock grants, vesting description												The restricted common stock grants will vest upon the second anniversary of the grant date so long as the grantee remains an employee of the Company on such date.
2015 Equity Incentive Plan [Member] \| Non-employee Director [Member]
Stockholders Equity Note Disclosure [Line Items]
Restricted common stock issued												19,092	15,220
Restricted common stock grants, vesting description												The restricted common stock grants will vest upon the earlier of the anniversary of the date of the grant or the next annual stockholder meeting.
ATM Program
Stockholders Equity Note Disclosure [Line Items]
Gross sale of common stock available for grant \| $	$ 32,300,000											$ 32,300,000
Long Term Incentive Plan [Member]
Stockholders Equity Note Disclosure [Line Items]
LTIP units of limited partnership interest, granted												173,381		40,000
Aggregate LTIP units earned, during the period													2,079,297
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
Aggregate performance-based units granted					173,381
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
FEMA [Member]
Stockholders Equity Note Disclosure [Line Items]
Number of shares acquired on partial consideration						575,707
TREAS – Birmingham [Member]
Stockholders Equity Note Disclosure [Line Items]
Number of shares acquired on partial consideration		271,918

Equity - Summary of Dividends Declared (Detail) - $ / shares													12 Months Ended
	Feb. 21, 2019	Oct. 29, 2018	Aug. 01, 2018	May 03, 2018	Feb. 21, 2018	Nov. 02, 2017	Aug. 02, 2017	May 03, 2017	Feb. 23, 2017	Nov. 03, 2016	Aug. 03, 2016	May 04, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Dividends Payable [Line Items]
Dividend													$ 1.04	$ 1.00	$ 0.92
Q1 2016
Dividends Payable [Line Items]
Declaration Date													May 04, 2016
Record Date													Jun. 08, 2016
Pay Date													Jun. 23, 2016
Dividend												$ 0.23
Q2 2016
Dividends Payable [Line Items]
Declaration Date													Aug. 03, 2016
Record Date													Aug. 26, 2016
Pay Date													Sep. 13, 2016
Dividend											$ 0.23
Q3 2016
Dividends Payable [Line Items]
Declaration Date													Nov. 03, 2016
Record Date													Dec. 07, 2016
Pay Date													Dec. 22, 2016
Dividend										$ 0.24
Q4 2016
Dividends Payable [Line Items]
Declaration Date													Feb. 23, 2017
Record Date													Mar. 07, 2017
Pay Date													Mar. 22, 2017
Dividend									$ 0.24
Q1 2017
Dividends Payable [Line Items]
Declaration Date													May 03, 2017
Record Date													Jun. 14, 2017
Pay Date													Jun. 29, 2017
Dividend								$ 0.25
Q2 2017
Dividends Payable [Line Items]
Declaration Date													Aug. 02, 2017
Record Date													Sep. 13, 2017
Pay Date													Sep. 28, 2017
Dividend							$ 0.25
Q3 2017
Dividends Payable [Line Items]
Declaration Date													Nov. 02, 2017
Record Date													Dec. 06, 2017
Pay Date													Dec. 21, 2017
Dividend						$ 0.26
Q4 2017
Dividends Payable [Line Items]
Declaration Date													Feb. 21, 2018
Record Date													Mar. 13, 2018
Pay Date													Mar. 28, 2018
Dividend					$ 0.26
Q1 2018
Dividends Payable [Line Items]
Declaration Date													May 03, 2018
Record Date													Jun. 11, 2018
Pay Date													Jun. 28, 2018
Dividend				$ 0.26
Q2 2018
Dividends Payable [Line Items]
Declaration Date													Aug. 01, 2018
Record Date													Sep. 13, 2018
Pay Date													Sep. 27, 2018
Dividend			$ 0.26
Q3 2018
Dividends Payable [Line Items]
Declaration Date													Oct. 29, 2018
Record Date													Dec. 13, 2018
Pay Date													Dec. 27, 2018
Dividend		$ 0.26
Q4 2018
Dividends Payable [Line Items]
Declaration Date													Feb. 21, 2019
Record Date													Mar. 14, 2019
Pay Date													Mar. 28, 2019
Q4 2018 \| Subsequent Event [Member]
Dividends Payable [Line Items]
Dividend	$ 0.26

Equity - Schedule of Information with Respect to ATM Program (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Subsidiary Sale Of Stock [Line Items]
Net Proceeds			$ 297,805	$ 126,331	$ 110,032
ATM Program
Subsidiary Sale Of Stock [Line Items]
Number of Shares Sold	1,010,371	671,666	1,682,037
Net Proceeds	$ 20,207,590	$ 13,531,864	$ 33,739,454

Earnings Per Share - Summary of Basic and Diluted Earnings Per Common Share (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2018 shares
Unvested Performance-Based Long Term Incentive Plan [Member]
Earnings Per Share Basic And Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	173,381

Operating Leases - Summary of Future Non Cancellable Minimum Contractual Rent Payments (Detail) $ in Thousands	Dec. 31, 2018 USD ($)
Leases [Abstract]
Minimum lease payments, Total	$ 1,251,546
Minimum lease payments, 2019	151,152
Minimum lease payments, 2020	139,315
Minimum lease payments, 2021	116,827
Minimum lease payments, 2022	99,822
Minimum lease payments, 2023	92,392
Minimum lease payments, Thereafter	$ 652,038

Operating Leases - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) Tenants	Dec. 31, 2017 USD ($) Tenants	Dec. 31, 2016 USD ($)
Leases [Abstract]
Number of consolidated operating properties	100.00%	100.00%
Number of tenants \| Tenants	38	23
Rental income attributable to base rent	$ 128,000	$ 103,800	$ 85,800
Amortization of above and below market leases	8,593	8,517	7,153
Amortization of unearned revenue	194	106	105
Straight-line rent adjustments	$ 5,600	$ 2,800	$ 300

Revenue - Summary of Revenue from Tenant Construction Projects Disaggregated by Tenant Agency (Detail) - ASU 2014-09 [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	$ 5,515
Department of Veteran Affairs ("VA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	2,896
Federal Bureau of Investigation (“FBI”) [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	1,317
U.S. Forest Service ("USFS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	577
Drug Enforcement Administration ("DEA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	375
The Judiciary of the U.S. Government (“JUD”) [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	201
National Park Service ("NPS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	40
U.S. Citizenship and Immigration Services ("USCIS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	39
Social Security Administration ("SSA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	31
National Labor Relations Board ("NLRB") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	18
Immigration and Customs Enforcement (“ICE”) [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	9
U.S. Coast Guard ("USCG") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	6
Environmental Protection Agency ("EPA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	4
Department of Transportation ("DOT") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	1
Internal Revenue Service ("IRS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	$ 1

Revenue - Additional Information (Detail) - USD ($)	12 Months Ended
Revenue - Additional Information (Detail) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable	$ 11,690,000	$ 9,347,000
ASU 2014-09 [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable related to tenant construction projects	2,400,000
Contract assets	0
Contract liabilities	0
ASU 2014-09 [Member] \| Various GSA – Buffalo Property [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Parking garage income	$ 200,000
Type of Revenue [Extensible List]	dea:ParkingGarageMember
ASU 2014-09 [Member] \| Parking Garage \| Various GSA – Buffalo Property [Member] \| Maximum [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable	$ 100,000

Commitments and Contingencies - Additional Information (Detail)				1 Months Ended	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Oct. 21, 2015 USD ($)	Oct. 31, 2015 ft²	Dec. 31, 2018 USD ($) ft²	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Commitments And Contingencies [Line Items]
Tax Protection Agreement Period	4 years	2 years	8 years
Property acquisition, tax protection committed amount			$ 15,700,000
Property acquisition, tax protection committed amount, thereafter			$ 7,200,000
Outstanding borrowings	$ 134,750,000	$ 99,750,000			$ 134,750,000	$ 99,750,000
Standby Letters of Credit [Member]
Commitments And Contingencies [Line Items]
Outstanding borrowings	100,000	100,000			100,000	100,000
Letters of Credit Outstanding, Amount	$ 0	$ 0			0	0
Corporate Office Leases [Member]
Commitments And Contingencies [Line Items]
Rent expense					$ 500,000	$ 400,000	$ 200,000
DISTRICT OF COLUMBIA \| Sublease [Member]
Commitments And Contingencies [Line Items]
Area of leased property \| ft²				5,682
Operating lease agreement expire date				Jun. 30, 2021	Jun. 30, 2021
California [Member] \| San Diego [Member]
Commitments And Contingencies [Line Items]
Area of leased property \| ft²					5,752
Operating lease agreement expire date					Apr. 30, 2022

Commitments and Contingencies - Summary of Future Minimum Rental Payments Under Company's Corporate Office Leases (Detail) $ in Thousands	Dec. 31, 2018 USD ($)
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
Minimum lease payments, Total	$ 1,251,546
Minimum lease payments, 2019	151,152
Minimum lease payments, 2020	139,315
Minimum lease payments, 2021	116,827
Minimum lease payments, 2022	99,822
Minimum lease payments, 2023	92,392
Minimum lease payments, Thereafter	652,038
Corporate Office Leases [Member]
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
Minimum lease payments, Total	1,392
Minimum lease payments, 2019	479
Minimum lease payments, 2020	496
Minimum lease payments, 2021	352
Minimum lease payments, 2022	$ 65

Concentrations Risk - Additional Information (Detail) - Property	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Wholly Owned Properties [Member]
Concentration Risk [Line Items]
Number of properties	62	46
California [Member]
Concentration Risk [Line Items]
Number of properties	17	14
Lease Income [Member] \| Credit Concentration Risk [Member] \| California [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	30.10%	33.30%
Rentable Square Feet [Member] \| Credit Concentration Risk [Member] \| California [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	23.90%	25.80%
General Services Administration And Other Federal Agencies [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	98.80%	98.70%
Non Governmental Tenants [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	1.20%	1.30%

Subsequent Events - Additional Information (Detail)					12 Months Ended
Subsequent Events - Additional Information (Detail)	Jan. 31, 2019 ft² Property Tranche shares	Oct. 16, 2018 Property	Jan. 04, 2018 Tranche shares	Feb. 26, 2016 shares	Dec. 31, 2018 shares	Dec. 31, 2017 shares	Dec. 31, 2016 shares
Subsequent Event [Line Items]
Number of remaining portfolio properties \| Property		3
Final Closing [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of remaining portfolio properties \| Property	3
DEA Sterling, VA, FDA College Park, MD and Various GSA Portland, OR [Member] \| Final Closing [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Area of properties acquired \| ft²	355,426
DEA Sterling, VA, FDA College Park, MD and Various GSA Portland, OR [Member] \| Final Closing and Portfolio Properties [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of properties \| Property	3
Vesting on January 18, 2021 [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Restricted stock granted	17,645
Vesting on January 18, 2022 [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Restricted stock granted	36,396
Long Term Incentive Plan [Member]
Subsequent Event [Line Items]
Number of tranches \| Tranche			3
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
Restricted stock granted					173,381		40,000
Long Term Incentive Plan [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of tranches \| Tranche	2
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]
Subsequent Event [Line Items]
Aggregate performance-based units granted			173,381
Restricted stock granted				40,000
Long Term Incentive Plan [Member] \| 2015 Equity Incentive Plan [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Aggregate performance-based units granted	143,538
Long Term Incentive Plan [Member] \| Tranche One [Member]
Subsequent Event [Line Items]
Aggregate performance-based units granted			32,448
Long Term Incentive Plan [Member] \| Tranche One [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Aggregate performance-based units granted	45,238
Long Term Incentive Plan [Member] \| Tranche Two [Member]
Subsequent Event [Line Items]
Aggregate performance-based units granted			55,463
Long Term Incentive Plan [Member] \| Tranche Two [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Aggregate performance-based units granted	98,300
Restricted Common Stock [Member]
Subsequent Event [Line Items]
Restricted stock granted					21,328	17,912	16,128
Restricted Common Stock [Member] \| 2015 Equity Incentive Plan [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Restricted stock granted	54,041

Selected Quarterly Financial Data - Summary of Unaudited Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 48,208	$ 39,437	$ 36,972	$ 35,974	$ 36,325	$ 33,858	$ 30,603	$ 29,887	$ 160,591	$ 130,673	$ 104,618
Net income available to Easterly Government Properties, Inc.	$ 590	$ 2,155	$ 1,440	$ 1,519	$ 1,287	$ 942	$ 982	$ 1,237	$ 5,704	$ 4,448	$ 3,963
Basic EPS	$ 0.01	$ 0.03	$ 0.02	$ 0.03	$ 0.03	$ 0.02	$ 0.03	$ 0.03	$ 0.09	$ 0.11	$ 0.13
Diluted EPS	$ 0.01	$ 0.03	$ 0.02	$ 0.03	$ 0.03	$ 0.02	$ 0.02	$ 0.03	$ 0.08	$ 0.10	$ 0.12

Schedule III - Real Estate and Accumulated Depreciation - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Aggregate cost	$ 1,727.3
Accumulated depreciation for tax purposes	$ 174.7