0001564590-21-008064 | 10-K | XBRL Viewer | Easterly Government Properties INC

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2020	Feb. 16, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Trading Symbol	DEA
Entity Registrant Name	EASTERLY GOVERNMENT PROPERTIES, INC.
Entity Central Index Key	0001622194
Entity File Number	001-36834
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		82,128,756
Entity Public Float			$ 1,834
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Voluntary Filers	No
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Documents Incorporated by Reference [Text Block]	Portions of the Proxy Statement for the Annual Stockholders’ Meeting to be filed within 120 days after the end of the registrant’s fiscal year are incorporated by reference in Part III of this Annual Report on Form 10-K
Document Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-2047728
Entity Address, Address Line One	2101 L Street NW
Entity Address, Address Line Two	Suite 650
Entity Address, City or Town	Washington
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20037
City Area Code	202
Local Phone Number	595-9500

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Real estate properties, net	$ 2,208,661	$ 1,988,726
Cash and cash equivalents	8,465	12,012
Restricted cash	6,204	3,537
Deposits on acquisitions	1,300	1,800
Rents receivable	30,280	27,788
Accounts receivable	14,959	15,820
Deferred financing, net	1,039	1,749
Intangible assets, net	163,387	168,625
Interest rate swaps		541
Prepaid expenses and other assets	23,245	13,991
Total assets	2,457,540	2,234,589
Liabilities
Revolving credit facility	79,250
Term loan facilities, net	248,966	248,602
Notes payable, net	447,171	446,927
Mortgage notes payable, net	202,871	206,312
Intangible liabilities, net	25,406	24,578
Deferred revenue	92,576	54,659
Interest rate swaps	12,781	5,837
Accounts payable, accrued expenses and other liabilities	48,549	47,833
Total liabilities	1,157,570	1,034,748
Commitments and contingencies (Note 11)
Equity
Common stock, par value $0.01, 200,000,000 shares authorized, 82,106,256 and 74,832,292 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively	821	748
Additional paid-in capital	1,424,787	1,257,319
Retained earnings	31,965	20,004
Cumulative dividends	(291,652)	(210,760)
Accumulated other comprehensive loss	11,351	4,690
Total stockholders' equity	1,154,570	1,062,621
Non-controlling interest in Operating Partnership	145,400	137,220
Total equity	1,299,970	1,199,841
Total liabilities and equity	$ 2,457,540	$ 2,234,589

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
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	82,106,256	74,832,292
Common Stock, shares outstanding	82,106,256	74,832,292

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Rental income	$ 238,131	$ 208,544	$ 154,489
Total revenues	245,078	221,722	160,591
Expenses
Property operating	48,430	48,279	30,912
Real estate taxes	27,125	23,643	17,311
Depreciation and amortization	93,803	92,439	66,403
Acquisition costs	2,087	1,738	1,579
Corporate general and administrative	20,630	20,184	14,824
Total expenses	192,075	186,283	131,029
Other income (expense)
Interest expense, net	(35,480)	(33,460)	(22,903)
Gain (loss) on the sale of operating property	(3,995)	6,245
Net income	13,528	8,224	6,659
Non-controlling interest in Operating Partnership	(1,567)	(1,017)	(955)
Net income available to Easterly Government Properties, Inc.	$ 11,961	$ 7,207	$ 5,704
Net income available to Easterly Government Properties, Inc. per share:
Basic	$ 0.15	$ 0.10	$ 0.09
Diluted	$ 0.15	$ 0.10	$ 0.08
Weighted-average common shares outstanding
Basic	78,219,491	68,769,526	53,511,137
Diluted	78,791,453	69,208,966	54,931,380
Dividends declared per common share	$ 1.04	$ 1.04	$ 1.04
Tenant Reimbursements [Member]
Revenues
Total revenues	$ 4,497	$ 10,210	$ 4,870
Other Income [Member]
Revenues
Total revenues	$ 2,450	$ 2,968	$ 1,232

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 13,528	$ 8,224	$ 6,659
Other comprehensive loss:
Unrealized loss on interest rate swaps, net	(7,485)	(8,061)	(1,265)
Other comprehensive loss:	(7,485)	(8,061)	(1,265)
Comprehensive income	6,043	163	5,394
Non-controlling interest in Operating Partnership	(1,567)	(1,017)	(955)
Other comprehensive loss attributable to non-controlling interest	824	959	274
Comprehensive income attributable to Easterly Government Properties, Inc.	$ 5,300	$ 105	$ 4,713

- Definition

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

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- Definition

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

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Consolidated Statements of Stockholders Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock Par Value [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Deficit) [Member]	Retained Earnings (Deficit) [Member] Cumulative Effect, Period of Adoption, Adjustment	Cumulative Dividends [Member]	Accumulated Other Comprehensive Income [Member]	Non-controlling Interest in Operating Partnership [Member]
Beginning 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			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 loss on interest rate swaps, net	(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
Stock based compensation	4,909			841					4,068
Grant of unvested restricted stock			89,961
Dividends and distributions paid	(81,894)						(71,657)		(10,237)
Redemption of common units to common stock			$ 4	5,824					(5,828)
Redemption of common units to common stock (in shares)			396,929
Issuance of common stock, net	251,444		$ 135	251,309
Issuance of common stock, net (in shares)			13,496,196
Unrealized loss on interest rate swaps, net	(8,061)							(7,102)	(959)
Net income	8,224				7,207				1,017
Allocation of NCI in Operating Partnership				(18,069)					18,069
Balance at Dec. 31, 2019	1,199,841	$ (34)	$ 748	1,257,319	20,004	$ (34)	(210,760)	(4,690)	137,220
Balance (in shares) at Dec. 31, 2019			74,832,292
Stock based compensation	4,093			960					3,133
Grant of unvested restricted stock			21,930
Dividends and distributions paid	(91,748)						(80,892)		(10,856)
Redemption of common units to common stock			$ 2	3,605					(3,607)
Redemption of common units to common stock (in shares)			255,210
Contribution of Property for common units	21,550								21,550
Issuance of common stock, net	160,191		$ 70	160,121
Issuance of common stock, net (in shares)			6,996,824
Unrealized loss on interest rate swaps, net	(7,485)							(6,661)	(824)
Net income	13,528				11,961				1,567
Allocation of NCI in Operating Partnership				2,783					(2,783)
Balance at Dec. 31, 2020	$ 1,299,970		$ 821	$ 1,424,787	$ 31,965		$ (291,652)	$ (11,351)	$ 145,400
Balance (in shares) at Dec. 31, 2020			82,106,256

Consolidated Statements of Stockholders Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Stockholders Equity [Abstract]
Dividends and distributions paid	$ 1.04	$ 1.04	$ 1.04

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net income	$ 13,528	$ 8,224	$ 6,659
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	93,803	92,439	66,403
Straight line rent	(3,432)	(2,276)	(5,637)
Amortization of above- / below-market leases	(5,894)	(6,320)	(8,593)
Amortization of unearned revenue	(3,528)	(1,007)	(194)
Amortization of loan premium / discount	(78)	(80)	(82)
Amortization of deferred financing costs	1,519	1,413	1,279
Amortization of lease inducements	888
(Gain) loss on the sale of operating property	3,995	(6,245)
Non-cash compensation	4,093	4,909	3,039
Other	79
Net change in:
Rents receivable	915	(4,708)	(2,729)
Accounts receivable	836	(4,130)	(2,343)
Deferred revenue associated with operating leases	41,445	51,593	934
Prepaid expenses and other assets	(10,230)	(3,091)	(2,948)
Accounts payable, accrued expenses and other liabilities	7,258	11,594	6,994
Net cash provided by operating activities	145,197	142,315	62,782
Cash flows from investing activities
Real estate acquisitions and deposits	(232,679)	(394,480)	(402,569)
Additions to operating properties	(18,010)	(7,196)	(5,691)
Additions to development properties	(43,001)	(60,608)	(58,483)
Proceeds from sale of operating property, net	3,515	19,943
Net cash used in investing activities	(290,175)	(442,341)	(466,743)
Cash flows from financing activities
Payment of deferred financing costs		(1,996)	(3,474)
Issuance of common shares	162,023	258,556	297,805
Credit facility draws	272,750	337,000	163,000
Credit facility repayments	(193,500)	(471,750)	(128,000)
Term loan draws			150,000
Issuance of notes payable		275,000
Repayments of mortgage notes payable	(3,564)	(3,391)	(3,189)
Dividends and distributions paid	(91,748)	(81,894)	(65,956)
Payment of offering costs	(1,863)	(7,055)	(11,321)
Net cash provided by financing activities	144,098	304,470	398,865
Net increase (decrease) in Cash and cash equivalents and Restricted cash	(880)	4,444	(5,096)
Cash and cash equivalents and Restricted cash, beginning of year	15,549	11,105	16,201
Cash and cash equivalents and Restricted cash, end of year	14,669	15,549	11,105
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Cash paid for interest, net of capitalized interest	34,248	29,120	21,289
Capitalized interest	1,605	2,273	1,702
Non-cash investing and financing activities:
Deferred asset acquisition	119	105	10
Offering costs, accrued not paid	34	65	8
Unrealized loss on interest rate swaps, net	(7,485)	(8,061)	(1,265)
Debt assumed on acquisition of operating property			9,414
Properties acquired for common units	21,550		5,184
Contingent consideration accrued, not paid	336
Exchange of Common Units for Shares of Common Stock
Non-controlling interest in Operating Partnership	(3,607)	(5,828)	(10,307)
Common Stock	2	4	7
Additional paid-in capital	3,605	5,824	10,300
Operating Properties [Member]
Non-cash investing and financing activities:
Additions to properties accrued, not paid	3,447	1,465	460
Development Properties [Member]
Non-cash investing and financing activities:
Additions to properties accrued, not paid	$ 4,469	$ 13,274	$ 11,469

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Organization and Basis of Presentation

1. Organization and Basis of Presentation

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

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

We focus on acquiring, developing, and managing U.S. Government-leased properties that are essential to supporting the mission of the tenant agency and strive to be a partner of choice for the U.S. Government, working closely with the tenant agency to meet its needs and objectives. As of December 31, 2020, we wholly owned 79 operating properties in the United States, encompassing approximately 7.3 million leased square feet (square feet unaudited herein and throughout the Notes) in the aggregate, including 77 operating properties that were leased primarily to U.S. Government tenant agencies and two operating properties that were entirely leased to private tenants. As of December 31, 2020, our operating properties were 99% leased. For purposes of calculating percentage leased, we exclude from the denominator total square feet that was unleased and to which we attributed no value at the time of acquisition. In addition, we wholly owned one property under development that we expect will encompass approximately 0.2 million leased square feet upon completion.

The Operating Partnership holds substantially all of our assets and conducts substantially all our business. The Company is the sole general partner of the Operating Partnership and owned approximately 88.8% of the aggregate limited partnership interests in the Operating Partnership, which we refer to herein as common units, as of December 31, 2020. We have elected to be taxed as a REIT and believe that we have operated and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015.

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, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

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

Real Estate Properties

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

When we acquire 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 land, rental, discount and capitalization rates; (2) estimation of leasing and tenant improvement costs associated with the remaining term of acquired leases; (3) assumptions used in determining the in-place lease and if-vacant value including the rental rates, period of time that it would take to lease vacant space and estimated tenant improvement and leasing costs; (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 unsecured borrowings to the expenditures. We continue to capitalize costs while construction, development or redevelopment activities are underway until the building is substantially complete and ready for its intended use, at which time rental income recognition can commence and rental operating costs, real estate taxes, insurance, and other subsequent carrying costs are expensed as incurred.

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

Category		Term
Buildings		40 years
Building improvements		5 - 40 years
Tenant improvements		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 were purchased. Cash equivalents are reported at cost, which approximates fair value. We maintain our cash in bank accounts in amounts that may exceed federally insured limits at times. We have not experienced any losses in these accounts and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions.

Restricted Cash

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

Rent Receivable and Accounts Receivable

Rent receivable and Accounts receivable on the accompanying Consolidated Balance Sheets include accrued rental income and other tenant accounts receivable, respectively. The Company accrues rental and other tenant income earned, but not yet received, 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 for those leases which commenced prior to the adoption of Accounting Standards Codification Topic 842, Leases (“ASC 842”) on January 1, 2019, and other direct and incremental costs incurred to obtain new tenant leases as well as to renew existing tenant leases and are presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Leasing commissions are capitalized and amortized over the terms of the related leases upon lease commencement using the straight-line method. If a lease terminates prior to the expiration of its initial term, any unamortized costs related to the lease are accelerated into amortization expense. Changes in leasing commissions are presented in the cash flows from operating activities section of the accompanying Consolidated Statements of Cash Flows.

Interest Rate 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.

Deferred Revenue

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

Non-Controlling Interests

Non-controlling interests relate to the common units of the Operating Partnership not owned by 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. Further, Rental income includes certain tenant reimbursement income (real estate taxes, operating expenses, utility usage, and other reimbursements), which are accrued as variable lease payments in the same periods as the related expenses are incurred in accordance with ASC 842 which the Company adopted on January 1, 2019.

Tenant reimbursement income includes income from tenant construction projects. 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.

Other income includes income on the associated tenant reimbursement construction projects, parking income and other miscellaneous income.

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, 2020, 2019 and 2018, we did not incur any material tax liability associated with any of the above.

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

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

	For the years ended December 31,
	2020				2019				2018
Net income	$	13,528			$	8,224			$	6,659
Book depreciation and amortization		93,367				92,248				66,260
Above/Below market lease amortization		(5,894	)			(6,320	)			(8,593	)
Straight-line rent and other non-cash adjustments		(3,377	)			(2,239	)			(5,619	)
Book/Tax differences on unearned rent		(2,585	)			1,646				3,714
Book/Tax differences on stock based compensation		3,634				4,156				3,039
Book/Tax differences on gain on sale of rental property		3,995				(6,245	)			—
Book/Tax differences on fee waiver income from seller		—				—				1,400
Book/Tax differences on lease inducement		864				—				—
Other book/tax differences, net		137				588				749
Tax depreciation		(52,152	)			(47,025	)			(34,612	)
Loss attributable to non-controlling interest		(6,750	)			(6,922	)			(6,021	)
Taxable income subject to distribution requirements	$	44,767		⁽¹⁾	$	38,111		⁽²⁾	$	26,976		⁽³⁾

(1)	The Company’s distributions are characterized as 53.63% ordinary taxable dividend and 46.37% return of capital.

(2)	The Company’s distributions are characterized as 51.47% ordinary taxable dividend and 48.53% return of capital.

(3)	The Company’s distributions are characterized as 45.83% ordinary taxable dividend and 54.17% 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.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

Recently Adopted Accounting Pronouncements

On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The purpose of this updated guidance is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date by replacing the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In November 2018, the Financial Accounting Standards Board issued ASU 2018-19, Codification Improvements to (Topic 326), Financial Instruments – Credit Losses (“ASU 2018-19”). ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Accounting Standards Codification (“ASC”) 326-20, “Financial Instruments – Credit Losses – Measured at Amortized Costs,” which addresses financial assets measured at amortized cost basis, including net investments in leases arising from sales-type and direct financing leases. Impairment of receivables arising from operating leases should be accounted for in accordance with ASC Topic 842, Leases (“ASC 842”). We adopted ASU 2016-13 using the modified retrospective method and the adoption did not have a material impact on our consolidated financial statements.

On January 1, 2020, the Company adopted ASU 2020-04 (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. Unlike most other ASU’s, the guidance in ASU 2020-04 will generally no longer be available to apply after December 31, 2022. As of January 1, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients was applied prospectively and preserves the presentation of our derivatives consistent with past presentation, therefore, the adoption did not have a material impact on our consolidated financial statements.

Real Estate and Intangibles

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Real Estate and Intangibles

3. Real Estate and Intangibles

Acquisitions

During the year ended December 31, 2020, we acquired nine operating properties in asset acquisitions, consisting of Tricare – Aurora, FBI/DEA – El Paso, VA – Mobile, VA – Chico, FBI – Mobile, VA – North Charleston, HRSA – Baton Rouge, DOI – Billings and JUD – Jackson for an aggregate purchase price of $252.7 million. During the year ended December 31, 2019, we acquired eight operating properties in asset acquisitions, consisting of DEA - Sterling, FDA - College Park, Various GSA - Portland, JSC – Suffolk, FBI – New Orleans, EPA – Lenexa, USCIS – Tustin, and VA – Orange for an aggregate purchase price of $382.6 million.

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

	December 31, 2020			December 31, 2019
Real estate
Land	$	21,292		$	36,198
Building		200,593			290,788
Acquired tenant improvements		8,138			11,492
Total real estate		230,023			338,478
Intangible assets
In-place leases		16,218			36,384
Acquired leasing commissions		8,758			9,030
Above-market leases		6,553			161
Total intangible assets		31,529			45,575
Intangible liabilities
Below-market leases		(8,491	)		(1,492	)
Total intangible liabilities		(8,491	)		(1,492	)
Accounts payable, accrued expenses and other liabilities
Contingent consideration		(336	)		—
Purchase price		252,725			382,561

We did not assume any debt upon acquisition of these properties. The intangible assets and liabilities of the acquired operating properties have an aggregate weighted average amortization period of 10.39 years and 8.28 years as of December 31, 2020 and 2019, respectively.

During the year ended December 31, 2020, we included $11.5 million of revenues and $3.8 million of net income in our Consolidated Statement of Operations related to the operating properties acquired. Additionally, we incurred $2.1 million of acquisition-related costs primarily consisting of internal costs associated with the property acquisitions.

During the year ended December 31, 2019, we included $22.5 million of revenues and $4.1 million of net income in our Consolidated Statement of Operations related to the operating properties acquired. Additionally, we incurred $1.7 million of acquisition-related costs primarily consisting of internal costs associated with the property acquisitions.

Dispositions

On November 24, 2020, we sold DEA – Otay to a third party. Net proceeds from the sale of the operating property were approximately $3.5 million and we recognized the full loss on the sale of the operating property of approximately $4.0 million for the year ended December 31, 2020.

On May 8, 2019, the Company sold CBP – Chula Vista to a third party. Net proceeds from the sale of the operating property were approximately $19.9 million and we recognized the full gain on the sale of the operating property of approximately $6.2 million for the year ended December 31, 2019.

Development Placed in Service

On September 25, 2020, the FDA – Lenexa development project was substantially completed and a 20-year lease commenced with the GSA for the beneficial use of the Food and Drug Administration (“FDA”).

On August 27, 2019, the FDA – Alameda development project was substantially completed and a 20-year non-cancelable lease commenced with the GSA for the beneficial use of the FDA.

Consolidated Real Estate and Intangibles

In addition to the operating property acquisitions and development property placed in service, we acquired a 597,426 square foot parcel of land in Lincoln, Nebraska, which is adjacent to our USCIS – Lincoln facility, during the year ended December 31, 2020. During the year ended December 31, 2019, we acquired one property for development, FDA – Atlanta.

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

	December 31, 2020			December 31, 2019
Real estate properties, net
Land	$	215,073		$	193,168
Building		2,103,808			1,824,998
Acquired tenant improvements		76,756			68,854
Construction in progress		26,237			57,775
Accumulated depreciation		(213,213	)		(156,069	)
Total Real estate properties, net	$	2,208,661		$	1,988,726
Intangible assets, net
In-place leases	$	254,870		$	240,223
Acquired leasing commissions		61,358			52,686
Above market leases		17,607			11,054
Accumulated amortization		(170,448	)		(135,338	)
Total Intangible assets, net	$	163,387		$	168,625
Intangible liabilities, net
Below market leases	$	(73,615	)	$	(65,459	)
Accumulated amortization		48,209			40,881
Total Intangible liabilities, net	$	(25,406	)	$	(24,578	)

The projected amortization of total intangible assets and intangible liabilities as of December 31, 2020 are as follows (amounts in thousands):

	Total
Intangible assets
2021	$	25,028
2022		20,888
2023		18,985
2024		15,799
2025		13,841
Thereafter		68,846
	$	163,387
Intangible liabilities
2021	$	(5,832	)
2022		(4,223	)
2023		(4,024	)
2024		(2,877	)
2025		(2,170	)
Thereafter		(6,280	)
	$	(25,406	)

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, 2020 (amounts in thousands):

	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2021	$	1,514	$	(5,832	)
2022		1,424		(4,223	)
2023		1,400		(4,024	)
2024		1,314		(2,877	)
2025		1,258		(2,170	)

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, 2020

Debt Disclosure [Abstract]

Debt

4. Debt

At December 31, 2020 and December 31, 2019, our consolidated borrowings consisted of the following (dollars in thousands):

	Principal Outstanding						Interest	Current
Loan	December 31, 2020			December 31, 2019			Rate ⁽¹⁾	Maturity
Revolving credit facility:
Revolving credit facility ⁽²⁾	$	79,250		$	-		L + 130bps	June 2022 ⁽³⁾
Total revolving credit facility		79,250			-

Term loan facilities:
2016 term loan facility		100,000			100,000		2.67% ⁽⁴⁾	March 2024
2018 term loan facility		150,000			150,000		3.96% ⁽⁵⁾	June 2023
Total term loan facilities		250,000			250,000
Less: Total unamortized deferred financing fees		(1,034	)		(1,398	)
Total term loan facilities, net		248,966			248,602

Notes payable:
2017 series A senior notes		95,000			95,000		4.05%	May 2027
2017 series B senior notes		50,000			50,000		4.15%	May 2029
2017 series C senior notes		30,000			30,000		4.30%	May 2032
2019 series A senior notes		85,000			85,000		3.73%	September 2029
2019 series B senior notes		100,000			100,000		3.83%	September 2031
2019 series C senior notes		90,000			90,000		3.98%	September 2034
Total notes payable		450,000			450,000
Less: Total unamortized deferred financing fees		(2,829	)		(3,073	)
Total notes payable, net		447,171			446,927

Mortgage notes payable:
DEA – Pleasanton		15,700			15,700		L + 150bps ⁽⁶⁾	October 2023
VA – Golden		9,011			9,179		5.00% ⁽⁶⁾	April 2024
MEPCOM – Jacksonville		7,926			8,946		4.41% ⁽⁶⁾	October 2025
USFS II – Albuquerque		15,914			16,255		4.46% ⁽⁶⁾	July 2026
ICE – Charleston		16,150			17,420		4.21% ⁽⁶⁾	January 2027
VA – Loma Linda		127,500			127,500		3.59% ⁽⁶⁾	July 2027
CBP – Savannah		11,991			12,755		3.40% ⁽⁶⁾	July 2033
Total mortgage notes payable		204,192			207,755
Less: Total unamortized deferred financing fees		(1,441	)		(1,641	)
Less: Total unamortized premium/discount		120			198
Total mortgage notes payable, net		202,871			206,312

Total debt	$	978,258		$	901,841

(1)

Current interest rates as of December 31, 2020. At December 31, 2020 and 2019, the one-month LIBOR (“L”) was 0.14% and 1.76%, 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 the $450.0 million senior unsecured revolving credit facility (our “revolving credit facility”), the $150.0 million senior unsecured term loan facility (our “2018 term loan facility”) and the $100.0 million senior unsecured term loan facility (our “2016 term loan facility”) is based on the Company’s consolidated leverage ratio, as defined in the respective loan agreements.

(2)

Our revolving credit facility had available capacity of $370.7 million and $450.0 million at December 31, 2020 and 2019, respectively, with an accordion feature that permits us to request additional lender commitments for to $250.0 million of additional capacity, subject to the satisfaction of customary terms and conditions.

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

(4)	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 2.67% annually, based on the Company’s consolidated leverage ratio, as defined in our 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 3.96% annually, based on the Company’s consolidated leverage ratio, as defined in our 2018 term loan facility agreement.

(6)	Effective interest rates are as follows: DEA – Pleasanton 1.80%, VA – Golden 5.03%, MEPCOM – Jacksonville 3.89%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%.

2019 Activity

On September 12, 2019, the Operating Partnership issued an aggregate of $275.0 million of fixed rate, senior unsecured notes (the “2019 senior unsecured notes”) in a private placement pursuant to a purchase agreement among the Operating Partnership, the Company and the purchasers of the 2019 senior unsecured notes dated July 30, 2019 (the “Purchase Agreement”). The 2019 senior unsecured notes consist of (i) 3.73% Series A Senior Notes due September 12, 2029 in an aggregate principal amount of $85.0 million, (ii) 3.83% Series B Senior Notes due September 12, 2031 in an aggregate principal amount of $100.0 million, and (iii) 3.98% Series C Senior Notes due September 12, 2034 in an aggregate principal amount of $90.0 million. The 2019 senior unsecured 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 2019 senior unsecured 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 2019 senior unsecured 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 2019 senior unsecured notes will become due and payable at the option of the holders.

The Purchase Agreement and the 2019 senior unsecured notes also contains 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) and 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 2019 senior unsecured notes will become due and payable at the option of the holders.

Financial Covenant Considerations

As of December 31, 2020, we were in compliance with all financial and other covenants related to our 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, 2020, the fair value of the revolving credit facility was determined by considering the short term maturity, variable interest rate and credit spreads. We deem the fair value of the senior unsecured revolving credit facility as a Level 3 measurement. At December 31, 2020, the carrying value of our revolving credit facility approximated fair value.

As of December 31, 2020 and 2019, the fair value of the 2016 term loan facility was determined by considering the variable interest rate and credit spreads. We deem the fair value of the 2016 term loan facility as a Level 3 measurement. At December 31, 2020 and 2019, the fair value of our 2016 term loan facility was $99.4 million and $100.0 million, respectively.

As of December 31, 2020 and 2019, the fair value of the 2018 term loan facility was determined by considering the variable interest rate and credit spreads. We deem the fair value of the 2018 term loan facility as a Level 3 measurement. At December 31, 2020 and 2019, the fair value of our 2018 term loan facility was $149.2 million and $150.0 million, respectively.

As of December 31, 2020 and 2019, 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, 2020 and 2019, the fair value of our notes payable was $506.9 million and $471.7 million, respectively.

As of December 31, 2020 and 2019, 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, 2020 and 2019, the fair value of our mortgage debt was $215.1 million and $212.5 million, respectively.

Aggregate Debt Maturities

The Company’s aggregate debt maturities based on outstanding principal as of December 31, 2020 are as follows (dollars in thousands):

	Total
2021	$	4,233
2022		84,547
2023		171,286
2024		114,126
2025		7,550
Thereafter		601,700
		983,442
Unamortized premium/discount & deferred financing		(5,184	)
	$	978,258

Derivatives and Hedging Activities

12 Months Ended

Dec. 31, 2020

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	2020			2019
$	100,000		1.41	%	One-Month LIBOR	March 29, 2017	September 29, 2023	$	(3,397	)	$	541
	150,000		2.71	%	One-Month LIBOR	December 13, 2018	June 19, 2023		(9,384	)		(5,837	)

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	2020			2019
Interest rate swaps-Asset	$	—		$	541
Interest rate swaps-Liability		(12,781	)		(5,837	)

Cash Flow Hedges of Interest Rate Risk

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

Amounts reported in AOCI related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company's variable rate debt. The Company estimates that $5.2 million will be reclassified from AOCI as an increase to interest expense over the next 12 months.

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

	For the years ended December 31,
	2020			2019			2018
Unrealized loss recognized in AOCI	$	(11,554	)	$	(7,884	)	$	(713	)
Gain (loss) reclassified from AOCI into interest expense		(4,069	)		177			552

Credit-Risk Related Contingent Features

The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on such indebtedness. As of December 31, 2020, the net fair value of derivatives in a liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $13.2 million. As of December 31, 2020, the Company had not breached these provisions of these agreements and had not posted any collateral related to

these agreements. If the Company had breached any of the provisions of these agreements it would be required to settle its obligations under the agreements at their termination value of $13.2 million.

Fair Value Measurements

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019 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 term loan facility and our 2018 term loan facility based on the variable interest rate and credit spreads (categorized within Level 3 of the fair value hierarchy) and estimated the fair value of our other debt based on the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans, or groups of loans, with similar maturities and credit quality, and the estimated future payments included scheduled principal and interest payments. Fair value estimates are made as of a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. Settlement at such fair value amounts may not be possible and may not be a prudent management decision.

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019, aggregated by the level in the fair value hierarchy within which those measurements fall (amounts in thousands).

	As of December 31, 2020
Balance Sheet Line Item	Level 1		Level 2			Level 3
Interest rate swaps - Asset	$	—	$	—		$	—
Interest rate swaps - Liability	$	—	$	(12,781	)	$	—

	As of December 31, 2019
Balance Sheet Line Item	Level 1		Level 2			Level 3
Interest rate swaps - Asset	$	—	$	541		$	—
Interest rate swaps - Liability	$	—	$	(5,837	)	$	—

- 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, 2020

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.

The Company granted 891,000 LTIP units on May 6, 2015 and 40,000 LTIP units on February 26, 2016 to members of management as long-term incentive compensation under the 2015 Equity Incentive Plan subject to the Company achieving certain absolute and relative total shareholder returns through the performance period, which ended on December 31, 2017. Based on the Company’s absolute and relative total shareholder return performance through the end of the performance period, the compensation committee 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. During the performance period ending December 31, 2018, the Company’s total shareholder return performance (on both an absolute and relative basis) did not achieve the applicable thresholds for payouts. Accordingly, the compensation committee of the Company’s board of directors determined that none of the 32,448 LTIP units subject to the performance period ending December 31, 2018 had been earned. Such LTIPs were therefore forfeited and added back to the shares of common stock of the Company available for issuance under the 2015 Equity Incentive Plan. The performance period of the second tranche of LTIP units ended on December 31, 2019 and the Company’s total shareholder return over the performance period was sufficient for the grantees to earn an aggregate of 122,159 LTIP units under the applicable awards. Earned LTIP units vested 50% on January 16, 2020 and 50% on January 4, 2021. The performance period of the third tranche of LTIP units ended on December 31, 2020 and the Company’s total shareholder return over the performance period was sufficient for the grantees to earn an aggregate of 172,442 LTIP units under the applicable awards. Earned LTIP units vest 50% on January 19, 2021 and 50% will vest on January 4, 2022, subject to the grantee’s continued employment.

On April 3, 2018, the Company issued an aggregate of 2,236 shares of restricted common stock to certain employees pursuant to the 2015 Equity Incentive Plan, which vested on April 3, 2020.

In connection with its 2018 annual meeting of stockholders, the Company issued an aggregate of 19,092 shares of restricted common stock to its non-employee directors pursuant to the 2015 Equity Incentive Plan, which vested on May 7, 2019.

On January 18, 2019, 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. Fifty percent of the LTIP units vest when earned following the end of the applicable performance period and fifty percent of the earned award is subject to an additional one

year of vesting. The performance period of the first trading tranche of LTIP units ended on December 31, 2020 and the Company’s total shareholder return over the performance period was sufficient for the grantees to earn an aggregate of 98,776 LTIP units under the applicable awards. Earned LTIP units vested 50% on January 19, 2021 and 50% will vest on January 2, 2022, subject to the grantee’s continued employment.

On January 18, 2019, 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 vested on January 18, 2021 and an aggregate of 36,396 shares will vest on January 18, 2022.

On March 11, 2019, the Company issued an aggregate of 3,080 shares of restricted common stock to certain employees pursuant to the 2015 Equity Incentive Plan. The shares of restricted common stock 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 its 2019 annual meeting of stockholders, the Company issued an aggregate of 22,000 shares of restricted common stock to its non-employee directors pursuant to the 2015 Equity Incentive Plan, which vested on May 13, 2020.

On June 13, 2019, the Company issued 10,840 shares of restricted common stock to a member of management pursuant to the 2015 Equity Incentive Plan. The shares of restricted common stock will vest on February 28, 2022, subject, to the grantee’s continued employment and the other terms of the awards.

On December 19, 2019, the Company granted an aggregate of 99,803 LTIP units to certain members of management pursuant to the 2015 Equity Incentive Plan, which became fully vested upon grant and are subject to certain restrictions on transfer as set forth in the applicable award agreement for a period of three years beginning on the grant date.

On January 3, 2020, the Company granted an aggregate of 146,199 performance-based LTIP units to members of management pursuant to the 2015 Equity Incentive Plan, consisting of (i) 81,693 LTIP units that are subject to the Company achieving certain total shareholder return performance thresholds (on both an absolute and a relative basis) and (ii) 64,506 LTIP units that are subject to the Company achieving certain operational performance hurdles, in each case through a performance period ending on December 31, 2022. Fifty percent of the LTIP units that are subject to the Company’s total shareholder return performance will vest when earned following the end of the performance period and 50% of the earned award will vest on January 2, 2024, subject to the grantee’s continued employment and the other terms of the awards. All of the LTIP units subject to the Company’s operational performance will vest when earned. On January 3, 2020, the Company also granted an aggregate of 89,242 service-based LTIP units to members of management pursuant to the 2015 Equity Incentive Plan, which will vest on December 31, 2022, subject to the grantee’s continued employment and the other terms of the awards.

On March 23, 2020, the Company issued an aggregate of 2,905 shares of restricted common stock to certain employees pursuant to the 2015 Equity Incentive Plan. The shares of restricted common stock will vest upon the second anniversary of the grant date so long as the grantee remains an employee of the Company on such date.

On May 11, 2020, in connection with its 2020 annual meeting of stockholders, the Company issued an aggregate of 19,025 shares of restricted common stock to its non-employee directors pursuant to the 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, so long as the grantee remains a director on such date.

A summary of our non-vested common share awards at December 31, 2020, 2019 and 2018 is as follows:

	Restricted Shares			Restricted Shares Weighted average grant date fair value		LTIP Units ⁽¹⁾			LTIP Units Weighted average grant date fair value
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
Vested		(21,784	)	$	20.81		(562,803	)	$	10.97
Granted		89,961			17.49		243,341			19.75
Forfeited		—			—		(32,448	)		19.15
Outstanding, December 31, 2019		92,197		$	17.55		284,471		$	18.66
Vested		(24,236	)	$	18.36		(27,732	)	$	18.34
Granted		21,930			25.85		235,441			21.17
Forfeited		—			—		—			—
Outstanding, December 31, 2020		89,891		$	19.36		492,180		$	19.88

(1)

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

We recognized $4.1 million, $4.9 million and $3.0 million in compensation expense, related to the restricted common stock and the LTIP unit awards, for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020 unrecognized compensation expense for all awards was $5.1 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.

We valued our LTIP unit awards that are subject to the Company achieving certain operational performance conditions at the grant date fair value, which was the market price of our common stock as of the applicable grant date. As of December 31, 2020, management considers it probable that the operational performance conditions on our 2020 grants will be achieved.

We valued our service-based LTIP unit awards at the grant date fair value, which was the market price of our common stock as of the applicable grant date, discounted by the risk related to the timing of book-up events.

For the LTIP unit awards granted that are subject to the Company achieving certain total shareholder return performance thresholds we used a Monte Carlo Simulation (risk-neutral approach) to determine the number of shares that may be issued pursuant to the award.

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 had 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%.

For LTIP units granted in January 2019 we utilized a risk-free rate of 2.6%, derived from the yield of zero-coupon U.S. Treasury securities for a three-year holding period as of the grant date. Since the Company had a limited amount of operating history, the expected volatility assumption of 19.0% 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 5.6%.

For LTIP units granted in December 2019 we utilized a risk-free rate of 1.73%, derived from the yield of zero-coupon U.S. Treasury securities for a three-year holding period as of the grant date. The expected volatility assumption of 16.0% was derived from the Company’s observed historical volatility equal to the three-year post-vesting restriction period. Based on the selected dividend yields of guideline companies and expected dividend levels, we utilized an expected dividend yield of 4.9%.

For LTIP units granted in January 2020 we utilized a risk-free rate of 1.70%, derived from the yield of zero-coupon U.S. Treasury securities for a three-year holding period as of the grant date. The expected volatility assumption of 16.0% was derived from the Company’s observed historical volatility equal to the three-year performance period. Based on the Company’s historical annualized quarterly dividend yields and current dividend yield, we utilized an expected dividend yield of 4.8%

No additional shares of common stock or options were issued under the 2015 Equity Incentive Plan as of December 31, 2020.

Offering of Common Stock on a Forward Basis

On June 21, 2018, we completed an underwritten public offering of an aggregate of 20,700,000 shares of our common stock. The public offering included 13,700,000 shares sold by us directly to the underwriters (including 2,700,000 shares pursuant to the underwriters’ exercise of their option to purchase additional shares), resulting in net proceeds to us of approximately $252.9 million, after deducting underwriting discounts and commissions and our offering expenses. In connection with the public offering, we also entered into forward sale agreements with certain financial institutions, acting as forward purchasers pursuant to which the forward purchasers borrowed and the forward sellers, acting as agents for the forward purchasers, sold an aggregate of 7,000,000 shares.

On March 27, 2019, we physically settled a portion of the forward sale agreements by issuing an aggregate of 6,700,000 shares of our common stock in exchange for approximately $119.2 million in net proceeds after deducting underwriting discounts and commissions and our offering expenses.

On June 14, 2019, we completed the physical settlement of the remaining shares underlying the forward sale agreements by issuing an aggregate of 300,000 shares of our common stock in exchange for approximately $5.3 million in net proceeds after deducting underwriting discounts and commissions and our offering expenses. The Company accounted for the forward sale agreements as equity.

Redemption of Common Units to Common Stock

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. During the year ended December 31, 2019, we issued 396,929 shares of our common stock upon the redemption of 396,929 common units in accordance with the terms of the partnership agreement of the Operating Partnership. During the year ended December 31, 2020, we issued 255,210 shares of our common stock upon the redemption of 255,210 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 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
Q1 2019	May 2, 2019	June 10, 2019	June 27, 2019		0.26
Q2 2019	July 31, 2019	September 12, 2019	September 26, 2019		0.26
Q3 2019	October 30, 2019	November 13, 2019	December 27, 2019		0.26
Q4 2019	February 19, 2020	March 5, 2020	March 26, 2020		0.26
Q1 2020	April 29, 2020	May 14, 2020	June 25, 2020		0.26
Q2 2020	July 29, 2020	August 13, 2020	September 11, 2020		0.26
Q3 2020	October 27,2020	November 11, 2020	December 11, 2020		0.26
Q4 2020	February 18, 2021	March 5, 2021	March 17, 2021		0.26

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

unit of our operating partnership. Holders of LTIP units that are not subject to the attainment of performance goals are entitled to receive dividends per LTIP unit equal to 100% of the dividend paid per common unit beginning on the grant date.

ATM Programs

On each of March 4, 2019 and December 20, 2019, the Company entered into separate equity distribution agreements with each of Citigroup Global Markets Inc., BMO Capital Markets Corp., BTIG, LLC, Capital One Securities, Inc., Jefferies LLC, Raymond James & Associates, Inc., RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC pursuant to which it may issue and sell shares of its common stock having an aggregate offering price of up to $200.0 million and $300.0 million, respectively, from time to time (the “ATM Programs”) in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). The ATM Programs implemented on March 4, 2019 and December 20, 2019 are referred to as the “March 2019 ATM Program” and “December 2019 ATM Program” respectively.

Under each of the ATM Programs, the Company may also enter into one or more forward transactions (each, a “forward sale transaction”) under separate master forward sale confirmations and related supplemental confirmations with each of Citibank, N.A., Bank of Montreal, Jefferies LLC, Raymond James & Associates, Inc., Royal Bank of Canada and Wells Fargo Bank, National Association for the sale of shares of its common stock on a forward basis.

The following table sets forth certain information with respect issuances, including in settlement of forward sales transactions, made under each of the ATM Programs as of December 31, 2020 (amounts in thousands except share amounts):

	March 2019 ATM Program				December 2019 ATM Program
For the Three Months Ended:	Number of Shares Issued⁽¹⁾		Net Proceeds⁽¹⁾		Number of Shares Issued⁽¹⁾		Net Proceeds⁽¹⁾
March 31, 2020		200,000	$	4,835		—	$	—
June 30, 2020		3,920,992		88,939		551,200		14,455
September 30, 2020		—		—		1,475,991		33,541
December 31, 2020		—		—		848,641		18,634
Total		4,120,992	$	93,774		2,875,832	$	66,630

(1)

Includes shares issued by the Company, including in settlement of forward sales transactions. Additionally, as of December 31, 2020, we had entered into forward sales transactions under the March 2019 ATM Program and December 2019 ATM Program for the sale of an additional 3,747,232 shares of our common stock that had not yet been settled. Subject to our right to elect net share settlement, we expect to physically settle the forward sales transactions by the maturity dates set forth in each applicable forward sale transaction placement notice, which dates range from April 2021 to September 2021. Assuming the forward sales transactions are physically settled in full utilizing a net weighted average initial forward sales price of $25.96 per share, we expect to receive net proceeds of approximately $97.3 million, after deducting offering costs, subject to adjustments in accordance with the applicable forward sale transaction. The Company accounted for the forward sale agreements as equity.

We have used the net proceeds received from such sales for general corporate purposes. As of December 31, 2020, we had approximately $140.6 million of gross sales of our common stock available under the December 2019 ATM Program and no remaining availability under the March 2019 ATM Program.

Contribution of Property for Common Units

On March 26, 2020, the Company acquired FBI / DEA – El Paso for which it paid, as partial consideration, 870,730 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.

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

Earnings Per Share

12 Months Ended

Dec. 31, 2020

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 of common stock and unvested LTIP units are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. The following table sets forth the computation of the Company’s basic and diluted earnings per share of common stock for the years ended December 31, 2020, 2019 and 2018 (dollars in thousands, except per share amounts):

	For the years ended December 31,
	2020			2019			2018
Numerator
Net income (loss)	$	13,528		$	8,224		$	6,659
Less: Non-controlling interest in Operating Partnership		(1,567	)		(1,017	)		(955	)
Net income (loss) available to Easterly Government Properties, Inc.		11,961			7,207			5,704
Less: Dividends on participating securities		(289	)		(119	)		(1,123	)
Net income (loss) available to common stockholders	$	11,672		$	7,088		$	4,581
Denominator for basic EPS		78,219,491			68,769,526			53,511,137
Dilutive effect of share-based compensation awards		55,567			22,855			9,510
Dilutive effect of LTIP units ⁽¹⁾		507,050			416,585			1,135,544
Dilutive effect of shares issuable under forward sales agreements ⁽²⁾		9,345			—			275,189
Denominator for diluted EPS		78,791,453			69,208,966			54,931,380
Basic EPS	$	0.15		$	0.10		$	0.09
Diluted EPS	$	0.15		$	0.10		$	0.08

(1)

During the years ended December 31, 2020 and December 31, 2018, there were approximately 74,481 and 173,381 unvested performance-based LTIP units, respectively, that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.

(2)

During the years ended December 31, 2020 and 2019, there were approximately 2,397,232 and 2,878,703 shares, respectively, of underlying unsettled forward sales transactions that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

9. Leases

Lessor

The Company leases commercial space to the U.S. Government through the GSA or other federal agencies or nongovernmental tenants. These leases may contain extension options that are predominately at the sole discretion of the tenant. Certain of our leases contain a “soft-term” period of the lease, meaning that the U.S. Government tenant agency has the right to terminate the lease prior to its stated lease end date. While certain of our leases are contractually subject to early termination, we do not believe that our tenant agencies are likely to terminate these leases early given the build-to-suit features at the properties subject to the leases, the weighted average age of these properties based on the date the property was built or renovated-to-suit, where applicable (approximately 15.6 years as of December 31, 2020), the mission-critical focus of the properties subject to the leases and the current level of operations at such properties. Certain lease agreements include variable lease payments that, in the future, will vary based on changes in inflationary measures, real estate tax rates, usage, or share of expenditures of the leased premises.

On September 25, 2020, the FDA – Lenexa development project was substantially completed and a 20-year lease commenced with the GSA for the beneficial use of the FDA. Upon completion and their acceptance of work, the U.S. Government was obligated to pay a $41.7 million lump sum reimbursement to the Company for landlord improvements in excess of the U.S. Government’s tenant improvement allowance. The Company recorded the payment as Deferred revenue on the Consolidated Balance Sheet and began amortizing the amount over the life of the lease through Rental income.

On August 27, 2019, the FDA – Alameda development project was substantially completed and a 20-year non-cancelable lease commenced with the GSA for the beneficial use of the FDA. Upon completion and their acceptance of work, the U.S. Government paid a $52.5 million lump sum reimbursement to the Company for landlord improvements in excess of the U.S. Government’s tenant improvement allowance. The Company recorded the payment as Deferred revenue on the Consolidated Balance Sheets and began amortizing the amount over the life of the lease through Rental income.

The following table summarizes the maturity of fixed lease payments under the Company’s leases as of December 31, 2020 (dollars in thousands):

	Payments due by period
	Total		2021		2022		2023		2024		2025		Thereafter
Fixed lease payments	$	1,716,580		199,111		178,195		166,341		149,263		139,246		884,424

Information about our leases for our development property as of December 31, 2020 is set forth in the table below:

Property Name

Location

Tenant

Property

Type ⁽¹⁾

Lease Term

Estimated Leased

Square

Feet

FDA - Atlanta

Atlanta, GA

Food and Drug Administration

20-year

162,000

Total

162,000

(1) L=Laboratory

Lessee

In October 2015, we entered into a sublease agreement for office space in Washington, D.C. with a commencement date of March 2016 and an expiration date of June 2021. We also lease office space in San Diego, CA under an operating lease that commenced in February 2015 and expires in April 2022.

In August 2020, we entered into a lease agreement for office space in Washington, D.C. to replace our existing lease that expires in June 2021. This lease has a commencement date of July 2021 and expiration date of August 2026.

Neither of the commenced leases contain extension options, however they do include variable lease payments that, in the future, will vary based on changes in real estate tax rates, usage, or share of expenditures of the leased premises. The Company has elected not to separate lease and nonlease components for both commenced corporate office leases.

As of December 31, 2020, the unamortized balance associated with the Company’s right-of-use operating lease asset and operating lease liability for the Company’s two commenced office leases was $0.4 million. The Company used its incremental borrowing rate, which was arrived at utilizing prevailing market rates and the spread on the revolving credit facility, in order to determine the net present value of the minimum lease payments.

The following table provides quantitative information for the Company’s commenced operating leases for the year ended December 31, 2020 and 2019 (dollars in thousands):

	For the year ended December 31,			For the year ended December 31,
	2020			2019
Operating leases costs	$	458		$	461

Other Information
Weighted average remaining lease term (in years)	1.01			1.91
Weighted average discount rate		3.83	%		3.84	%

In addition, the maturity of fixed lease payments under the Company’s commenced corporate office leases as of December 31, 2020 is summarized in the table below (dollars in thousands):

	Payments due by period
	Total		2021		2022		2023		2024		2025		Thereafter
Fixed lease payments	$	417		352		65		—		—		—		—

Revenue

12 Months Ended

Dec. 31, 2020

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 years ended December 31, 2020, 2019, and 2018 (in thousands).

	For the year ended December 31,		For the year ended December 31,		For the year ended December 31,
Tenant	2020		2019		2018
Federal Bureau of Investigation ("FBI")	$	2,040	$	4,021	$	1,317
Department of Veteran Affairs ("VA")		1,135		1,528		2,896
Environmental Protection Agency ("EPA")		572		30		4
Federal Emergency Management Agency ("FEMA")		422		136		—
Food and Drug Administration ("FDA")		266		5,104		—
Immigration and Customs Enforcement ("ICE")		144		53		9
National Park Service ("NPS")		116		—		40
U.S. Joint Staff Command ("JSC")		89		—		—
Internal Revenue Service ("IRS")		77		18		1
Military Entrance Processing Command ("MEPCOM")		68		—		—
Bureau of the Fiscal Service ("BFS")		34		46		—
General Services Administration - Other		25		1		—
Customs and Border Protection ("CBP")		23		23		—
Social Security Administration ("SSA")		19		146		31
The Judiciary of the U.S. Government ("JUD")		12		40		201
Department of Transportation ("DOT")		8		137		1
Patent and Trademark Office ("PTO")		8		—		—
U.S. Citizenship and Immigration Services ("USCIS")		—		158		39
Drug Enforcement Administration ("DEA")		—		127		375
Small Business Administration ("SBA")		—		68		—
Department of Labor ("DOL")		—		26		—
U.S. Coast Guard ("USCG")		—		22		6
U.S. Forest Service ("USFS")		—		16		577
Bonneville Power Administration ("BPA")		—		1		—
National Labor Relations Board ("NLRB")		—		—		18
	$	5,058	$	11,701	$	5,515

The balance in Accounts receivable related to tenant construction projects and the associated project management income was $3.0 million and $4.3 million, as of December 31, 2020 and 2019, respectively. The duration of the majority of tenant construction project reimbursement arrangements are less than a year and payment is typically due once a project is complete and work has been accepted by the tenant. There were no projects ongoing as of December 31, 2020 or as of December 31, 2019 with a duration of greater than one year.

During the years ended December 31, 2020, 2019, and 2018, the Company also recognized $0.6 million, $1.0 million, and $0.2 million, respectively, in parking garage income generated from the operations of a parking garages situated on both the Various GSA – Buffalo property and on the Various GSA - Portland property. The monthly and transient daily parking revenue falls within the scope of Revenue from Contracts with Customers (“ASC 606”) and is accounted for at the point in time when control of the goods or services transfers to the customer and the Company’s performance obligation is satisfied. As of December 31, 2020 and 2019, there was less than $0.1 million in Accounts receivable attributable to parking garage income.

During the year ended December 31, 2020, the Company recognized $0.7 million in income for providing COVID-19 related cleaning services to certain tenants. The income falls within the scope of ASC 606 and is recognized over time as the performance obligation is satisfied. The balance in Accounts receivable related to these services was $0.3 million as of December 31, 2020. There was no associated Accounts receivable as of December 31, 2019.

There were no contract assets or liabilities as of December 31, 2020 and 2019.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

a) 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.

b) Tax Protection Agreements

Concurrent with the completion of our initial public offering and the related formation transactions, 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. As of December 31, 2019, the applicable tax protection period had expired without a taxable disposition of the property.

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.

In connection with our acquisition of a property in 2020, we entered into a tax protection agreement, under which we agreed to indemnify the contributors 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 contributors to use the “traditional method” of making allocations under Section 704(c) of the Code for the four-year period.

c) Letters of Credit

As of December 31, 2020 and 2019, 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, 2020 or 2019.

Concentrations Risk

12 Months Ended

Dec. 31, 2020

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 or nongovernmental tenants. At December 31, 2020, the U.S. Government accounted for approximately 98.5% of our total annualized leased income and non-governmental tenants accounted for the remaining approximately 1.5%. At December 31, 2019, U.S. Government accounted for approximately 98.3% of our total annualized leased income and non-governmental tenants accounted for the remaining approximately 1.7%.

At December 31, 2020, 18 of our 79 operating properties were located in California, accounting for approximately 18.5% of our total leased square feet and approximately 24.8% of our total annualized lease income. At December 31, 2019, 18 of our 70 operating properties were located in California, accounting for approximately 20.5% of our total rentable square feet and approximately 26.9% 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, 2020

Related Party

13. Related Party

For each of the years ended December 31, 2020, 2019 and 2018, the Company was responsible for reimbursing certain entities controlled by our Chairman $0.1 million for certain costs they paid on our behalf. Additionally, during each of the years ended December 31, 2020, 2019 and 2018, certain entities controlled by our Vice Chairman were responsible for reimbursing us $0.1 million for certain costs that we paid on their behalf. As of December 31, 2020 and 2019, Accounts Payable, accrued expenses and other liabilities included less than $0.1 million owed to entities controlled by our Chairman and Accounts receivable included less than $0.1 million due from entities controlled by our Vice Chairman.

Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

For its consolidated financial statements as of December 31, 2020, the Company evaluated subsequent events as of the filing date of this Annual Report on Form 10-K and noted the following significant events:

On January 4, 2021, the Company granted an aggregate of 164,178 performance-based LTIP units to members of management pursuant to the 2015 Equity Incentive Plan, consisting of (i) 82,070 LTIP units that are subject to the Company achieving certain total shareholder return performance thresholds (on both an absolute and relative basis) and (ii) 82,108 LTIP units that are subject to the Company achieving certain operational performance hurdles, in each case through a performance period ending on December 31, 2023. The performance-based LTIP units will vest when earned following the end of the performance period on December 31, 2023. On January 4, 2021, the Company also granted an aggregate of 113,703 service-based LTIP units to members of management pursuant to the 2015 Equity Incentive Plan, which will vest on December 31, 2023. The LTIP units are subject to the grantee's continued employment and the other terms of the awards.

Subsequent to December 31, 2020, the Company entered into forward sales transactions under the December 2019 ATM

Program for the sale of an additional 359,289 shares of its common stock that have not yet been settled. Subject to its right to elect

net share settlement, the Company expects to physically settle the forward sales transactions no later than February 2022. Assuming the forward sales transactions are physically settled in full utilizing a net weighted average initial forward sales price of $22.59 per

share, the Company expects to receive net proceeds of approximately $8.1 million, after deducting offering costs, subject to

adjustments in accordance with the applicable forward sale transaction.

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2020

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, 2020

(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	$	132	$	1,147	$	14,176	$	15,323	$	2,054	2005	6/17/2015
Alameda, CA	L		—		5,438		4,312		70,290		5,438		74,602		80,040		2,507	2019	8/1/2016
Albany, NY	O		—		1,801		11,544		291		1,801		11,835		13,636		1,798	2004	2/11/2015
Albany, NY	O		—		1,412		17,128		921		1,412		18,049		19,461		1,859	1998	11/22/2016
Albuquerque, NM	O		—		3,062		28,201		126		3,062		28,327		31,389		4,399	2011	2/17/2016
Albuquerque, NM	O		—		2,905		23,804		797		2,905		24,601		27,506		4,455	2006	2/11/2015
Albuquerque, NM	O		16,237		2,345		28,611		142		2,345		28,753		31,098		5,852	2011	2/11/2015
Aurora, CO	O		—		1,785		9,450		76		1,785		9,526		11,311		429	1998	1/7/2020
Arlington, VA	O		—		14,350		44,442		1,350		14,350		45,792		60,142		9,776	2009	2/11/2015
Bakersfield, CA	O		—		438		2,253		25		438		2,278		2,716		152	2000	10/16/2018
Baton Rouge, LA	OC		—		344		5,241		45		344		5,286		5,630		293	2004	10/16/2018
Baton Rouge, LA	O		—		565		8,733		—		565		8,733		9,298		20	1981 / 2020	12/1/2020
Billings, MT	O/W		—		1,722		42,708		—		1,722		42,708		44,430		27	2013	12/23/2020
Birmingham, AL	O		—		408		10,853		97		408		10,950		11,358		1,527	2005	7/1/2016
Birmingham, AL	O		—		755		22,537		803		755		23,340		24,095		2,867	2005	7/1/2016
Birmingham, AL	O		—		1,410		17,276		16		1,410		17,292		18,702		1,216	2014	11/9/2018
Buffalo, NY	O		—		246		80,913		1,339		246		82,252		82,498		8,329	2004	9/13/2018
Charleston, SC	C/O		—		1,325		21,189		350		1,325		21,539		22,864		1,179	1999	10/16/2018
Charleston, WV	O		—		551		13,732		753		551		14,485		15,036		1,037	1959 / 2000	9/13/2018
Chico, CA	OC		—		5,183		24,405		—		5,183		24,405		29,588		408	2019	4/30/2020
Clarksburg, WV	O		—		108		13,421		795		108		14,216		14,324		830	1999	9/13/2018
College Park, MD	L		—		4,927		28,037		348		4,927		28,385		33,312		1,495	2004	1/31/2019
Dallas, TX	O		—		1,005		14,546		319		1,005		14,865		15,870		2,842	2001	2/11/2015
Dallas, TX	L		—		2,753		23,848		1,265		2,753		25,113		27,866		3,094	2001	12/1/2015
Dallas, TX	O		—		740		8,191		124		740		8,315		9,055		587	2005	9/13/2018
Del Rio, TX	C/O		—		210		30,676		1,056		210		31,732		31,942		5,432	1992 / 2004	2/11/2015
Des Plaines, IL	O		—		1,742		9,325		295		1,742		9,620		11,362		789	1971 / 1999	9/13/2018
El Centro, CA	C/O		—		1,084		20,765		1,057		1,084		21,822		22,906		3,799	2004	2/11/2015
El Paso, TX	O/W		—		2,430		33,649		450		2,430		34,099		36,529		643	1998 -2005	3/26/2020
Fresno, CA	O		—		1,499		68,309		4,336		1,499		72,645		74,144		10,986	2003	2/11/2015
Golden, CO	O/W		9,002		4,080		8,933		180		4,080		9,113		13,193		898	1996 / 2011	5/24/2018
Jackson, TN	C/O		—		332		24,324		—		332		24,324		24,656		12	1998	12/24/2020
Jacksonville, FL	O		8,036		2,532		16,621		60		2,532		16,681		19,213		3,345	2010	2/11/2015
Kansas City, KS	L		—		828		33,035		699		828		33,734		34,562		4,131	2003	7/1/2016
Lakewood, CO	O		—		1,377		18,204		1,096		1,377		19,300		20,677		2,962	1999	4/1/2015
Lakewood, CO	O		—		1,521		32,865		733		1,521		33,598		35,119		6,219	2004	2/11/2015
Lenexa, KS	O		—		4,367		42,692		124		4,367		42,816		47,183		2,081	2007 / 2012	8/22/2019
Lenexa, KS	L		—		649		3,449		62,285		649		65,734		66,383		438	2020	5/27/2017

Easterly Government Properties, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2020

(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
Lincoln, NE	O		—		2,310		26,328		1,107		2,310		27,435		29,745		4,936	2005	11/12/2015
Little Rock, AR	O		—		2,278		19,318		354		2,278		19,672		21,950		3,657	2001	2/11/2015
Loma Linda, CA	OC		126,106		12,476		177,357		189		12,476		177,546		190,022		15,908	2016	6/1/2017
Lubbock, TX	W/D		—		541		972		—		541		972		1,513		195	2013	2/11/2015
Martinsburg, WV	O		—		1,700		13,294		82		1,700		13,376		15,076		2,341	2007	2/11/2015
Midland, GA	W/M	—			1,715		1,650		—		1,715		1,650		3,365		381	2014	2/11/2015
Mission Viejo, CA	O		—		1,454		1,690		147		1,454		1,837		3,291		470	2005	2/11/2015
Mobile, AL	O		—		2,045		20,400		110		2,045		20,510		22,555		144	2001	9/18/2020
Mobile, AL	OC		—		6,311		31,030		—		6,311		31,030		37,341		578	2018	4/3/2020
New Orleans, LA	O		—		664		24,471		165		664		24,636		25,300		1,014	1999 / 2006	5/9/2019
North Charleston, SC	O		16,337		963		34,987		419		963		35,406		36,369		5,821	1994 / 2012	2/11/2015
North Charleston, SC	W		—		918		14,033		—		918		14,033		14,951		57	2020	11/3/2020
Omaha, NE	O		—		4,635		41,319		972		4,635		42,291		46,926		8,470	2009	2/11/2015
Omaha, NE	O		—		1,517		14,156		320		1,517		14,476		15,993		2,106	2004	5/19/2016
Orange, CT	OC		—		3,098		23,613		—		3,098		23,613		26,711		656	2019	11/21/2019
Parkersburg, WV	O		—		365		52,200		376		365		52,576		52,941		3,811	2004 / 2006	9/13/2018
Pittsburgh, PA	O		—		384		24,877		1,349		384		26,226		26,610		1,515	2001	9/13/2018
Pittsburgh, PA	O		—		200		5,339		74		200		5,413		5,613		355	2004	9/13/2018
Pleasanton, CA	L		15,653		5,765		20,859		136		5,765		20,995		26,760		2,730	2015	10/21/2015
Portland, OR	O		—		4,913		75,794		543		4,913		76,337		81,250		4,270	2002	1/31/2019
Richmond, VA	O		—		3,041		23,931		566		3,041		24,497		27,538		3,830	2001	12/7/2015
Riverside, CA	O		—		1,983		6,755		236		1,983		6,991		8,974		1,283	1997	2/11/2015
Sacramento, CA	O		—		1,434		9,369		2,197		1,434		11,566		13,000		1,663	2002	2/11/2015
Salt Lake City, UT	O		—		2,049		79,955		340		2,049		80,295		82,344		7,471	2012	9/28/2017
San Antonio, TX	O		—		3,745		49,153		1,566		3,745		50,719		54,464		9,191	2007	2/11/2015
San Diego, CA	W		—		3,060		510		909		3,060		1,419		4,479		321	1999	2/11/2015
San Diego, CA	O		—		2,252		12,280		326		2,252		12,606		14,858		2,093	2001	9/11/2015
San Diego, CA	O		—		773		2,481		966		773		3,447		4,220		416	2003	2/11/2015
San Jose, CA	OC		—		10,419		52,750		6		10,419		52,756		63,175		3,261	2018	7/11/2018
Sandy, UT	L		—		2,361		31,574		87		2,361		31,661		34,022		3,534	2003	2/3/2017
Santa Ana, CA	O		—		6,413		8,635		543		6,413		9,178		15,591		1,754	2004	2/11/2015
Savannah, GA	L		11,500		3,220		10,687		219		3,220		10,906		14,126		1,829	2013	2/11/2015
South Bend, IN	C/O		—		514		6,590		305		514		6,895		7,409		767	1996 / 2011	12/23/2016
South Bend, IN	OC		—		3,954		38,503		20		3,954		38,523		42,477		3,011	2017	11/16/2017
Sterling, VA	L		—		2,556		21,817		60		2,556		21,877		24,433		1,051	2001	1/31/2019
Suffolk, VA	O		—		7,141		61,577		2,771		7,141		64,348		71,489		2,598	1993 / 2004	5/8/2019
Sunburst, MT	O		—		2,192		9,423		402		2,192		9,825		12,017		1,687	2008	2/11/2015
Tracy, CA	W		—		2,678		548		29,604		2,678		30,152		32,830		1,690	2018	10/4/2017
Tustin, CA	O		—		8,532		24,279		130		8,532		24,409		32,941		933	1979 / 2019	10/22/2019

Easterly Government Properties, Inc.

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2020

(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
Upper Marlboro, MD	L		—		5,054		18,301		154		5,054		18,455		23,509		991	2002	11/15/2018
Vista, CA	L		—		3,998		24,053		916		3,998		24,969		28,967		3,657	2002	2/11/2015
Various	Various		—		4,076		15,691		10,545		4,076		26,236		30,312		—	N/A	Various
		$	202,871	$	215,073	$	1,994,815	$	211,986	$	215,073	$	2,206,801	$	2,421,874	$	213,213

(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 $2,360.7 million and $275.2 million, respectively.

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

	Real Estate Properties			Accumulated Depreciation
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
Additions		426,516			51,132
Dispositions		(14,167	)		(892	)
Balance at December 31, 2019		2,144,795			156,069
Additions		285,882			58,437
Dispositions		(8,803	)		(1,293	)
Balance at December 31, 2020		2,421,874			213,213

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

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.

Deferred Revenue

Non-controlling Interests

Non-Controlling Interests

Revenue Recognition

Other income includes income on the associated tenant reimbursement construction projects, parking income and other miscellaneous income.

Income Taxes

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

	For the years ended December 31,
	2020				2019				2018
Net income	$	13,528			$	8,224			$	6,659
Book depreciation and amortization		93,367				92,248				66,260
Above/Below market lease amortization		(5,894	)			(6,320	)			(8,593	)
Straight-line rent and other non-cash adjustments		(3,377	)			(2,239	)			(5,619	)
Book/Tax differences on unearned rent		(2,585	)			1,646				3,714
Book/Tax differences on stock based compensation		3,634				4,156				3,039
Book/Tax differences on gain on sale of rental property		3,995				(6,245	)			—
Book/Tax differences on fee waiver income from seller		—				—				1,400
Book/Tax differences on lease inducement		864				—				—
Other book/tax differences, net		137				588				749
Tax depreciation		(52,152	)			(47,025	)			(34,612	)
Loss attributable to non-controlling interest		(6,750	)			(6,922	)			(6,021	)
Taxable income subject to distribution requirements	$	44,767		⁽¹⁾	$	38,111		⁽²⁾	$	26,976		⁽³⁾

(1)	The Company’s distributions are characterized as 53.63% ordinary taxable dividend and 46.37% return of capital.

(2)	The Company’s distributions are characterized as 51.47% ordinary taxable dividend and 48.53% return of capital.

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

Stock Based Compensation

Earnings Per Share of Common Stock Amount

Segments

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

Recently Adopted Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020				2019				2018
Net income	$	13,528			$	8,224			$	6,659
Book depreciation and amortization		93,367				92,248				66,260
Above/Below market lease amortization		(5,894	)			(6,320	)			(8,593	)
Straight-line rent and other non-cash adjustments		(3,377	)			(2,239	)			(5,619	)
Book/Tax differences on unearned rent		(2,585	)			1,646				3,714
Book/Tax differences on stock based compensation		3,634				4,156				3,039
Book/Tax differences on gain on sale of rental property		3,995				(6,245	)			—
Book/Tax differences on fee waiver income from seller		—				—				1,400
Book/Tax differences on lease inducement		864				—				—
Other book/tax differences, net		137				588				749
Tax depreciation		(52,152	)			(47,025	)			(34,612	)
Loss attributable to non-controlling interest		(6,750	)			(6,922	)			(6,021	)
Taxable income subject to distribution requirements	$	44,767		⁽¹⁾	$	38,111		⁽²⁾	$	26,976		⁽³⁾

(1)	The Company’s distributions are characterized as 53.63% ordinary taxable dividend and 46.37% return of capital.

(2)	The Company’s distributions are characterized as 51.47% ordinary taxable dividend and 48.53% return of capital.

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

Real Estate and Intangibles (Tables)

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Fair Values of Assets Acquired and Liabilities Assumed

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

	December 31, 2020			December 31, 2019
Real estate
Land	$	21,292		$	36,198
Building		200,593			290,788
Acquired tenant improvements		8,138			11,492
Total real estate		230,023			338,478
Intangible assets
In-place leases		16,218			36,384
Acquired leasing commissions		8,758			9,030
Above-market leases		6,553			161
Total intangible assets		31,529			45,575
Intangible liabilities
Below-market leases		(8,491	)		(1,492	)
Total intangible liabilities		(8,491	)		(1,492	)
Accounts payable, accrued expenses and other liabilities
Contingent consideration		(336	)		—
Purchase price		252,725			382,561

Schedule of Real Estate and Intangibles

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

	December 31, 2020			December 31, 2019
Real estate properties, net
Land	$	215,073		$	193,168
Building		2,103,808			1,824,998
Acquired tenant improvements		76,756			68,854
Construction in progress		26,237			57,775
Accumulated depreciation		(213,213	)		(156,069	)
Total Real estate properties, net	$	2,208,661		$	1,988,726
Intangible assets, net
In-place leases	$	254,870		$	240,223
Acquired leasing commissions		61,358			52,686
Above market leases		17,607			11,054
Accumulated amortization		(170,448	)		(135,338	)
Total Intangible assets, net	$	163,387		$	168,625
Intangible liabilities, net
Below market leases	$	(73,615	)	$	(65,459	)
Accumulated amortization		48,209			40,881
Total Intangible liabilities, net	$	(25,406	)	$	(24,578	)

Amortization of Total Intangible Assets and Intangible Liabilities

The projected amortization of total intangible assets and intangible liabilities as of December 31, 2020 are as follows (amounts in thousands):

	Total
Intangible assets
2021	$	25,028
2022		20,888
2023		18,985
2024		15,799
2025		13,841
Thereafter		68,846
	$	163,387
Intangible liabilities
2021	$	(5,832	)
2022		(4,223	)
2023		(4,024	)
2024		(2,877	)
2025		(2,170	)
Thereafter		(6,280	)
	$	(25,406	)

Summary of Scheduled Amortization Market Lease Intangibles

	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2021	$	1,514	$	(5,832	)
2022		1,424		(4,223	)
2023		1,400		(4,024	)
2024		1,314		(2,877	)
2025		1,258		(2,170	)

Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Summary of Borrowings

At December 31, 2020 and December 31, 2019, our consolidated borrowings consisted of the following (dollars in thousands):

	Principal Outstanding						Interest	Current
Loan	December 31, 2020			December 31, 2019			Rate ⁽¹⁾	Maturity
Revolving credit facility:
Revolving credit facility ⁽²⁾	$	79,250		$	-		L + 130bps	June 2022 ⁽³⁾
Total revolving credit facility		79,250			-

Term loan facilities:
2016 term loan facility		100,000			100,000		2.67% ⁽⁴⁾	March 2024
2018 term loan facility		150,000			150,000		3.96% ⁽⁵⁾	June 2023
Total term loan facilities		250,000			250,000
Less: Total unamortized deferred financing fees		(1,034	)		(1,398	)
Total term loan facilities, net		248,966			248,602

Notes payable:
2017 series A senior notes		95,000			95,000		4.05%	May 2027
2017 series B senior notes		50,000			50,000		4.15%	May 2029
2017 series C senior notes		30,000			30,000		4.30%	May 2032
2019 series A senior notes		85,000			85,000		3.73%	September 2029
2019 series B senior notes		100,000			100,000		3.83%	September 2031
2019 series C senior notes		90,000			90,000		3.98%	September 2034
Total notes payable		450,000			450,000
Less: Total unamortized deferred financing fees		(2,829	)		(3,073	)
Total notes payable, net		447,171			446,927

Mortgage notes payable:
DEA – Pleasanton		15,700			15,700		L + 150bps ⁽⁶⁾	October 2023
VA – Golden		9,011			9,179		5.00% ⁽⁶⁾	April 2024
MEPCOM – Jacksonville		7,926			8,946		4.41% ⁽⁶⁾	October 2025
USFS II – Albuquerque		15,914			16,255		4.46% ⁽⁶⁾	July 2026
ICE – Charleston		16,150			17,420		4.21% ⁽⁶⁾	January 2027
VA – Loma Linda		127,500			127,500		3.59% ⁽⁶⁾	July 2027
CBP – Savannah		11,991			12,755		3.40% ⁽⁶⁾	July 2033
Total mortgage notes payable		204,192			207,755
Less: Total unamortized deferred financing fees		(1,441	)		(1,641	)
Less: Total unamortized premium/discount		120			198
Total mortgage notes payable, net		202,871			206,312

Total debt	$	978,258		$	901,841

(1)

(2)

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

(4)	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 2.67% annually, based on the Company’s consolidated leverage ratio, as defined in our 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 3.96% annually, based on the Company’s consolidated leverage ratio, as defined in our 2018 term loan facility agreement.

(6)	Effective interest rates are as follows: DEA – Pleasanton 1.80%, VA – Golden 5.03%, MEPCOM – Jacksonville 3.89%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%.

Schedule of Aggregate Debt Maturities

The Company’s aggregate debt maturities based on outstanding principal as of December 31, 2020 are as follows (dollars in thousands):

	Total
2021	$	4,233
2022		84,547
2023		171,286
2024		114,126
2025		7,550
Thereafter		601,700
		983,442
Unamortized premium/discount & deferred financing		(5,184	)
	$	978,258

Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2020

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	2020			2019
$	100,000		1.41	%	One-Month LIBOR	March 29, 2017	September 29, 2023	$	(3,397	)	$	541
	150,000		2.71	%	One-Month LIBOR	December 13, 2018	June 19, 2023		(9,384	)		(5,837	)

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	2020			2019
Interest rate swaps-Asset	$	—		$	541
Interest rate swaps-Liability		(12,781	)		(5,837	)

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

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

	For the years ended December 31,
	2020			2019			2018
Unrealized loss recognized in AOCI	$	(11,554	)	$	(7,884	)	$	(713	)
Gain (loss) reclassified from AOCI into interest expense		(4,069	)		177			552

- 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
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

Reference 9: 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=121590274&loc=SL5579240-113959

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

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

	As of December 31, 2020
Balance Sheet Line Item	Level 1		Level 2			Level 3
Interest rate swaps - Asset	$	—	$	—		$	—
Interest rate swaps - Liability	$	—	$	(12,781	)	$	—

	As of December 31, 2019
Balance Sheet Line Item	Level 1		Level 2			Level 3
Interest rate swaps - Asset	$	—	$	541		$	—
Interest rate swaps - Liability	$	—	$	(5,837	)	$	—

Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Summary of Non-vested Common Share Awards

A summary of our non-vested common share awards at December 31, 2020, 2019 and 2018 is as follows:

	Restricted Shares			Restricted Shares Weighted average grant date fair value		LTIP Units ⁽¹⁾			LTIP Units Weighted average grant date fair value
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
Vested		(21,784	)	$	20.81		(562,803	)	$	10.97
Granted		89,961			17.49		243,341			19.75
Forfeited		—			—		(32,448	)		19.15
Outstanding, December 31, 2019		92,197		$	17.55		284,471		$	18.66
Vested		(24,236	)	$	18.36		(27,732	)	$	18.34
Granted		21,930			25.85		235,441			21.17
Forfeited		—			—		—			—
Outstanding, December 31, 2020		89,891		$	19.36		492,180		$	19.88

(1)

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

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 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
Q1 2019	May 2, 2019	June 10, 2019	June 27, 2019		0.26
Q2 2019	July 31, 2019	September 12, 2019	September 26, 2019		0.26
Q3 2019	October 30, 2019	November 13, 2019	December 27, 2019		0.26
Q4 2019	February 19, 2020	March 5, 2020	March 26, 2020		0.26
Q1 2020	April 29, 2020	May 14, 2020	June 25, 2020		0.26
Q2 2020	July 29, 2020	August 13, 2020	September 11, 2020		0.26
Q3 2020	October 27,2020	November 11, 2020	December 11, 2020		0.26
Q4 2020	February 18, 2021	March 5, 2021	March 17, 2021		0.26

Schedule of Information with Respect to ATM Program

	March 2019 ATM Program				December 2019 ATM Program
For the Three Months Ended:	Number of Shares Issued⁽¹⁾		Net Proceeds⁽¹⁾		Number of Shares Issued⁽¹⁾		Net Proceeds⁽¹⁾
March 31, 2020		200,000	$	4,835		—	$	—
June 30, 2020		3,920,992		88,939		551,200		14,455
September 30, 2020		—		—		1,475,991		33,541
December 31, 2020		—		—		848,641		18,634
Total		4,120,992	$	93,774		2,875,832	$	66,630

(1)

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020, 2019 and 2018 (dollars in thousands, except per share amounts):

	For the years ended December 31,
	2020			2019			2018
Numerator
Net income (loss)	$	13,528		$	8,224		$	6,659
Less: Non-controlling interest in Operating Partnership		(1,567	)		(1,017	)		(955	)
Net income (loss) available to Easterly Government Properties, Inc.		11,961			7,207			5,704
Less: Dividends on participating securities		(289	)		(119	)		(1,123	)
Net income (loss) available to common stockholders	$	11,672		$	7,088		$	4,581
Denominator for basic EPS		78,219,491			68,769,526			53,511,137
Dilutive effect of share-based compensation awards		55,567			22,855			9,510
Dilutive effect of LTIP units ⁽¹⁾		507,050			416,585			1,135,544
Dilutive effect of shares issuable under forward sales agreements ⁽²⁾		9,345			—			275,189
Denominator for diluted EPS		78,791,453			69,208,966			54,931,380
Basic EPS	$	0.15		$	0.10		$	0.09
Diluted EPS	$	0.15		$	0.10		$	0.08

(1)

(2)

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

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

The following table summarizes the maturity of fixed lease payments under the Company’s leases as of December 31, 2020 (dollars in thousands):

	Payments due by period
	Total		2021		2022		2023		2024		2025		Thereafter
Fixed lease payments	$	1,716,580		199,111		178,195		166,341		149,263		139,246		884,424

Schedule of Information about Leases for Development Properties

Information about our leases for our development property as of December 31, 2020 is set forth in the table below:

Property Name

Location

Tenant

Property

Type ⁽¹⁾

Lease Term

Estimated Leased

Square

Feet

FDA - Atlanta

Atlanta, GA

Food and Drug Administration

20-year

162,000

Total

162,000

Schedule of Quantitative Information for Company's Operating Leases

The following table provides quantitative information for the Company’s commenced operating leases for the year ended December 31, 2020 and 2019 (dollars in thousands):

	For the year ended December 31,			For the year ended December 31,
	2020			2019
Operating leases costs	$	458		$	461

Other Information
Weighted average remaining lease term (in years)	1.01			1.91
Weighted average discount rate		3.83	%		3.84	%

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

In addition, the maturity of fixed lease payments under the Company’s commenced corporate office leases as of December 31, 2020 is summarized in the table below (dollars in thousands):

	Payments due by period
	Total		2021		2022		2023		2024		2025		Thereafter
Fixed lease payments	$	417		352		65		—		—		—		—

Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Summary of Revenue from Tenant Construction Projects Disaggregated by Tenant Agency

The table below sets forth revenue from tenant construction projects disaggregated by tenant agency for the years ended December 31, 2020, 2019, and 2018 (in thousands).

	For the year ended December 31,		For the year ended December 31,		For the year ended December 31,
Tenant	2020		2019		2018
Federal Bureau of Investigation ("FBI")	$	2,040	$	4,021	$	1,317
Department of Veteran Affairs ("VA")		1,135		1,528		2,896
Environmental Protection Agency ("EPA")		572		30		4
Federal Emergency Management Agency ("FEMA")		422		136		—
Food and Drug Administration ("FDA")		266		5,104		—
Immigration and Customs Enforcement ("ICE")		144		53		9
National Park Service ("NPS")		116		—		40
U.S. Joint Staff Command ("JSC")		89		—		—
Internal Revenue Service ("IRS")		77		18		1
Military Entrance Processing Command ("MEPCOM")		68		—		—
Bureau of the Fiscal Service ("BFS")		34		46		—
General Services Administration - Other		25		1		—
Customs and Border Protection ("CBP")		23		23		—
Social Security Administration ("SSA")		19		146		31
The Judiciary of the U.S. Government ("JUD")		12		40		201
Department of Transportation ("DOT")		8		137		1
Patent and Trademark Office ("PTO")		8		—		—
U.S. Citizenship and Immigration Services ("USCIS")		—		158		39
Drug Enforcement Administration ("DEA")		—		127		375
Small Business Administration ("SBA")		—		68		—
Department of Labor ("DOL")		—		26		—
U.S. Coast Guard ("USCG")		—		22		6
U.S. Forest Service ("USFS")		—		16		577
Bonneville Power Administration ("BPA")		—		1		—
National Labor Relations Board ("NLRB")		—		—		18
	$	5,058	$	11,701	$	5,515

Organization and Basis of Presentation - Additional Information (Detail) ft² in Millions	12 Months Ended
	Dec. 31, 2020 ft² Property
Easterly Government Properties LP [Member]
Organization And Significant Accounting Policies [Line Items]
Outstanding common units of aggregate limited partnership interest owned percentage	88.80%
Wholly Owned Operating Properties [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	79
Leased percentage of operating properties	99.00%
Aggregate area of land \| ft²	7.3
Wholly Owned Operating Properties [Member] \| Government [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	77
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	1
Aggregate area of land \| ft²	0.2

Summary of Significant Accounting Policies - Summary of Range of useful Lives For Depreciable Assets (Detail)	12 Months Ended
	Dec. 31, 2020
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)	12 Months Ended
	Dec. 31, 2020
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, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Net income	$ 13,528	$ 8,224	$ 6,659
Book depreciation and amortization	93,367	92,248	66,260
Above/Below market lease amortization	(5,894)	(6,320)	(8,593)
Straight-line rent and other non-cash adjustments	(3,377)	(2,239)	(5,619)
Book/Tax differences on unearned rent	(2,585)	1,646	3,714
Book/Tax differences on stock based compensation	3,634	4,156	3,039
Book/Tax differences on gain on sale of rental property	3,995	(6,245)
Book/Tax differences on fee waiver income from seller			1,400
Book/Tax differences on lease inducement	864
Other book/tax differences, net	137	588	749
Tax depreciation	(52,152)	(47,025)	(34,612)
Loss attributable to non-controlling interest	(6,750)	(6,922)	(6,021)
Taxable income subject to distribution requirements	$ 44,767	$ 38,111	$ 26,976

Summary of Significant Accounting Policies - Reconciliation of GAAP Net Income to Taxable Income (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Ordinary taxable dividend	53.63%	51.47%	45.83%
Return of capital	46.37%	48.53%	54.17%

Real Estate and Intangibles - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) ft² Property	Dec. 31, 2019 USD ($) Property	Dec. 31, 2018 USD ($)	Sep. 25, 2020	Aug. 27, 2019
Real Estate Properties [Line Items]
Revenues	$ 245,078	$ 221,722	$ 160,591
Net income available to Easterly Government Properties, Inc.	11,961	7,207	5,704
Acquisition-related expenses	2,087	1,738	$ 1,579
Net proceeds from the sale of operating property	3,515	19,943
Gain (loss) on the sale of operating property	(3,995)	6,245
Lease term					20 years
Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Revenues	11,500	22,500
Net income available to Easterly Government Properties, Inc.	3,800	4,100
Acquisition-related expenses	2,100	1,700
Net proceeds from the sale of operating property	3,500
Gain (loss) on the sale of operating property	$ 4,000
Lease term				20 years	20 years
Operating Properties Acquired [Member] \| Lincoln, Nebraska [Member]
Real Estate Properties [Line Items]
Area of properties acquired \| ft²	597,426
Operating Properties Acquired [Member] \| CBP Chula Vista [Member]
Real Estate Properties [Line Items]
Net proceeds from the sale of operating property		19,900
Gain (loss) on the sale of operating property		$ 6,200
FDA Atlanta [Member]
Real Estate Properties [Line Items]
Number of properties \| Property		1
Tricare – Aurora, FBI/DEA – El Paso, VA – Mobile, VA – Chico, FBI – Mobile, VA – North Charleston, HRSA – Baton Rouge, DOI – Billings and JUD – Jackson [Member] \| Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Number of properties \| Property	9
Purchase price	$ 252,700
Weighted average amortization period	10 years 4 months 20 days
DEA - Sterling, FDA - College Park, Various GSA - Portland, JSC – Suffolk, FBI – New Orleans, EPA – Lenexa, USCIS – Tustin, and VA – Orange [Member] \| Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Number of properties \| Property		8
Purchase price		$ 382,600
Weighted average amortization period		8 years 3 months 10 days

Real Estate and Intangibles - Fair Values of Assets Acquired and Liabilities Assumed (Detail) - Operating Properties Acquired [Member] - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Tricare – Aurora, FBI/DEA – El Paso, VA – Mobile, VA – Chico, FBI – Mobile, VA – North Charleston, HRSA – Baton Rouge, DOI – Billings and JUD – Jackson [Member]
Business Acquisition [Line Items]
Total real estate	$ 230,023
Total intangible assets	31,529
Total intangible liabilities	(8,491)
Contingent consideration	(336)
Purchase price	252,725
DEA - Sterling, FDA - College Park, Various GSA - Portland, JSC – Suffolk, FBI – New Orleans, EPA – Lenexa, USCIS – Tustin, and VA – Orange [Member]
Business Acquisition [Line Items]
Total real estate		$ 338,478
Total intangible assets		45,575
Total intangible liabilities		(1,492)
Purchase price		382,561
Real Estate Investment [Member] \| Tricare – Aurora, FBI/DEA – El Paso, VA – Mobile, VA – Chico, FBI – Mobile, VA – North Charleston, HRSA – Baton Rouge, DOI – Billings and JUD – Jackson [Member]
Business Acquisition [Line Items]
Land	21,292
Building	200,593
Acquired tenant improvements	8,138
Real Estate Investment [Member] \| DEA - Sterling, FDA - College Park, Various GSA - Portland, JSC – Suffolk, FBI – New Orleans, EPA – Lenexa, USCIS – Tustin, and VA – Orange [Member]
Business Acquisition [Line Items]
Land		36,198
Building		290,788
Acquired tenant improvements		11,492
In-place leases [Member] \| Tricare – Aurora, FBI/DEA – El Paso, VA – Mobile, VA – Chico, FBI – Mobile, VA – North Charleston, HRSA – Baton Rouge, DOI – Billings and JUD – Jackson [Member]
Business Acquisition [Line Items]
Total intangible assets	16,218
In-place leases [Member] \| DEA - Sterling, FDA - College Park, Various GSA - Portland, JSC – Suffolk, FBI – New Orleans, EPA – Lenexa, USCIS – Tustin, and VA – Orange [Member]
Business Acquisition [Line Items]
Total intangible assets		36,384
Acquired Leasing Commissions [Member] \| Tricare – Aurora, FBI/DEA – El Paso, VA – Mobile, VA – Chico, FBI – Mobile, VA – North Charleston, HRSA – Baton Rouge, DOI – Billings and JUD – Jackson [Member]
Business Acquisition [Line Items]
Total intangible assets	8,758
Acquired Leasing Commissions [Member] \| DEA - Sterling, FDA - College Park, Various GSA - Portland, JSC – Suffolk, FBI – New Orleans, EPA – Lenexa, USCIS – Tustin, and VA – Orange [Member]
Business Acquisition [Line Items]
Total intangible assets		9,030
Above Market Leases [Member] \| Tricare – Aurora, FBI/DEA – El Paso, VA – Mobile, VA – Chico, FBI – Mobile, VA – North Charleston, HRSA – Baton Rouge, DOI – Billings and JUD – Jackson [Member]
Business Acquisition [Line Items]
Total intangible assets	6,553
Above Market Leases [Member] \| DEA - Sterling, FDA - College Park, Various GSA - Portland, JSC – Suffolk, FBI – New Orleans, EPA – Lenexa, USCIS – Tustin, and VA – Orange [Member]
Business Acquisition [Line Items]
Total intangible assets		161
Below Market Leases [Member] \| Tricare – Aurora, FBI/DEA – El Paso, VA – Mobile, VA – Chico, FBI – Mobile, VA – North Charleston, HRSA – Baton Rouge, DOI – Billings and JUD – Jackson [Member]
Business Acquisition [Line Items]
Total intangible liabilities	$ (8,491)
Below Market Leases [Member] \| DEA - Sterling, FDA - College Park, Various GSA - Portland, JSC – Suffolk, FBI – New Orleans, EPA – Lenexa, USCIS – Tustin, and VA – Orange [Member]
Business Acquisition [Line Items]
Total intangible liabilities		$ (1,492)

Real Estate and Intangibles - Schedule of Real Estate and Intangibles (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real estate properties, net
Land	$ 215,073	$ 193,168
Building	2,103,808	1,824,998
Acquired tenant improvements	76,756	68,854
Construction in progress	26,237	57,775
Accumulated depreciation	(213,213)	(156,069)
Total Real estate properties, net	2,208,661	1,988,726
Intangible assets, net
Accumulated amortization	(170,448)	(135,338)
Total Intangible assets, net	163,387	168,625
Intangible liabilities, net
Intangible Liabilities, Below market leases	(73,615)	(65,459)
Intangible Liabilities, Accumulated amortization	48,209	40,881
Total Intangible liabilities, net	(25,406)	(24,578)
In-place leases [Member]
Intangible assets, net
Above market leases	254,870	240,223
Acquired Leasing Commissions [Member]
Intangible assets, net
Above market leases	61,358	52,686
Above Market Leases [Member]
Intangible assets, net
Above market leases	$ 17,607	$ 11,054

Real Estate and Intangibles - Amortization of Total Intangible Assets and Intangible Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Intangible assets, 2020	$ 25,028
Intangible assets, 2021	20,888
Intangible assets, 2022	18,985
Intangible assets, 2023	15,799
Intangible assets, 2024	13,841
Intangible assets, Thereafter	68,846
Intangible assets, Total	163,387
Intangible liabilities, 2020	(5,832)
Intangible liabilities, 2021	(4,223)
Intangible liabilities, 2022	(4,024)
Intangible liabilities, 2023	(2,877)
Intangible liabilities, 2024	(2,170)
Intangible liabilities, Thereafter	(6,280)
Intangible liabilities, Total	$ (25,406)	$ (24,578)

Real Estate and Intangibles - Summary of Scheduled Amortization Market Lease Intangibles (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Acquired Above-Market Lease Intangibles
2021	$ 1,514
2022	1,424
2023	1,400
2024	1,314
2025	1,258
Acquired Below-Market Lease Intangibles
2021	(5,832)
2022	(4,223)
2023	(4,024)
2024	(2,877)
2025	$ (2,170)

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

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Debt Instrument [Line Items]

Revolving credit facility

$ 79,250

Loan, Principal Outstanding

983,442

Less: Total unamortized deferred financing fees

(1,039)

$ (1,749)

Total term loan facilities, net, Principal Outstanding

248,966

248,602

Total notes payable, net, Principal Outstanding

447,171

446,927

Total mortgage notes payable, net, Principal Outstanding

202,871

206,312

Total debt, Principal Outstanding

978,258

901,841

Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Revolving credit facility

^[1]

$ 79,250

Loan, Interest Rate

^[1],[2]

L + 130bps

Loan, Current Maturity

^[1],[3]

2022-06

2016 Term Loan Facility [Member]

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 100,000

100,000

Loan, Interest Rate

^[2],[4]

2.67%

Loan, Current Maturity

^[4]

2024-03

2018 Term Loan Facility [Member]

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 150,000

150,000

Loan, Interest Rate

^[2],[5]

3.96%

Loan, Current Maturity

2023-06

Term Loan Facility [Member]

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 250,000

250,000

Less: Total unamortized deferred financing fees

(1,034)

(1,398)

Total term loan facilities, net, Principal Outstanding

248,966

248,602

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

95,000

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

50,000

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

30,000

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

85,000

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

100,000

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

90,000

Notes Payable [Member]

Debt Instrument [Line Items]

Loan, Principal Outstanding

450,000

Less: Total unamortized deferred financing fees

(2,829)

(3,073)

Mortgage Notes Payable [Member]

Debt Instrument [Line Items]

Loan, Principal Outstanding

204,192

207,755

Less: Total unamortized deferred financing fees

(1,441)

(1,641)

Less: Total unamortized premium/discount

120

198

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 11,991

12,755

Loan, Interest Rate

^[2],[6]

3.40%

Loan, Current Maturity

2033-07

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 16,150

17,420

Loan, Interest Rate

^[2],[6]

4.21%

Loan, Current Maturity

2027-01

Mortgage Notes Payable [Member] | MEPCOM Jacksonville [Member]

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 7,926

8,946

Loan, Interest Rate

^[2],[6]

4.41%

Loan, Current Maturity

2025-10

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 15,914

16,255

Loan, Interest Rate

^[2],[6]

4.46%

Loan, Current Maturity

2026-07

Mortgage Notes Payable [Member] | DEA Pleasanton [Member]

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 15,700

15,700

Loan, Interest Rate

^[2],[6]

L + 150bps

Loan, Current Maturity

2023-10

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 127,500

127,500

Loan, Interest Rate

^[2],[6]

3.59%

Loan, Current Maturity

2027-07

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 9,011

$ 9,179

Loan, Interest Rate

^[2],[6]

5.00%

Loan, Current Maturity

2024-04

2017 series A senior notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[2]

4.05%

Loan, Current Maturity

2027-05

2017 series B senior notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[2]

4.15%

Loan, Current Maturity

2029-05

2017 series C senior notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[2]

4.30%

Loan, Current Maturity

2032-05

2019 series A senior notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[2]

3.73%

Loan, Current Maturity

2029-09

2019 series B senior notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[2]

3.83%

Loan, Current Maturity

2031-09

2019 series C senior notes [Member]

Debt Instrument [Line Items]

Loan, Interest Rate

^[2]

3.98%

Loan, Current Maturity

2034-09

[1]	Our revolving credit facility had available capacity of $370.7 million and $450.0 million at December 31, 2020 and 2019, respectively, with an accordion feature that permits us to request additional lender commitments for to $250.0 million of additional capacity, subject to the satisfaction of customary terms and conditions.
[2]	Current interest rates as of December 31, 2020. At December 31, 2020 and 2019, the one-month LIBOR (“L”) was 0.14% and 1.76%, 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 the $450.0 million senior unsecured revolving credit facility (our “revolving credit facility”), the $150.0 million senior unsecured term loan facility (our “2018 term loan facility”) and the $100.0 million senior unsecured term loan facility (our “2016 term loan facility”) is based on the Company’s consolidated leverage ratio, as defined in the respective loan agreements.
[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 2.67% annually, based on the Company’s consolidated leverage ratio, as defined in our 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 3.96% annually, based on the Company’s consolidated leverage ratio, as defined in our 2018 term loan facility agreement.
[6]	Effective interest rates are as follows: DEA – Pleasanton 1.80%, VA – Golden 5.03%, MEPCOM – Jacksonville 3.89%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%.

Debt - Summary of Borrowings (Parenthetical) (Detail)		12 Months Ended
Debt - Summary of Borrowings (Parenthetical) (Detail)	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($) Swap	Dec. 31, 2019 USD ($)
CBP Savannah [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate		4.12%
ICE Charleston [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate		3.93%
MEPCOM Jacksonville [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate		3.89%
USFS II Albuquerque [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate		3.92%
DEA Pleasanton [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate		1.80%
VA Loma Linda [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate		3.78%
VA Golden [Member] \| Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rate		5.03%
2018 Term Loan Facility [Member]
Debt Instrument [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity		$ 150,000,000.0
2018 Term Loan Facility [Member] \| Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps \| Swap		4
Forward swaps effective date	Dec. 13, 2018
Aggregate notional value of interest rate swaps		$ 150,000,000.0
Forward swaps interest rate		3.96%
2016 Term Loan Facility [Member]
Debt Instrument [Line Items]
Line Of Credit Facility Accordion Feature Additional Borrowing Capacity		$ 100,000,000.0
2016 Term Loan Facility [Member] \| Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps \| Swap		2
Forward swaps effective date	Mar. 29, 2017
Aggregate notional value of interest rate swaps		$ 100,000,000.0
Forward swaps interest rate		2.67%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity		$ 450,000,000.0
Line Of Credit Facility Accordion Feature Additional Borrowing Capacity		250,000,000.0
Amount available under revolving credit facility	$ 450,000,000.0	$ 370,700,000	$ 450,000,000.0
Line of Credit Facility, Description		Revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.
LIBOR [Member]
Debt Instrument [Line Items]
Loan, interest rate		0.14%	1.76%

Debt - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2020	Sep. 12, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Senior unsecured notes, Principal amount		$ 983,442
Fair value of notes payable	$ 471,700	506,900
Private Placement [Member] \| 3.73% Senior Notes, Series A, due September 12, 2029 [Member]
Debt Instrument [Line Items]
Senior unsecured notes, Maturity date	2029-09
Private Placement [Member] \| 3.83% Senior Notes, Series B, due September 12, 2031 [Member]
Debt Instrument [Line Items]
Senior unsecured notes, Maturity date	2031-09
Private Placement [Member] \| 3.98% Senior Notes, Series C, due September 12, 2034 [Member]
Debt Instrument [Line Items]
Senior unsecured notes, Maturity date	2034-09
Senior Unsecured Notes Payable [Member] \| Private Placement [Member]
Debt Instrument [Line Items]
Senior unsecured notes, Principal amount			$ 275,000
Senior Unsecured Notes Payable [Member] \| Private Placement [Member] \| 3.73% Senior Notes, Series A, due September 12, 2029 [Member]
Debt Instrument [Line Items]
Senior unsecured notes, Principal amount			$ 85,000
Senior unsecured notes, Interest rate			3.73%
Senior Unsecured Notes Payable [Member] \| Private Placement [Member] \| 3.83% Senior Notes, Series B, due September 12, 2031 [Member]
Debt Instrument [Line Items]
Senior unsecured notes, Principal amount			$ 100,000
Senior unsecured notes, Interest rate			3.83%
Senior Unsecured Notes Payable [Member] \| Private Placement [Member] \| 3.98% Senior Notes, Series C, due September 12, 2034 [Member]
Debt Instrument [Line Items]
Senior unsecured notes, Principal amount			$ 90,000
Senior unsecured notes, Interest rate			3.98%
2016 Term Loan Facility [Member]
Debt Instrument [Line Items]
Fair value of debt	$ 100,000	99,400
2018 Term Loan Facility [Member]
Debt Instrument [Line Items]
Fair value of debt	149,200	149,200		$ 150,000
Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Senior unsecured notes, Principal amount	207,755	204,192
Fair value of debt	$ 212,500	$ 215,100

Debt - Schedule of Aggregate Debt Maturities (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 4,233
2022	84,547
2023	171,286
2024	114,126
2025	7,550
Thereafter	601,700
Debt instrument carrying amount	983,442
Unamortized premium/discount & deferred financing	(5,184)
Total debt, Principal Outstanding	$ 978,258	$ 901,841

Derivative and Hedging Activities - Schedule of Key Terms and Fair Values of Our Interest Rate Swap Derivatives (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
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	$ (3,397,000)	$ 541,000
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	$ (9,384,000)	$ (5,837,000)

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, 2020	Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest rate swaps-Asset		$ 541
Interest rate swaps-Liability	$ (12,781)	$ (5,837)

Derivative and Hedging Activities - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Estimates reclassified from accumulated other comprehensive income (loss) increase to interest expense over the next 12 months	$ 5.2
Credit risk related contingent features derivatives, net fair value of derivatives in liability position	13.2
Breach of agreement termination value	$ 13.2

Derivative and Hedging Activities - Schedule of Effects of Our Interest Rate Derivatives on Our Consolidated Statements of Operations and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Unrealized loss recognized in AOCI	$ (11,554)	$ (7,884)	$ (713)
Gain (loss) reclassified from AOCI into interest expense	$ (4,069)	$ 177	$ 552

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps - Asset		$ 541
Interest rate swaps - Liability	$ (12,781)	(5,837)
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		541
Interest rate swaps - Liability	$ (12,781)	$ (5,837)

Equity - Additional Information (Detail)
$ in Millions

1 Months Ended

12 Months Ended

May 11, 2020

Mar. 26, 2020

Mar. 23, 2020

Jan. 03, 2020

Dec. 20, 2019

USD ($)

Dec. 19, 2019

Jun. 14, 2019

USD ($)

Jun. 13, 2019

Mar. 27, 2019

USD ($)

Mar. 11, 2019

Mar. 04, 2019

USD ($)

Jan. 18, 2019

Tranche

Nov. 09, 2018

Jun. 21, 2018

USD ($)

Apr. 03, 2018

Jan. 04, 2018

Tranche

Feb. 26, 2016

May 06, 2015

Jan. 31, 2020

Dec. 31, 2019

Jan. 31, 2019

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Dec. 31, 2017

May 09, 2017

Stockholders Equity Note Disclosure [Line Items]

Stock-based awards with respect to equity incentive plans

2,273,959

Cash based awards with respect to equity incentive plans | $

$ 5.0

Unrecognized compensation expense | $

$ 5.1

Risk-free rate

1.70%

1.73%

2.60%

2.10%

Expected volatility assumption

16.00%

19.00%

16.00%

Expected dividend yield

4.80%

4.90%

5.60%

5.00%

Common Stock, shares issued

74,832,292

82,106,256

74,832,292

Contribution of property for common units, partial consideration

870,730

Easterly Funds [Member]

Stockholders Equity Note Disclosure [Line Items]

Redemption of common units to common stock (in share)

255,210

396,929

658,801

Underwritten Public Offering [Member]

Stockholders Equity Note Disclosure [Line Items]

Common Stock, shares issued

20,700,000

Shares offered directly by the company

13,700,000

Underwriters option to purchase additional shares

2,700,000

Gross proceeds from shares sold to underwriters | $

$ 252.9

Forward Sales Agreement [Member]

Stockholders Equity Note Disclosure [Line Items]

Common Stock, shares issued

6,700,000

7,000,000

Proceeds from issuance initial public offering | $

$ 5.3

$ 119.2

Number of shares remain available under forward contract

300,000

Non-employee Director [Member]

Stockholders Equity Note Disclosure [Line Items]

Grant of unvested restricted stock

19,092

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

Grant of unvested restricted stock

10,840

Compensation expense recognized | $

$ 4.1

$ 4.9

$ 3.0

Common Stock, shares issued

2015 Equity Incentive Plan [Member] | Employee [Member]

Stockholders Equity Note Disclosure [Line Items]

Grant of unvested restricted stock

2,905

3,080

2,236

Restricted common stock grants, vesting description

The shares of restricted common stock 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]

Grant of unvested restricted stock

19,025

22,000

2017 and 2019 ATM Programs [Member]

Stockholders Equity Note Disclosure [Line Items]

Aggregate offering price of shares of common stock that the company may issue and sell | $

$ 200.0

December 2019 ATM Program [Member]

Stockholders Equity Note Disclosure [Line Items]

Aggregate offering price of shares of common stock that the company may issue and sell | $

$ 300.0

March 2019 ATM Program [Member]

Stockholders Equity Note Disclosure [Line Items]

Gross sale of common stock available for grant | $

$ 0.0

December 2019 ATM Program [Member]

Stockholders Equity Note Disclosure [Line Items]

Gross sale of common stock available for grant | $

$ 140.6

Restricted Shares [Member]

Stockholders Equity Note Disclosure [Line Items]

LTIP units of limited partnership interest, granted

21,930

89,961

21,328

Restricted stock granted

21,930

89,961

21,328

Restricted Shares [Member] | 2015 Equity Incentive Plan [Member]

Stockholders Equity Note Disclosure [Line Items]

LTIP units of limited partnership interest, granted

54,041

Restricted stock granted

54,041

Restricted Common Stock [Member]

Stockholders Equity Note Disclosure [Line Items]

LTIP units of limited partnership interest, granted

^[1]

235,441

243,341

173,381

Aggregate LTIP units earned, during the period

2,079,297

Number of tranches | Tranche

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

Aggregate LTIP units forfeited during the period

^[1]

32,448

Restricted stock granted

^[1]

235,441

243,341

173,381

Restricted Common Stock [Member] | 2015 Equity Incentive Plan [Member]

Stockholders Equity Note Disclosure [Line Items]

LTIP units of limited partnership interest, granted

89,242

99,803

143,538

40,000

891,000

Aggregate LTIP units earned, during the period

172,442

122,159

Aggregate performance-based units granted

146,199

173,381

Number of tranches | Tranche

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

Aggregate LTIP units forfeited during the period

32,448

Restricted stock granted

89,242

99,803

143,538

40,000

891,000

Performance Based LTIP Units[Member]

Stockholders Equity Note Disclosure [Line Items]

Operating partnership dividend rate percentage

10.00%

Service Based LTIP Units[Member]

Stockholders Equity Note Disclosure [Line Items]

Operating partnership dividend rate percentage

100.00%

Tranche One [Member] | Restricted Shares [Member] | 2015 Equity Incentive Plan [Member]

Stockholders Equity Note Disclosure [Line Items]

LTIP units of limited partnership interest, granted

17,645

Restricted stock granted

17,645

Tranche One [Member] | Restricted Common Stock [Member]

Stockholders Equity Note Disclosure [Line Items]

LTIP units of limited partnership interest, granted

45,238

Percentage of shares vest under long term incentive plan

50.00%

Aggregate performance-based units granted

81,693

Restricted stock granted

45,238

Tranche One [Member] | Restricted Common Stock [Member] | 2015 Equity Incentive Plan [Member]

Stockholders Equity Note Disclosure [Line Items]

Aggregate LTIP units earned, during the period

98,776

Aggregate performance-based units granted

32,448

Tranche Two [Member] | Restricted Shares [Member] | 2015 Equity Incentive Plan [Member]

Stockholders Equity Note Disclosure [Line Items]

LTIP units of limited partnership interest, granted

36,396

Restricted stock granted

36,396

Tranche Two [Member] | Restricted Common Stock [Member]

Stockholders Equity Note Disclosure [Line Items]

LTIP units of limited partnership interest, granted

98,300

Percentage of shares vest under long term incentive plan

50.00%

Aggregate performance-based units granted

64,506

Restricted stock granted

98,300

Tranche Two [Member] | Restricted Common Stock [Member] | 2015 Equity Incentive Plan [Member]

Stockholders Equity Note Disclosure [Line Items]

Aggregate performance-based units granted

55,463

Tranche Three [Member] | Restricted Common Stock [Member] | 2015 Equity Incentive Plan [Member]

Stockholders Equity Note Disclosure [Line Items]

Aggregate performance-based units granted

85,470

Vesting on January 16, 2020 [Member] | Restricted Common Stock [Member] | 2015 Equity Incentive Plan [Member]

Stockholders Equity Note Disclosure [Line Items]

Percentage of shares vest under long term incentive plan

50.00%

Vesting on January 4, 2021 [Member] | Restricted Common Stock [Member] | 2015 Equity Incentive Plan [Member]

Stockholders Equity Note Disclosure [Line Items]

Percentage of shares vest under long term incentive plan

50.00%

Vesting on January 19, 2021 [Member] | Restricted Common Stock [Member] | 2015 Equity Incentive Plan [Member]

Stockholders Equity Note Disclosure [Line Items]

Percentage of shares vest under long term incentive plan

50.00%

Vesting on January 4, 2022 [Member] | Restricted Common Stock [Member] | 2015 Equity Incentive Plan [Member]

Stockholders Equity Note Disclosure [Line Items]

Percentage of shares vest under long term incentive plan

50.00%

Vesting on January 2, 2022 [Member] | Restricted Common Stock [Member] | 2015 Equity Incentive Plan [Member]

Stockholders Equity Note Disclosure [Line Items]

Percentage of shares vest under long term incentive plan

50.00%

TREAS - Birmingham [Member]

Stockholders Equity Note Disclosure [Line Items]

Number of shares acquired on partial consideration

271,918

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

Equity - Summary of Non-vested Common Share Awards (Detail) - $ / shares

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Restricted Shares [Member]

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

Shares/Units, Outstanding beginning balance

92,197

24,020

17,912

Shares/Units, Vested

(24,236)

(21,784)

(15,220)

Restricted stock granted

21,930

89,961

21,328

Shares/Units, Outstanding ending balance

89,891

92,197

24,020

Weighted average grant date fair value, Outstanding beginning balance

$ 17.55

$ 20.74

$ 19.72

Weighted average grant date fair value, Vested

18.36

20.81

19.71

Weighted average grant date fair value, Granted

25.85

17.49

20.87

Weighted average grant date fair value, Outstanding ending balance

$ 19.36

$ 17.55

$ 20.74

Long Term Incentive Plan [Member]

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

Shares/Units, Outstanding beginning balance

^[1]

284,471

636,381

926,000

Shares/Units, Vested

^[1]

(27,732)

(562,803)

(463,000)

Restricted stock granted

^[1]

235,441

243,341

173,381

Shares/Units, Forfeited

^[1]

(32,448)

Shares/Units, Outstanding ending balance

^[1]

492,180

284,471

636,381

Weighted average grant date fair value, Outstanding beginning balance

$ 18.66

$ 11.47

$ 8.91

Weighted average grant date fair value, Vested

18.34

10.97

8.91

Weighted average grant date fair value, Granted

21.17

19.75

18.31

Weighted average grant date fair value, Forfeited

19.15

Weighted average grant date fair value, Outstanding ending balance

$ 19.88

$ 18.66

$ 11.47

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

Equity - Summary of Dividends Declared (Detail) - $ / shares													12 Months Ended
	Feb. 24, 2021	Oct. 27, 2020	Jul. 29, 2020	Apr. 29, 2020	Feb. 19, 2020	Oct. 30, 2019	Jul. 31, 2019	May 02, 2019	Feb. 21, 2019	Oct. 29, 2018	Aug. 01, 2018	May 03, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends Payable [Line Items]
Dividend													$ 1.04	$ 1.04	$ 1.04
Q1 2018 [Member]
Dividends Payable [Line Items]
Declaration Date													May 03, 2018
Record Date													Jun. 11, 2018
Pay Date													Jun. 28, 2018
Dividend												$ 0.26
Q2 2018 [Member]
Dividends Payable [Line Items]
Declaration Date														Aug. 01, 2018
Record Date														Sep. 13, 2018
Pay Date														Sep. 27, 2018
Dividend											$ 0.26
Q3 2018 [Member]
Dividends Payable [Line Items]
Declaration Date													Oct. 29, 2018
Record Date													Dec. 13, 2018
Pay Date													Dec. 27, 2018
Dividend										$ 0.26
Q4 2018 [Member]
Dividends Payable [Line Items]
Declaration Date													Feb. 21, 2019
Record Date													Mar. 14, 2019
Pay Date													Mar. 28, 2019
Dividend									$ 0.26
Q1 2019 [Member]
Dividends Payable [Line Items]
Declaration Date													May 02, 2019
Record Date													Jun. 10, 2019
Pay Date													Jun. 27, 2019
Dividend								$ 0.26
Q2 2019 [Member]
Dividends Payable [Line Items]
Declaration Date													Jul. 31, 2019
Record Date													Sep. 12, 2019
Pay Date													Sep. 26, 2019
Dividend							$ 0.26
Q3 2019 [Member]
Dividends Payable [Line Items]
Declaration Date													Oct. 30, 2019
Record Date													Nov. 13, 2019
Pay Date													Dec. 27, 2019
Dividend						$ 0.26
Q4 2019 [Member]
Dividends Payable [Line Items]
Declaration Date													Feb. 19, 2020
Record Date													Mar. 05, 2020
Pay Date													Mar. 26, 2020
Dividend					$ 0.26
Q1 2020 [Member]
Dividends Payable [Line Items]
Declaration Date													Apr. 29, 2020
Record Date													May 14, 2020
Pay Date													Jun. 25, 2020
Dividend				$ 0.26
Q2 2020 [Member]
Dividends Payable [Line Items]
Declaration Date													Jul. 29, 2020
Record Date													Aug. 13, 2020
Pay Date													Sep. 11, 2020
Dividend			$ 0.26
Q3 2020 [Member]
Dividends Payable [Line Items]
Declaration Date													Oct. 27, 2020
Record Date													Nov. 11, 2020
Pay Date													Dec. 11, 2020
Dividend		$ 0.26
Q4 2020 [Member]
Dividends Payable [Line Items]
Declaration Date													Feb. 18, 2021
Record Date													Mar. 05, 2021
Pay Date													Mar. 17, 2021
Dividend	$ 0.26

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

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Subsidiary Sale Of Stock [Line Items]

Net Proceeds

$ 162,023

$ 258,556

$ 297,805

March 2019 ATM Program [Member]

Subsidiary Sale Of Stock [Line Items]

Number of Shares Issued

^[1]

3,920,992

200,000

4,120,992

Net Proceeds

^[1]

$ 88,939

$ 4,835

$ 93,774

December 2019 ATM Program [Member]

Subsidiary Sale Of Stock [Line Items]

Number of Shares Issued

^[1]

848,641

1,475,991

551,200

2,875,832

Net Proceeds

^[1]

$ 18,634

$ 33,541

$ 14,455

$ 66,630

[1]

(1)

Equity - Schedule of Information with Respect to ATM Program (Parenthetical) (Detail) - Forward Sales Agreement [Member] - March 2019 and December 2019 ATM Program [Member] $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Subsidiary Sale Of Stock [Line Items]
Number of unsettled common stock shares sold \| shares	3,747,232
Weighted average price per share \| $ / shares	$ 25.96
Net proceeds from unsettled common stock shares sold \| $	$ 97.3

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

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Earnings Per Share Basic And Diluted [Line Items]

Net income (loss)

$ 13,528

$ 8,224

$ 6,659

Less: Non-controlling interest in Operating Partnership

(1,567)

(1,017)

(955)

Net income available to Easterly Government Properties, Inc.

11,961

7,207

5,704

Less: Dividends on participating securities

(289)

(119)

(1,123)

Net income (loss) available to common stockholders

$ 11,672

$ 7,088

$ 4,581

Denominator for basic EPS

78,219,491

68,769,526

53,511,137

Denominator for diluted EPS

78,791,453

69,208,966

54,931,380

Basic EPS

$ 0.15

$ 0.10

$ 0.09

Diluted EPS

$ 0.15

$ 0.10

$ 0.08

Stock Compensation Plan [Member]

Earnings Per Share Basic And Diluted [Line Items]

Dilutive effect

55,567

22,855

9,510

Restricted Common Stock [Member]

Earnings Per Share Basic And Diluted [Line Items]

Dilutive effect

^[1]

507,050

416,585

1,135,544

Forward Sales Agreements [Member]

Earnings Per Share Basic And Diluted [Line Items]

Dilutive effect

^[2]

9,345

275,189

[1]	During the years ended December 31, 2020 and December 31, 2018, there were approximately 74,481 and 173,381 unvested performance-based LTIP units, respectively, that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.
[2]	During the years ended December 31, 2020 and 2019, there were approximately 2,397,232 and 2,878,703 shares, respectively, of underlying unsettled forward sales transactions that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period

Earnings Per Share - Summary of Basic and Diluted Earnings Per Common Share (Parenthetical) (Detail) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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	74,481		173,381
Underlying Unsettled Forward Sales Transactions [Member]
Earnings Per Share Basic And Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	2,397,232	2,878,703

Leases - Additional Information (Detail) $ in Millions	12 Months Ended
Leases - Additional Information (Detail) $ in Millions	Dec. 31, 2020 USD ($) Agreement	Sep. 25, 2020 USD ($)	Aug. 27, 2019 USD ($)
Lessee Lease Description [Line Items]
Average age of property	15 years 7 months 6 days
Reimbursement from government		$ 41.7	$ 52.5
Lessor, operating lease, term of contract			20 years
Number of lease agreement \| Agreement	2
Operating lease liability	$ 0.4
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesMember
Right-of-use asset	$ 0.4
Washington, D.C. [Member] \| Sublease [Member]
Lessee Lease Description [Line Items]
Operating lease agreement expire date	2021-06
Washington, D.C. [Member] \| Lease [Member]
Lessee Lease Description [Line Items]
Operating lease agreement expire date	2026-08
California [Member] \| San Diego [Member]
Lessee Lease Description [Line Items]
Operating lease agreement expire date	2022-04
General Services Administration [Member]
Lessee Lease Description [Line Items]
Lessor, operating lease, term of contract		20 years

Leases - Summary of Maturity of Fixed Lease Payments Under Company's Leases (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
Fixed lease payments, Total	$ 1,716,580
Fixed lease payments, 2021	199,111
Fixed lease payments, 2022	178,195
Fixed lease payments, 2023	166,341
Fixed lease payments, 2024	149,263
Fixed lease payments, 2025	139,246
Fixed lease payments, Thereafter	$ 884,424

Leases - Summary of Information about Leases for Development Properties (Detail) - ft²	Dec. 31, 2020	Aug. 27, 2019
Operating Leased Assets [Line Items]
Lessor, operating lease, term of contract		20 years
Development Properties [Member]
Operating Leased Assets [Line Items]
Estimated Leased Square Feet	162,000
Development Properties [Member] \| Food And Drug Administration ("FDA") [Member] \| Atlanta [Member] \| GA [Member] \| Aberdeen [Member]
Operating Leased Assets [Line Items]
Lessor, operating lease, term of contract	20 years
Estimated Leased Square Feet	162,000

Leases - Schedule of Quantitative Information for Company's Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating leases costs	$ 458	$ 461
Weighted average remaining lease term (in years)	1 year 3 days	1 year 10 months 28 days
Weighted average discount rate	3.83%	3.84%

Leases - Schedule of Maturity of Fixed Lease Payments Under Company's Corporate Office Leases (Detail) - Corporate Office Leases [Member] $ in Thousands	Dec. 31, 2020 USD ($)
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
Fixed lease payments, Total	$ 417
Fixed lease payments, 2021	352
Fixed lease payments, 2022	$ 65

Revenue - Summary of Revenue from Tenant Construction Projects Disaggregated by Tenant Agency (Detail) - ASU 2014-09 [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	$ 5,058	$ 11,701	$ 5,515
Federal Bureau of Investigation ("FBI") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	2,040	4,021	1,317
Food And Drug Administration ("FDA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	266	5,104
Department of Veteran Affairs ("VA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	1,135	1,528	2,896
Social Security Administration ("SSA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	19	146	31
U.S. Citizenship and Immigration Services ("USCIS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		158	39
Department of Transportation ("DOT") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	8	137	1
Federal Emergency Management Agency ("FEMA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	422	136
Drug Enforcement Administration ("DEA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		127	375
Small Business Administration ("SBA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		68
Immigration and Customs Enforcement ("ICE") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	144	53	9
U.S Joint Staff Command ("JSC") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	89
Bureau of the Fiscal Service ("BFS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	34	46
The Judiciary of the U.S. Government ("JUD") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	12	40	201
Environmental Protection Agency ("EPA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	572	30	4
Military Entrance Processing Command ("MEPCOM") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	68
Customs and Border Protection ("CBP") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	23	23
Department of Labor ("DOL") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		26
General Services Administration [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	25	1
U.S. Coast Guard ("USCG") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		22	6
Internal Revenue Service ("IRS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	77	18	1
U.S. Forest Service ("USFS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		16	577
Bonneville Power Administration ("BPA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		$ 1
National Park Service ("NPS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	116		40
National Labor Relations Board ("NLRB") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income			$ 18
Patent and Trademark Office ("PTO") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	$ 8

Revenue - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable	$ 14,959	$ 15,820
ASU 2014-09 [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable related to tenant construction projects	3,000	4,300
Contract assets	0	0
Contract liabilities	0	0
ASU 2014-09 [Member] \| COVID-19 [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Parking garage and energy credit income	700
Accounts receivable	300	0
Total revenues	700
ASU 2014-09 [Member] \| Various GSA - Buffalo Property [Member] \| Parking Garage [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Parking garage and energy credit income	600	1,000	$ 200
Accounts receivable	100	100
Total revenues	$ 600	$ 1,000	$ 200

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Oct. 21, 2015	Dec. 31, 2020	Dec. 31, 2019
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				$ 79,250,000
Standby Letters of Credit [Member]
Commitments And Contingencies [Line Items]
Outstanding borrowings				100,000	$ 100,000
Letters of Credit Outstanding, Amount				$ 0	$ 0

- Definition

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

+ References + Details

Concentrations Risk - Additional Information (Detail) - Property	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Wholly Owned Properties [Member]
Concentration Risk [Line Items]
Number of properties	79	70
California [Member]
Concentration Risk [Line Items]
Number of properties	18	18
Lease Income [Member] \| Credit Concentration Risk [Member] \| California [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	24.80%	26.90%
Rentable Square Feet [Member] \| Credit Concentration Risk [Member] \| California [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	18.50%	20.50%
U.S. Government [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	98.50%	98.30%
Non Governmental Tenants [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	1.50%	1.70%

Related Party - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Accounts payable, accrued expenses and other liabilities	$ 48,549	$ 47,833
Certain Entities Controlled by Chairman [Member]
Related Party Transaction [Line Items]
Reimbursable rent and office expense due to related party	100	100	$ 100
Accounts payable, accrued expenses and other liabilities	100
Certain Entities Controlled by Vice Chairman [Member]
Related Party Transaction [Line Items]
Reimbursable payroll expenses interest and defeasance costs due from related party	$ 100	100	$ 100
Reimbursements accounts receivable		$ 100

Subsequent Events - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Jan. 04, 2021

Jan. 03, 2020

Dec. 19, 2019

Jan. 18, 2019

Jan. 04, 2018

Feb. 26, 2016

May 06, 2015

Jan. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Subsequent Event [Line Items]

Proceeds from Issuance of Common Stock

$ 162,023

$ 258,556

$ 297,805

December 2019 ATM Program [Member]

Subsequent Event [Line Items]

Issuance of common stock, net (in shares)

^[1]

848,641

1,475,991

551,200

2,875,832

Proceeds from Issuance of Common Stock

^[1]

$ 18,634

$ 33,541

$ 14,455

$ 66,630

December 2019 ATM Program [Member] | Subsequent Event [Member] | Forward Sales Agreement [Member]

Subsequent Event [Line Items]

Issuance of common stock, net (in shares)

359,289

Weighted average price per share

$ 22.59

Proceeds from Issuance of Common Stock

$ 8,100

Settlement date

Feb. 28, 2022

Restricted Common Stock [Member]

Subsequent Event [Line Items]

Aggregate Service-based units granted

^[2]

235,441

243,341

173,381

Restricted Common Stock [Member] | 2015 Equity Incentive Plan [Member]

Subsequent Event [Line Items]

Aggregate performance-based units granted

146,199

173,381

Aggregate Service-based units granted

89,242

99,803

143,538

40,000

891,000

Restricted Common Stock [Member] | 2015 Equity Incentive Plan [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Aggregate performance-based units granted

164,178

Aggregate Service-based units granted

113,703

Restricted Common Stock [Member] | Tranche One [Member]

Subsequent Event [Line Items]

Aggregate performance-based units granted

81,693

Aggregate Service-based units granted

45,238

Restricted Common Stock [Member] | Tranche One [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Aggregate performance-based units granted

82,070

Restricted Common Stock [Member] | Tranche One [Member] | 2015 Equity Incentive Plan [Member]

Subsequent Event [Line Items]

Aggregate performance-based units granted

32,448

Restricted Common Stock [Member] | Tranche Two [Member]

Subsequent Event [Line Items]

Aggregate performance-based units granted

64,506

Aggregate Service-based units granted

98,300

Restricted Common Stock [Member] | Tranche Two [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Aggregate performance-based units granted

82,108

Restricted Common Stock [Member] | Tranche Two [Member] | 2015 Equity Incentive Plan [Member]

Subsequent Event [Line Items]

Aggregate performance-based units granted

55,463

[1]

(1)

[2]

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

Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2020
Minimum [Member]
Real Estate Properties [Line Items]
Estimated lives of assets	5 years
Maximum [Member]
Real Estate Properties [Line Items]
Estimated lives of assets	40 years

Schedule III - Real Estate and Accumulated Depreciation - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Aggregate cost	$ 2,360.7
Accumulated depreciation for tax purposes	$ 275.2

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

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Real Estate Properties

Balance at beginning of year

$ 2,144,795

$ 1,732,446

$ 1,298,552

Additions

285,882

426,516

433,894

Dispositions

(8,803)

(14,167)

Balance at ending of year

2,421,874

^[1]

2,144,795

1,732,446

Accumulated Depreciation

Balance at beginning of year

156,069

105,829

68,390

Additions

58,437

51,132

37,439

Dispositions

(1,293)

(892)

Balance at ending of year

$ 213,213

^[2]

$ 156,069

$ 105,829

[1]	Excludes value of real estate intangibles.
[2]	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