0001564590-21-023313 | 10-Q | XBRL Viewer | Easterly Government Properties INC

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 23, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	DEA
Entity Registrant Name	EASTERLY GOVERNMENT PROPERTIES, INC.
Entity Central Index Key	0001622194
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36834
Entity Tax Identification Number	47-2047728
Entity Address, Address Line One	2001 K Street NW
Entity Address, Address Line Two	Suite 775 North
Entity Address, City or Town	Washington
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20006
City Area Code	202
Local Phone Number	595-9500
Entity Common Stock, Shares Outstanding		83,870,953
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	MD
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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	83,856,953	82,106,256
Common Stock, shares outstanding	83,856,953	82,106,256

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Real estate properties, net	$ 2,255,241	$ 2,208,661
Cash and cash equivalents	6,323	8,465
Restricted cash	6,816	6,204
Tenant accounts receivable	45,746	45,077
Intangible assets, net	162,351	163,387
Prepaid expenses and other assets	31,126	25,746
Total assets	2,507,603	2,457,540
Liabilities
Revolving credit facility	109,000	79,250
Term loan facilities, net	249,057	248,966
Notes payable, net	447,234	447,171
Mortgage notes payable, net	201,963	202,871
Intangible liabilities, net	23,738	25,406
Deferred revenue	92,118	92,576
Interest rate swaps	10,943	12,781
Accounts payable, accrued expenses and other liabilities	46,756	48,549
Total liabilities	1,180,809	1,157,570
Equity
Common stock, par value $0.01, 200,000,000 shares authorized, 83,856,953 and 82,106,256 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	839	821
Additional paid-in capital	1,464,014	1,424,787
Retained earnings	38,956	31,965
Cumulative dividends	(313,007)	(291,652)
Accumulated other comprehensive loss	(9,741)	(11,351)
Total stockholders’ equity	1,181,061	1,154,570
Non-controlling interest in Operating Partnership	145,733	145,400
Total equity	1,326,794	1,299,970
Total liabilities and equity	$ 2,507,603	$ 2,457,540

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Rental income	$ 64,179	$ 56,583
Total revenues	65,001	58,218
Expenses
Property operating	12,094	11,258
Real estate taxes	7,286	6,562
Depreciation and amortization	22,325	23,556
Acquisition costs	487	538
Corporate general and administrative	5,808	5,483
Total expenses	48,000	47,397
Other expense
Interest expense, net	(9,121)	(8,903)
Net income	7,880	1,918
Non-controlling interest in Operating Partnership	(889)	(221)
Net income available to Easterly Government Properties, Inc.	$ 6,991	$ 1,697
Net income available to Easterly Government Properties, Inc. per share:
Basic	$ 0.08	$ 0.02
Diluted	$ 0.08	$ 0.02
Weighted-average common shares outstanding
Basic	82,120,353	74,892,711
Diluted	82,596,597	75,616,233
Dividends declared per common share	$ 0.26	$ 0.26
Tenant Reimbursements [Member]
Revenues
Total revenues	$ 320	$ 1,152
Other Income [Member]
Revenues
Total revenues	$ 502	$ 483

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 7,880	$ 1,918
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swaps, net	1,838	(9,846)
Other comprehensive income (loss)	1,838	(9,846)
Comprehensive income (loss)	9,718	(7,928)
Non-controlling interest in Operating Partnership	(889)	(221)
Other comprehensive (income) loss attributable to non-controlling interest	(228)	1,260
Comprehensive income (loss) attributable to Easterly Government Properties, Inc.	$ 8,601	$ (6,889)

- 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.

+ References + Details

- Definition

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

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- Definition

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

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+ Details

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income	$ 7,880	$ 1,918
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	22,325	23,556
Straight line rent	(1,413)	(709)
Amortization of above- / below-market leases	(1,286)	(1,521)
Amortization of unearned revenue	(1,421)	(697)
Amortization of loan premium / discount	(19)	(20)
Amortization of deferred financing costs	382	378
Amortization of lease inducements	214	207
Non-cash compensation	1,334	1,000
Other	10
Net change in:
Tenant accounts receivable	736	2,325
Prepaid expenses and other assets	(6,931)	(17,340)
Deferred revenue associated with operating leases	963	20,646
Accounts payable, accrued expenses and other liabilities	3,238	8,802
Net cash provided by operating activities	26,012	38,545
Cash flows from investing activities
Real estate acquisitions and deposits	(63,045)	(30,305)
Additions to operating properties	(5,628)	(4,570)
Additions to development properties	(3,423)	(18,417)
Net cash used in investing activities	(72,096)	(53,292)
Cash flows from financing activities
Issuance of common shares	40,403	4,883
Credit facility draws	80,000	56,500
Credit facility repayments	(50,250)	(20,500)
Repayments of mortgage notes payable	(940)	(870)
Dividends and distributions paid	(24,186)	(22,086)
Payment of offering costs	(473)	(122)
Net cash provided by financing activities	44,554	17,805
Net increase (decrease) in Cash and cash equivalents and Restricted cash	(1,530)	3,058
Cash and cash equivalents and Restricted cash, beginning of period	14,669	15,549
Cash and cash equivalents and Restricted cash, end of period	13,139	18,607
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Cash paid for interest, net of capitalized interest	9,597	9,358
Supplemental disclosure of non-cash information
Offering costs accrued, not paid	6	1
Deferred asset acquisition costs accrued, not paid	65	151
Contingent consideration accrued, not paid	336	336
Unrealized gain (loss) on interest rate swaps, net	1,838	(9,846)
Properties acquired for Common Units		21,550
Exchange of Common Units for Shares of Common Stock
Non-controlling interest in Operating Partnership	(2,664)	(597)
Common stock	2	1
Additional paid-in capital	2,662	596
Operating Properties [Member]
Supplemental disclosure of non-cash information
Additions to properties accrued, not paid	1,269	1,784
Development Properties [Member]
Supplemental disclosure of non-cash information
Additions to properties accrued, not paid	$ 1,654	$ 8,411

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Organization and Basis of Presentation

1. Organization and Basis of Presentation

The information contained in the following notes to the consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2020, and related notes thereto, included in the Annual Report on Form 10-K of Easterly Government Properties, Inc. (the “Company”) for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2021.

The Company is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2015. The operations of the Company are carried on primarily through Easterly Government Properties LP (the “Operating Partnership”) and the wholly owned subsidiaries of the Operating Partnership. As used herein, the “Company,” “we,” “us,” or “our” refer to Easterly Government Properties, Inc. and its consolidated subsidiaries and partnerships, including the Operating Partnership, except where context otherwise requires.

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

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 March 31, 2021, we wholly owned 82 operating properties in the United States, encompassing approximately 7.5 million leased square feet in the aggregate, including 80 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 March 31, 2021, 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 of our business. We are the sole general partner of the Operating Partnership. We owned approximately 89.0% of the aggregate limited partnership interests in the Operating Partnership (“common units”) at March 31, 2021. We believe that we have operated and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015.

Principles of Consolidation

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

Basis of Presentation

The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to state fairly the consolidated financial position of the Company at March 31, 2021 and December 31, 2020, and the consolidated results of operations for the three months ended March 31, 2021 and 2020, and the consolidated cash flows for the three months ended March 31, 2021 and 2020. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.

The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, including the impact of extraordinary events such as the

novel coronavirus (COVID-19) pandemic, the results of which form the basis for making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The significant accounting policies used in the preparation of the Company’s condensed consolidated financial statements are disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Reclassifications

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

Real Estate and Intangibles

3 Months Ended

Mar. 31, 2021

Real Estate [Abstract]

Real Estate and Intangibles

3. Real Estate and Intangibles

Acquisitions

During the three months ended March 31, 2021, we acquired three operating properties in asset acquisitions, consisting of FBI – Knoxville, ICE – Louisville, and USAO – Louisville for an aggregate purchase price of $64.1 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):

	Total
Real estate
Land	$	4,860
Building		49,807
Acquired tenant improvements		3,326
Total real estate		57,993
Intangible assets
In-place leases		4,490
Acquired leasing commissions		1,293
Above-market leases		301
Total intangible assets		6,084
Intangible liabilities
Below-market leases		(1	)
Total intangible liabilities		(1	)
Purchase price	$	64,076

We did not assume any debt upon acquisition of these properties. The intangible assets and liabilities of operating properties acquired during the three months ended March 31, 2021 have a weighted average amortization period of 7.40 years as of March 31, 2021. During the three months ended March 31, 2021, we included $0.3 million of revenues and less than $0.1 million of net income in our Consolidated Statements of Operations related to the operating properties acquired.

During the three months ended March 31, 2021, we incurred $0.5 million of acquisition-related expenses mainly consisting of internal costs associated with property acquisitions.

Consolidated Real Estate and Intangibles

Real estate and intangibles consisted of the following as of March 31, 2021 (amounts in thousands):

	Total
Real estate properties, net
Land	$	219,933
Building and improvements		2,157,087
Acquired tenant improvements		80,051
Construction in progress		26,811
Accumulated depreciation		(228,641	)
Total Real estate properties, net		2,255,241
Intangible assets, net
In-place leases		259,223
Acquired leasing commissions		62,643
Above market leases		17,889
Accumulated amortization		(177,404	)
Total Intangible assets, net		162,351
Intangible liabilities, net
Below market leases		(73,602	)
Accumulated amortization		49,864
Total Intangible liabilities, net	$	(23,738	)

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 March 31, 2021 (amounts in thousands):

	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2021	$	1,152	$	(4,164	)
2022		1,452		(4,223	)
2023		1,428		(4,024	)
2024		1,341		(2,877	)
2025		1,286		(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

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

4. Debt

At March 31, 2021, our consolidated borrowings consisted of the following (amounts in thousands):

	Principal Outstanding			Interest	Current
Loan	March 31, 2021			Rate ⁽¹⁾	Maturity
Revolving credit facility:
Revolving credit facility ⁽²⁾	$	109,000		L + 130bps	June 2022 ⁽³⁾
Total revolving credit facility		109,000

Term loan facilities:
2016 term loan facility		100,000		2.67% ⁽⁴⁾	March 2024
2018 term loan facility		150,000		3.96% ⁽⁵⁾	June 2023
Total term loan facilities		250,000
Less: Total unamortized deferred financing fees		(943	)
Total term loan facilities, net		249,057

Notes payable:
2017 series A senior notes		95,000		4.05%	May 2027
2017 series B senior notes		50,000		4.15%	May 2029
2017 series C senior notes		30,000		4.30%	May 2032
2019 series A senior notes		85,000		3.73%	September 2029
2019 series B senior notes		100,000		3.83%	September 2031
2019 series C senior notes		90,000		3.98%	September 2034
Total notes payable		450,000
Less: Total unamortized deferred financing fees		(2,766	)
Total notes payable, net		447,234

Mortgage notes payable:
DEA – Pleasanton		15,700		L + 150bps ⁽⁶⁾	October 2023
VA – Golden		8,965		5.00% ⁽⁶⁾	April 2024
MEPCOM – Jacksonville		7,640		4.41% ⁽⁶⁾	October 2025
USFS II – Albuquerque		15,826		4.46% ⁽⁶⁾	July 2026
ICE – Charleston		15,824		4.21% ⁽⁶⁾	January 2027
VA – Loma Linda		127,500		3.59% ⁽⁶⁾	July 2027
CBP – Savannah		11,796		3.40% ⁽⁶⁾	July 2033
Total mortgage notes payable		203,251
Less: Total unamortized deferred financing fees		(1,389	)
Less: Total unamortized premium/discount		101
Total mortgage notes payable, net		201,963

Total debt	$	1,007,254

(1)

At March 31, 2021, the one-month LIBOR (“L”) was 0.11%. 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 $341.0 million at March 31, 2021 with an accordion feature that permits us to request additional lender commitments for up 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 our 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 our 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%.

Financial Covenant Considerations

As of March 31, 2021, 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 March 31, 2021, 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 March 31, 2021, the carrying value of our revolving credit facility approximated fair value.

As of March 31, 2021, the fair value of our 2016 term loan facility was determined by considering the variable interest rate and credit spreads. We deem the fair value of our 2016 term loan facility as a Level 3 measurement. At March 31, 2021, the fair value of our 2016 term loan facility was $100.0 million.

As of March 31, 2021, the fair value of our 2018 term loan facility was determined by considering the variable interest rate and credit spreads. We deem the fair value of our 2018 term loan facility as a Level 3 measurement. At March 31, 2021, the fair value of our 2018 term loan facility was $150.0 million.

As of March 31, 2021, 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 senior unsecured notes payable instruments as a Level 3 measurement. At March 31, 2021, the fair value of our senior unsecured notes payable was $483.2 million.

As of March 31, 2021, the fair value of our mortgage notes payable was determined by discounting future contractual principal and interest payments using prevailing market rates. We deem the fair value measurement of our mortgage notes payable instruments as a Level 3 measurement. At March 31, 2021, the fair value of our mortgage notes payable was $209.6 million.

Derivatives and Hedging Activities

3 Months Ended

Mar. 31, 2021

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 as of March 31, 2021 (amounts in thousands):

Notional Amount		Fixed Rate			Floating Rate Index	Effective Date	Expiration Date	Fair Value
$	100,000		1.41	%	One-Month LIBOR	March 29, 2017	September 29, 2023	$	(2,772	)
$	150,000		2.71	%	One-Month LIBOR	December 13, 2018	June 19, 2023	$	(8,171	)

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

Balance Sheet Line Item	As of March 31, 2021
Interest rate swaps - Asset	$	—
Interest rate swaps - Liability	$	(10,943	)

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) (amounts in thousands):

	For the three months ended March 31,
	2021			2020
Unrealized gain (loss) recognized in AOCI	$	547		$	(10,241	)
Loss reclassified from AOCI into interest expense		(1,291	)		(395	)

Credit-Risk-Related Contingent Features

The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on such indebtedness. As of March 31, 2021, the fair value of derivatives in a liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $11.3 million. As of March 31, 2021, the Company had not breached the provisions of these agreements and had not posted any collateral related to these agreements. If the Company breached any of these provisions it would be required to settle its obligations under the agreements at their termination value of $11.3 million.

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

6. Fair Value Measurements

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

Recurring fair value measurements

The fair values of our interest rate swaps are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities in such interest rates. While the Company determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the Company’s derivatives held as of March 31, 2021 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 March 31, 2021, aggregated by the level in the fair value hierarchy within which those measurements fall (amounts in thousands):

	As of March 31, 2021
Balance Sheet Line Item	Level 1		Level 2			Level 3
Interest rate swaps - Asset	$	—	$	—		$	—
Interest rate swaps - Liability	$	—	$	(10,943	)	$	—

- Definition

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

+ References + Details

Equity

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Equity

7. Equity

The following table summarizes the changes in the Company’s stockholders’ equity for the three months ended March 31, 2021 and 2020 (amounts in thousands, except share amounts):

	Shares		Common Stock Par Value		Additional Paid-in Capital			Retained Earnings		Cumulative Dividends			Accumulated Other Comprehensive Income (Loss)			Non- controlling Interest in Operating Partnership			Total Equity
Three months ended March 31, 2021
Balance at December 31, 2020		82,106,256	$	821	$	1,424,787		$	31,965	$	(291,652	)	$	(11,351	)	$	145,400		$	1,299,970
Stock based compensation		—		—		218			—		—			—			1,116			1,334
Dividends and distributions paid ($0.26 per share)		—		—		—			—		(21,355	)		—			(2,831	)		(24,186	)
Grant of unvested restricted stock		4,462		—		—			—		—			—			—			—
Redemption of common units for shares of common stock		189,411		2		2,662			—		—			—			(2,664	)		—
Issuance of common stock		1,556,824		16		39,942			—		—			—			—			39,958
Unrealized gain on interest rate swaps, net		—		—		—			—		—			1,610			228			1,838
Net income		—		—		—			6,991		—			—			889			7,880
Allocation of non-controlling interest in Operating Partnership		—		—		(3,595	)		—		—			—			3,595			—
Balance at March 31, 2021		83,856,953	$	839	$	1,464,014		$	38,956	$	(313,007	)	$	(9,741	)	$	145,733		$	1,326,794
Three months ended March 31, 2020
Balance at December 31, 2019		74,832,292	$	748	$	1,257,319		$	20,004	$	(210,760	)	$	(4,690	)	$	137,220		$	1,199,841
Stock based compensation		—		—		224			—		—			—			776			1,000
Dividends and distributions paid ($0.26 per share)		—		—		—			—		(19,516	)		—			(2,570	)		(22,086	)
Grant of unvested restricted stock		2,905		—		—			—		—			—			—			—
Redemption of common units for shares of common stock		42,000		1		596			—		—			—			(597	)		—
Issuance of common stock		200,000		2		4,823			—		—			—			—			4,825
Contribution of Property for common units		—		—		—			—		—			—			21,550			21,550
Unrealized loss on interest rate swaps, net		—		—		—			—		—			(8,586	)		(1,260	)		(9,846	)
Net income		—		—		—			1,697		—			—			221			1,918
Allocation of non-controlling interest in Operating Partnership		—		—		7,796			—		—			—			(7,796	)		—
Balance at March 31, 2020		75,077,197	$	751	$	1,270,758		$	21,701	$	(230,276	)	$	(13,276	)	$	147,544		$	1,197,202

On January 4, 2021, the Company granted an aggregate of 164,178 performance-based long-term incentive plan units in the Operating Partnership (“LTIP units”) to members of management pursuant to the Easterly Government Properties, Inc. 2015 Equity Incentive Plan, as amended (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 a 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. Earned performance-based LTIP units, if any, will vest when performance is determined 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, subject to the grantee’s continued employment and the other terms of the awards.

On March 17, 2021, the Company issued an aggregate of 4,462 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.

A summary of the Company’s shares of restricted common stock and LTIP unit awards at March 31, 2021 is as follows:

	Restricted Shares			Restricted Shares Weighted Average Grant Date Fair Value Per Share		LTIP Units ⁽¹⁾			LTIP Units Weighted Average Grant Date Fair Value Per Share
Outstanding, December 31, 2020		89,891		$	19.36		492,180		$	19.88
Vested		(20,725	)		17.12		(93,085	)		18.55
Granted		4,462			21.76		277,881			22.30
Forfeited		—			—		—			—
Outstanding, March 31, 2021		73,628		$	20.14		676,976		$	21.06

(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.

The Company recognized $1.3 million in compensation expense related to its shares of restricted common stock and the LTIP unit awards for the three months ended March 31, 2021. As of March 31, 2021, unrecognized compensation expense for both sets of awards was $10.1 million, which will be amortized over the applicable vesting period.

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

Quarter		Declaration Date		Record Date		Payment Date		Dividend ⁽¹⁾
Q1 2021		April 29, 2021		May 14, 2021		May 26, 2021		$	0.26

(1)

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. 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. 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, Truist Securities, Inc. (f/k/a 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 and, under the December 2019 ATM Program only, Truist Bank, for the sale of shares of its common stock on a forward basis.

The following table sets forth certain information with respect to issuances under each of the ATM Programs during the quarter ended March 31, 2021 (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, 2021		—	$	—		1,556,824	$	39,998

(1)

Shares issued by the Company, which were all issued in settlement of forward sales transactions. Additionally, as of March 31, 2021, the Company had entered into forward sales transactions under the March 2019 ATM Program and December 2019 ATM Program for the sale of an additional 2,949,697 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 by the maturity dates set forth in each applicable forward sale transaction placement notice, which dates range from April 2021 to February 2022. Assuming the forward sales transactions are physically settled in full utilizing a net weighted average initial forward sales price of $24.43 per share, the Company expects to receive net proceeds of approximately $72.1 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.

The Company used the net proceeds received from such sales for general corporate purposes. As of March 31, 2021, the Company had approximately $123.7 million of gross sales of its common stock available under the December 2019 ATM Program and no remaining availability under the March 2019 ATM Program.

Earnings Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

8. Earnings Per Share

Basic earnings or loss per share of common stock (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted average shares of common stock outstanding for the periods presented. Diluted EPS is computed after adjusting the basic EPS computation for the effect of dilutive common equivalent shares outstanding during the periods presented. Unvested restricted shares 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 three months ended March 31, 2021 and 2020 (amounts in thousands, except per share amounts):

	For the three months ended March 31,
	2021			2020
Numerator
Net income	$	7,880		$	1,918
Less: Non-controlling interest in Operating Partnership		(889	)		(221	)
Net income available to Easterly Government Properties, Inc.		6,991			1,697
Less: Dividends on participating securities		(114	)		(57	)
Net income available to common stockholders	$	6,877		$	1,640
Denominator for basic EPS		82,120,353			74,892,711
Dilutive effect of share-based compensation awards		55,822			58,048
Dilutive effect of LTIP units ⁽¹⁾		411,434			471,346
Dilutive effect of shares issuable under forward sales agreements ⁽²⁾		8,988			194,128
Denominator for diluted EPS		82,596,597			75,616,233
Basic EPS	$	0.08		$	0.02
Diluted EPS	$	0.08		$	0.02

(1)

During the three months ended March 31, 2021 and 2020, there were approximately 122,397 and 43,424 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 three months ended March 31, 2021 and 2020, there were approximately 2,549,697 and 523,397 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

3 Months Ended

Mar. 31, 2021

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 15.5 years as of March 31, 2021), 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.

The following table summarizes the maturity of fixed lease payments under the Company’s leases as of March 31, 2021 (amounts in thousands):

	Payments due by period
	Total		2021		2022		2023		2024		2025		Thereafter
Fixed lease payments	$	1,786,411		157,933		190,149		178,205		161,123		149,843		949,158

Lessee

In August 2020, we entered into a lease agreement for office space in Washington, D.C. to replace our previous sublease that commenced March 2016 and was terminated in March 2021. This new lease commenced in March 2021 and expires in August 2026. We also lease office space in San Diego, CA under an operating lease that commenced in February 2015 and expires in April 2022.

The commenced leases include variable lease payments that, in the future, will vary based on changes in real estate tax rates, usage, or share of expenditures of the leased premises. The Company has elected not to separate lease and nonlease components for its corporate office leases.

As of March 31, 2021, the unamortized balances associated with the Company’s right-of-use operating lease asset and operating lease liability were $1.7 million and $1.9 million, respectively. 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 our 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 three months ended March 31, 2021 and 2020 (amounts in thousands):

	For the three months ended March 31,
	2021		2020
Operating leases costs	$	149	$	115

In addition, the maturity of fixed lease payments under the Company’s commenced corporate office leases as of March 31, 2021 is summarized in the table below (amounts in thousands):

	Payments due by period
	Total		2021		2022		2023		2024		2025		Thereafter
Fixed lease payments	$	2,017		251		278		277		446		456		309

Revenue

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue

10. Revenue

The table below sets forth revenue from tenant construction projects and the associated project management income disaggregated by tenant agency for the three months ended March 31, 2021 and 2020 (amounts in thousands):

	For the three months ended March 31,
Tenant	2021		2020

Department of Veteran Affairs (“VA”)	$	111	$	661
Environmental Protection Agency (“EPA”)		89		—
Department of Transportation (“DOT”)		40		—
General Services Administration - Other		25		—
Food and Drug Administration (“FDA”)		18		—
Military Entrance Processing Command (“MEPCOM”)		18		21
U.S. Citizenship and Immigration Services (“USCIS”)		17		—
Federal Emergency Management Agency (“FEMA”)		15		—
Internal Revenue Service (“IRS”)		11		3
Federal Bureau of Investigation (“FBI”)		5		534
Bureau of the Fiscal Service (“BFS”)		4		6
Health Resources and Services Administration (“HRSA”)		3		—
U.S. Joint Staff Command (“JSC”)		1		—
U.S. Immigration and Customs Enforcement (“ICE”)		—		20
Social Security Administration (“SSA”)		—		19
The Judiciary of the U.S. Government (“JUD”)		—		1
	$	357	$	1,265

The balance in Accounts receivable related to tenant construction projects and the associated project management income was $1.7 million as of March 31, 2021 and $3.0 million as of December 31, 2020.

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 on going as of March 31, 2021 with a duration of greater than one year.

During the three months ended March 31, 2021 and 2020, the Company recognized $0.1 million and $0.3 million, respectively, in parking garage income generated from the operations of parking garages situated on 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. The balance in Accounts receivable related to parking garage income was less than $0.1 million as of March 31, 2021, and less than $0.1 million as of December 31, 2020.

During the three months ended March 31, 2021, the Company recognized $0.3 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 $0.2 million as of March 31, 2021, and $0.3 million as of December 31, 2020.

There were no contract assets or liabilities as of March 31, 2021 or December 31, 2020.

- 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
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-Paragraph 10
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+ Details

Concentrations Risk

3 Months Ended

Mar. 31, 2021

Risks And Uncertainties [Abstract]

Concentrations Risk

11. Concentrations Risk

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

As stated in Note 1 above, the Company leases commercial space to the U.S. Government or non-governmental tenants. At March 31, 2021, the U.S. Government accounted for approximately 98.6% of our total annualized lease income and non-governmental tenants accounted for the remaining approximately 1.4%.

Eighteen of our 82 operating properties are located in California, accounting for approximately 17.9% of our total leased square feet and approximately 23.9% of our total annualized lease income as of March 31, 2021. To the extent that weak economic or real estate conditions or natural disasters affect California more severely than other areas of the country, our business, financial condition and results of operations could be significantly impacted.

Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent Events

For its consolidated financial statements as of March 31, 2021, the Company evaluated subsequent events and noted the following significant events.

On April 22, 2021, the Company acquired a 43,600 square foot U.S. Attorney’s Office (“USAO”) in Springfield, Illinois. The building is a build-to-suit property completed in 2002. The facility is leased to the GSA for beneficial use of the USAO with a lease expiration of March 2038.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Reclassifications

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

Real Estate and Intangibles (Tables)

3 Months Ended

Mar. 31, 2021

Real Estate [Abstract]

Fair Values of Assets Acquired and Liabilities Assumed

	Total
Real estate
Land	$	4,860
Building		49,807
Acquired tenant improvements		3,326
Total real estate		57,993
Intangible assets
In-place leases		4,490
Acquired leasing commissions		1,293
Above-market leases		301
Total intangible assets		6,084
Intangible liabilities
Below-market leases		(1	)
Total intangible liabilities		(1	)
Purchase price	$	64,076

Schedule of Real Estate and Intangibles

Real estate and intangibles consisted of the following as of March 31, 2021 (amounts in thousands):

	Total
Real estate properties, net
Land	$	219,933
Building and improvements		2,157,087
Acquired tenant improvements		80,051
Construction in progress		26,811
Accumulated depreciation		(228,641	)
Total Real estate properties, net		2,255,241
Intangible assets, net
In-place leases		259,223
Acquired leasing commissions		62,643
Above market leases		17,889
Accumulated amortization		(177,404	)
Total Intangible assets, net		162,351
Intangible liabilities, net
Below market leases		(73,602	)
Accumulated amortization		49,864
Total Intangible liabilities, net	$	(23,738	)

Summary of Scheduled Amortization Market Lease Intangibles

	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2021	$	1,152	$	(4,164	)
2022		1,452		(4,223	)
2023		1,428		(4,024	)
2024		1,341		(2,877	)
2025		1,286		(2,170	)

Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Summary of Borrowings

At March 31, 2021, our consolidated borrowings consisted of the following (amounts in thousands):

	Principal Outstanding			Interest	Current
Loan	March 31, 2021			Rate ⁽¹⁾	Maturity
Revolving credit facility:
Revolving credit facility ⁽²⁾	$	109,000		L + 130bps	June 2022 ⁽³⁾
Total revolving credit facility		109,000

Term loan facilities:
2016 term loan facility		100,000		2.67% ⁽⁴⁾	March 2024
2018 term loan facility		150,000		3.96% ⁽⁵⁾	June 2023
Total term loan facilities		250,000
Less: Total unamortized deferred financing fees		(943	)
Total term loan facilities, net		249,057

Notes payable:
2017 series A senior notes		95,000		4.05%	May 2027
2017 series B senior notes		50,000		4.15%	May 2029
2017 series C senior notes		30,000		4.30%	May 2032
2019 series A senior notes		85,000		3.73%	September 2029
2019 series B senior notes		100,000		3.83%	September 2031
2019 series C senior notes		90,000		3.98%	September 2034
Total notes payable		450,000
Less: Total unamortized deferred financing fees		(2,766	)
Total notes payable, net		447,234

Mortgage notes payable:
DEA – Pleasanton		15,700		L + 150bps ⁽⁶⁾	October 2023
VA – Golden		8,965		5.00% ⁽⁶⁾	April 2024
MEPCOM – Jacksonville		7,640		4.41% ⁽⁶⁾	October 2025
USFS II – Albuquerque		15,826		4.46% ⁽⁶⁾	July 2026
ICE – Charleston		15,824		4.21% ⁽⁶⁾	January 2027
VA – Loma Linda		127,500		3.59% ⁽⁶⁾	July 2027
CBP – Savannah		11,796		3.40% ⁽⁶⁾	July 2033
Total mortgage notes payable		203,251
Less: Total unamortized deferred financing fees		(1,389	)
Less: Total unamortized premium/discount		101
Total mortgage notes payable, net		201,963

Total debt	$	1,007,254

(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)

(5)

(6)

Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2021

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 as of March 31, 2021 (amounts in thousands):

Notional Amount		Fixed Rate			Floating Rate Index	Effective Date	Expiration Date	Fair Value
$	100,000		1.41	%	One-Month LIBOR	March 29, 2017	September 29, 2023	$	(2,772	)
$	150,000		2.71	%	One-Month LIBOR	December 13, 2018	June 19, 2023	$	(8,171	)

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 Sheet (amounts in thousands):

Balance Sheet Line Item	As of March 31, 2021
Interest rate swaps - Asset	$	—
Interest rate swaps - Liability	$	(10,943	)

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) (amounts in thousands):

	For the three months ended March 31,
	2021			2020
Unrealized gain (loss) recognized in AOCI	$	547		$	(10,241	)
Loss reclassified from AOCI into interest expense		(1,291	)		(395	)

- 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.

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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

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

	As of March 31, 2021
Balance Sheet Line Item	Level 1		Level 2			Level 3
Interest rate swaps - Asset	$	—	$	—		$	—
Interest rate swaps - Liability	$	—	$	(10,943	)	$	—

Equity (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Summary of Changes In Stockholders' Equity

The following table summarizes the changes in the Company’s stockholders’ equity for the three months ended March 31, 2021 and 2020 (amounts in thousands, except share amounts):

	Shares		Common Stock Par Value		Additional Paid-in Capital			Retained Earnings		Cumulative Dividends			Accumulated Other Comprehensive Income (Loss)			Non- controlling Interest in Operating Partnership			Total Equity
Three months ended March 31, 2021
Balance at December 31, 2020		82,106,256	$	821	$	1,424,787		$	31,965	$	(291,652	)	$	(11,351	)	$	145,400		$	1,299,970
Stock based compensation		—		—		218			—		—			—			1,116			1,334
Dividends and distributions paid ($0.26 per share)		—		—		—			—		(21,355	)		—			(2,831	)		(24,186	)
Grant of unvested restricted stock		4,462		—		—			—		—			—			—			—
Redemption of common units for shares of common stock		189,411		2		2,662			—		—			—			(2,664	)		—
Issuance of common stock		1,556,824		16		39,942			—		—			—			—			39,958
Unrealized gain on interest rate swaps, net		—		—		—			—		—			1,610			228			1,838
Net income		—		—		—			6,991		—			—			889			7,880
Allocation of non-controlling interest in Operating Partnership		—		—		(3,595	)		—		—			—			3,595			—
Balance at March 31, 2021		83,856,953	$	839	$	1,464,014		$	38,956	$	(313,007	)	$	(9,741	)	$	145,733		$	1,326,794
Three months ended March 31, 2020
Balance at December 31, 2019		74,832,292	$	748	$	1,257,319		$	20,004	$	(210,760	)	$	(4,690	)	$	137,220		$	1,199,841
Stock based compensation		—		—		224			—		—			—			776			1,000
Dividends and distributions paid ($0.26 per share)		—		—		—			—		(19,516	)		—			(2,570	)		(22,086	)
Grant of unvested restricted stock		2,905		—		—			—		—			—			—			—
Redemption of common units for shares of common stock		42,000		1		596			—		—			—			(597	)		—
Issuance of common stock		200,000		2		4,823			—		—			—			—			4,825
Contribution of Property for common units		—		—		—			—		—			—			21,550			21,550
Unrealized loss on interest rate swaps, net		—		—		—			—		—			(8,586	)		(1,260	)		(9,846	)
Net income		—		—		—			1,697		—			—			221			1,918
Allocation of non-controlling interest in Operating Partnership		—		—		7,796			—		—			—			(7,796	)		—
Balance at March 31, 2020		75,077,197	$	751	$	1,270,758		$	21,701	$	(230,276	)	$	(13,276	)	$	147,544		$	1,197,202

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

A summary of the Company’s shares of restricted common stock and LTIP unit awards at March 31, 2021 is as follows:

	Restricted Shares			Restricted Shares Weighted Average Grant Date Fair Value Per Share		LTIP Units ⁽¹⁾			LTIP Units Weighted Average Grant Date Fair Value Per Share
Outstanding, December 31, 2020		89,891		$	19.36		492,180		$	19.88
Vested		(20,725	)		17.12		(93,085	)		18.55
Granted		4,462			21.76		277,881			22.30
Forfeited		—			—		—			—
Outstanding, March 31, 2021		73,628		$	20.14		676,976		$	21.06

(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

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

Quarter		Declaration Date		Record Date		Payment Date		Dividend ⁽¹⁾
Q1 2021		April 29, 2021		May 14, 2021		May 26, 2021		$	0.26

(1)

Schedule of Information with Respect to ATM Program

The following table sets forth certain information with respect to issuances under each of the ATM Programs during the quarter ended March 31, 2021 (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, 2021		—	$	—		1,556,824	$	39,998

(1)

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings Per Common Share

	For the three months ended March 31,
	2021			2020
Numerator
Net income	$	7,880		$	1,918
Less: Non-controlling interest in Operating Partnership		(889	)		(221	)
Net income available to Easterly Government Properties, Inc.		6,991			1,697
Less: Dividends on participating securities		(114	)		(57	)
Net income available to common stockholders	$	6,877		$	1,640
Denominator for basic EPS		82,120,353			74,892,711
Dilutive effect of share-based compensation awards		55,822			58,048
Dilutive effect of LTIP units ⁽¹⁾		411,434			471,346
Dilutive effect of shares issuable under forward sales agreements ⁽²⁾		8,988			194,128
Denominator for diluted EPS		82,596,597			75,616,233
Basic EPS	$	0.08		$	0.02
Diluted EPS	$	0.08		$	0.02

(1)

(2)

Leases (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 (amounts in thousands):

	Payments due by period
	Total		2021		2022		2023		2024		2025		Thereafter
Fixed lease payments	$	1,786,411		157,933		190,149		178,205		161,123		149,843		949,158

Schedule of Quantitative Information for Company's Operating Leases

The following table provides quantitative information for the Company’s commenced operating leases for the three months ended March 31, 2021 and 2020 (amounts in thousands):

	For the three months ended March 31,
	2021		2020
Operating leases costs	$	149	$	115

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 March 31, 2021 is summarized in the table below (amounts in thousands):

	Payments due by period
	Total		2021		2022		2023		2024		2025		Thereafter
Fixed lease payments	$	2,017		251		278		277		446		456		309

Revenue (Tables)

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Summary of Revenue from Tenant Construction Projects Disaggregated by Tenant Agency

	For the three months ended March 31,
Tenant	2021		2020

Department of Veteran Affairs (“VA”)	$	111	$	661
Environmental Protection Agency (“EPA”)		89		—
Department of Transportation (“DOT”)		40		—
General Services Administration - Other		25		—
Food and Drug Administration (“FDA”)		18		—
Military Entrance Processing Command (“MEPCOM”)		18		21
U.S. Citizenship and Immigration Services (“USCIS”)		17		—
Federal Emergency Management Agency (“FEMA”)		15		—
Internal Revenue Service (“IRS”)		11		3
Federal Bureau of Investigation (“FBI”)		5		534
Bureau of the Fiscal Service (“BFS”)		4		6
Health Resources and Services Administration (“HRSA”)		3		—
U.S. Joint Staff Command (“JSC”)		1		—
U.S. Immigration and Customs Enforcement (“ICE”)		—		20
Social Security Administration (“SSA”)		—		19
The Judiciary of the U.S. Government (“JUD”)		—		1
	$	357	$	1,265

Organization and Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021 ft² Property
Easterly Government Properties LP [Member]
Organization And Significant Accounting Policies [Line Items]
Outstanding common units of aggregate limited partnership interest owned percentage	89.00%
Wholly Owned Operating Properties [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	82
Leased percentage of operating properties	99.00%
Aggregate area of land \| ft²	7,500,000
Wholly Owned Operating Properties [Member] \| Government [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	80
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	200,000

Real Estate and Intangibles - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) Property	Mar. 31, 2020 USD ($)
Real Estate Properties [Line Items]
Revenues	$ 65,001	$ 58,218
Net income available to Easterly Government Properties, Inc.	6,991	1,697
Acquisition-related expenses	487	$ 538
Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Acquisition-related expenses	$ 500
DHA Aurora, FBI DEA El Paso, VA Mobile and VA Chico [Member] \| Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Number of properties \| Property	3
Purchase price	$ 64,100
DHA Aurora, FBI DEA El Paso, VA Mobile and VA Chico [Member] \| Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Weighted average amortization period	7 years 4 months 24 days
Revenues	$ 300
Net income available to Easterly Government Properties, Inc.	$ 100

Real Estate and Intangibles - Fair Values of Assets Acquired and Liabilities Assumed (Detail) - Operating Properties Acquired [Member] - DEA Sterling, VA, FDA College Park, MD, Various GSA Portland, OR, JSC - Suffolk, and FBI New Orleans [Member] $ in Thousands	Mar. 31, 2021 USD ($)
Business Acquisition [Line Items]
Total real estate	$ 57,993
Total intangible assets	6,084
Total intangible liabilities	(1)
Purchase price	64,076
Real Estate Investment [Member]
Business Acquisition [Line Items]
Land	4,860
Building	49,807
Acquired tenant improvements	3,326
In-place leases [Member]
Business Acquisition [Line Items]
Total intangible assets	4,490
Acquired Leasing Commissions [Member]
Business Acquisition [Line Items]
Total intangible assets	1,293
Above Market Leases [Member]
Business Acquisition [Line Items]
Total intangible assets	301
Below Market Leases [Member]
Business Acquisition [Line Items]
Total intangible liabilities	$ (1)

Real Estate and Intangibles - Schedule of Real Estate and Intangibles (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real estate properties, net
Land	$ 219,933
Building and improvements	2,157,087
Acquired tenant improvements	80,051
Construction in progress	26,811
Accumulated depreciation	(228,641)
Total Real estate properties, net	2,255,241	$ 2,208,661
Intangible assets, net
Accumulated amortization	(177,404)
Total Intangible assets, net	162,351
Intangible liabilities, net
Intangible Liabilities, Below market leases	(73,602)
Intangible Liabilities, Accumulated amortization	49,864
Total Intangible liabilities, net	(23,738)
In-place leases [Member]
Intangible assets, net
Above market leases	259,223
Acquired Leasing Commissions [Member]
Intangible assets, net
Above market leases	62,643
Above Market Leases [Member]
Intangible assets, net
Above market leases	$ 17,889

Real Estate and Intangibles - Summary of Scheduled Amortization Market Lease Intangibles (Detail) $ in Thousands	Mar. 31, 2021 USD ($)
Acquired Above-Market Lease Intangibles
2021	$ 1,152
2022	1,452
2023	1,428
2024	1,341
2025	1,286
Acquired Below-Market Lease Intangibles
2021	(4,164)
2022	(4,223)
2023	(4,024)
2024	(2,877)
2025	$ (2,170)

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

3 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Debt Instrument [Line Items]

Total revolving credit facility, Principal Outstanding

$ 109,000

$ 79,250

Total term loan facilities, net, Principal Outstanding

249,057

248,966

Total notes payable, net, Principal Outstanding

447,234

447,171

Total mortgage notes payable, net, Principal Outstanding

201,963

$ 202,871

Total debt, Principal Outstanding

1,007,254

Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Total revolving credit facility, Principal Outstanding

^[1]

$ 109,000

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

Loan, Interest Rate

^[2],[4]

2.67%

Loan, Current Maturity

2024-03

2018 Term Loan Facility [Member]

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 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

Less: Total unamortized deferred financing fees

(943)

Total term loan facilities, net, Principal Outstanding

249,057

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 95,000

Loan, Interest Rate

^[2]

4.05%

Loan, Current Maturity

2027-05

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 50,000

Loan, Interest Rate

^[2]

4.15%

Loan, Current Maturity

2029-05

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 30,000

Loan, Interest Rate

^[2]

4.30%

Loan, Current Maturity

2032-05

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 85,000

Loan, Interest Rate

^[2]

3.73%

Loan, Current Maturity

2029-09

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 100,000

Loan, Interest Rate

^[2]

3.83%

Loan, Current Maturity

2031-09

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 90,000

Loan, Interest Rate

^[2]

3.98%

Loan, Current Maturity

2034-09

Notes Payable [Member]

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 450,000

Less: Total unamortized deferred financing fees

(2,766)

Mortgage Notes Payable [Member]

Debt Instrument [Line Items]

Loan, Principal Outstanding

203,251

Less: Total unamortized deferred financing fees

(1,389)

Less: Total unamortized premium/discount

101

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

Debt Instrument [Line Items]

Loan, Principal Outstanding

$ 11,796

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

$ 15,824

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

$ 7,640

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

$ 15,826

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

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

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

$ 8,965

Loan, Interest Rate

^[2],[6]

5.00%

Loan, Current Maturity

2024-04

[1]

(2)

[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]

[5]

[6]

Debt - Summary of Borrowings (Parenthetical) (Detail)	3 Months Ended
Debt - Summary of Borrowings (Parenthetical) (Detail)	Mar. 31, 2021 USD ($) Swap
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	$ 341,000,000.0
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	0.11%

Debt - Additional Information (Detail) $ in Millions	Mar. 31, 2021 USD ($)
Debt Instrument [Line Items]
Fair value of notes payable	$ 483.2
2016 Term Loan Facility [Member]
Debt Instrument [Line Items]
Fair value of debt	100.0
2018 Term Loan Facility [Member]
Debt Instrument [Line Items]
Fair value of debt	150.0
Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Fair value of debt	$ 209.6

Derivative and Hedging Activities - Schedule of Key Terms and Fair Values of Our Interest Rate Swap Derivatives (Detail)	3 Months Ended
	Mar. 31, 2021 USD ($)
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	$ (2,772,000)
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	$ (8,171,000)

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	Mar. 31, 2021	Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest rate swaps - Liability	$ (10,943)	$ (12,781)

Derivative and Hedging Activities - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021 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	11.3
Breach of agreement termination value	$ 11.3

Derivative and Hedging Activities - Schedule of Effects of Our Interest Rate Derivatives on Our Consolidated Statements of Operations and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Unrealized gain (loss) recognized in AOCI	$ 547	$ (10,241)
Loss reclassified from AOCI into interest expense	$ (1,291)	$ (395)

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps - Liability	$ (10,943)	$ (12,781)
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 - Liability	$ (10,943)

Equity - Summary of Changes In Stockholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Shareholders Equity [Line Items]
Balance	$ 1,299,970	$ 1,199,841
Stock based compensation	1,334	1,000
Dividends and distributions paid	(24,186)	(22,086)
Issuance of common stock	39,958	4,825
Contribution of Property for common units		21,550
Unrealized gain (loss) on interest rate swaps, net	1,838	(9,846)
Net income	7,880	1,918
Balance	$ 1,326,794	$ 1,197,202
Balance (in shares)	83,856,953
Cumulative Effect, Period of Adoption, Adjustment [Member]
Shareholders Equity [Line Items]
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201613Member
Common Stock Par Value [Member]
Shareholders Equity [Line Items]
Balance	$ 821	$ 748
Balance (in shares)	82,106,256	74,832,292
Grant of unvested restricted stock	4,462	2,905
Redemption of common units for shares of common stock	$ 2	$ 1
Redemption of common units for shares of common stock (in shares)	189,411	42,000
Issuance of common stock	$ 16	$ 2
Issuance of common stock (in share)	1,556,824	200,000
Balance	$ 839	$ 751
Balance (in shares)	83,856,953	75,077,197
Additional Paid-in Capital [Member]
Shareholders Equity [Line Items]
Balance	$ 1,424,787	$ 1,257,319
Stock based compensation	218	224
Redemption of common units for shares of common stock	2,662	596
Issuance of common stock	39,942	4,823
Allocation of non-controlling interest in Operating Partnership	(3,595)	7,796
Balance	1,464,014	1,270,758
Retained Earnings [Member]
Shareholders Equity [Line Items]
Balance	31,965	20,004
Net income	6,991	1,697
Balance	38,956	$ 21,701
Retained Earnings [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Shareholders Equity [Line Items]
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201613Member
Cumulative Dividends [Member]
Shareholders Equity [Line Items]
Balance	(291,652)	$ (210,760)
Dividends and distributions paid	(21,355)	(19,516)
Balance	(313,007)	(230,276)
Accumulated Other Comprehensive Income (Loss) [Member]
Shareholders Equity [Line Items]
Balance	(11,351)	(4,690)
Unrealized gain (loss) on interest rate swaps, net	1,610	(8,586)
Balance	(9,741)	(13,276)
Non-controlling Interest in Operating Partnership [Member]
Shareholders Equity [Line Items]
Balance	145,400	137,220
Stock based compensation	1,116	776
Dividends and distributions paid	(2,831)	(2,570)
Redemption of common units for shares of common stock	(2,664)	(597)
Contribution of Property for common units		21,550
Unrealized gain (loss) on interest rate swaps, net	228	(1,260)
Net income	889	221
Allocation of non-controlling interest in Operating Partnership	3,595	(7,796)
Balance	$ 145,733	$ 147,544

Equity - Summary of Changes In Stockholders' Equity (Parenthetical) (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity [Abstract]
Dividends and distributions paid, per share	$ 0.26	$ 0.26

Equity - Additional Information (Detail) - USD ($)

3 Months Ended

Mar. 17, 2021

Jan. 04, 2021

Dec. 20, 2019

Mar. 04, 2019

Mar. 31, 2021

Stockholders Equity Note Disclosure [Line Items]

Unrecognized compensation expense

$ 10,100,000

2015 Equity Incentive Plan [Member]

Stockholders Equity Note Disclosure [Line Items]

Compensation expense recognized

$ 1,300,000

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

Stockholders Equity Note Disclosure [Line Items]

Grant of unvested restricted stock

4,462

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

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

$ 200,000,000.0

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

$ 300,000,000.0

March 2019 ATM Program [Member]

Stockholders Equity Note Disclosure [Line Items]

Gross sale of common stock available for grant

$ 0

December 2019 ATM Program [Member]

Stockholders Equity Note Disclosure [Line Items]

Gross sale of common stock available for grant

$ 123,700,000

Restricted Common Stock [Member]

Stockholders Equity Note Disclosure [Line Items]

Aggregate Service-based units granted

^[1]

277,881

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

Stockholders Equity Note Disclosure [Line Items]

Aggregate performance-based units granted

164,178

Aggregate Service-based units granted

113,703

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

Stockholders Equity Note Disclosure [Line Items]

Aggregate performance-based units granted

82,070

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

Stockholders Equity Note Disclosure [Line Items]

Aggregate performance-based units granted

82,108

[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 Shares of Restricted Common Stock and Long-term Incentive Plan Units in Operating Partnership Awards (Detail)

3 Months Ended

Mar. 31, 2021

$ / shares

Restricted Shares [Member]

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

Shares/Units, Outstanding beginning balance | shares

89,891

Shares/Units, Vested | shares

(20,725)

Shares/Units, Granted | shares

4,462

Shares/Units, Outstanding ending balance | shares

73,628

Weighted Average Grant Date Fair Value Per Share, Outstanding beginning balance | $ / shares

$ 19.36

Weighted Average Grant Date Fair Value Per Share, Vested | $ / shares

17.12

Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares

21.76

Weighted Average Grant Date Fair Value Per Share, Outstanding ending balance | $ / shares

$ 20.14

Restricted Common Stock [Member]

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

Shares/Units, Outstanding beginning balance | shares

492,180

^[1]

Shares/Units, Vested | shares

(93,085)

^[1]

Shares/Units, Granted | shares

277,881

^[1]

Shares/Units, Outstanding ending balance | shares

676,976

^[1]

Weighted Average Grant Date Fair Value Per Share, Outstanding beginning balance | $ / shares

$ 19.88

Weighted Average Grant Date Fair Value Per Share, Vested | $ / shares

18.55

Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares

22.30

Weighted Average Grant Date Fair Value Per Share, Outstanding ending balance | $ / shares

$ 21.06

[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

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Dividends Payable [Line Items]

Dividend

$ 0.26

Q1 2020 [Member]

Dividends Payable [Line Items]

Apr. 29, 2021

May 14, 2021

May 26, 2021

^[1]

$ 0.26

[1]

Equity - Summary of Dividends Declared (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2021
Performance Based LTIP Units[Member]
Dividends Payable [Line Items]
Operating partnership dividend rate percentage	10.00%
Service Based LTIP Units[Member]
Dividends Payable [Line Items]
Operating partnership dividend rate percentage	100.00%

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

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Subsidiary Sale Of Stock [Line Items]

Net Proceeds

$ 40,403

$ 4,883

December 2019 ATM Program [Member]

Subsidiary Sale Of Stock [Line Items]

Number of Shares Sold

^[1]

1,556,824

Net Proceeds

^[1]

$ 39,998

[1]

Equity - Schedule of Information with Respect to ATM Program (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Subsidiary Sale Of Stock [Line Items]
Net Proceeds	$ 40,403	$ 4,883
March 2019 and December 2019 ATM Program [Member]
Subsidiary Sale Of Stock [Line Items]
Number of Shares Sold	2,949,697
Net Proceeds	$ 72,100
Price per share	$ 24.43

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

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Earnings Per Share Basic And Diluted [Line Items]

Net income

$ 7,880

$ 1,918

Less: Non-controlling interest in Operating Partnership

(889)

(221)

Net income available to Easterly Government Properties, Inc.

6,991

1,697

Less: Dividends on participating securities

(114)

(57)

Net income available to common stockholders

$ 6,877

$ 1,640

Denominator for basic EPS

82,120,353

74,892,711

Denominator for diluted EPS

82,596,597

75,616,233

Basic EPS

$ 0.08

$ 0.02

Diluted EPS

$ 0.08

$ 0.02

Stock Compensation Plan [Member]

Earnings Per Share Basic And Diluted [Line Items]

Dilutive effect

55,822

58,048

Restricted Common Stock [Member]

Earnings Per Share Basic And Diluted [Line Items]

Dilutive effect

^[1]

411,434

471,346

Forward Sales Agreements [Member]

Earnings Per Share Basic And Diluted [Line Items]

Dilutive effect

^[2]

8,988

194,128

[1]	During the three months ended March 31, 2021 and 2020, there were approximately 122,397 and 43,424 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 three months ended March 31, 2021 and 2020, there were approximately 2,549,697 and 523,397 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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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	122,397	43,424
Underlying Unsettled Forward Sales Transactions [Member]
Earnings Per Share Basic And Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	2,549,697	523,397

Leases - Additional Information (Detail) $ in Millions	3 Months Ended
Leases - Additional Information (Detail) $ in Millions	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) Agreement
Lessee Lease Description [Line Items]
Average age of property	15 years 6 months
Right-of-use asset	$ 1.7	$ 0.4
Operating lease liability	$ 1.9	$ 0.4
Number of lease agreement \| Agreement		2
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesMember	us-gaap:OtherLiabilitiesMember
California [Member] \| San Diego [Member] \| Lease
Lessee Lease Description [Line Items]
Operating lease agreement expire date	2022-04
Washington, D.C. [Member] \| Lease
Lessee Lease Description [Line Items]
Operating lease agreement expire date	2026-08

Leases - Summary of Maturity of Fixed Lease Payments Under Company's Leases (Detail) $ in Thousands	Mar. 31, 2021 USD ($)
Leases [Abstract]
Fixed lease payments, Total	$ 1,786,411
Fixed lease payments, 2021	157,933
Fixed lease payments, 2022	190,149
Fixed lease payments, 2023	178,205
Fixed lease payments, 2024	161,123
Fixed lease payments, 2025	149,843
Fixed lease payments, Thereafter	$ 949,158

Leases - Schedule of Quantitative Information for Company's Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating leases costs	$ 149	$ 115

Leases - Schedule of Maturity of Fixed Lease Payments Under Company's Corporate Office Leases (Detail) - Corporate Office Leases [Member] $ in Thousands	Mar. 31, 2021 USD ($)
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
Fixed lease payments, Total	$ 2,017
Fixed lease payments, 2021	251
Fixed lease payments, 2022	278
Fixed lease payments, 2023	277
Fixed lease payments, 2024	446
Fixed lease payments, 2025	456
Fixed lease payments, Thereafter	$ 309

Revenue - Summary of Revenue from Tenant Construction Projects Disaggregated by Tenant Agency (Detail) - ASU 2014-09 [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	$ 357	$ 1,265
Department of Veteran Affairs ("VA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	111	661
Environmental Protection Agency ("EPA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	89
Department of Transportation ("DOT") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	40
General Services Administration - Other [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	25
Food And Drug Administration ("FDA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	18
Military Entrance Processing Command ("MEPCOM") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	18	21
U.S. Citizenship and Immigration Services ("USCIS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	17
Federal Emergency Management Agency ("FEMA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	15
Internal Revenue Service ("IRS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	11	3
Federal Bureau of Investigation ("FBI") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	5	534
Bureau of the Fiscal Service ("BFS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	4	6
Health Resources and Services Administration (“HRSA”) [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	3
U.S Joint Staff Command ("JSC") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	$ 1
U.S. Immigration and Customs Enforcement (“ICE”) [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		20
Social Security Administration ("SSA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		19
The Judiciary of the U.S. Government ("JUD") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		$ 1

Revenue - Additional Information (Detail) - ASU 2014-09 [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable related to tenant construction projects	$ 1,700	$ 3,000
Contract assets	0	0
Contract liabilities	0	0
Parking Garage [Member] \| Maximum [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable	100	100
Various GSA - Buffalo Property [Member] \| Parking Garage [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Parking garage and energy credit income	100	300
Total revenues	100	300
COVID-19 [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Parking garage and energy credit income	300
Accounts receivable	200	$ 300
Total revenues	$ 300

Concentrations Risk - Additional Information (Detail)	3 Months Ended
Concentrations Risk - Additional Information (Detail)	Mar. 31, 2021 Property
Wholly Owned Properties [Member]
Concentration Risk [Line Items]
Number of properties	82
California [Member]
Concentration Risk [Line Items]
Number of properties	18
Lease Income [Member] \| Credit Concentration Risk [Member] \| California [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	23.90%
Rentable Square Feet [Member] \| Credit Concentration Risk [Member] \| California [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	17.90%
U.S. Government [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	98.60%
Non Governmental Tenants [Member] \| Lease Income [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	1.40%

Subsequent Events - Additional Information (Detail) - Subsequent Event	Apr. 22, 2021 ft²
Subsequent Event [Line Items]
Lease start date	Apr. 22, 2021
Area acquired	43,600
Lease expiration date	Mar. 31, 2038