Easterly Government Properties (DEA) 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 02, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	dea
Entity Registrant Name	Easterly Government Properties, Inc.
Entity Central Index Key	1,622,194
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		37,091,430

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Real estate properties, net	$ 928,855	$ 901,066
Cash and cash equivalents	5,241	4,845
Restricted cash	2,005	1,646
Deposits on acquisitions	8,750	1,750
Rents receivable	7,913	8,544
Accounts receivable	5,740	5,823
Deferred financing, net	1,652	2,787
Intangible assets, net	111,195	113,795
Interest rate swaps	3,893	3,785
Prepaid expenses and other assets	3,327	1,422
Total assets	1,078,571	1,045,463
Liabilities
Revolving credit facility	158,167	212,167
Term loan facility, net	99,097
Mortgage notes payable, net	80,054	80,806
Intangible liabilities, net	40,629	41,840
Accounts payable and accrued liabilities	12,622	13,784
Total liabilities	390,569	348,597
Commitments and contingencies (Note 10)
Equity
Common stock, par value $0.01, 200,000,000 shares authorized, 36,991,430 and 36,874,810 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	370	369
Additional paid-in capital	599,233	596,971
Retained earnings	2,805	1,721
Cumulative dividends	(51,671)	(42,794)
Accumulated other comprehensive income	3,134	3,038
Total stockholders' equity	553,871	559,305
Non-controlling interest in Operating Partnership	134,131	137,561
Total equity	688,002	696,866
Total liabilities and equity	$ 1,078,571	$ 1,045,463

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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	36,991,430	36,874,810
Common Stock, shares outstanding	36,991,430	36,874,810

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Rental income	$ 26,020	$ 21,736
Tenant reimbursements	3,628	2,155
Other income	239	80
Total revenues	29,887	23,971
Operating expenses
Property operating	6,349	4,333
Real estate taxes	2,735	2,368
Depreciation and amortization	13,060	10,863
Acquisition costs	532	333
Corporate general and administrative	3,444	3,036
Total expenses	26,120	20,933
Operating income	3,767	3,038
Other expenses
Interest expense, net	(2,417)	(1,929)
Net income	1,350	1,109
Non-controlling interest in Operating Partnership	(266)	(434)
Net income available to Easterly Government Properties, Inc.	$ 1,084	$ 675
Net income available to Easterly Government Properties, Inc. per share:
Basic	$ 0.03	$ 0.03
Diluted	$ 0.03	$ 0.03
Weighted-average common shares outstanding
Basic	36,891,595	24,141,712
Diluted	39,143,887	25,744,824

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 1,350	$ 1,109
Other comprehensive income:
Unrealized gain on interest rate swaps	108
Other comprehensive income	108
Comprehensive income	1,458	1,109
Non-controlling interest in Operating Partnership	(266)	(434)
Other comprehensive income attributable to non-controlling interest	(12)
Comprehensive income attributable to Easterly Government Properties, Inc.	$ 1,180	$ 675

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net income	$ 1,350	$ 1,109
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	13,060	10,863
Straight line rent	(143)	(12)
Amortization of above- / below-market leases	(2,112)	(1,698)
Amortization of unearned revenue	(27)	(23)
Amortization of loan premium / discount	(21)	(21)
Amortization of deferred financing costs	251	216
Non-cash compensation	727	699
Net change in:
Rents receivable	775	(253)
Accounts receivable	83	(912)
Prepaid expenses and other assets	(1,905)	(964)
Accounts payable and accrued liabilities	(1,313)	871
Net cash provided by operating activities	10,725	9,875
Cash flows from investing activities
Real estate acquisitions and deposits	(43,968)	(34,350)
Additions to operating properties	(124)	(76)
Additions to development properties	(79)
Restricted cash	(359)	215
Net cash (used in) investing activities	(44,530)	(34,211)
Cash flows from financing activities
Payment of deferred financing costs	(18)
Credit facility draws	65,750	34,000
Credit facility repayments	(119,750)	(4,000)
Term loan draws	100,000
Repayments of mortgage payable	(732)	(703)
Dividends and distributions paid	(11,049)	(8,757)
Net cash provided by financing activities	34,201	20,540
Net increase (decrease) in cash and cash equivalents	396	(3,796)
Cash and cash equivalents, beginning of period	4,845	8,176
Cash and cash equivalents, end of period	5,241	4,380
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Cash paid for interest	2,243	1,423
Unrealized gain on interest rate swaps	108
Exchange of Common Units for Shares of Common Stock
Non-controlling interest in Operating Partnership	(1,727)
Common stock	1
Additional paid-in capital	1,726
Operating Properties [Member]
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Additions to properties	102	$ 25
Development Properties [Member]
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Additions to properties	$ 92

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
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, 2016, and related notes thereto, included in the Annual Report on Form 10-K of Easterly Government Properties, Inc. (which may be referred to in these financial statements as the “Company,” “we,” “us,” or “our”) for the year ended December 31, 2016 filed with the U.S. Securities and Exchange Commission (the “ SEC”) on March 2, 2017. The Company is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code, as amended (the “Code”) commencing with its taxable year ended December 31, 2015. The operations of the Company are carried on primarily through Easterly Government Properties LP (the “Operating Partnership”) and the wholly owned subsidiaries of the Operating Partnership. We are an internally managed REIT, focused primarily on the acquisition, development, and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential functions. We generate substantially all of our revenue by leasing our properties to such agencies through the U.S. General Services Administration (the “GSA”). Our objective is to generate attractive risk-adjusted returns for our stockholders over the long term through dividends and capital appreciation. As of March 31, 2017, we wholly owned 44 operating properties in the United States, including 41 operating properties that were leased primarily to U.S. Government tenant agencies and three operating properties that were entirely leased to private tenants, encompassing approximately 3.2 million square feet in the aggregate. In addition, we wholly owned one property under development encompassing approximately 0.1 million square feet. We focus on acquiring, developing, and managing GSA-leased properties that are essential to supporting the mission of the tenant agency and strive to be a partner of choice for the U.S. Government, working closely with the GSA to meet the needs and objectives of the tenant agency. Our Operating Partnership holds substantially all of our assets and conducts substantially all our business. The Company is the sole general partner of the Operating Partnership. The Company owned approximately 80.5% of the aggregate limited partnership interests in the Operating Partnership (“common units”) at March 31, 2017. 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. Principle of Combination and Consolidation The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, including Easterly Government Properties TRS, LLC, Easterly Government Services, LLC and the Operating Partnership. 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, 2017, and the consolidated results of operations and the consolidated cash flows for the three months ended March 31, 2017. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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, 2016. Recently Adopted Accounting Pronouncements On January 1, 2017, the Company adopted ASU 2017-01, Business Combinations (Topic 805), which clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. As a result the Company believes most of our future acquisitions of operating properties will qualify as asset acquisitions and third-party transaction costs associated with these acquisitions will be capitalized while internal acquisition costs will continue to be expensed. On January 1, 2017, the Company adopted ASU No. 2016-09, Compensation – Stock Compensation, which identifies areas for simplification involving several aspects of accounting for share-based payment transactions. The new guidance allows for entities to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. In addition, the guidance allows employers to withhold shares to satisfy minimum statutory tax withholding requirements up to the employees’ maximum individual tax rate without causing the award to be classified as a liability. The guidance also stipulates that cash paid by an employer to a taxing authority when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. The implementation of this update did not have a material impact in our consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers and will replace most existing revenue recognition guidance when it becomes effective. In July 2015, the FASB deferred by one year the mandatory effective date of ASU 2014-09 from January 1, 2017 to January 1, 2018. Early adoption is permitted, but not prior to the original effective date of January 1, 2017. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company is in the process of evaluating the impact of this new guidance. In February 2016, the FASB issued ASU No. 2016-02, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for in the same manner as operating leases today. As of March 31, 2017, the Company had a sublease for office space in Washington D.C. expiring in June 2021 and a lease for office space in San Diego, CA expiring in April 2022. The remaining contractual payments under the Company’s lease and sublease for office space aggregate $2.2 million. Additionally, ASU 2016-02 will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under ASU 2016-02, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU No. 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. The standard permits the use of either the retrospective or modified retrospective transition method. The Company is in the process of evaluating the impact of this new guidance. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), which provides classification guidance for certain cash receipts and cash payments including payment of debt extinguishment costs, settlement of zero-coupon debt instruments, insurance claim payments and distributions from equity method investees. The standard is effective on January 1, 2018, with early adoption permitted. The Company is in the process of evaluating the impact of this new guidance. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230), which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard is effective on January 1, 2018, with early adoption permitted. The Company is in the process of evaluating the impact of this new guidance. In February 2017, the FASB issued ASU No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. This ASU clarifies the scope and accounting of a financial asset that meets the definition of an “in-substance nonfinancial asset” and defines the term “in-substance nonfinancial asset.” This ASU also adds guidance for partial sales of nonfinancial assets. ASU 2017-05 will be effective at the same time Topic 606, Revenue from Contracts with Customers, is effective. The Company is in the process of evaluating the impact of this new guidance.

Real Estate and Intangibles

Real Estate and Intangibles	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Real Estate and Intangibles	3. Real Estate and Intangibles During the three months ended March 31, 2017, we acquired one operating property in an asset acquisition, a 75,000 rentable square foot laboratory located in Sandy, Utah (“OSHA – Sandy”) for an aggregate purchase price of $37.0 million. We allocated the purchase price of the acquisition based on the estimated fair values of the acquired assets and assumed liabilities as follows (dollars in thousands): Total Real estate Land $ 2,361 Building 30,647 Acquired tenant improvements 927 Total real estate 33,935 Intangible assets In-place leases 3,649 Acquired leasing commissions 639 Total intangible assets 4,288 Intangible liabilities Below-market leases (1,255 ) Total intangible liabilities (1,255 ) Purchase price $ 36,968 We did not assume any debt upon acquisition of OSHA – Sandy. The intangible assets and liabilities of OSHA – Sandy have an amortization period of 6.8 years as of March 31, 2017. During the three months ended March 31, 2017, we included $0.5 million of revenues and $0.2 million of net income in our consolidated statement of operations related to OSHA – Sandy. During the three months ended March 31, 2017, we agreed to acquire a 327,614 rentable square foot Department of Veterans Affairs (“VA”) Ambulatory Care Center located in Loma Linda, California (“VA - Loma Linda”). During the three months ended March 31, 2017, we incurred $0.5 million of acquisition-related expenses including $0.4 million of internal costs associated with property acquisitions. Pro Forma Financial Information We did not have any business combinations during the three months ended March, 31 2017. As such, the unaudited pro forma financial information set forth below presents results for the three months ended March 31, 2016 as if the ICE – Albuquerque acquisition had occurred on January 1, 2015. The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it intend to indicate future operating results (dollars in thousands): For the three months ended Proforma (unaudited) March 31, 2016 Total rental revenue $ 24,342 Net income (loss) (1) 1,214 (1) The net income for the three months ended March 31, 2016 excludes $0.3 million of property acquisition costs. Consolidated Real Estate and Intangibles Real estate and intangibles consisted of the following as of March 31, 2017 (dollars in thousands): Total Real estate properties, net Land $ 114,535 Building 815,396 Acquired tenant improvements 40,863 Construction in progress 4,747 Accumulated amortization (46,686 ) Total Real estate properties, net $ 928,855 Intangible assets, net In-place leases $ 126,310 Acquired leasing commissions 23,823 Above market leases 10,631 Accumulated amortization (49,569 ) Total Intangible assets, net $ 111,195 Intangible liabilities, net Below market leases $ (57,753 ) Accumulated amortization 17,124 Total Intangible liabilities, net $ (40,629 )

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	4. Debt At March 31, 2017, our borrowings consisted of the following (dollars in thousands): Total Revolving credit facility $ 158,167 Term loan facility, net 99,097 Mortgage notes payable, net 80,054 Total $ 337,318 a. Senior Unsecured Revolving Credit Facility We have a $400.0 million senior unsecured revolving credit facility (our “senior unsecured revolving credit facility”) with an accordion feature that provides us with additional capacity, subject to the satisfaction of customary terms and conditions, of up to $250.0 million, for a total facility size of not more than $650.0 million. Our senior unsecured revolving credit facility will terminate on February 11, 2019. Our senior unsecured revolving credit facility includes two as-of-right extension options that allows us, in each case, to extend the senior unsecured revolving credit facility for an additional six months subject to certain conditions and the payment of an extension fee. As of March 31, 2017, the interest rate payable on borrowings under our senior unsecured revolving credit facility was 2.31%. For the three months ended March 31, 2017 the weighted average annual interest rate for borrowings under our senior unsecured revolving credit facility was 2.18% . As of March 31, 2017, we had $158.2 million outstanding and $241.8 million available under our revolving credit facility. For the three months ended March 31, 2017 we recognized $0.2 million in accumulated amortization of deferred financing costs on our senior unsecured revolving credit facility. As of March 31, 2017, the carrying value of our senior unsecured revolving credit facility approximated fair value. In determining the fair value we considered the short term maturity and variable interest rate. We deem the fair value of our senior unsecured revolving credit facility as a Level 3 measurement. b. Senior Unsecured Term Loan Facility, Net We have a $100.0 million senior unsecured term loan facility (our “senior unsecured term loan facility”), which we entered into on September 29, 2016 and fully drew on March 20, 2017. Our senior unsecured term loan facility matures on September 29, 2023 and is prepayable without penalty beginning in October 2018. We entered into two forward-starting interest rate swaps with an aggregate notional value of $100.0 million to effectively fix the interest rate under our senior unsecured term loan facility at 3.12% annually based on the company’s current leverage ratio. For the three months ended March 31, 2017 we recognized less than $0.1 million in accumulated amortization of deferred financing costs on our senior unsecured term loan facility. As of March 31, 2017, the carrying value of our senior unsecured term loan facility approximated fair value. In determining the fair value we considered the variable interest rate. We deem the fair value of our senior unsecured term loan facility as a Level 3 measurement. c. Mortgage Notes Payable, Net The table below provides a summary of our mortgage debt which is collateralized by the underlying real estate at March 31, 2017 (dollars in thousands): Property Fixed/ Floating Contractual Interest Rate Effective Interest Rate Maturity Date Principal Balance Premium/ Discount Deferred Financing Carrying Value CBP - Savannah Fixed 3.40 % 4.12 % July 2033 $ 14,736 $ (758 ) $ — $ 13,978 ICE - Charleston Fixed 4.21 % 3.93 % January 2027 20,647 346 — 20,993 MEPCOM - Jacksonville Fixed 4.41 % 3.89 % October 11,449 263 — 11,712 USFS II - Albuquerque Fixed 4.46 % 3.92 % July 2026 17,118 588 — 17,706 DEA - Pleasanton Floating LIBOR + 150bps 1.80 % October 2023 15,700 — (35 ) 15,665 Total $ 79,650 $ 439 $ (35 ) $ 80,054 At March 31, 2017, the fair value of our mortgage debt was determined by discounting future contractual principal and interest payments using prevailing market rates. We deem the fair value measurement of our mortgage debt instruments as a Level 3 measurement. At March 31, 2017 the fair value of our mortgage debt was $78.9 million.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	5. Derivatives and Hedging Activities As of March 31, 2017, the Company had two outstanding forward-starting interest rate swaps with an aggregate notional value of $100.0 million that were designated as cash flow hedges. The forward swaps have an effective date of March 29, 2017 and extend until the maturity of the term loan on September 29, 2023. The forward swaps will effectively fix the interest rate under our senior unsecured term loan facility at 3.12% annually based on the company’s current leverage ratio and a variable interest rate of one-month LIBOR. Cash Flow Hedges of Interest Rate Risk As of March 31, 2017, our forward swaps were classified as an asset on our consolidated balance sheet at $3.9 million. The effective portion of changes in the fair value of derivatives designated and qualified as cash flow hedges is recorded in accumulated other comprehensive income and will be reclassified to interest expense in the period that the hedged forecasted transactions affects earnings on the Company’s variable rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings into interest expense. For the three months ended March 31, 2017 the amount of unrealized gain recognized in accumulated other comprehensive income on interest rate swaps was $0.1 million and the amount of gain reclassified from accumulated other comprehensive income into interest expense was less than $0.1 million. Additionally, during the three months ended March 31, 2017, there was no ineffectiveness. The Company estimates that approximately $0.2 million will be reclassified from accumulated other comprehensive income as an increase to interest expense over the next 12 months. Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of March 31, 2017, the Company did not have any derivatives in a net liability position.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
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, 2017 were classified as Level 2 of the fair value hierarchy. The carrying values of cash and cash equivalents, restricted cash, accounts receivable, other assets and accounts payable and accrued expenses are reasonable estimates of fair values because of the short maturities of these instruments. For our disclosure of debt fair values in Note 4, we estimated the fair value of our unsecured senior revolving credit facility based on quoted market interest rates (categorized within Level 2 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 judgement. Settlement at such fair value amounts may not be possible and may not be prudent management decision. The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2017, aggregated by the level in the fair value hierarchy within which those measurements fall. As of March 31, 2017 Balance Sheet Line Item Level 1 Level 2 Level 3 Interest rate swaps - Asset $ — $ 3,893 $ —

Equity

Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Equity	7. Equity The following table summarizes the changes in our stockholders’ equity for the three months ended March 31, 2017 and 2016 (dollars in thousands): Shares Common Stock Par Value Additional Paid-in Capital Retained Earnings (Deficit) Cumulative Dividends Accumulated Other Comprehensive Income Non- controlling Interest in Operating Partnership Total Equity Three months ended March 31, 2017 Balance at December 31, 2016 36,874,810 $ 369 $ 596,971 $ 1,721 $ (42,794 ) $ 3,038 $ 137,561 $ 696,866 Stock based compensation — 74 — — — 653 727 Dividends and distributions paid — — — (8,877 ) — (2,172 ) (11,049 ) Grant of unvested restricted stock 2,692 — — — — — — — Redemption of common units for shares of common stock 113,928 1 1,726 — — — (1,727 ) — Unrealized gain on interest rate swaps — — — — 96 12 108 Net income — — 1,084 — — 266 1,350 Allocation of non-controlling interest in Operating Partnership — 462 — — — (462 ) — Balance at March 31, 2017 36,991,430 $ 370 $ 599,233 $ 2,805 $ (51,671 ) $ 3,134 $ 134,131 $ 688,002 Three months ended March 31, 2016 Balance at December 31, 2015 24,168,379 $ 241 $ 391,767 $ (1,694 ) $ (13,051 ) $ — $ 242,631 $ 619,894 Stock based compensation — 81 — — — 618 699 Dividends and distributions paid — — — (5,317 ) — (3,440 ) (8,757 ) Net income — — 675 — — 434 1,109 Allocation of non-controlling interest in Operating Partnership — 332 — — — (332 ) — Balance at March 31, 2016 24,168,379 $ 241 $ 392,180 $ (1,019 ) $ (18,368 ) $ — $ 239,911 $ 612,945 On March 8, 2017, the Company issued an aggregate of 2,692 shares of restricted common stock to certain employees pursuant to our 2015 Equity Incentive Plan. The restricted common stock grants will vest upon the second anniversary of the grant date so long as the grantee remains an employee of the Company on such date. A summary of our shares of restricted common stock and long-term incentive plan units in the Operating Partnership (“LTIP units”) awards at March 31, 2017 is as follows: Restricted Shares Restricted Shares Weighted Average Grant Date Fair Value LTIP Units LTIP Units Weighted Average Grant Date Fair Value Outstanding, December 31, 2016 16,128 $ 18.60 926,000 $ 8.91 Vested — — — — Granted 2,692 19.79 — — Forfeited — — — — Outstanding, March 31, 2017 18,820 $ 18.77 926,000 $ 8.91 We recognized $0.7 million in compensation expense related to the restricted common stock and the LTIP unit awards for the three months ended March 31, 2017. As of March 31, 2017, unrecognized compensation expense for both awards was $3.5 million, which will be amortized over the vesting period. We valued our non-vested restricted share award issued in 2017 at the grant date fair value, which was the market price of our shares of common stock. On March 27, 2017, we completed an underwritten public offering of an aggregate of 4,945,000 shares of common stock, including 645,000 shares sold pursuant the underwriters exercise in full of their option to purchase additional shares. The shares were offered on a forward basis in connection with certain forward sales agreements entered into with certain financial institutions, acting as forward purchasers. Pursuant to the forward sales agreements, the forward purchasers borrowed and the forward sellers, acting as agents for the forward purchasers, sold an aggregate of 4,945,000 shares in the public offering. We did not initially receive any proceeds from the sale of shares of our common stock by the forward sellers in the public offering, but expect to receive gross proceeds of approximately $94.0 million upon full physical settlement of the forward sales agreements, which we expect will occur no later than September 27, 2017. The Company will account for the forward share agreements as equity. In connection with the liquidation of certain private investment funds that contributed assets in our initial public offering, we issued 113,928 shares of our common stock between January 1, 2017 and March 31, 2017 upon the redemption of 113,928 common units in accordance with the terms of the partnership agreement of the Operating Partnership. On May 3, 2017, our board of directors declared a dividend for the first quarter of 2017 in the amount of $0.25 per share of common stock and per common unit outstanding to stockholders and common unit holders of record as of the close of business on June 14, 2017. Our board of directors also declared a dividend for the first quarter of 2017 for each LTIP unit in an amount equal to 10% of the dividend paid per common unit. Such dividends are to be paid on June 29, 2017. On March 3, 2017, we entered into separate equity distribution agreements with each of Citigroup Global Markets Inc., BTIG, LLC, Jefferies LLC, Raymond James & Associates, Inc., RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc. (collectively, the “managers”), pursuant to which we may issue and sell the shares of our common stock having an aggregate offering price of up to $100.0 million from time to time through the managers, acting as sales agents and/or principals. The sales of shares of our common stock, under the equity distribution agreements may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act. To date, no sales have been made under the program.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
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, LTIP units and forward sales agreements shares 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, 2017 and 2016 (amounts in thousands, except per share amounts): For the three months ended March 31, 2017 2016 Numerator Net income $ 1,350 $ 1,109 Less: Non-controlling interest in Operating Partnership (266 ) (434 ) Net income available to Easterly Government Properties, Inc. 1,084 675 Less: Dividends on participating securities (26 ) (26 ) Net income available to common stockholders $ 1,058 $ 649 Denominator for basic EPS 36,891,595 24,141,712 Dilutive effect of share-based compensation awards 11,815 22,842 Dilutive effect of LTIP units 1,818,392 1,580,270 Dilutive effect of forward sales agreements shares 422,085 — Denominator for diluted EPS 39,143,887 25,744,824 Basic EPS $ 0.03 $ 0.03 Diluted EPS $ 0.03 $ 0.03

Operating Leases

Operating Leases	3 Months Ended
	Mar. 31, 2017
Leases [Abstract]
Operating Leases	9. Operating Leases Our rental properties are subject to generally non-cancelable operating leases generating future minimum contractual rent payments due from tenants. As of March 31, 2017, future non-cancelable minimum contractual rent payments are as follows (dollars in thousands): Payments due by period Total 2017 2018 2019 2020 2021 Thereafter Operating Leases Minimum lease payments $ 488,640 58,795 76,389 69,724 62,062 51,698 169,972 The Company’s consolidated operating properties were 100% occupied by 23 tenants at March 31, 2017. For the three months ended March 31, 2017 we recognized $23.6 million in rental income attributable to base rent, $2.1 million in rental income attributable to the amortization of our above- and below-market leases and a straight-line adjustment of $0.1 million.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies In October of 2015 we entered into a sublease agreement for 5,682 square feet of office space in Washington, D.C. with a commencement date of March 2016 and expiration date of June 2021. We also lease 5,752 square feet of office space in San Diego, CA under an operating lease that commenced February 2015 and expires in April 2022. For the three months ended March 31, 2017 rent expense incurred under the terms of the corporate office leases, was $0.1 million. Future minimum rental payments under the Company’s corporate office leases as of March 31, 2017 are summarized as follows (amounts in thousands): Payments due by period Total 2017 2018 2019 2020 2021 Thereafter Corporate office leases Minimum lease payments $ 2,188 334 462 479 496 352 65

Concentrations Risk

Concentrations Risk	3 Months Ended
	Mar. 31, 2017
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 through the GSA or other federal agencies or nongovernmental tenants. At March 31, 2017, the GSA and other federal agency accounted for approximately 96.9% of rental income and non-governmental tenants accounted for the remaining approximately 3.1%. Thirteen of our 44 operating properties are located in California, accounting for approximately 19.6% of our total rentable square feet and approximately 26.0% of our total annualized lease income as of March 31, 2017. In addition, we owned one property under development located in California. To the extent that weak economic or real estate conditions or natural disasters affect California more severely than other areas of the country, our business, financial condition and results of operations could be significantly impacted.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events For its consolidated financial statements as of March 31, 2017, the Company evaluated subsequent events and noted the following significant events: On April 27, 2017 the Company was awarded the lease for a 52,870 square foot Food and Drug Administration (FDA) laboratory in Lenexa, KS. Upon completion the FDA - Lenexa laboratory will be leased to the General Services Administration for a 20-year term.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements On January 1, 2017, the Company adopted ASU 2017-01, Business Combinations (Topic 805), which clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. As a result the Company believes most of our future acquisitions of operating properties will qualify as asset acquisitions and third-party transaction costs associated with these acquisitions will be capitalized while internal acquisition costs will continue to be expensed. On January 1, 2017, the Company adopted ASU No. 2016-09, Compensation – Stock Compensation, which identifies areas for simplification involving several aspects of accounting for share-based payment transactions. The new guidance allows for entities to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. In addition, the guidance allows employers to withhold shares to satisfy minimum statutory tax withholding requirements up to the employees’ maximum individual tax rate without causing the award to be classified as a liability. The guidance also stipulates that cash paid by an employer to a taxing authority when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. The implementation of this update did not have a material impact in our consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers and will replace most existing revenue recognition guidance when it becomes effective. In July 2015, the FASB deferred by one year the mandatory effective date of ASU 2014-09 from January 1, 2017 to January 1, 2018. Early adoption is permitted, but not prior to the original effective date of January 1, 2017. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company is in the process of evaluating the impact of this new guidance. In February 2016, the FASB issued ASU No. 2016-02, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for in the same manner as operating leases today. As of March 31, 2017, the Company had a sublease for office space in Washington D.C. expiring in June 2021 and a lease for office space in San Diego, CA expiring in April 2022. The remaining contractual payments under the Company’s lease and sublease for office space aggregate $2.2 million. Additionally, ASU 2016-02 will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under ASU 2016-02, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU No. 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. The standard permits the use of either the retrospective or modified retrospective transition method. The Company is in the process of evaluating the impact of this new guidance. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), which provides classification guidance for certain cash receipts and cash payments including payment of debt extinguishment costs, settlement of zero-coupon debt instruments, insurance claim payments and distributions from equity method investees. The standard is effective on January 1, 2018, with early adoption permitted. The Company is in the process of evaluating the impact of this new guidance. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230), which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard is effective on January 1, 2018, with early adoption permitted. The Company is in the process of evaluating the impact of this new guidance. In February 2017, the FASB issued ASU No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. This ASU clarifies the scope and accounting of a financial asset that meets the definition of an “in-substance nonfinancial asset” and defines the term “in-substance nonfinancial asset.” This ASU also adds guidance for partial sales of nonfinancial assets. ASU 2017-05 will be effective at the same time Topic 606, Revenue from Contracts with Customers, is effective. The Company is in the process of evaluating the impact of this new guidance.

Real Estate and Intangibles (Ta

Real Estate and Intangibles (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Fair Values of Assets Acquired and Liabilities Assumed	During the three months ended March 31, 2017, we acquired one operating property in an asset acquisition, a 75,000 rentable square foot laboratory located in Sandy, Utah (“OSHA – Sandy”) for an aggregate purchase price of $37.0 million. We allocated the purchase price of the acquisition based on the estimated fair values of the acquired assets and assumed liabilities as follows (dollars in thousands): Total Real estate Land $ 2,361 Building 30,647 Acquired tenant improvements 927 Total real estate 33,935 Intangible assets In-place leases 3,649 Acquired leasing commissions 639 Total intangible assets 4,288 Intangible liabilities Below-market leases (1,255 ) Total intangible liabilities (1,255 ) Purchase price $ 36,968
Proforma Financial Information of Future Operating Results	The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it intend to indicate future operating results (dollars in thousands): For the three months ended Proforma (unaudited) March 31, 2016 Total rental revenue $ 24,342 Net income (loss) (1) 1,214 (1) The net income for the three months ended March 31, 2016 excludes $0.3 million of property acquisition costs.
Schedule of Real Estate and Intangibles	Real estate and intangibles consisted of the following as of March 31, 2017 (dollars in thousands): Total Real estate properties, net Land $ 114,535 Building 815,396 Acquired tenant improvements 40,863 Construction in progress 4,747 Accumulated amortization (46,686 ) Total Real estate properties, net $ 928,855 Intangible assets, net In-place leases $ 126,310 Acquired leasing commissions 23,823 Above market leases 10,631 Accumulated amortization (49,569 ) Total Intangible assets, net $ 111,195 Intangible liabilities, net Below market leases $ (57,753 ) Accumulated amortization 17,124 Total Intangible liabilities, net $ (40,629 )

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Summary of Borrowings	At March 31, 2017, our borrowings consisted of the following (dollars in thousands): Total Revolving credit facility $ 158,167 Term loan facility, net 99,097 Mortgage notes payable, net 80,054 Total $ 337,318
Mortgage Notes Payable, Net [Member]
Summary of Mortgage Debt Collateralized By Underlying Real Estate	The table below provides a summary of our mortgage debt which is collateralized by the underlying real estate at March 31, 2017 (dollars in thousands): Property Fixed/ Floating Contractual Interest Rate Effective Interest Rate Maturity Date Principal Balance Premium/ Discount Deferred Financing Carrying Value CBP - Savannah Fixed 3.40 % 4.12 % July 2033 $ 14,736 $ (758 ) $ — $ 13,978 ICE - Charleston Fixed 4.21 % 3.93 % January 2027 20,647 346 — 20,993 MEPCOM - Jacksonville Fixed 4.41 % 3.89 % October 11,449 263 — 11,712 USFS II - Albuquerque Fixed 4.46 % 3.92 % July 2026 17,118 588 — 17,706 DEA - Pleasanton Floating LIBOR + 150bps 1.80 % October 2023 15,700 — (35 ) 15,665 Total $ 79,650 $ 439 $ (35 ) $ 80,054

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2017, aggregated by the level in the fair value hierarchy within which those measurements fall. As of March 31, 2017 Balance Sheet Line Item Level 1 Level 2 Level 3 Interest rate swaps - Asset $ — $ 3,893 $ —

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Summary of Changes In Stockholders' Equity	The following table summarizes the changes in our stockholders’ equity for the three months ended March 31, 2017 and 2016 (dollars in thousands): Shares Common Stock Par Value Additional Paid-in Capital Retained Earnings (Deficit) Cumulative Dividends Accumulated Other Comprehensive Income Non- controlling Interest in Operating Partnership Total Equity Three months ended March 31, 2017 Balance at December 31, 2016 36,874,810 $ 369 $ 596,971 $ 1,721 $ (42,794 ) $ 3,038 $ 137,561 $ 696,866 Stock based compensation — 74 — — — 653 727 Dividends and distributions paid — — — (8,877 ) — (2,172 ) (11,049 ) Grant of unvested restricted stock 2,692 — — — — — — — Redemption of common units for shares of common stock 113,928 1 1,726 — — — (1,727 ) — Unrealized gain on interest rate swaps — — — — 96 12 108 Net income — — 1,084 — — 266 1,350 Allocation of non-controlling interest in Operating Partnership — 462 — — — (462 ) — Balance at March 31, 2017 36,991,430 $ 370 $ 599,233 $ 2,805 $ (51,671 ) $ 3,134 $ 134,131 $ 688,002 Three months ended March 31, 2016 Balance at December 31, 2015 24,168,379 $ 241 $ 391,767 $ (1,694 ) $ (13,051 ) $ — $ 242,631 $ 619,894 Stock based compensation — 81 — — — 618 699 Dividends and distributions paid — — — (5,317 ) — (3,440 ) (8,757 ) Net income — — 675 — — 434 1,109 Allocation of non-controlling interest in Operating Partnership — 332 — — — (332 ) — Balance at March 31, 2016 24,168,379 $ 241 $ 392,180 $ (1,019 ) $ (18,368 ) $ — $ 239,911 $ 612,945
Summary of Shares of Restricted Common Stock and Long-term Incentive Plan Units in Operating Partnership Awards	A summary of our shares of restricted common stock and long-term incentive plan units in the Operating Partnership (“LTIP units”) awards at March 31, 2017 is as follows: Restricted Shares Restricted Shares Weighted Average Grant Date Fair Value LTIP Units LTIP Units Weighted Average Grant Date Fair Value Outstanding, December 31, 2016 16,128 $ 18.60 926,000 $ 8.91 Vested — — — — Granted 2,692 19.79 — — Forfeited — — — — Outstanding, March 31, 2017 18,820 $ 18.77 926,000 $ 8.91

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Summary of Basic and Diluted Earnings Per Common Share	The following table sets forth the computation of the Company’s basic and diluted earnings per share of common stock for the three months ended March 31, 2017 and 2016 (amounts in thousands, except per share amounts): For the three months ended March 31, 2017 2016 Numerator Net income $ 1,350 $ 1,109 Less: Non-controlling interest in Operating Partnership (266 ) (434 ) Net income available to Easterly Government Properties, Inc. 1,084 675 Less: Dividends on participating securities (26 ) (26 ) Net income available to common stockholders $ 1,058 $ 649 Denominator for basic EPS 36,891,595 24,141,712 Dilutive effect of share-based compensation awards 11,815 22,842 Dilutive effect of LTIP units 1,818,392 1,580,270 Dilutive effect of forward sales agreements shares 422,085 — Denominator for diluted EPS 39,143,887 25,744,824 Basic EPS $ 0.03 $ 0.03 Diluted EPS $ 0.03 $ 0.03

Operating Leases (Tables)

Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2017
Leases [Abstract]
Summary of Future Non Cancellable Minimum Contractual Rent Payments	Our rental properties are subject to generally non-cancelable operating leases generating future minimum contractual rent payments due from tenants. As of March 31, 2017, future non-cancelable minimum contractual rent payments are as follows (dollars in thousands): Payments due by period Total 2017 2018 2019 2020 2021 Thereafter Operating Leases Minimum lease payments $ 488,640 58,795 76,389 69,724 62,062 51,698 169,972

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2017
Summary of Future Non Cancellable Minimum Contractual Rent Payments	Our rental properties are subject to generally non-cancelable operating leases generating future minimum contractual rent payments due from tenants. As of March 31, 2017, future non-cancelable minimum contractual rent payments are as follows (dollars in thousands): Payments due by period Total 2017 2018 2019 2020 2021 Thereafter Operating Leases Minimum lease payments $ 488,640 58,795 76,389 69,724 62,062 51,698 169,972
Corporate Office Leases [Member]
Summary of Future Non Cancellable Minimum Contractual Rent Payments	Future minimum rental payments under the Company’s corporate office leases as of March 31, 2017 are summarized as follows (amounts in thousands): Payments due by period Total 2017 2018 2019 2020 2021 Thereafter Corporate office leases Minimum lease payments $ 2,188 334 462 479 496 352 65

Organization and Basis of Pre27

Organization and Basis of Presentation - Additional Information (Detail) ft² in Millions	3 Months Ended
	Mar. 31, 2017ft²Property
Organization And Significant Accounting Policies [Line Items]
Outstanding common units of aggregate limited partnership interest owned percentage	80.50%
Wholly Owned Operating Properties [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	44
Aggregate area of land | ft²	3.2
Wholly Owned Operating Properties [Member] | Government [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	41
Wholly Owned Operating Properties [Member] | Private Tenants [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	3
Wholly Owned Properties Under Development [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	1
Aggregate area of land | ft²	0.1

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Oct. 31, 2015	Mar. 31, 2017
Accounting Policies [Line Items]
Remaining contractual payments under lease and sublease for office space		$ 488,640
Corporate Office Leases [Member]
Accounting Policies [Line Items]
Remaining contractual payments under lease and sublease for office space		$ 2,188
DISTRICT OF COLUMBIA | Sublease [Member]
Accounting Policies [Line Items]
Operating lease agreement expire date	Jun. 30, 2021	Jun. 30, 2021
California [Member] | San Diego [Member]
Accounting Policies [Line Items]
Operating lease agreement expire date		Apr. 30, 2022

Real Estate and Intangibles - A

Real Estate and Intangibles - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)ft²Property	Mar. 31, 2016USD ($)
Real Estate Properties [Line Items]
Net income	$ 1,084	$ 675
OSHA – Sandy [Member]
Real Estate Properties [Line Items]
Number of properties | Property	1
Asset acquisition rentable square foot | ft²	75,000
Purchase price	$ 36,968
Amortization period for intangible assets and liabilities	6 years 9 months 18 days
Revenues	$ 500
Net income	200
Acquisition-related expenses	500
Internal costs related to acquisitions	$ 400
Veterans Affairs [Member]
Real Estate Properties [Line Items]
Rentable square foot agreed to acquire | ft²	327,614

Real Estate and Intangibles - F

Real Estate and Intangibles - Fair Values of Assets Acquired and Liabilities Assumed (Detail) - OSHA – Sandy [Member] $ in Thousands	Mar. 31, 2017USD ($)
Business Acquisition [Line Items]
Total real estate	$ 33,935
Total Intangibles	4,288
Total intangible liabilities	(1,255)
Purchase price	36,968
Real Estate Investment [Member]
Business Acquisition [Line Items]
Land	2,361
Building	30,647
Acquired tenant improvements	927
In-place leases [Member]
Business Acquisition [Line Items]
Total Intangibles	3,649
Acquired Leasing Commissions [Member]
Business Acquisition [Line Items]
Total Intangibles	639
Below Market Leases [Member]
Business Acquisition [Line Items]
Total intangible liabilities	$ (1,255)

Real Estate and Intangibles - P

Real Estate and Intangibles - Proforma Financial Information of Future Operating Results (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Real Estate [Abstract]
Total rental revenue	$ 24,342
Net income (loss)	$ 1,214	[1]
[1]	The net income for the three months ended March 31, 2016 excludes $0.3 million of property acquisition costs.

Real Estate and Intangibles -32

Real Estate and Intangibles - Proforma Financial Information of Future Operating Results (Detail) (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
ICE – Albuquerque
Real Estate Properties [Line Items]
Property acquisition costs	$ 0.3

Real Estate and Intangibles - S

Real Estate and Intangibles - Schedule of Real Estate and Intangibles (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real estate properties, net
Land	$ 114,535
Building	815,396
Acquired tenant improvements	40,863
Construction in progress	4,747
Accumulated amortization	(46,686)
Total Real estate properties, net	928,855	$ 901,066
Intangible assets, net
Accumulated amortization	(49,569)
Total Intangible assets, net	111,195
Intangible liabilities, net
Intangible Liabilities, Below market leases	(57,753)
Intangible Liabilities, Accumulated amortization	17,124
Total Intangible liabilities, net	40,629
In-place leases [Member]
Intangible assets, net
Above market leases	126,310
Acquired Leasing Commissions [Member]
Intangible assets, net
Above market leases	23,823
Above Market Leases [Member]
Intangible assets, net
Above market leases	$ 10,631

Debt - Summary of Borrowings (D

Debt - Summary of Borrowings (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Revolving credit facility	$ 158,167	$ 212,167
Term loan facility, net	99,097
Mortgage notes payable, net	80,054	$ 80,806
Long term debt, Total	337,318
Term Loan Facility, Net [Member]
Debt Instrument [Line Items]
Term loan facility, net	99,097
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility	$ 158,167

Debt - Additional Information (

Debt - Additional Information (Detail)	Sep. 29, 2016USD ($)	Mar. 31, 2017USD ($)Swap	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Oct. 27, 2016USD ($)Swap	Feb. 11, 2015USD ($)
Debt Instrument [Line Items]
Outstanding borrowings		$ 158,167,000		$ 212,167,000
Amortization of deferred financing costs		251,000	$ 216,000
Unsecured Debt [Member] | Term Loan Facility, Net [Member]
Debt Instrument [Line Items]
Term loan, face amount	$ 100,000,000
Maturity Date	Sep. 29, 2023
Debt instrument prepayment without penalty starting period	2018-10
Unsecured Debt [Member] | Term Loan Facility, Net [Member] | Maximum [Member]
Debt Instrument [Line Items]
Amortization of deferred financing costs		100,000
Mortgage Notes Payable, Net [Member]
Debt Instrument [Line Items]
Fair value of debt		$ 78,900,000
Senior Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility current borrowing capacity						$ 400,000,000
Credit facility additional maximum borrowing capacity						250,000,000
Credit facility maximum borrowing capacity						$ 650,000,000
Credit facility terminate date		Feb. 11, 2019
Line of Credit Facility, Description		Our senior unsecured revolving credit facility includes two as-of-right extension options that allows us, in each case, to extend the senior unsecured revolving credit facility for an additional six months subject to certain conditions and the payment of an extension fee.
Interest rate payable on borrowings		2.31%
Weighted average annual interest rate		2.18%
Outstanding borrowings		$ 158,167,000
Amount available under revolving credit facility		241,800,000
Amortization of deferred financing costs		$ 200,000
Senior Unsecured Term Loan Facility [Member] | Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps | Swap		2			2
Aggregate notional value of interest rate swaps		$ 100,000,000			$ 100,000,000
Forward swaps interest rate		3.12%			3.12%

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Collateralized By Underlying Real Estate (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Deferred Financing	$ (1,652)	$ (2,787)
Carrying Value	337,318
Mortgage Notes Payable, Net [Member]
Debt Instrument [Line Items]
Principal Balance	79,650
Premium/Discount	439
Deferred Financing	(35)
Carrying Value	$ 80,054
Mortgage Notes Payable, Net [Member] | CBP Savannah [Member]
Debt Instrument [Line Items]
Fixed/Floating	Fixed
Contractual Interest Rate	3.40%
Effective Interest Rate	4.12%
Maturity Date	Jul. 31, 2033
Principal Balance	$ 14,736
Premium/Discount	(758)
Carrying Value	$ 13,978
Mortgage Notes Payable, Net [Member] | ICE Charleston [Member]
Debt Instrument [Line Items]
Fixed/Floating	Fixed
Contractual Interest Rate	4.21%
Effective Interest Rate	3.93%
Maturity Date	Jan. 31, 2027
Principal Balance	$ 20,647
Premium/Discount	346
Carrying Value	$ 20,993
Mortgage Notes Payable, Net [Member] | MEPCOM Jacksonville [Member]
Debt Instrument [Line Items]
Fixed/Floating	Fixed
Contractual Interest Rate	4.41%
Effective Interest Rate	3.89%
Maturity Date	Oct. 31, 2025
Principal Balance	$ 11,449
Premium/Discount	263
Carrying Value	$ 11,712
Mortgage Notes Payable, Net [Member] | USFS II Albuquerque [Member]
Debt Instrument [Line Items]
Fixed/Floating	Fixed
Contractual Interest Rate	4.46%
Effective Interest Rate	3.92%
Maturity Date	Jul. 31, 2026
Principal Balance	$ 17,118
Premium/Discount	588
Carrying Value	$ 17,706
Mortgage Notes Payable, Net [Member] | DEA Pleasanton [Member]
Debt Instrument [Line Items]
Fixed/Floating	Floating
Contractual Interest Rate	LIBOR + 150bps
Effective Interest Rate	1.80%
Maturity Date	Oct. 31, 2023
Principal Balance	$ 15,700
Deferred Financing	(35)
Carrying Value	$ 15,665

Derivative and Hedging Activiti

Derivative and Hedging Activities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)Swap	Dec. 31, 2016USD ($)	Oct. 27, 2016USD ($)Swap
Derivative [Line Items]
Interest rate swaps	$ 3,893,000	$ 3,785,000
Unrealized gain recognized in accumulated other comprehensive income on interest rate swaps	108,000
Gain (loss) on interest rate cash flow hedge ineffectiveness	0
Estimates reclassified from accumulated other comprehensive income increase to interest expense over the next 12 months	200,000
Credit risk related contingent features derivatives in a net liability position	0
Maximum [Member]
Derivative [Line Items]
Gain reclassified from accumulated other comprehensive income into interest expense	$ 100,000
Interest Rate Swaps [Member] | Senior Unsecured Term Loan Facility [Member]
Derivative [Line Items]
Number of forward interest rate swaps | Swap	2		2
Aggregate notional value of interest rate swaps	$ 100,000,000		$ 100,000,000
Forward swaps effective date	Mar. 29, 2017
Maturity of the term loan	Sep. 29, 2023
Forward swaps interest rate	3.12%		3.12%
Forward interest rate swap description	The forward swaps will effectively fix the interest rate under our senior unsecured term loan facility at 3.12% annually based on the company’s current leverage ratio and a variable interest rate of one-month LIBOR.
Variable interest rate receive on interest rate swaps	one-month LIBOR

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps - Asset	$ 3,893	$ 3,785
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps - Asset	$ 3,893

Equity - Summary of Changes In

Equity - Summary of Changes In Stockholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Shareholders Equity [Line Items]
Balance	$ 696,866	$ 619,894
Stock based compensation	727	699
Dividends and distributions paid	(11,049)	(8,757)
Unrealized gain on interest rate swaps	108
Net income	1,350	1,109
Balance	$ 688,002	612,945
Balance (in shares)	36,991,430
Common Stock Par Value [Member]
Shareholders Equity [Line Items]
Balance	$ 369	$ 241
Balance (in shares)	36,874,810	24,168,379
Grant of unvested restricted stock (in share)	2,692
Redemption of common units for shares of common stock	$ 1
Redemption of common units for shares of common stock (in share)	113,928
Balance	$ 370	$ 241
Balance (in shares)	36,991,430	24,168,379
Additional Paid-in Capital [Member]
Shareholders Equity [Line Items]
Balance	$ 596,971	$ 391,767
Stock based compensation	74	81
Redemption of common units for shares of common stock	1,726
Allocation of non-controlling interest in Operating Partnership	462	332
Balance	599,233	392,180
Retained Earnings (Deficit) [Member]
Shareholders Equity [Line Items]
Balance	1,721	(1,694)
Net income	1,084	675
Balance	2,805	(1,019)
Cumulative Dividends [Member]
Shareholders Equity [Line Items]
Balance	(42,794)	(13,051)
Dividends and distributions paid	(8,877)	(5,317)
Balance	(51,671)	(18,368)
Accumulated Other Comprehensive Income [Member]
Shareholders Equity [Line Items]
Balance	3,038
Unrealized gain on interest rate swaps	96
Balance	3,134
Non-controlling Interest in Operating Partnership [Member]
Shareholders Equity [Line Items]
Balance	137,561	242,631
Stock based compensation	653	618
Dividends and distributions paid	(2,172)	(3,440)
Redemption of common units for shares of common stock	(1,727)
Unrealized gain on interest rate swaps	12
Net income	266	434
Allocation of non-controlling interest in Operating Partnership	(462)	(332)
Balance	$ 134,131	$ 239,911

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($)	Sep. 27, 2017	May 03, 2017	Mar. 27, 2017	Mar. 08, 2017	Mar. 03, 2017	Mar. 31, 2017	Dec. 31, 2016
Stockholders Equity Note Disclosure [Line Items]
Unrecognized compensation expense						$ 3,500,000
Common Stock, shares issued						36,991,430	36,874,810
Subsequent Event [Member]
Stockholders Equity Note Disclosure [Line Items]
Dividends per share		$ 0.25
Dividends payable, date of record		Jun. 14, 2017
Dividends payable, date to be paid		Jun. 29, 2017
Operating partnership dividend rate percentage		10.00%
Maximum [Member]
Stockholders Equity Note Disclosure [Line Items]
Aggregate offering price of shares of common stock that the Company may issue and sell					$ 100,000,000
Underwritten Public Offering [Member]
Stockholders Equity Note Disclosure [Line Items]
Common Stock, shares issued			4,945,000
Common stock shares sold with option to purchase additional shares			645,000
Underwritten Public Offering [Member] | Scenario Forecast [Member]
Stockholders Equity Note Disclosure [Line Items]
Gross proceeds from offering of shares to forward purchasers	$ 94,000,000
Initial Public Offering [Member]
Stockholders Equity Note Disclosure [Line Items]
Redemption of common units to common stock (in share)						113,928
2015 Equity Incentive Plan [Member]
Stockholders Equity Note Disclosure [Line Items]
Common stock issued to certain employees				2,692
Restricted common stock grants, vesting description						The restricted common stock grants will vest upon the second anniversary of the grant date so long as the grantee remains an employee of the Company on such date.
Compensation expense recognized						$ 700,000

Equity - Summary of Shares of R

Equity - Summary of Shares of Restricted Common Stock and Long-term Incentive Plan Units in Operating Partnership Awards (Detail)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Restricted Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares/Units, Outstanding beginning balance | shares	16,128
Shares/Units, Granted | shares	2,692
Shares/Units, Outstanding ending balance | shares	18,820
Weighted Average Grant Date Fair Value, Outstanding beginning balance | $ / shares	$ 18.60
Weighted Average Grant Date Fair Value, Granted | $ / shares	19.79
Weighted Average Grant Date Fair Value, Outstanding ending balance | $ / shares	$ 18.77
Long Term Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares/Units, Outstanding beginning balance | shares	926,000
Shares/Units, Outstanding ending balance | shares	926,000
Weighted Average Grant Date Fair Value, Outstanding beginning balance | $ / shares	$ 8.91
Weighted Average Grant Date Fair Value, Outstanding ending balance | $ / shares	$ 8.91

Earnings Per Share - Summary of

Earnings Per Share - Summary of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share Basic And Diluted [Line Items]
Net income	$ 1,350	$ 1,109
Less: Non-controlling interest in Operating Partnership	(266)	(434)
Net income available to Easterly Government Properties, Inc.	1,084	675
Less: Dividends on participating securities	(26)	(26)
Net income available to common stockholders	$ 1,058	$ 649
Denominator for basic EPS	36,891,595	24,141,712
Denominator for diluted EPS	39,143,887	25,744,824
Basic EPS	$ 0.03	$ 0.03
Diluted EPS	$ 0.03	$ 0.03
Stock Compensation Plan [Member]
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect	11,815	22,842
Long Term Incentive Plan [Member]
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect	1,818,392	1,580,270
Forward Sales Agreements [Member]
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect	422,085

Operating Leases - Summary of F

Operating Leases - Summary of Future Non Cancellable Minimum Contractual Rent Payments (Detail) $ in Thousands	Mar. 31, 2017USD ($)
Leases [Abstract]
Minimum lease payments, Total	$ 488,640
Minimum lease payments, 2017	58,795
Minimum lease payments, 2018	76,389
Minimum lease payments, 2019	69,724
Minimum lease payments, 2020	62,062
Minimum lease payments, 2021	51,698
Minimum lease payments, Thereafter	$ 169,972

Operating Leases - Additional I

Operating Leases - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)Tenants	Mar. 31, 2016USD ($)
Leases [Abstract]
Number of consolidated operating properties	100.00%
Rental income attributable to base rent	$ 23,600
Number of tenants | Tenants	23
Straight-line rent adjustments	$ 100
Amortization of above and below market leases	$ 2,112	$ 1,698

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended
	Oct. 31, 2015ft²	Mar. 31, 2017USD ($)ft²
Corporate Office Leases [Member]
Commitments And Contingencies [Line Items]
Rent expense | $		$ 0.1
DISTRICT OF COLUMBIA | Sublease [Member]
Commitments And Contingencies [Line Items]
Area of leased property	5,682
Operating lease agreement expire date	Jun. 30, 2021	Jun. 30, 2021
California [Member] | San Diego [Member]
Commitments And Contingencies [Line Items]
Area of leased property		5,752
Operating lease agreement expire date		Apr. 30, 2022

Commitments and Contingencies46

Commitments and Contingencies - Summary of Future Minimum Rental Payments Under Company's Corporate Office Leases (Detail) $ in Thousands	Mar. 31, 2017USD ($)
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
Minimum lease payments, Total	$ 488,640
Minimum lease payments, 2017	58,795
Minimum lease payments, 2018	76,389
Minimum lease payments, 2019	69,724
Minimum lease payments, 2020	62,062
Minimum lease payments, 2021	51,698
Minimum lease payments, Thereafter	169,972
Corporate Office Leases [Member]
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
Minimum lease payments, Total	2,188
Minimum lease payments, 2017	334
Minimum lease payments, 2018	462
Minimum lease payments, 2019	479
Minimum lease payments, 2020	496
Minimum lease payments, 2021	352
Minimum lease payments, Thereafter	$ 65

Concentrations Risk - Additiona

Concentrations Risk - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017Property
Wholly Owned Properties [Member]
Concentration Risk [Line Items]
Number of properties	44
California [Member]
Concentration Risk [Line Items]
Number of properties	13
California [Member] | Properties Under Development [Member]
Concentration Risk [Line Items]
Number of properties	1
Lease Income [Member] | Credit Concentration Risk [Member] | California [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	26.00%
Rentable Square Feet [Member] | Credit Concentration Risk [Member] | California [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	19.60%
General Services Administration And Other Federal Agencies [Member] | Lease Income [Member] | Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	96.90%
Non Governmental Tenants [Member] | Lease Income [Member] | Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	3.10%

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - ft²	3 Months Ended
	Mar. 31, 2017	Apr. 27, 2017
Subsequent Event [Line Items]
Lease term	20 years
Subsequent Event [Member]
Subsequent Event [Line Items]
Area of leased laboratory premises		52,870