Easterly Government Properties (DEA) 10-Q 7 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 01, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		43,873,796

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets
Real estate properties, net	$ 1,195,618	$ 901,066
Cash and cash equivalents	6,551	4,845
Restricted cash	3,866	1,646
Deposits on acquisitions	1,100	1,750
Rents receivable	9,664	8,544
Accounts receivable	7,532	5,823
Deferred financing, net	1,158	2,787
Intangible assets, net	131,408	113,795
Interest rate swaps	3,088	3,785
Prepaid expenses and other assets	8,050	1,422
Total assets	1,368,035	1,045,463
Liabilities
Revolving credit facility	59,250	212,167
Term loan facility, net	99,167
Notes payable, net	173,676
Mortgage notes payable, net	203,999	80,806
Intangible liabilities, net	40,866	41,840
Accounts payable and accrued liabilities	21,946	13,784
Total liabilities	598,904	348,597
Commitments and contingencies (Note 10)
Equity
Common stock, par value $0.01, 200,000,000 shares authorized, 43,873,796 and 36,874,810 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	439	369
Additional paid-in capital	718,880	596,971
Retained earnings	4,414	1,721
Cumulative dividends	(72,195)	(42,794)
Accumulated other comprehensive income	2,627	3,038
Total stockholders' equity	654,165	559,305
Non-controlling interest in Operating Partnership	114,966	137,561
Total equity	769,131	696,866
Total liabilities and equity	$ 1,368,035	$ 1,045,463

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 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	43,873,796	36,874,810
Common Stock, shares outstanding	43,873,796	36,874,810

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues
Rental income	$ 30,079	$ 24,493	$ 83,600	$ 68,520
Tenant reimbursements	3,554	2,385	10,156	7,016
Other income	225	97	592	331
Total revenues	33,858	26,975	94,348	75,867
Operating expenses
Property operating	6,718	5,308	18,904	14,726
Real estate taxes	3,452	2,533	9,166	7,233
Depreciation and amortization	14,141	12,237	40,663	34,174
Acquisition costs	206	660	1,194	1,339
Corporate general and administrative	2,920	3,066	9,506	9,154
Total expenses	27,437	23,804	79,433	66,626
Operating income	6,421	3,171	14,915	9,241
Other expenses
Interest expense, net	(5,495)	(2,043)	(11,626)	(5,967)
Net income	926	1,128	3,289	3,274
Non-controlling interest in Operating Partnership	(144)	(233)	(596)	(1,005)
Net income available to Easterly Government Properties, Inc.	$ 782	$ 895	$ 2,693	$ 2,269
Net income available to Easterly Government Properties, Inc. per share:
Basic	$ 0.02	$ 0.02	$ 0.07	$ 0.08
Diluted	$ 0.02	$ 0.02	$ 0.07	$ 0.07
Weighted-average common shares outstanding
Basic	39,962,471	34,967,482	38,098,805	28,886,697
Diluted	41,903,977	36,904,564	40,012,282	30,722,389
Dividends declared per common share	$ 0.25	$ 0.23	$ 0.74	$ 0.68

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 926	$ 1,128	$ 3,289	$ 3,274
Other comprehensive loss:
Unrealized loss on interest rate swaps	(111)		(697)
Other comprehensive loss:	(111)		(697)
Comprehensive income	815	1,128	2,592	3,274
Non-controlling interest in Operating Partnership	(144)	(233)	(596)	(1,005)
Other comprehensive loss attributable to non-controlling interest	77		286
Comprehensive income attributable to Easterly Government Properties, Inc.	$ 748	$ 895	$ 2,282	$ 2,269

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities
Net income	$ 3,289	$ 3,274
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	40,663	34,174
Straight line rent	(1,376)	(17)
Amortization of above- / below-market leases	(6,283)	(5,225)
Amortization of unearned revenue	(82)	(77)
Amortization of loan premium / discount	(64)	(64)
Amortization of deferred financing costs	848	649
Non-cash compensation	2,215	2,164
Net change in:
Rents receivable	265	(940)
Accounts receivable	(1,709)	(1,216)
Prepaid expenses and other assets	(1,632)	(336)
Accounts payable and accrued liabilities	6,690	3,840
Net cash provided by operating activities	42,824	36,226
Cash flows from investing activities
Real estate acquisitions and deposits	(342,566)	(140,403)
Additions to operating properties	(2,221)	(664)
Additions to development properties	(5,560)	(145)
Restricted cash	(2,220)	304
Net cash (used in) investing activities	(352,567)	(140,908)
Cash flows from financing activities
Payment of deferred financing costs	(3,398)	(848)
Issuance of common shares	107,190	84,943
Credit facility draws	108,000	73,250
Credit facility repayments	(260,917)	(21,000)
Term loan draws	100,000
Issuance of notes payable	175,000
Issuance of mortgage notes payable	127,500
Repayments of mortgage notes payable	(2,221)	(2,131)
Dividends and distributions paid	(35,483)	(29,245)
Payment of offering costs	(4,222)	(4,105)
Net cash provided by financing activities	311,449	100,864
Net increase (decrease) in cash and cash equivalents	1,706	(3,818)
Cash and cash equivalents, beginning of period	4,845	8,176
Cash and cash equivalents, end of period	6,551	4,358
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Cash paid for interest	8,456	5,531
Financing costs accrued, not paid		78
Offering costs accrued, not paid	27
Unrealized loss on interest rate swaps	(697)
Exchange of Common Units for Shares of Common Stock
Non-controlling interest in Operating Partnership	(20,401)	(96,578)
Common stock	14	64
Additional paid-in capital	20,387	96,514
Operating Properties [Member]
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Additions to properties accrued, not paid	819	174
Development Properties [Member]
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Additions to properties accrued, not paid	$ 719	$ 18

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 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, either directly or through the U.S. General Services Administration (“GSA”). Our objective is to generate attractive risk-adjusted returns for our stockholders over the long term through dividends and capital appreciation. As of September 30, 2017, we wholly owned 46 operating properties in the United States, including 43 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 3.7 million square feet in the aggregate. In addition, we wholly owned two properties under development encompassing approximately 0.1 million square feet. We focus on acquiring, developing, and managing U.S. Government leased properties that are essential to supporting the mission of the tenant agency and strive to be a partner of choice for the U.S. Government, working with the tenant agency to meet its needs and objectives. The Operating Partnership holds substantially all of our assets and conducts substantially all our business. The Company is the sole general partner of the Operating Partnership. The Company owned approximately 85.1% of the aggregate limited partnership interests in the Operating Partnership (“common units”) at September 30, 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 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 September 30, 2017, and the consolidated results of operations for the three and nine months ended September 30, 2017 and 2016 and the consolidated cash flows for the nine months ended September 30, 2017 and 2016. 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	9 Months Ended
	Sep. 30, 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 on our consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In May 2014, the Financial Accounting Standards Board (“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. This amendment applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC (“Accounting Standards Codification”). In July 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company expects to adopt ASU 2014-09 using the modified retrospective approach. The Company has evaluated the impact of this new guidance and does not expect the adoption of this guidance to be material to its financial results. Additional information about the Company’s revenue streams and other considerations are summarized below. Rental income from real property is derived from rental agreements, whereby 43 of the Company’s operating properties are leased primarily to the U.S. Government and three of the Company’s operating properties are entirely leased to private tenants. Rental income from real property is specifically excluded from ASU 2014-09. Tenant reimbursements – is comprised of tenant reimbursements for real estate taxes, and certain other expenses, as well as tenant construction project reimbursements that consist primarily of subcontracted costs that are reimbursed to us by the tenant. Reimbursements from real estate taxes and certain other expenses are not included within the scope of ASU 2014-09. After adoption of ASU 2014-09, we believe that we will account for tenant construction project reimbursement arrangements using the percentage of completion method, which is the method we have used historically. Other income – is comprised primarily of the management fee income associated with tenant construction project reimbursements. After adoption of ASU 2014-09 we believe that we will account for the management fee associated with tenant construction project reimbursements using the percentage of completion method, which is the method we have used historically. Once the new guidance setting forth principles for the recognition, measurement, presentation and disclosure of leases (discussed below) goes into effect, we believe that the new revenue standard may apply to executory costs and other components of revenue due under leases that are deemed to be non-lease components, even when the revenue for such activities is not separately stipulated in the lease. In that case, then revenue from these items previously recognized on a straight-line basis under current lease guidance would be recognized under the new revenue guidance as the related services are delivered. As a result, while the total revenue recognized over time would not differ under the new guidance, the recognition pattern could be different. The Company is currently in the process of evaluating the significance of the difference in the recognition pattern that would result from this change. The Company is continuing to evaluate the disclosure requirements in the guidance and has not determined the impact on the footnote disclosures to its consolidated financial statements. 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 September 30, 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 $2.0 million. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. As discussed in further detail above, in connection with the new revenue guidance, we believe that the new revenue standard may apply to executory costs and other components of revenue deemed to be non-lease components, even when the revenue for such activities is not separately stipulated in the lease. In that case, we would need to separate the lease components of revenue due under leases from the non-lease components. Under the new guidance, we would continue to recognize the lease components of lease revenue on a straight-line basis over our respective lease terms as we do under prior guidance. However, we would recognize the non-lease components under the new revenue guidance as the related services are delivered. As a result, while the total revenue recognized over time would not differ under the new guidance, the recognition pattern could be different. The Company is currently in the process of evaluating the significance of the difference in the recognition pattern that would result from this change. Additionally, ASU 2016-02 will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under ASU 2016-02, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. 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 January 1, 2019, with modified retrospective application for each reporting period presented at the time of adoption. Early adoption is also permitted for this guidance. The Company is in the process of evaluating the impact of this new guidance. In August 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 ASU No. 2014-09 In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of either adopting the new standard early using a modified retrospective transition method in any interim period after issuance of the update, or alternatively adopting the new standard for fiscal years beginning after December 15, 2018. This adoption method may require the Company to recognize the cumulative effect of initially applying the ASU as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. While the Company continues to assess all potential impacts of the standard, we do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.

Real Estate and Intangibles

Real Estate and Intangibles	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Real Estate and Intangibles	3. Real Estate and Intangibles During the nine months ended September 30, 2017, we acquired three operating properties, OSHA – Sandy, VA – Loma Linda and FBI – Salt Lake in asset acquisitions for an aggregate purchase price of $337.6 million, of which VA – Loma Linda comprised $212.6 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 $ 16,886 Building 281,195 Acquired tenant improvements 7,690 Total real estate 305,771 Intangible assets In-place leases 25,748 Acquired leasing commissions 12,403 Total intangible assets 38,151 Intangible liabilities Below-market leases (6,357 ) Total intangible liabilities (6,357 ) Purchase price $ 337,565 We did not assume any debt upon acquisition of these properties. The intangible assets and liabilities of operating properties acquired during the nine months ended September 30, 2017 have a weighted average amortization period of 15.91 years as of September 30, 2017. During the nine months ended September 30, 2017, we included $7.5 million of revenues and $1.7 million of net income in our consolidated statement of operations related to operating properties acquired. During the nine months ended September 30, 2017, we incurred $1.2 million of acquisition-related expenses including $1.0 million of internal costs associated with property acquisitions. Pro Forma Financial Information We did not have any business combinations during the nine months ended September 30, 2017. As such, the unaudited pro forma financial information set forth below presents results for the nine months ended September 30, 2016 as if the ICE – Albuquerque, NPS – Omaha, DEA – Birmingham, FBI – Birmingham and EPA – Kansas City acquisitions 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 nine months ended Proforma (unaudited) September 30, 2016 Total rental revenue $ 81,197 Net income (loss) (1) 5,219 (1) The net income for the nine months ended September 30, 2016 excludes $1.3 million of property acquisition costs. In addition to the above operating property acquisitions, we acquired one property which is currently under development, FDA – Lenexa, during the nine months ended September 30, 2017. Consolidated Real Estate and Intangibles Real estate and intangibles consisted of the following as of September 30, 2017 (dollars in thousands): Total Real estate properties, net Land $ 129,709 Building 1,068,758 Acquired tenant improvements 47,626 Construction in progress 10,855 Accumulated amortization (61,330 ) Total Real estate properties, net $ 1,195,618 Intangible assets, net In-place leases $ 148,409 Acquired leasing commissions 35,587 Above market leases 10,631 Accumulated amortization (63,219 ) Total Intangible assets, net $ 131,408 Intangible liabilities, net Below market leases $ (62,855 ) Accumulated amortization 21,989 Total Intangible liabilities, net $ (40,866 )

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	4. Debt At September 30, 2017, our borrowings consisted of the following (dollars in thousands): Loan Principal Outstanding Interest Rate (1) Maturity Date Revolving credit facility: Senior unsecured revolving credit facility (2) $ 59,250 L + 150bps February 2019 (3) Total revolving credit facility 59,250 Term loan facility: Senior unsecured term loan facility 100,000 3.17% (4) September 2023 Total term loan facility 100,000 Less: Total unamortized deferred financing fees (833 ) Total term loan facility, net 99,167 Notes payable: Senior unsecured notes payable, series A 95,000 4.05% May 2027 Senior unsecured notes payable, series B 50,000 4.15% May 2029 Senior unsecured notes payable, series C 30,000 4.30% May 2032 Total notes payable 175,000 Less: Total unamortized deferred financing fees (1,324 ) Total notes payable, net 173,676 Mortgage notes payable: CBP - Savannah 14,388 3.40% (5) July 2033 ICE - Charleston 20,088 4.21% (5) January 2027 MEPCOM - Jacksonville 11,016 4.41% (5) October 2025 USFS II - Albuquerque 16,969 4.46% (5) July 2026 DEA - Pleasanton 15,700 L + 150bps (5) October 2023 VA - Loma Linda 127,500 3.59% July 2027 Total mortgage notes payable 205,661 Less: Total unamortized deferred financing fees (2,059 ) Less: Total unamortized premium/discount 397 Total mortgage notes payable, net 203,999 Total debt 536,092 (1) At September 30, 2017, the one-month LIBOR (“L”) was 1.23%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for the Company's senior unsecured revolving credit facility and senior unsecured term loan facility is based on the Company's consolidated leverage ratio, as defined in the respective loan agreements. (2) Available capacity of $340.7 million at September 30, 2017 with an accordion feature that provides additional capacity of up to $250.0 million, for a total facility size of not more than $650.0 million. (3) Our senior unsecured revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee. (4) 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 3.17% annually, based on the Company’s consolidated leverage ratio, as defined in the senior unsecured term loan facility agreement. (5) Effective interest rates are as follows: CBP - Savannah 4.12%, ICE - Charleston 3.93%, MEPCOM - Jacksonville 3.89%, USFS II - Albuquerque 3.92%, DEA - Pleasanton 1.8%. The table below sets forth the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three and nine months ended September 30, 2017 and 2016 (dollars in thousands): For the three months ended September 30, For the nine months ended September 30, Costs Included in Interest Expense 2017 2016 2017 2016 Amortization of deferred financing fees $ 332 $ 217 $ 848 $ 649 On May 25, 2017, the Operating Partnership issued $175 million of fixed rate, senior unsecured notes (the “Notes) in a private placement pursuant to a purchase agreement among the Operating Partnership, the Company and the purchasers of the Notes (the “Purchase Agreement”). The Notes are unconditionally guaranteed by the Company and various subsidiaries of the Operating Partnership (the “Subsidiary Guarantors”). Subject to the terms of the Purchase Agreement and the Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, “make-whole” amount or interest under the Notes, and (ii) a default in the payment of certain other indebtedness of the Operating Partnership or of the Company or of the Subsidiary Guarantors, the principal and accrued and unpaid interest and the make-whole amount on the outstanding Notes will become due and payable at the option of the holders. The Purchase Agreement and the Notes also contain various covenants, including, among others, financial covenants with respect to debt service coverage, consolidated net worth, fixed charges and consolidated leverage and covenants relating to liens. If the Operating Partnership or the Company breaches any of these covenants, the principal and accrued and unpaid interest and the make-whole amount on the outstanding Notes will become due and payable at the option of the holders. The Operating Partnership may prepay at any time all, or from time to time any part of, the Notes, in the amount not less than 5% of the aggregate principal amount of the Notes then outstanding at (i) 100% of the principal amount so prepaid, together with accrued interest, and (ii) a make-whole amount that is calculated by discounting the value of the remaining scheduled interest payments that would otherwise be payable through the scheduled maturity date of the applicable Notes on the principal amount being prepaid. The Operating Partnership has the right to make tender offers and is required to make other prepayment offers under the terms set forth in the Purchase Agreement. On June 28, 2017, the Company, through a wholly-owned subsidiary of the Operating Partnership, entered into a $127.5 million mortgage loan secured by VA – Loma Linda. Financial Covenant Considerations The Company was in compliance with all financial and other covenants as of September 30, 2017 related to its senior unsecured revolving credit facility, senior unsecured term loan facility, senior unsecured notes payable and secured mortgage notes payable. Fair Value of Debt As of September 30, 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, variable interest rate and credit spreads. We deem the fair value of our senior unsecured revolving credit facility as a Level 3 measurement. As of September 30, 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 and credit spreads. We deem the fair value of our senior unsecured term loan facility as a Level 3 measurement. At September 30, 2017, the fair value of our notes payable was determined by discounting future contractual principal and interest payments using prevailing market rates. We deem the fair value measurement of our notes payable instruments as a Level 3 measurement. At September 30, 2017, the fair value of our notes payable was $178.3 million. At September 30, 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 September 30, 2017, the fair value of our mortgage debt was $204.8 million.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	5. Derivatives and Hedging Activities As of September 30, 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 our senior unsecured term loan facility on September 29, 2023. The forward swaps effectively fix the interest rate under our senior unsecured term loan facility at 3.17% annually based on the Company’s current consolidated leverage ratio and a variable interest rate of one-month LIBOR. Cash Flow Hedges of Interest Rate Risk As of September 30, 2017, our forward swaps were classified as an asset on our consolidated balance sheet at $3.1 million. The effective portion of changes in the fair value of derivatives designated and qualified as cash flow hedges is recorded in accumulated other comprehensive income and will be reclassified to interest expense in the period that the hedged forecasted transactions affect earnings on the Company’s variable rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings into interest expense. For the nine months ended September 30, 2017 the amount of unrealized loss recognized in accumulated other comprehensive income on interest rate swaps was $0.7 million and the amount of loss reclassified from accumulated other comprehensive income into interest expense was $0.2 million. Additionally, during the nine months ended September 30, 2017, there was no ineffectiveness. The Company estimates that less than $0.1 million will be reclassified from accumulated other comprehensive income as a decrease to interest expense over the next 12 months. Credit-Risk-Related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on such indebtedness. As of September 30, 2017, the Company did not have any derivatives in a net liability position.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 September 30, 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 the short term maturity, variable interest rates and credit spreads (categorized within Level 3 of the fair value hierarchy), estimated the fair value of our senior unsecured term loan facility based on the variable interest rate and credit spreads (categorized within Level 3 of the fair value hierarchy) and estimated the fair value of our other debt based on the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans, or groups of loans, with similar maturities and credit quality, and the estimated future payments included scheduled principal and interest payments. Fair value estimates are made as of a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. Settlement at such fair value amounts may not be possible and may not be prudent management decision. The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2017, aggregated by the level in the fair value hierarchy within which those measurements fall. As of September 30, 2017 Balance Sheet Line Item Level 1 Level 2 Level 3 Interest rate swaps - Asset $ — $ 3,088 $ —

Equity

Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Equity	7. Equity The following table summarizes the changes in our stockholders’ equity for the nine months ended September 30, 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 Nine months ended September 30, 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 — 240 — — — 1,975 2,215 Dividends and distributions paid — — — (29,401 ) — (6,082 ) (35,483 ) Grant of unvested restricted stock 17,912 — — — — — — — Redemption of common units for shares of common stock 1,361,594 14 20,387 — — — (20,401 ) — Issuance of common stock 5,619,480 56 102,885 — — — — 102,941 Unrealized loss on interest rate swaps — — — — (411 ) (286 ) (697 ) Net income — — 2,693 — — 596 3,289 Allocation of non-controlling interest in Operating Partnership — (1,603 ) — — — 1,603 — Balance at September 30, 2017 43,873,796 $ 439 $ 718,880 $ 4,414 $ (72,195 ) $ 2,627 $ 114,966 $ 769,131 Nine months ended September 30, 2016 Balance at December 31, 2015 24,168,379 $ 241 $ 391,767 $ (1,694 ) $ (13,051 ) $ — $ 242,631 $ 619,894 Stock based compensation — 221 — — — 1,943 2,164 Dividends and distributions paid — — — (20,893 ) — (8,352 ) (29,245 ) Grant of unvested restricted stock 16,128 — — — — — — — Redemption of common units for shares of common stock 6,257,640 64 96,514 — — — (96,578 ) — Public offering 4,719,045 47 80,791 — — — — 80,838 Net income — — 2,269 — — 1,005 3,274 Allocation of non-controlling interest in Operating Partnership — (773 ) — — — 773 — Balance at September 30, 2016 35,161,192 $ 352 $ 568,520 $ 575 $ (33,944 ) $ — $ 141,422 $ 676,925 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. In connection with our 2017 annual meeting of stockholders, we issued an aggregate of 15,220 shares of restricted common stock to our non-employee directors pursuant to our 2015 Equity Incentive Plan. The restricted common stock grants will vest upon the earlier of the anniversary of the date of grant or the next annual stockholder meeting. A summary of our shares of restricted common stock and long-term incentive plan units in the Operating Partnership (“LTIP units”) awards at September 30, 2017 is as follows: Restricted Shares Restricted Shares Weighted Average Grant Date Fair Value Per Share LTIP Units LTIP Units Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2016 16,128 $ 18.60 926,000 $ 8.91 Vested (16,128 ) 18.60 — — Granted 17,912 19.72 — — Forfeited — — — — Outstanding, September 30, 2017 17,912 $ 19.72 926,000 $ 8.91 We recognized $2.2 million in compensation expense related to our shares of restricted common stock and the LTIP unit awards for the nine months ended September 30, 2017. As of September 30, 2017, unrecognized compensation expense for both sets of awards was $2.3 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 as of the applicable grant date. On March 27, 2017, we completed an underwritten public offering of an aggregate of 4,945,000 shares of common stock, including 645,000 shares sold pursuant the underwriters’ exercise in full of their option to purchase additional shares. The shares were offered on a forward basis in connection with certain forward sales agreements entered into with certain financial institutions, acting as forward purchasers. Pursuant to the forward sales agreements, the forward purchasers borrowed and the forward sellers, acting as agents for the forward purchasers, sold an aggregate of 4,945,000 shares in the public offering. On September 11, 2017, the Company physically settled the forward sales agreements by issuing an aggregate of 4,945,000 shares of common stock in exchange for approximately $92.7 million. The Company accounted for the forward share agreements as equity. In connection with the liquidation of certain private investment funds that contributed assets in our initial public offering, we issued 1,361,594 shares of our common stock between January 1, 2017 and September 30, 2017 upon the redemption of 1,361,594 common units in accordance with the terms of the partnership agreement of the Operating Partnership. A summary of dividends declared by the board of directors per share of common stock and per common unit at the date of record is as follows: Quarter Declaration Date Record Date Pay Date Dividend (1) Q1 2017 May 3, 2017 June 14, 2017 June 29, 2017 0.25 Q2 2017 August 2, 2017 September 13, 2017 September 28, 2017 0.25 Q3 2017 November 2, 2017 December 6, 2017 December 21, 2017 0.26 (1) Our board of directors also declared a dividend for each LTIP unit in an amount equal to 10% of the dividend paid per common unit. On March 3, 2017, we entered into separate equity distribution agreements with each of Citigroup Global Markets Inc., BTIG, LLC, Jefferies LLC, Raymond James & Associates, Inc., RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc. (collectively, the “managers”), pursuant to which we may issue and sell the shares of our common stock having an aggregate offering price of up to $100.0 million from time to time through the managers, acting as sales agents and/or principals (the “ATM Program”). The sales of shares of our common stock under the equity distribution agreements may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act. During the nine months ended September 30, 2017, we issued an aggregate of 674,480 shares of our common stock through the ATM Program, generating proceeds of approximately $14.3 million, net of offering costs. We used the proceeds for general corporate purposes. As of September 30, 2017, we had approximately $85.5 million of gross sales of our common stock available under the ATM Program.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 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 shares issuable under forward sales agreements 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 and nine months ended September 30, 2017 and 2016 (amounts in thousands, except per share amounts): For the three months ended September 30, For the nine months ended September 30, 2017 2016 2017 2016 Numerator Net income $ 926 $ 1,128 $ 3,289 $ 3,274 Less: Non-controlling interest in Operating Partnership (144 ) (233 ) (596 ) (1,005 ) Net income available to Easterly Government Properties, Inc. 782 895 2,693 2,269 Less: Dividends on participating securities (28 ) (25 ) (81 ) (76 ) Net income available to common stockholders $ 754 $ 870 $ 2,612 $ 2,193 Denominator for basic EPS 39,962,471 34,967,482 38,098,805 28,886,697 Dilutive effect of share-based compensation awards 4,673 4,686 9,193 12,772 Dilutive effect of LTIP units 1,936,833 1,708,468 1,904,284 1,673,218 Dilutive effect of shares issuable under forward sales agreements — 223,928 — 149,702 Denominator for diluted EPS 41,903,977 36,904,564 40,012,282 30,722,389 Basic EPS $ 0.02 $ 0.02 $ 0.07 $ 0.08 Diluted EPS $ 0.02 $ 0.02 $ 0.07 $ 0.07

Operating Leases

Operating Leases	9 Months Ended
	Sep. 30, 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 September 30, 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 $ 829,871 25,276 95,771 91,319 85,685 74,788 457,032 The Company’s consolidated operating properties were 100% occupied by 24 tenants at September 30, 2017. For the nine months ended September 30, 2017 we recognized $75.4 million in rental income attributable to base rent, $6.3 million in rental income attributable to the amortization of our above- and below-market leases and a straight-line adjustment of $1.4 million.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies We sublease 5,682 square feet of office space in Washington, D.C. under a sublease agreement 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 nine months ended September 30, 2017 rent expense incurred under the terms of the corporate office leases, was $0.3 million. Future minimum rental payments under the Company’s corporate office leases as of September 30, 2017 are summarized as follows (dollars in thousands): Payments due by period Total 2017 2018 2019 2020 2021 Thereafter Corporate office leases Minimum lease payments $ 1,967 113 462 479 496 352 65

Concentrations Risk

Concentrations Risk	9 Months Ended
	Sep. 30, 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 or nongovernmental tenants. At September 30, 2017, the U.S Government accounted for approximately 97.4% of rental income and non-governmental tenants accounted for the remaining approximately 2.6%. Fourteen of our 46 operating properties are located in California, accounting for approximately 25.8% of our total rentable square feet and approximately 34.0% of our total annualized lease income as of September 30, 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	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events For its consolidated financial statements as of September 30, 2017, the Company evaluated subsequent events and noted no significant events.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 on our consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In May 2014, the Financial Accounting Standards Board (“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. This amendment applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC (“Accounting Standards Codification”). In July 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company expects to adopt ASU 2014-09 using the modified retrospective approach. The Company has evaluated the impact of this new guidance and does not expect the adoption of this guidance to be material to its financial results. Additional information about the Company’s revenue streams and other considerations are summarized below. Rental income from real property is derived from rental agreements, whereby 43 of the Company’s operating properties are leased primarily to the U.S. Government and three of the Company’s operating properties are entirely leased to private tenants. Rental income from real property is specifically excluded from ASU 2014-09. Tenant reimbursements – is comprised of tenant reimbursements for real estate taxes, and certain other expenses, as well as tenant construction project reimbursements that consist primarily of subcontracted costs that are reimbursed to us by the tenant. Reimbursements from real estate taxes and certain other expenses are not included within the scope of ASU 2014-09. After adoption of ASU 2014-09, we believe that we will account for tenant construction project reimbursement arrangements using the percentage of completion method, which is the method we have used historically. Other income – is comprised primarily of the management fee income associated with tenant construction project reimbursements. After adoption of ASU 2014-09 we believe that we will account for the management fee associated with tenant construction project reimbursements using the percentage of completion method, which is the method we have used historically. Once the new guidance setting forth principles for the recognition, measurement, presentation and disclosure of leases (discussed below) goes into effect, we believe that the new revenue standard may apply to executory costs and other components of revenue due under leases that are deemed to be non-lease components, even when the revenue for such activities is not separately stipulated in the lease. In that case, then revenue from these items previously recognized on a straight-line basis under current lease guidance would be recognized under the new revenue guidance as the related services are delivered. As a result, while the total revenue recognized over time would not differ under the new guidance, the recognition pattern could be different. The Company is currently in the process of evaluating the significance of the difference in the recognition pattern that would result from this change. The Company is continuing to evaluate the disclosure requirements in the guidance and has not determined the impact on the footnote disclosures to its consolidated financial statements. 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 September 30, 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 $2.0 million. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. As discussed in further detail above, in connection with the new revenue guidance, we believe that the new revenue standard may apply to executory costs and other components of revenue deemed to be non-lease components, even when the revenue for such activities is not separately stipulated in the lease. In that case, we would need to separate the lease components of revenue due under leases from the non-lease components. Under the new guidance, we would continue to recognize the lease components of lease revenue on a straight-line basis over our respective lease terms as we do under prior guidance. However, we would recognize the non-lease components under the new revenue guidance as the related services are delivered. As a result, while the total revenue recognized over time would not differ under the new guidance, the recognition pattern could be different. The Company is currently in the process of evaluating the significance of the difference in the recognition pattern that would result from this change. Additionally, ASU 2016-02 will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under ASU 2016-02, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. 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 January 1, 2019, with modified retrospective application for each reporting period presented at the time of adoption. Early adoption is also permitted for this guidance. The Company is in the process of evaluating the impact of this new guidance. In August 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 ASU No. 2014-09 In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of either adopting the new standard early using a modified retrospective transition method in any interim period after issuance of the update, or alternatively adopting the new standard for fiscal years beginning after December 15, 2018. This adoption method may require the Company to recognize the cumulative effect of initially applying the ASU as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. While the Company continues to assess all potential impacts of the standard, we do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.

Real Estate and Intangibles (Ta

Real Estate and Intangibles (Tables)	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Fair Values of Assets Acquired and Liabilities Assumed	During the nine months ended September 30, 2017, we acquired three operating properties, OSHA – Sandy, VA – Loma Linda and FBI – Salt Lake in asset acquisitions for an aggregate purchase price of $337.6 million, of which VA – Loma Linda comprised $212.6 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 $ 16,886 Building 281,195 Acquired tenant improvements 7,690 Total real estate 305,771 Intangible assets In-place leases 25,748 Acquired leasing commissions 12,403 Total intangible assets 38,151 Intangible liabilities Below-market leases (6,357 ) Total intangible liabilities (6,357 ) Purchase price $ 337,565
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 nine months ended Proforma (unaudited) September 30, 2016 Total rental revenue $ 81,197 Net income (loss) (1) 5,219 (1) The net income for the nine months ended September 30, 2016 excludes $1.3 million of property acquisition costs.
Schedule of Real Estate and Intangibles	Real estate and intangibles consisted of the following as of September 30, 2017 (dollars in thousands): Total Real estate properties, net Land $ 129,709 Building 1,068,758 Acquired tenant improvements 47,626 Construction in progress 10,855 Accumulated amortization (61,330 ) Total Real estate properties, net $ 1,195,618 Intangible assets, net In-place leases $ 148,409 Acquired leasing commissions 35,587 Above market leases 10,631 Accumulated amortization (63,219 ) Total Intangible assets, net $ 131,408 Intangible liabilities, net Below market leases $ (62,855 ) Accumulated amortization 21,989 Total Intangible liabilities, net $ (40,866 )

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Summary of Borrowings	At September 30, 2017, our borrowings consisted of the following (dollars in thousands): Loan Principal Outstanding Interest Rate (1) Maturity Date Revolving credit facility: Senior unsecured revolving credit facility (2) $ 59,250 L + 150bps February 2019 (3) Total revolving credit facility 59,250 Term loan facility: Senior unsecured term loan facility 100,000 3.17% (4) September 2023 Total term loan facility 100,000 Less: Total unamortized deferred financing fees (833 ) Total term loan facility, net 99,167 Notes payable: Senior unsecured notes payable, series A 95,000 4.05% May 2027 Senior unsecured notes payable, series B 50,000 4.15% May 2029 Senior unsecured notes payable, series C 30,000 4.30% May 2032 Total notes payable 175,000 Less: Total unamortized deferred financing fees (1,324 ) Total notes payable, net 173,676 Mortgage notes payable: CBP - Savannah 14,388 3.40% (5) July 2033 ICE - Charleston 20,088 4.21% (5) January 2027 MEPCOM - Jacksonville 11,016 4.41% (5) October 2025 USFS II - Albuquerque 16,969 4.46% (5) July 2026 DEA - Pleasanton 15,700 L + 150bps (5) October 2023 VA - Loma Linda 127,500 3.59% July 2027 Total mortgage notes payable 205,661 Less: Total unamortized deferred financing fees (2,059 ) Less: Total unamortized premium/discount 397 Total mortgage notes payable, net 203,999 Total debt 536,092 (1) At September 30, 2017, the one-month LIBOR (“L”) was 1.23%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for the Company's senior unsecured revolving credit facility and senior unsecured term loan facility is based on the Company's consolidated leverage ratio, as defined in the respective loan agreements. (2) Available capacity of $340.7 million at September 30, 2017 with an accordion feature that provides additional capacity of up to $250.0 million, for a total facility size of not more than $650.0 million. (3) Our senior unsecured revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee. (4) 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 3.17% annually, based on the Company’s consolidated leverage ratio, as defined in the senior unsecured term loan facility agreement. (5) Effective interest rates are as follows: CBP - Savannah 4.12%, ICE - Charleston 3.93%, MEPCOM - Jacksonville 3.89%, USFS II - Albuquerque 3.92%, DEA - Pleasanton 1.8%.
Costs Included in Interest Expense Related to Company's Debt Arrangements	The table below sets forth the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three and nine months ended September 30, 2017 and 2016 (dollars in thousands): For the three months ended September 30, For the nine months ended September 30, Costs Included in Interest Expense 2017 2016 2017 2016 Amortization of deferred financing fees $ 332 $ 217 $ 848 $ 649

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2017, aggregated by the level in the fair value hierarchy within which those measurements fall. As of September 30, 2017 Balance Sheet Line Item Level 1 Level 2 Level 3 Interest rate swaps - Asset $ — $ 3,088 $ —

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Summary of Changes In Stockholders' Equity	The following table summarizes the changes in our stockholders’ equity for the nine months ended September 30, 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 Nine months ended September 30, 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 — 240 — — — 1,975 2,215 Dividends and distributions paid — — — (29,401 ) — (6,082 ) (35,483 ) Grant of unvested restricted stock 17,912 — — — — — — — Redemption of common units for shares of common stock 1,361,594 14 20,387 — — — (20,401 ) — Issuance of common stock 5,619,480 56 102,885 — — — — 102,941 Unrealized loss on interest rate swaps — — — — (411 ) (286 ) (697 ) Net income — — 2,693 — — 596 3,289 Allocation of non-controlling interest in Operating Partnership — (1,603 ) — — — 1,603 — Balance at September 30, 2017 43,873,796 $ 439 $ 718,880 $ 4,414 $ (72,195 ) $ 2,627 $ 114,966 $ 769,131 Nine months ended September 30, 2016 Balance at December 31, 2015 24,168,379 $ 241 $ 391,767 $ (1,694 ) $ (13,051 ) $ — $ 242,631 $ 619,894 Stock based compensation — 221 — — — 1,943 2,164 Dividends and distributions paid — — — (20,893 ) — (8,352 ) (29,245 ) Grant of unvested restricted stock 16,128 — — — — — — — Redemption of common units for shares of common stock 6,257,640 64 96,514 — — — (96,578 ) — Public offering 4,719,045 47 80,791 — — — — 80,838 Net income — — 2,269 — — 1,005 3,274 Allocation of non-controlling interest in Operating Partnership — (773 ) — — — 773 — Balance at September 30, 2016 35,161,192 $ 352 $ 568,520 $ 575 $ (33,944 ) $ — $ 141,422 $ 676,925
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 September 30, 2017 is as follows: Restricted Shares Restricted Shares Weighted Average Grant Date Fair Value Per Share LTIP Units LTIP Units Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2016 16,128 $ 18.60 926,000 $ 8.91 Vested (16,128 ) 18.60 — — Granted 17,912 19.72 — — Forfeited — — — — Outstanding, September 30, 2017 17,912 $ 19.72 926,000 $ 8.91
Summary of Dividends Declared	A summary of dividends declared by the board of directors per share of common stock and per common unit at the date of record is as follows: Quarter Declaration Date Record Date Pay Date Dividend (1) Q1 2017 May 3, 2017 June 14, 2017 June 29, 2017 0.25 Q2 2017 August 2, 2017 September 13, 2017 September 28, 2017 0.25 Q3 2017 November 2, 2017 December 6, 2017 December 21, 2017 0.26 (1) Our board of directors also declared a dividend for each LTIP unit in an amount equal to 10% of the dividend paid per common unit.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2017 and 2016 (amounts in thousands, except per share amounts): For the three months ended September 30, For the nine months ended September 30, 2017 2016 2017 2016 Numerator Net income $ 926 $ 1,128 $ 3,289 $ 3,274 Less: Non-controlling interest in Operating Partnership (144 ) (233 ) (596 ) (1,005 ) Net income available to Easterly Government Properties, Inc. 782 895 2,693 2,269 Less: Dividends on participating securities (28 ) (25 ) (81 ) (76 ) Net income available to common stockholders $ 754 $ 870 $ 2,612 $ 2,193 Denominator for basic EPS 39,962,471 34,967,482 38,098,805 28,886,697 Dilutive effect of share-based compensation awards 4,673 4,686 9,193 12,772 Dilutive effect of LTIP units 1,936,833 1,708,468 1,904,284 1,673,218 Dilutive effect of shares issuable under forward sales agreements — 223,928 — 149,702 Denominator for diluted EPS 41,903,977 36,904,564 40,012,282 30,722,389 Basic EPS $ 0.02 $ 0.02 $ 0.07 $ 0.08 Diluted EPS $ 0.02 $ 0.02 $ 0.07 $ 0.07

Operating Leases (Tables)

Operating Leases (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 $ 829,871 25,276 95,771 91,319 85,685 74,788 457,032

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 $ 829,871 25,276 95,771 91,319 85,685 74,788 457,032
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 September 30, 2017 are summarized as follows (dollars in thousands): Payments due by period Total 2017 2018 2019 2020 2021 Thereafter Corporate office leases Minimum lease payments $ 1,967 113 462 479 496 352 65

Organization and Basis of Pre27

Organization and Basis of Presentation - Additional Information (Detail) ft² in Millions	9 Months Ended
	Sep. 30, 2017ft²Property
Organization And Significant Accounting Policies [Line Items]
Outstanding common units of aggregate limited partnership interest owned percentage	85.10%
Wholly Owned Operating Properties [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	46
Aggregate area of land | ft²	3.7
Wholly Owned Operating Properties [Member] | Government [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	43
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	2
Aggregate area of land | ft²	0.1

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)Property
Accounting Policies [Line Items]
Remaining contractual payments under lease and sublease for office space | $	$ 829,871
Corporate Office Leases [Member]
Accounting Policies [Line Items]
Remaining contractual payments under lease and sublease for office space | $	$ 1,967
DISTRICT OF COLUMBIA | Sublease [Member]
Accounting Policies [Line Items]
Operating lease agreement expire date	Jun. 30, 2021
California [Member]
Accounting Policies [Line Items]
Number of properties	14
California [Member] | San Diego [Member]
Accounting Policies [Line Items]
Operating lease agreement expire date	Apr. 30, 2022
ASU 2014-09 [Member] | Government [Member]
Accounting Policies [Line Items]
Number of properties	43
ASU 2014-09 [Member] | Private Tenants [Member]
Accounting Policies [Line Items]
Number of properties	3

Real Estate and Intangibles - A

Real Estate and Intangibles - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)Property	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)Property	Sep. 30, 2016USD ($)
Real Estate Properties [Line Items]
Net income	$ 782	$ 895	$ 2,693	$ 2,269
Acquisition-related expenses	$ 206	$ 660	$ 1,194	$ 1,339
Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Number of properties | Property	3		3
Purchase price	$ 337,565		$ 337,565
Weighted average amortization period			15 years 10 months 28 days
Revenues			$ 7,500
Net income			1,700
Acquisition-related expenses			1,200
Internal costs related to acquisitions			1,000
Operating Properties Acquired [Member] | OSHA – Sandy, VA – Loma Linda and FBI – Salt Lake [Member]
Real Estate Properties [Line Items]
Purchase price	337,600		337,600
Operating Properties Acquired [Member] | VA Loma Linda [Member]
Real Estate Properties [Line Items]
Purchase price	$ 212,600		$ 212,600
FDA – Lenexa [Member]
Real Estate Properties [Line Items]
Number of properties | Property	1		1

Real Estate and Intangibles - F

Real Estate and Intangibles - Fair Values of Assets Acquired and Liabilities Assumed (Detail) - Operating Properties Acquired [Member] $ in Thousands	Sep. 30, 2017USD ($)
Business Acquisition [Line Items]
Total real estate	$ 305,771
Total Intangibles	38,151
Total intangible liabilities	(6,357)
Purchase price	337,565
Real Estate Investment [Member]
Business Acquisition [Line Items]
Land	16,886
Building	281,195
Acquired tenant improvements	7,690
In-place leases [Member]
Business Acquisition [Line Items]
Total Intangibles	25,748
Acquired Leasing Commissions [Member]
Business Acquisition [Line Items]
Total Intangibles	12,403
Below Market Leases [Member]
Business Acquisition [Line Items]
Total intangible liabilities	$ (6,357)

Real Estate and Intangibles - P

Real Estate and Intangibles - Proforma Financial Information of Future Operating Results (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Real Estate [Abstract]
Total rental revenue	$ 81,197
Net income (loss)	$ 5,219	[1]
[1]	The net income for the nine months ended September 30, 2016 excludes $1.3 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	9 Months Ended
	Sep. 30, 2016USD ($)
ICE – Albuquerque NPS – Omaha DEA – Birmingham FBI – Birmingham and EPA – Kansas City [Member]
Real Estate Properties [Line Items]
Property acquisition costs	$ 1.3

Real Estate and Intangibles - S

Real Estate and Intangibles - Schedule of Real Estate and Intangibles (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Real estate properties, net
Land	$ 129,709
Building	1,068,758
Acquired tenant improvements	47,626
Construction in progress	10,855
Accumulated amortization	(61,330)
Total Real estate properties, net	1,195,618	$ 901,066
Intangible assets, net
Accumulated amortization	(63,219)
Total Intangible assets, net	131,408
Intangible liabilities, net
Intangible Liabilities, Below market leases	(62,855)
Intangible Liabilities, Accumulated amortization	21,989
Total Intangible liabilities, net	40,866
In-place leases [Member]
Intangible assets, net
Above market leases	148,409
Acquired Leasing Commissions [Member]
Intangible assets, net
Above market leases	35,587
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		9 Months Ended
		Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Revolving credit facility		$ 59,250	$ 212,167
Less: Total unamortized deferred financing fees		(1,158)	(2,787)
Total term loan facility, net, Principal Outstanding		99,167
Total notes payable, net, Principal Outstanding		173,676
Total mortgage notes payable, net, Principal Outstanding		203,999	$ 80,806
Total debt, Principal Outstanding		536,092
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility		59,250
Term Loan Facility [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		100,000
Less: Total unamortized deferred financing fees		(833)
Total term loan facility, net, Principal Outstanding		99,167
Senior Unsecured Debt [Member] | Term Loan Facility [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 100,000
Loan, Interest Rate	[1],[2]	3.17%
Loan, Maturity Date		2023-09
Senior Unsecured Notes Payable [Member] | 4.05% Senior Notes, Series A, due May 25, 2027 [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 95,000
Loan, Interest Rate	[1]	4.05%
Loan, Maturity Date		2027-05
Senior Unsecured Notes Payable [Member] | 4.15% Senior Notes, Series B, due May 25, 2029 [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 50,000
Loan, Interest Rate	[1]	4.15%
Loan, Maturity Date		2029-05
Senior Unsecured Notes Payable [Member] | 4.30% Senior Notes, Series C, due May 25, 2032 [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 30,000
Loan, Interest Rate	[1]	4.30%
Loan, Maturity Date		2032-05
Notes Payable [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 175,000
Less: Total unamortized deferred financing fees		(1,324)
Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		205,661
Less: Total unamortized deferred financing fees		(2,059)
Less: Total unamortized premium/discount		397
Mortgage Notes Payable [Member] | CBP Savannah [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 14,388
Loan, Interest Rate	[1],[3]	3.40%
Loan, Maturity Date		2033-07
Mortgage Notes Payable [Member] | ICE Charleston [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 20,088
Loan, Interest Rate	[1],[3]	4.21%
Loan, Maturity Date		2027-01
Mortgage Notes Payable [Member] | MEPCOM Jacksonville [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 11,016
Loan, Interest Rate	[1],[3]	4.41%
Loan, Maturity Date		2025-10
Mortgage Notes Payable [Member] | USFS II Albuquerque [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 16,969
Loan, Interest Rate	[1],[3]	4.46%
Loan, Maturity Date		2026-07
Mortgage Notes Payable [Member] | DEA Pleasanton [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 15,700
Loan, Interest Rate	[1],[3]	L + 150bps
Loan, Maturity Date		2023-10
Mortgage Notes Payable [Member] | VA Loma Linda [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 127,500
Loan, Interest Rate	[1]	3.59%
Loan, Maturity Date		2027-07
Senior Unsecured Debt [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility	[4]	$ 59,250
Loan, Interest Rate	[1],[4]	L + 150bps
Loan, Maturity Date	[4],[5]	2019-02
[1]	At September 30, 2017, the one-month LIBOR (“L”) was 1.23%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for the Company's senior unsecured revolving credit facility and senior unsecured term loan facility is based on the Company's consolidated leverage ratio, as defined in the respective loan agreements.
[2]	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 3.17% annually, based on the Company’s consolidated leverage ratio, as defined in the senior unsecured term loan facility agreement.
[3]	Effective interest rates are as follows: CBP - Savannah 4.12%, ICE - Charleston 3.93%, MEPCOM - Jacksonville 3.89%, USFS II - Albuquerque 3.92%, DEA - Pleasanton 1.8%.
[4]	Available capacity of $340.7 million at September 30, 2017 with an accordion feature that provides additional capacity of up to $250.0 million, for a total facility size of not more than $650.0 million.
[5]	Our senior unsecured revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.

Debt - Summary of Borrowings (P

Debt - Summary of Borrowings (Parenthetical) (Detail)	Sep. 30, 2017USD ($)Swap	Sep. 30, 2017USD ($)Swap	Mar. 29, 2017USD ($)Swap
Mortgage Notes Payable [Member] | CBP Savannah [Member]
Debt Instrument [Line Items]
Effective interest rate	4.12%	4.12%
Mortgage Notes Payable [Member] | ICE Charleston [Member]
Debt Instrument [Line Items]
Effective interest rate	3.93%	3.93%
Mortgage Notes Payable [Member] | MEPCOM Jacksonville [Member]
Debt Instrument [Line Items]
Effective interest rate	3.89%	3.89%
Mortgage Notes Payable [Member] | USFS II Albuquerque [Member]
Debt Instrument [Line Items]
Effective interest rate	3.92%	3.92%
Mortgage Notes Payable [Member] | DEA Pleasanton [Member]
Debt Instrument [Line Items]
Effective interest rate	1.80%	1.80%
Revolving Credit Facility [Member] | Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Amount available under revolving credit facility	$ 340,700,000	$ 340,700,000
Credit facility additional maximum borrowing capacity	250,000,000	250,000,000
Credit facility maximum borrowing capacity	$ 650,000,000	$ 650,000,000
Line of Credit Facility, Description		Our senior unsecured revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.
Senior Unsecured Term Loan Facility [Member] | Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps | Swap	2	2	2
Aggregate notional value of interest rate swaps	$ 100,000,000	$ 100,000,000	$ 100,000,000
Forward swaps interest rate	3.17%	3.17%	3.17%
LIBOR [Member]
Debt Instrument [Line Items]
Loan, interest rate	1.23%

Debt - Costs Included in Intere

Debt - Costs Included in Interest Expense Related to Company's Debt Arrangements (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Debt Disclosure [Abstract]
Amortization of deferred financing fees	$ 332	$ 217	$ 848	$ 649

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	May 25, 2017	Sep. 30, 2017	Jun. 28, 2017
Debt Instrument [Line Items]
Fair value of notes payable		$ 178,300,000
Senior Unsecured Notes Payable [Member]
Debt Instrument [Line Items]
Percentage of principal amount prepaid with accrued interest	100.00%
Senior Unsecured Notes Payable [Member] | Minimum [Member]
Debt Instrument [Line Items]
Percentage of aggregate principal amount prepaid	5.00%
Senior Unsecured Notes Payable [Member] | Private Placement [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 175,000,000
Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Fair value of debt		$ 204,800,000
Mortgage Notes Payable [Member] | VA Loma Linda [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 127,500,000

Derivative and Hedging Activiti

Derivative and Hedging Activities - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)Swap	Mar. 29, 2017USD ($)Swap	Dec. 31, 2016USD ($)
Derivative [Line Items]
Interest rate swaps	$ 3,088,000		$ 3,785,000
Unrealized loss recognized in accumulated other comprehensive income on interest rate swaps	697,000
Loss reclassified from accumulated other comprehensive income into interest expense	200,000
Gain (loss) on interest rate cash flow hedge ineffectiveness	0
Credit risk related contingent features derivatives in a net liability position	0
Maximum [Member]
Derivative [Line Items]
Estimates reclassified from accumulated other comprehensive income decrease to interest expense over the next 12 months	$ 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 senior unsecured term loan facility	Sep. 29, 2023
Forward swaps interest rate	3.17%	3.17%
Forward interest rate swap description	The forward swaps effectively fix the interest rate under our senior unsecured term loan facility at 3.17% annually based on the Company’s current consolidated leverage ratio and a variable interest rate of one-month LIBOR.
Variable interest rate receive on interest rate swaps	one-month LIBOR

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps - Asset	$ 3,088	$ 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	$ 3,088

Equity - Summary of Changes In

Equity - Summary of Changes In Stockholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Shareholders Equity [Line Items]
Balance			$ 696,866	$ 619,894
Stock based compensation			2,215	2,164
Dividends and distributions paid			(35,483)	(29,245)
Issuance of common stock			102,941
Unrealized loss on interest rate swaps	$ (111)		(697)
Public offering				80,838
Net income	926	$ 1,128	3,289	3,274
Balance	$ 769,131	676,925	$ 769,131	676,925
Balance (in shares)	43,873,796		43,873,796
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)			17,912	16,128
Redemption of common units for shares of common stock			$ 14	$ 64
Redemption of common units for shares of common stock (in share)			1,361,594	6,257,640
Issuance of common stock			$ 56
Issuance of common stock (in share)			5,619,480
Public offering				$ 47
Public offering (in share)				4,719,045
Balance	$ 439	$ 352	$ 439	$ 352
Balance (in shares)	43,873,796	35,161,192	43,873,796	35,161,192
Additional Paid-in Capital [Member]
Shareholders Equity [Line Items]
Balance			$ 596,971	$ 391,767
Stock based compensation			240	221
Redemption of common units for shares of common stock			20,387	96,514
Issuance of common stock			102,885
Public offering				80,791
Allocation of non-controlling interest in Operating Partnership			(1,603)	(773)
Balance	$ 718,880	$ 568,520	718,880	568,520
Retained Earnings (Deficit) [Member]
Shareholders Equity [Line Items]
Balance			1,721	(1,694)
Net income			2,693	2,269
Balance	4,414	575	4,414	575
Cumulative Dividends [Member]
Shareholders Equity [Line Items]
Balance			(42,794)	(13,051)
Dividends and distributions paid			(29,401)	(20,893)
Balance	(72,195)	(33,944)	(72,195)	(33,944)
Accumulated Other Comprehensive Income [Member]
Shareholders Equity [Line Items]
Balance			3,038
Unrealized loss on interest rate swaps			(411)
Balance	2,627		2,627
Non-controlling Interest in Operating Partnership [Member]
Shareholders Equity [Line Items]
Balance			137,561	242,631
Stock based compensation			1,975	1,943
Dividends and distributions paid			(6,082)	(8,352)
Redemption of common units for shares of common stock			(20,401)	(96,578)
Unrealized loss on interest rate swaps			(286)
Net income			596	1,005
Allocation of non-controlling interest in Operating Partnership			1,603	773
Balance	$ 114,966	$ 141,422	$ 114,966	$ 141,422

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($)	Sep. 11, 2017	Mar. 27, 2017	Mar. 08, 2017	Mar. 03, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Stockholders Equity Note Disclosure [Line Items]
Unrecognized compensation expense					$ 2,300,000
Common Stock, shares issued					43,873,796		36,874,810
Issuance of common shares					$ 107,190,000	$ 84,943,000
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
Forward Sales Agreement [Member]
Stockholders Equity Note Disclosure [Line Items]
Common Stock, shares issued	4,945,000
Proceeds from issuance of common stock	$ 92,700,000
Initial Public Offering [Member]
Stockholders Equity Note Disclosure [Line Items]
Redemption of common units to common stock (in share)					1,361,594
2015 Equity Incentive Plan [Member]
Stockholders Equity Note Disclosure [Line Items]
Compensation expense recognized					$ 2,200,000
2015 Equity Incentive Plan [Member] | Employee [Member]
Stockholders Equity Note Disclosure [Line Items]
Restricted common stock issued			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.
2015 Equity Incentive Plan [Member] | Non-employee Director [Member]
Stockholders Equity Note Disclosure [Line Items]
Restricted common stock issued					15,220
Restricted common stock grants, vesting description					The restricted common stock grants will vest upon the earlier of the anniversary of the date of grant or the next annual stockholder meeting.
ATM Program
Stockholders Equity Note Disclosure [Line Items]
Common stock shares issued					674,480
Issuance of common shares					$ 14,300,000
Gross sale of common stock available for grant					$ 85,500,000

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)	9 Months Ended
	Sep. 30, 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, Vested | shares	(16,128)
Shares/Units, Granted | shares	17,912
Shares/Units, Outstanding ending balance | shares	17,912
Weighted Average Grant Date Fair Value Per Share, Outstanding beginning balance | $ / shares	$ 18.60
Weighted Average Grant Date Fair Value Per Share, Vested | $ / shares	18.60
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares	19.72
Weighted Average Grant Date Fair Value Per Share, Outstanding ending balance | $ / shares	$ 19.72
Long Term Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares/Units, Outstanding beginning balance | shares	926,000
Shares/Units, Outstanding ending balance | shares	926,000
Weighted Average Grant Date Fair Value Per Share, Outstanding beginning balance | $ / shares	$ 8.91
Weighted Average Grant Date Fair Value Per Share, Outstanding ending balance | $ / shares	$ 8.91

Equity - Summary of Dividends D

Equity - Summary of Dividends Declared (Detail) - $ / shares		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Dividends Payable [Line Items]
Dividend		$ 0.25	$ 0.23	$ 0.74	$ 0.68
Q1 2017
Dividends Payable [Line Items]
Declaration Date				May 3, 2017
Record Date				Jun. 14, 2017
Pay Date				Jun. 29, 2017
Dividend	[1]			$ 0.25
Q2 2017
Dividends Payable [Line Items]
Declaration Date				Aug. 2, 2017
Record Date				Sep. 13, 2017
Pay Date				Sep. 28, 2017
Dividend	[1]			$ 0.25
Q3 2017
Dividends Payable [Line Items]
Declaration Date				Nov. 2, 2017
Record Date				Dec. 6, 2017
Pay Date				Dec. 21, 2017
Dividend	[1]			$ 0.26
[1]	Our board of directors also declared a dividend for each LTIP unit in an amount equal to 10% of the dividend paid per common unit.

Equity - Summary of Dividends44

Equity - Summary of Dividends Declared (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Dividend rate percentage	10.00%

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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share Basic And Diluted [Line Items]
Net income	$ 926	$ 1,128	$ 3,289	$ 3,274
Less: Non-controlling interest in Operating Partnership	(144)	(233)	(596)	(1,005)
Net income available to Easterly Government Properties, Inc.	782	895	2,693	2,269
Less: Dividends on participating securities	(28)	(25)	(81)	(76)
Net income available to common stockholders	$ 754	$ 870	$ 2,612	$ 2,193
Denominator for basic EPS	39,962,471	34,967,482	38,098,805	28,886,697
Denominator for diluted EPS	41,903,977	36,904,564	40,012,282	30,722,389
Basic EPS	$ 0.02	$ 0.02	$ 0.07	$ 0.08
Diluted EPS	$ 0.02	$ 0.02	$ 0.07	$ 0.07
Stock Compensation Plan [Member]
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect	4,673	4,686	9,193	12,772
Long Term Incentive Plan [Member]
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect	1,936,833	1,708,468	1,904,284	1,673,218
Forward Sales Agreements [Member]
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect		223,928		149,702

Operating Leases - Summary of F

Operating Leases - Summary of Future Non Cancellable Minimum Contractual Rent Payments (Detail) $ in Thousands	Sep. 30, 2017USD ($)
Leases [Abstract]
Minimum lease payments, Total	$ 829,871
Minimum lease payments, 2017	25,276
Minimum lease payments, 2018	95,771
Minimum lease payments, 2019	91,319
Minimum lease payments, 2020	85,685
Minimum lease payments, 2021	74,788
Minimum lease payments, Thereafter	$ 457,032

Operating Leases - Additional I

Operating Leases - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)Tenants	Sep. 30, 2016USD ($)
Leases [Abstract]
Number of consolidated operating properties	100.00%
Rental income attributable to base rent	$ 75,400
Number of tenants | Tenants	24
Straight-line rent adjustments	$ 1,400
Amortization of above and below market leases	$ 6,283	$ 5,225

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)ft²
Corporate Office Leases [Member]
Commitments And Contingencies [Line Items]
Rent expense | $	$ 0.3
DISTRICT OF COLUMBIA | Sublease [Member]
Commitments And Contingencies [Line Items]
Area of leased property	5,682
Operating lease agreement expire date	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 Contingencies49

Commitments and Contingencies - Summary of Future Minimum Rental Payments Under Company's Corporate Office Leases (Detail) $ in Thousands	Sep. 30, 2017USD ($)
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
Minimum lease payments, Total	$ 829,871
Minimum lease payments, 2017	25,276
Minimum lease payments, 2018	95,771
Minimum lease payments, 2019	91,319
Minimum lease payments, 2020	85,685
Minimum lease payments, 2021	74,788
Minimum lease payments, Thereafter	457,032
Corporate Office Leases [Member]
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
Minimum lease payments, Total	1,967
Minimum lease payments, 2017	113
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)	9 Months Ended
	Sep. 30, 2017Property
Wholly Owned Properties [Member]
Concentration Risk [Line Items]
Number of properties	46
California [Member]
Concentration Risk [Line Items]
Number of properties	14
California [Member] | Properties Under Development [Member]
Concentration Risk [Line Items]
Number of properties	1
Lease Income [Member] | Credit Concentration Risk [Member] | California [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	34.00%
Rentable Square Feet [Member] | Credit Concentration Risk [Member] | California [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	25.80%
U.S. Government [Member] | Lease Income [Member] | Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	97.40%
Non Governmental Tenants [Member] | Lease Income [Member] | Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	2.60%