Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 23, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | DEA | |
Entity Registrant Name | EASTERLY GOVERNMENT PROPERTIES, INC. | |
Entity Central Index Key | 0001622194 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-36834 | |
Entity Tax Identification Number | 47-2047728 | |
Entity Address, Address Line One | 2001 K Street NW | |
Entity Address, Address Line Two | Suite 775 North | |
Entity Address, City or Town | Washington | |
Entity Address, State or Province | DC | |
Entity Address, Postal Zip Code | 20006 | |
City Area Code | 202 | |
Local Phone Number | 595-9500 | |
Entity Common Stock, Shares Outstanding | 83,870,953 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NYSE | |
Entity Incorporation, State or Country Code | MD | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued | 83,856,953 | 82,106,256 |
Common Stock, shares outstanding | 83,856,953 | 82,106,256 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Real estate properties, net | $ 2,255,241 | $ 2,208,661 |
Cash and cash equivalents | 6,323 | 8,465 |
Restricted cash | 6,816 | 6,204 |
Tenant accounts receivable | 45,746 | 45,077 |
Intangible assets, net | 162,351 | 163,387 |
Prepaid expenses and other assets | 31,126 | 25,746 |
Total assets | 2,507,603 | 2,457,540 |
Liabilities | ||
Revolving credit facility | 109,000 | 79,250 |
Term loan facilities, net | 249,057 | 248,966 |
Notes payable, net | 447,234 | 447,171 |
Mortgage notes payable, net | 201,963 | 202,871 |
Intangible liabilities, net | 23,738 | 25,406 |
Deferred revenue | 92,118 | 92,576 |
Interest rate swaps | 10,943 | 12,781 |
Accounts payable, accrued expenses and other liabilities | 46,756 | 48,549 |
Total liabilities | 1,180,809 | 1,157,570 |
Equity | ||
Common stock, par value $0.01, 200,000,000 shares authorized, 83,856,953 and 82,106,256 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 839 | 821 |
Additional paid-in capital | 1,464,014 | 1,424,787 |
Retained earnings | 38,956 | 31,965 |
Cumulative dividends | (313,007) | (291,652) |
Accumulated other comprehensive loss | (9,741) | (11,351) |
Total stockholders’ equity | 1,181,061 | 1,154,570 |
Non-controlling interest in Operating Partnership | 145,733 | 145,400 |
Total equity | 1,326,794 | 1,299,970 |
Total liabilities and equity | $ 2,507,603 | $ 2,457,540 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||
Rental income | $ 64,179 | $ 56,583 |
Total revenues | 65,001 | 58,218 |
Expenses | ||
Property operating | 12,094 | 11,258 |
Real estate taxes | 7,286 | 6,562 |
Depreciation and amortization | 22,325 | 23,556 |
Acquisition costs | 487 | 538 |
Corporate general and administrative | 5,808 | 5,483 |
Total expenses | 48,000 | 47,397 |
Other expense | ||
Interest expense, net | (9,121) | (8,903) |
Net income | 7,880 | 1,918 |
Non-controlling interest in Operating Partnership | (889) | (221) |
Net income available to Easterly Government Properties, Inc. | $ 6,991 | $ 1,697 |
Net income available to Easterly Government Properties, Inc. per share: | ||
Basic | $ 0.08 | $ 0.02 |
Diluted | $ 0.08 | $ 0.02 |
Weighted-average common shares outstanding | ||
Basic | 82,120,353 | 74,892,711 |
Diluted | 82,596,597 | 75,616,233 |
Dividends declared per common share | $ 0.26 | $ 0.26 |
Tenant Reimbursements [Member] | ||
Revenues | ||
Total revenues | $ 320 | $ 1,152 |
Other Income [Member] | ||
Revenues | ||
Total revenues | $ 502 | $ 483 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 7,880 | $ 1,918 |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on interest rate swaps, net | 1,838 | (9,846) |
Other comprehensive income (loss) | 1,838 | (9,846) |
Comprehensive income (loss) | 9,718 | (7,928) |
Non-controlling interest in Operating Partnership | (889) | (221) |
Other comprehensive (income) loss attributable to non-controlling interest | (228) | 1,260 |
Comprehensive income (loss) attributable to Easterly Government Properties, Inc. | $ 8,601 | $ (6,889) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities | ||
Net income | $ 7,880 | $ 1,918 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 22,325 | 23,556 |
Straight line rent | (1,413) | (709) |
Amortization of above- / below-market leases | (1,286) | (1,521) |
Amortization of unearned revenue | (1,421) | (697) |
Amortization of loan premium / discount | (19) | (20) |
Amortization of deferred financing costs | 382 | 378 |
Amortization of lease inducements | 214 | 207 |
Non-cash compensation | 1,334 | 1,000 |
Other | 10 | |
Net change in: | ||
Tenant accounts receivable | 736 | 2,325 |
Prepaid expenses and other assets | (6,931) | (17,340) |
Deferred revenue associated with operating leases | 963 | 20,646 |
Accounts payable, accrued expenses and other liabilities | 3,238 | 8,802 |
Net cash provided by operating activities | 26,012 | 38,545 |
Cash flows from investing activities | ||
Real estate acquisitions and deposits | (63,045) | (30,305) |
Additions to operating properties | (5,628) | (4,570) |
Additions to development properties | (3,423) | (18,417) |
Net cash used in investing activities | (72,096) | (53,292) |
Cash flows from financing activities | ||
Issuance of common shares | 40,403 | 4,883 |
Credit facility draws | 80,000 | 56,500 |
Credit facility repayments | (50,250) | (20,500) |
Repayments of mortgage notes payable | (940) | (870) |
Dividends and distributions paid | (24,186) | (22,086) |
Payment of offering costs | (473) | (122) |
Net cash provided by financing activities | 44,554 | 17,805 |
Net increase (decrease) in Cash and cash equivalents and Restricted cash | (1,530) | 3,058 |
Cash and cash equivalents and Restricted cash, beginning of period | 14,669 | 15,549 |
Cash and cash equivalents and Restricted cash, end of period | 13,139 | 18,607 |
Supplemental disclosure of cash flow information is as follows (amounts in thousands): | ||
Cash paid for interest, net of capitalized interest | 9,597 | 9,358 |
Supplemental disclosure of non-cash information | ||
Offering costs accrued, not paid | 6 | 1 |
Deferred asset acquisition costs accrued, not paid | 65 | 151 |
Contingent consideration accrued, not paid | 336 | 336 |
Unrealized gain (loss) on interest rate swaps, net | 1,838 | (9,846) |
Properties acquired for Common Units | 21,550 | |
Exchange of Common Units for Shares of Common Stock | ||
Non-controlling interest in Operating Partnership | (2,664) | (597) |
Common stock | 2 | 1 |
Additional paid-in capital | 2,662 | 596 |
Operating Properties [Member] | ||
Supplemental disclosure of non-cash information | ||
Additions to properties accrued, not paid | 1,269 | 1,784 |
Development Properties [Member] | ||
Supplemental disclosure of non-cash information | ||
Additions to properties accrued, not paid | $ 1,654 | $ 8,411 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation The information contained in the following notes to the consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2020, and related notes thereto, included in the Annual Report on Form 10-K of Easterly Government Properties, Inc. (the “Company”) for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2021. The Company is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2015. The operations of the Company are carried on primarily through Easterly Government Properties LP (the “Operating Partnership”) and the wholly owned subsidiaries of the Operating Partnership. As used herein, the “Company refer to Easterly Government Properties, Inc. and its consolidated subsidiaries and partnerships, including the Operating Partnership, except where context otherwise requires. We are an internally managed REIT, focused primarily on the acquisition, development, and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential functions. We generate substantially all of our revenue by leasing our properties to such agencies, either directly or through the U.S. General Services Administration (“GSA”). Our objective is to generate attractive risk-adjusted returns for our stockholders over the long term through dividends and capital appreciation. We focus on acquiring, developing and managing U.S. Government leased properties that are essential to supporting the mission of the tenant agency and strive to be a partner of choice for the U.S. Government, working closely with the tenant agency to meet its needs and objectives. As of March 31, 2021, we wholly owned 82 operating properties in the United States, encompassing approximately 7.5 million leased square feet in the aggregate, including 80 operating properties that were leased primarily to U.S. Government tenant agencies and two operating properties that were entirely leased to private tenants. As of March 31, 2021, our operating properties were 99% leased. For purposes of calculating percentage leased, we exclude from the denominator total square feet that was unleased and to which we attributed no value at the time of acquisition. In addition, we wholly owned one property under development that we expect will encompass approximately 0.2 million leased square feet upon completion. The Operating Partnership holds substantially all of our assets and conducts substantially all of our business. We are the sole general partner of the Operating Partnership. We owned approximately 89.0% of the aggregate limited partnership interests in the Operating Partnership (“common units”) at March 31, 2021. We believe that we have operated and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015. Principles of Consolidation The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, Easterly Government Properties TRS, LLC, Easterly Government Services, LLC, the Operating Partnership and its other subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Basis of Presentation The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to state fairly the consolidated financial position of the Company at March 31, 2021 and December 31, 2020, and the consolidated results of operations for the three months ended March 31, 2021 and 2020, and the consolidated cash flows for the three months ended March 31, 2021 and 2020. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, including the impact of extraordinary events such as the novel coronavirus (COVID-19) pandemic, the results of which form the basis for making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or condition s . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The significant accounting policies used in the preparation of the Company’s condensed consolidated financial statements are disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. |
Real Estate and Intangibles
Real Estate and Intangibles | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate and Intangibles | 3. Real Estate and Intangibles Acquisitions During the three months ended March 31, 2021, we acquired three operating properties in asset acquisitions, consisting of FBI – Knoxville, ICE – Louisville, and USAO – Louisville for an aggregate purchase price of $64.1 million. We allocated the aggregate purchase price of these acquisitions based on the estimated fair values of the acquired assets and assumed liabilities as follows (amounts in thousands): Total Real estate Land $ 4,860 Building 49,807 Acquired tenant improvements 3,326 Total real estate 57,993 Intangible assets In-place leases 4,490 Acquired leasing commissions 1,293 Above-market leases 301 Total intangible assets 6,084 Intangible liabilities Below-market leases (1 ) Total intangible liabilities (1 ) Purchase price $ 64,076 We did not assume any debt upon acquisition of these properties. The intangible assets and liabilities of operating properties acquired during the three months ended March 31, 2021 have a weighted average amortization period of 7.40 years as of March 31, 2021. During the three months ended March 31, 2021, we included $0.3 million of revenues and less than $0.1 million of net income in our Consolidated Statements of Operations related to the operating properties acquired. During the three months ended March 31, 2021, we incurred $0.5 million of acquisition-related expenses mainly consisting of internal costs associated with property acquisitions. Consolidated Real Estate and Intangibles Real estate and intangibles consisted of the following as of March 31, 2021 (amounts in thousands): Total Real estate properties, net Land $ 219,933 Building and improvements 2,157,087 Acquired tenant improvements 80,051 Construction in progress 26,811 Accumulated depreciation (228,641 ) Total Real estate properties, net 2,255,241 Intangible assets, net In-place leases 259,223 Acquired leasing commissions 62,643 Above market leases 17,889 Accumulated amortization (177,404 ) Total Intangible assets, net 162,351 Intangible liabilities, net Below market leases (73,602 ) Accumulated amortization 49,864 Total Intangible liabilities, net $ (23,738 ) The following table summarizes the scheduled amortization of the Company’s acquired above- and below-market lease intangibles for each of the five succeeding years as of March 31, 2021 (amounts in thousands): Acquired Above-Market Lease Intangibles Acquired Below-Market Lease Intangibles 2021 $ 1,152 $ (4,164 ) 2022 1,452 (4,223 ) 2023 1,428 (4,024 ) 2024 1,341 (2,877 ) 2025 1,286 (2,170 ) Above-market lease amortization reduces Rental income on our Consolidated Statements of Operations and below-market lease amortization increases Rental income on our Consolidated Statements of Operations. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt At March 31, 2021, our consolidated borrowings consisted of the following (amounts in thousands): Principal Outstanding Interest Current Loan March 31, 2021 Rate (1) Maturity Revolving credit facility: Revolving credit facility (2) $ 109,000 L + 130bps June 2022 (3) Total revolving credit facility 109,000 Term loan facilities: 2016 term loan facility 100,000 2.67% (4) March 2024 2018 term loan facility 150,000 3.96% (5) June 2023 Total term loan facilities 250,000 Less: Total unamortized deferred financing fees (943 ) Total term loan facilities, net 249,057 Notes payable: 2017 series A senior notes 95,000 4.05% May 2027 2017 series B senior notes 50,000 4.15% May 2029 2017 series C senior notes 30,000 4.30% May 2032 2019 series A senior notes 85,000 3.73% September 2029 2019 series B senior notes 100,000 3.83% September 2031 2019 series C senior notes 90,000 3.98% September 2034 Total notes payable 450,000 Less: Total unamortized deferred financing fees (2,766 ) Total notes payable, net 447,234 Mortgage notes payable: DEA – Pleasanton 15,700 L + 150bps (6) October 2023 VA – Golden 8,965 5.00% (6) April 2024 MEPCOM – Jacksonville 7,640 4.41% (6) October 2025 USFS II – Albuquerque 15,826 4.46% (6) July 2026 ICE – Charleston 15,824 4.21% (6) January 2027 VA – Loma Linda 127,500 3.59% (6) July 2027 CBP – Savannah 11,796 3.40% (6) July 2033 Total mortgage notes payable 203,251 Less: Total unamortized deferred financing fees (1,389 ) Less: Total unamortized premium/discount 101 Total mortgage notes payable, net 201,963 Total debt $ 1,007,254 (1) At March 31, 2021, the one-month LIBOR (“L”) was 0.11%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for each of the $450.0 million senior unsecured revolving credit facility (our “revolving credit facility”), the $150.0 million senior unsecured term loan facility (our “2018 term loan facility”) and the $100.0 million senior unsecured term loan facility (our “2016 term loan facility”) is based on the Company’s consolidated leverage ratio, as defined in the respective loan agreements. (2) Our revolving credit facility had available capacity of $341.0 million at March 31, 2021 with an accordion feature that permits us to request additional lender commitments for up to $250.0 million of additional capacity, subject to the satisfaction of customary terms and conditions. (3) Our revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee. (4) Entered into two interest rate swaps with an effective date of March 29, 2017 with an aggregate notional value of $100.0 million to effectively fix the interest rate at 2.67% annually, based on our consolidated leverage ratio, as defined in our 2016 term loan facility agreement (5) Entered into four interest rate swaps with an effective date of December 13, 2018 with an aggregate notional value of $ 150.0 million to effectively fix the interest rate at % annually, based on our consolidated leverage ratio, as defined in our 2018 term loan facility agreement . (6) Effective interest rates are as follows: DEA – Pleasanton 1.80%, VA – Golden 5.03%, MEPCOM – Jacksonville 3.89%, USFS II Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%. Financial Covenant Considerations As of March 31, 2021, we were in compliance with all financial and other covenants related to our revolving credit facility, 2016 term loan facility, 2018 term loan facility, notes payable and mortgage notes payable. Fair Value of Debt As of March 31, 2021, the fair value of the revolving credit facility was determined by considering the short term maturity, variable interest rate and credit spreads. We deem the fair value of the senior unsecured revolving credit facility as a Level 3 measurement. At March 31, 2021, the carrying value of our revolving credit facility approximated fair value. As of March 31, 2021, the fair value of our 2016 term loan facility was determined by considering the variable interest rate and credit spreads. We deem the fair value of our 2016 term loan facility as a Level 3 measurement. At March 31, 2021, the fair value of our 2016 term loan facility was $100.0 million. As of March 31, 2021, the fair value of our 2018 term loan facility was determined by considering the variable interest rate and credit spreads. We deem the fair value of our 2018 term loan facility as a Level 3 measurement. At March 31, 2021, the fair value of our 2018 term loan facility was $150.0 million. As of March 31, 2021, the fair value of our notes payable was determined by discounting future contractual principal and interest payments using prevailing market rates. We deem the fair value measurement of our senior unsecured notes payable instruments as a Level 3 measurement. At March 31, 2021, the fair value of our senior unsecured notes payable was $483.2 million. As of March 31, 2021, the fair value of our mortgage notes payable was determined by discounting future contractual principal and interest payments using prevailing market rates. We deem the fair value measurement of our mortgage notes payable instruments as a Level 3 measurement. At March 31, 2021, the fair value of our mortgage notes payable was $209.6 . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | 5. Derivatives and Hedging Activities The following table sets forth the key terms and fair values of our interest rate swap derivatives, each of which was designated as a cash flow hedge as of March 31, 2021 (amounts in thousands): Notional Amount Fixed Rate Floating Rate Index Effective Date Expiration Date Fair Value $ 100,000 1.41 % One-Month LIBOR March 29, 2017 September 29, 2023 $ (2,772 ) $ 150,000 2.71 % One-Month LIBOR December 13, 2018 June 19, 2023 $ (8,171 ) The table below sets forth the fair value of our interest rate derivatives as well as their classification on our Consolidated Balance Sheet (amounts in thousands): Balance Sheet Line Item As of March 31, 2021 Interest rate swaps - Asset $ — Interest rate swaps - Liability $ (10,943 ) Cash Flow Hedges of Interest Rate Risk The gains or losses on derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income (loss) (“AOCI”) and will be reclassified to interest expense in the period that the hedged forecasted transactions affect earnings on the Company’s variable rate debt. Amounts reported in AOCI related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company’s variable rate debt. The Company estimates that $5.2 million will be reclassified from AOCI as an increase to interest expense over the next 12 months. The table below presents the effects of our interest rate derivatives on our Consolidated Statements of Operations and Comprehensive Income (Loss) (amounts in thousands): For the three months ended March 31, 2021 2020 Unrealized gain (loss) recognized in AOCI $ 547 $ (10,241 ) Loss reclassified from AOCI into interest expense (1,291 ) (395 ) Credit-Risk-Related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on such indebtedness. As of March 31, 2021, the fair value of derivatives in a liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $11.3 million. As of March 31, 2021, the Company had not breached the provisions of these agreements and had not posted any collateral related to these agreements. If the Company breached any of these provisions it would be required to settle its obligations under the agreements at their termination value of $11.3 million. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements Accounting standards define fair value as the exit price, or the amount that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standards also establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy of these inputs is broken down into three levels: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Categorization within the valuation hierarchy is based upon the lowest level of input that is most significant to the fair value measurement. Recurring fair value measurements The fair values of our interest rate swaps are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities in such interest rates. While the Company determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the Company’s derivatives held as of March 31, 2021 were classified as Level 2 of the fair value hierarchy. The carrying values of cash and cash equivalents, restricted cash, accounts receivable, other assets and accounts payable and accrued expenses are reasonable estimates of fair values because of the short maturities of these instruments. For our disclosure of debt fair values in Note 4, we estimated the fair value of our 2016 term loan facility and our 2018 term loan facility based on the variable interest rate and credit spreads (categorized within Level 3 of the fair value hierarchy) and estimated the fair value of our other debt based on the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans, or groups of loans, with similar maturities and credit quality, and the estimated future payments included scheduled principal and interest payments. Fair value estimates are made as of a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. Settlement at such fair value amounts may not be possible and may not be a prudent management decision. The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2021, aggregated by the level in the fair value hierarchy within which those measurements fall (amounts in thousands): As of March 31, 2021 Balance Sheet Line Item Level 1 Level 2 Level 3 Interest rate swaps - Asset $ — $ — $ — Interest rate swaps - Liability $ — $ (10,943 ) $ — |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Equity | 7. Equity The following table summarizes the changes in the Company’s stockholders’ equity for the three months ended March 31, 2021 and 2020 (amounts in thousands, except share amounts): Shares Common Stock Par Value Additional Paid-in Capital Retained Earnings Cumulative Dividends Accumulated Other Comprehensive Income (Loss) Non- controlling Interest in Operating Partnership Total Equity Three months ended March 31, 2021 Balance at December 31, 2020 82,106,256 $ 821 $ 1,424,787 $ 31,965 $ (291,652 ) $ (11,351 ) $ 145,400 $ 1,299,970 Stock based compensation — — 218 — — — 1,116 1,334 Dividends and distributions paid ($0.26 per share) — — — — (21,355 ) — (2,831 ) (24,186 ) Grant of unvested restricted stock 4,462 — — — — — — — Redemption of common units for shares of common stock 189,411 2 2,662 — — — (2,664 ) — Issuance of common stock 1,556,824 16 39,942 — — — — 39,958 Unrealized gain on interest rate swaps, net — — — — — 1,610 228 1,838 Net income — — — 6,991 — — 889 7,880 Allocation of non-controlling interest in Operating Partnership — — (3,595 ) — — — 3,595 — Balance at March 31, 2021 83,856,953 $ 839 $ 1,464,014 $ 38,956 $ (313,007 ) $ (9,741 ) $ 145,733 $ 1,326,794 Three months ended March 31, 2020 Balance at December 31, 2019 74,832,292 $ 748 $ 1,257,319 $ 20,004 $ (210,760 ) $ (4,690 ) $ 137,220 $ 1,199,841 Stock based compensation — — 224 — — — 776 1,000 Dividends and distributions paid ($0.26 per share) — — — — (19,516 ) — (2,570 ) (22,086 ) Grant of unvested restricted stock 2,905 — — — — — — — Redemption of common units for shares of common stock 42,000 1 596 — — — (597 ) — Issuance of common stock 200,000 2 4,823 — — — — 4,825 Contribution of Property for common units — — — — — — 21,550 21,550 Unrealized loss on interest rate swaps, net — — — — — (8,586 ) (1,260 ) (9,846 ) Net income — — — 1,697 — — 221 1,918 Allocation of non-controlling interest in Operating Partnership — — 7,796 — — — (7,796 ) — Balance at March 31, 2020 75,077,197 $ 751 $ 1,270,758 $ 21,701 $ (230,276 ) $ (13,276 ) $ 147,544 $ 1,197,202 On January 4, 2021, the Company granted an aggregate of 164,178 performance-based long-term incentive plan units in the Operating Partnership (“LTIP units”) to members of management pursuant to the Easterly Government Properties, Inc. 2015 Equity Incentive Plan, as amended (the “2015 Equity Incentive Plan”), consisting of (i) 82,070 LTIP units that are subject to the Company achieving certain total shareholder return performance thresholds (on both an absolute and a relative basis) and (ii) 82,108 LTIP units that are subject to the Company achieving certain operational performance hurdles, in each case through a performance period ending on December 31, 2023. Earned performance-based LTIP units, if any, will vest when performance is determined following the end of the performance period on December 31, 2023. On January 4, 2021, the Company also granted an aggregate of 113,703 service-based LTIP units to members of management pursuant to the 2015 Equity Incentive Plan, which will vest on December 31, 2023, subject to the grantee’s continued employment and the other terms of the awards. On March 17, 2021, the Company issued an aggregate of 4,462 shares of restricted common stock to certain employees pursuant to the 2015 Equity Incentive Plan. The shares of restricted common stock will vest upon the second anniversary of the grant date so long as the grantee remains an employee of the Company on such date . A summary of the Company’s shares of restricted common stock and LTIP unit awards at March 31, 2021 is as follows: Restricted Shares Restricted Shares Weighted Average Grant Date Fair Value Per Share LTIP Units (1) LTIP Units Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2020 89,891 $ 19.36 492,180 $ 19.88 Vested (20,725 ) 17.12 (93,085 ) 18.55 Granted 4,462 21.76 277,881 22.30 Forfeited — — — — Outstanding, March 31, 2021 73,628 $ 20.14 676,976 $ 21.06 (1) Reflects the number of LTIP units issued to the grantee on the grant date, which may be different from the number of LTIP units actually earned in the case of performance-based LTIP units. The Company recognized $1.3 million in compensation expense related to its shares of restricted common stock and the LTIP unit awards for the three months ended March 31, 2021. As of March 31, 2021, unrecognized compensation expense for both sets of awards was $10.1 million, which will be amortized over the applicable vesting period. A summary of dividends declared by the Company’s board of directors per share of common stock and per common unit at the date of record is as follows: Quarter Declaration Date Record Date Payment Date Dividend (1) Q1 2021 April 29, 2021 May 14, 2021 May 26, 2021 $ 0.26 (1) Prior to the end of the performance period as set forth in the applicable LTIP unit award, holders of performance-based LTIP units are entitled to receive dividends per LTIP unit equal to 10% of the dividend paid per common unit. After the end of the performance period, the number of LTIP units, both vested and unvested, that LTIP award recipients have earned, if any, are entitled to receive dividends in an amount per LTIP unit equal to dividends, both regular and special, payable per common unit. Holders of LTIP units that are not subject to the attainment of performance goals are entitled to receive dividends per LTIP unit equal to 100% of the dividend paid per common unit beginning on the grant date. ATM Programs On each of March 4, 2019 and December 20, 2019, the Company entered into separate equity distribution agreements with each of Citigroup Global Markets Inc., BMO Capital Markets Corp., BTIG, LLC, Capital One Securities, Inc., Jefferies LLC, Raymond James & Associates, Inc., RBC Capital Markets, LLC, Truist Securities, Inc. (f/k/a SunTrust Robinson Humphrey, Inc.) and Wells Fargo Securities, LLC pursuant to which it may issue and sell shares of its common stock having an aggregate offering price of up to $200.0 million and $300.0 million, respectively, from time to time (the “ATM Programs”) in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). The ATM Programs implemented on March 4, 2019 and December 20, 2019 are referred to as the “March 2019 ATM Program” and “December 2019 ATM Program” respectively. Under each of the ATM Programs, the Company may also enter into one or more forward transactions (each, a “forward sale transaction”) under separate master forward sale confirmations and related supplemental confirmations with each of Citibank, N.A., Bank of Montreal, Jefferies LLC, Raymond James & Associates, Inc., Royal Bank of Canada and Wells Fargo Bank, National Association and, under the December 2019 ATM Program only, Truist Bank, for the sale of shares of its common stock on a forward basis. The following table sets forth certain information with respect to issuances under each of the ATM Programs during the quarter ended March 31, 2021 (amounts in thousands except share amounts): March 2019 ATM Program December 2019 ATM Program For the Three Months Ended: Number of Shares Issued (1) Net Proceeds (1) Number of Shares Issued (1) Net Proceeds (1) March 31, 2021 — $ — 1,556,824 $ 39,998 (1) Shares issued by the Company, which were all issued in settlement of forward sales transactions. Additionally, as of March 31, 2021, the Company had entered into forward sales transactions under the March 2019 ATM Program and December 2019 ATM Program for the sale of an additional 2,949,697 shares of its common stock that have not yet been settled. Subject to its right to elect net share settlement, the Company expects to physically settle the forward sales transactions by the maturity dates set forth in each applicable forward sale transaction placement notice, which dates range from April 2021 to February 2022. Assuming the forward sales transactions are physically settled in full utilizing a net weighted average initial forward sales price of $24.43 per share, the Company expects to receive net proceeds of approximately $72.1 million, after deducting offering costs, subject to adjustments in accordance with the applicable forward sale transaction. The Company accounted for the forward sale agreements as equity. The Company used the net proceeds received from such sales for general corporate purposes. As of March 31, 2021, the Company had approximately $123.7 million of gross sales of its common stock available under the December 2019 ATM Program and no remaining availability under the March 2019 ATM Program. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 8. Earnings Per Share Basic earnings or loss per share of common stock (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted average shares of common stock outstanding for the periods presented. Diluted EPS is computed after adjusting the basic EPS computation for the effect of dilutive common equivalent shares outstanding during the periods presented. Unvested restricted shares of common stock and unvested LTIP units are considered participating securities, which require the use of the two-class method for the computation of basic and diluted earnings per share. The following table sets forth the computation of the Company’s basic and diluted earnings per share of common stock for the three months ended March 31, 2021 and 2020 (amounts in thousands, except per share amounts): For the three months ended March 31, 2021 2020 Numerator Net income $ 7,880 $ 1,918 Less: Non-controlling interest in Operating Partnership (889 ) (221 ) Net income available to Easterly Government Properties, Inc. 6,991 1,697 Less: Dividends on participating securities (114 ) (57 ) Net income available to common stockholders $ 6,877 $ 1,640 Denominator for basic EPS 82,120,353 74,892,711 Dilutive effect of share-based compensation awards 55,822 58,048 Dilutive effect of LTIP units (1) 411,434 471,346 Dilutive effect of shares issuable under forward sales agreements (2) 8,988 194,128 Denominator for diluted EPS 82,596,597 75,616,233 Basic EPS $ 0.08 $ 0.02 Diluted EPS $ 0.08 $ 0.02 (1) (2) |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 9. Leases Lessor The Company leases commercial space to the U.S. Government through the GSA or other federal agencies or nongovernmental tenants. These leases may contain extension options that are predominately at the sole discretion of the tenant. Certain of our leases contain a “soft-term” period of the lease, meaning that the U.S. Government tenant agency has the right to terminate the lease prior to its stated lease end date. While certain of our leases are contractually subject to early termination, we do not believe that our tenant agencies are likely to terminate these leases early given the build-to-suit features at the properties subject to the leases, the weighted average age of these properties based on the date the property was built or renovated-to-suit, where applicable (approximately 15.5 years Certain lease agreements include variable lease payments that, in the future, will vary based on changes in inflationary measures, real estate tax rates, usage, or share of expenditures of the leased premises . The following table summarizes the maturity of fixed lease payments under the Company’s leases as of March 31, 2021 (amounts in thousands): Payments due by period Total 2021 2022 2023 2024 2025 Thereafter Fixed lease payments $ 1,786,411 157,933 190,149 178,205 161,123 149,843 949,158 Lessee In August 2020, we entered into a lease agreement for office space in Washington, D.C. to replace our previous sublease that commenced March 2016 and was terminated in March 2021. This new lease commenced in March 2021 and expires in August 2026. We also lease office space in San Diego, CA under an operating lease that commenced in February 2015 and expires in April 2022. The commenced leases include variable lease payments that, in the future, will vary based on changes in real estate tax rates, usage, or share of expenditures of the leased premises. The Company has elected not to separate lease and nonlease components for its corporate office leases. As of March 31, 2021, the unamortized balances associated with the Company’s right-of-use operating lease asset and operating lease liability were $1.7 million and $1.9 million, respectively. As of December 31, 2020, the unamortized balance associated with the Company’s right-of-use operating lease asset and operating lease liability for the Company’s two commenced office leases was $0.4 million. The following table provides quantitative information for the Company’s commenced operating leases for the three months ended March 31, 2021 and 2020 (amounts in thousands): For the three months ended March 31, 2021 2020 Operating leases costs $ 149 $ 115 In addition, the maturity of fixed lease payments under the Company’s commenced corporate office leases as of March 31, 2021 is summarized in the table below (amounts in thousands): Payments due by period Total 2021 2022 2023 2024 2025 Thereafter Fixed lease payments $ 2,017 251 278 277 446 456 309 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 10. Revenue The table below sets forth revenue from tenant construction projects and the associated project management income disaggregated by tenant agency for the three months ended March 31, 2021 and 2020 (amounts in thousands): For the three months ended March 31, Tenant 2021 2020 Department of Veteran Affairs (“VA”) $ 111 $ 661 Environmental Protection Agency (“EPA”) 89 — Department of Transportation (“DOT”) 40 — General Services Administration - Other 25 — Food and Drug Administration (“FDA”) 18 — Military Entrance Processing Command (“MEPCOM”) 18 21 U.S. Citizenship and Immigration Services (“USCIS”) 17 — Federal Emergency Management Agency (“FEMA”) 15 — Internal Revenue Service (“IRS”) 11 3 Federal Bureau of Investigation (“FBI”) 5 534 Bureau of the Fiscal Service (“BFS”) 4 6 Health Resources and Services Administration (“HRSA”) 3 — U.S. Joint Staff Command (“JSC”) 1 — U.S. Immigration and Customs Enforcement (“ICE”) — 20 Social Security Administration (“SSA”) — 19 The Judiciary of the U.S. Government (“JUD”) — 1 $ 357 $ 1,265 The balance in Accounts receivable related to tenant construction projects and the associated project management income was $1.7 million as of March 31, 2021 and $3.0 million as of December 31, 2020. The duration of the majority of tenant construction project reimbursement arrangements are less than a year and payment is typically due once a project is complete and work has been accepted by the tenant. There were no projects on going as of March 31, 2021 with a duration of greater than one year. During the three months ended March 31, 2021 and 2020, the Company recognized $0.1 million and $0.3 million, respectively, in parking garage income generated from the operations of parking garages situated on the Various GSA – Buffalo property and on the Various GSA – Portland property. The monthly and transient daily parking revenue falls within the scope of Revenue from Contracts with Customers (“ASC 606”) and is accounted for at the point in time when control of the goods or services transfers to the customer and the Company’s performance obligation is satisfied. The balance in Accounts receivable related to parking garage income was less than $0.1 million as of March 31, 2021, and less than $0.1 million as of December 31, 2020. During the three months ended March 31, 2021, the Company recognized $ 0.3 There were no contract assets or liabilities as of March 31, 2021 or December 31, 2020. |
Concentrations Risk
Concentrations Risk | 3 Months Ended |
Mar. 31, 2021 | |
Risks And Uncertainties [Abstract] | |
Concentrations Risk | 11. Concentrations Risk Concentrations of credit risk arise for the Company when multiple tenants of the Company are engaged in similar business activities, are located in the same geographic region or have similar economic features that impact in a similar manner their ability to meet contractual obligations, including those to the Company. The Company regularly monitors its tenant base to assess potential concentrations of credit risk. As stated in Note 1 above, the Company leases commercial space to the U.S. Government or non-governmental tenants. At March 31, 2021, the U.S. Government accounted for approximately 98.6% of our total annualized lease income and non-governmental tenants accounted for the remaining approximately 1.4%. Eighteen of our 82 operating properties are located in California, accounting for approximately 17.9% of our total leased square feet and approximately 23.9% of our total annualized lease income as of March 31, 2021. To the extent that weak economic or real estate conditions or natural disasters affect California more severely than other areas of the country, our business, financial condition and results of operations could be significantly impacted. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events For its consolidated financial statements as of March 31, 2021, the Company evaluated subsequent events and noted the following significant events. On April 22 , 2021 March 2038. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. |
Real Estate and Intangibles (Ta
Real Estate and Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Fair Values of Assets Acquired and Liabilities Assumed | During the three months ended March 31, 2021, we acquired three operating properties in asset acquisitions, consisting of FBI – Knoxville, ICE – Louisville, and USAO – Louisville for an aggregate purchase price of $64.1 million. We allocated the aggregate purchase price of these acquisitions based on the estimated fair values of the acquired assets and assumed liabilities as follows (amounts in thousands): Total Real estate Land $ 4,860 Building 49,807 Acquired tenant improvements 3,326 Total real estate 57,993 Intangible assets In-place leases 4,490 Acquired leasing commissions 1,293 Above-market leases 301 Total intangible assets 6,084 Intangible liabilities Below-market leases (1 ) Total intangible liabilities (1 ) Purchase price $ 64,076 |
Schedule of Real Estate and Intangibles | Real estate and intangibles consisted of the following as of March 31, 2021 (amounts in thousands): Total Real estate properties, net Land $ 219,933 Building and improvements 2,157,087 Acquired tenant improvements 80,051 Construction in progress 26,811 Accumulated depreciation (228,641 ) Total Real estate properties, net 2,255,241 Intangible assets, net In-place leases 259,223 Acquired leasing commissions 62,643 Above market leases 17,889 Accumulated amortization (177,404 ) Total Intangible assets, net 162,351 Intangible liabilities, net Below market leases (73,602 ) Accumulated amortization 49,864 Total Intangible liabilities, net $ (23,738 ) |
Summary of Scheduled Amortization Market Lease Intangibles | The following table summarizes the scheduled amortization of the Company’s acquired above- and below-market lease intangibles for each of the five succeeding years as of March 31, 2021 (amounts in thousands): Acquired Above-Market Lease Intangibles Acquired Below-Market Lease Intangibles 2021 $ 1,152 $ (4,164 ) 2022 1,452 (4,223 ) 2023 1,428 (4,024 ) 2024 1,341 (2,877 ) 2025 1,286 (2,170 ) |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Borrowings | At March 31, 2021, our consolidated borrowings consisted of the following (amounts in thousands): Principal Outstanding Interest Current Loan March 31, 2021 Rate (1) Maturity Revolving credit facility: Revolving credit facility (2) $ 109,000 L + 130bps June 2022 (3) Total revolving credit facility 109,000 Term loan facilities: 2016 term loan facility 100,000 2.67% (4) March 2024 2018 term loan facility 150,000 3.96% (5) June 2023 Total term loan facilities 250,000 Less: Total unamortized deferred financing fees (943 ) Total term loan facilities, net 249,057 Notes payable: 2017 series A senior notes 95,000 4.05% May 2027 2017 series B senior notes 50,000 4.15% May 2029 2017 series C senior notes 30,000 4.30% May 2032 2019 series A senior notes 85,000 3.73% September 2029 2019 series B senior notes 100,000 3.83% September 2031 2019 series C senior notes 90,000 3.98% September 2034 Total notes payable 450,000 Less: Total unamortized deferred financing fees (2,766 ) Total notes payable, net 447,234 Mortgage notes payable: DEA – Pleasanton 15,700 L + 150bps (6) October 2023 VA – Golden 8,965 5.00% (6) April 2024 MEPCOM – Jacksonville 7,640 4.41% (6) October 2025 USFS II – Albuquerque 15,826 4.46% (6) July 2026 ICE – Charleston 15,824 4.21% (6) January 2027 VA – Loma Linda 127,500 3.59% (6) July 2027 CBP – Savannah 11,796 3.40% (6) July 2033 Total mortgage notes payable 203,251 Less: Total unamortized deferred financing fees (1,389 ) Less: Total unamortized premium/discount 101 Total mortgage notes payable, net 201,963 Total debt $ 1,007,254 (1) At March 31, 2021, the one-month LIBOR (“L”) was 0.11%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for each of the $450.0 million senior unsecured revolving credit facility (our “revolving credit facility”), the $150.0 million senior unsecured term loan facility (our “2018 term loan facility”) and the $100.0 million senior unsecured term loan facility (our “2016 term loan facility”) is based on the Company’s consolidated leverage ratio, as defined in the respective loan agreements. (2) Our revolving credit facility had available capacity of $341.0 million at March 31, 2021 with an accordion feature that permits us to request additional lender commitments for up to $250.0 million of additional capacity, subject to the satisfaction of customary terms and conditions. (3) Our revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee. (4) Entered into two interest rate swaps with an effective date of March 29, 2017 with an aggregate notional value of $100.0 million to effectively fix the interest rate at 2.67% annually, based on our consolidated leverage ratio, as defined in our 2016 term loan facility agreement (5) Entered into four interest rate swaps with an effective date of December 13, 2018 with an aggregate notional value of $ 150.0 million to effectively fix the interest rate at % annually, based on our consolidated leverage ratio, as defined in our 2018 term loan facility agreement . (6) Effective interest rates are as follows: DEA – Pleasanton 1.80%, VA – Golden 5.03%, MEPCOM – Jacksonville 3.89%, USFS II Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Key Terms and Fair Values of Our Interest Rate Swap Derivatives | The following table sets forth the key terms and fair values of our interest rate swap derivatives, each of which was designated as a cash flow hedge as of March 31, 2021 (amounts in thousands): Notional Amount Fixed Rate Floating Rate Index Effective Date Expiration Date Fair Value $ 100,000 1.41 % One-Month LIBOR March 29, 2017 September 29, 2023 $ (2,772 ) $ 150,000 2.71 % One-Month LIBOR December 13, 2018 June 19, 2023 $ (8,171 ) |
Schedule of Fair Value of Our Interest Rate Derivatives as Well as Their Classification on Our Consolidated Balance Sheets | The table below sets forth the fair value of our interest rate derivatives as well as their classification on our Consolidated Balance Sheet (amounts in thousands): Balance Sheet Line Item As of March 31, 2021 Interest rate swaps - Asset $ — Interest rate swaps - Liability $ (10,943 ) |
Schedule Of Effects of Our Interest Rate Derivatives on our Consolidated Statements of Operations and Comprehensive Income (Loss) | The table below presents the effects of our interest rate derivatives on our Consolidated Statements of Operations and Comprehensive Income (Loss) (amounts in thousands): For the three months ended March 31, 2021 2020 Unrealized gain (loss) recognized in AOCI $ 547 $ (10,241 ) Loss reclassified from AOCI into interest expense (1,291 ) (395 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2021, aggregated by the level in the fair value hierarchy within which those measurements fall (amounts in thousands): As of March 31, 2021 Balance Sheet Line Item Level 1 Level 2 Level 3 Interest rate swaps - Asset $ — $ — $ — Interest rate swaps - Liability $ — $ (10,943 ) $ — |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Summary of Changes In Stockholders' Equity | The following table summarizes the changes in the Company’s stockholders’ equity for the three months ended March 31, 2021 and 2020 (amounts in thousands, except share amounts): Shares Common Stock Par Value Additional Paid-in Capital Retained Earnings Cumulative Dividends Accumulated Other Comprehensive Income (Loss) Non- controlling Interest in Operating Partnership Total Equity Three months ended March 31, 2021 Balance at December 31, 2020 82,106,256 $ 821 $ 1,424,787 $ 31,965 $ (291,652 ) $ (11,351 ) $ 145,400 $ 1,299,970 Stock based compensation — — 218 — — — 1,116 1,334 Dividends and distributions paid ($0.26 per share) — — — — (21,355 ) — (2,831 ) (24,186 ) Grant of unvested restricted stock 4,462 — — — — — — — Redemption of common units for shares of common stock 189,411 2 2,662 — — — (2,664 ) — Issuance of common stock 1,556,824 16 39,942 — — — — 39,958 Unrealized gain on interest rate swaps, net — — — — — 1,610 228 1,838 Net income — — — 6,991 — — 889 7,880 Allocation of non-controlling interest in Operating Partnership — — (3,595 ) — — — 3,595 — Balance at March 31, 2021 83,856,953 $ 839 $ 1,464,014 $ 38,956 $ (313,007 ) $ (9,741 ) $ 145,733 $ 1,326,794 Three months ended March 31, 2020 Balance at December 31, 2019 74,832,292 $ 748 $ 1,257,319 $ 20,004 $ (210,760 ) $ (4,690 ) $ 137,220 $ 1,199,841 Stock based compensation — — 224 — — — 776 1,000 Dividends and distributions paid ($0.26 per share) — — — — (19,516 ) — (2,570 ) (22,086 ) Grant of unvested restricted stock 2,905 — — — — — — — Redemption of common units for shares of common stock 42,000 1 596 — — — (597 ) — Issuance of common stock 200,000 2 4,823 — — — — 4,825 Contribution of Property for common units — — — — — — 21,550 21,550 Unrealized loss on interest rate swaps, net — — — — — (8,586 ) (1,260 ) (9,846 ) Net income — — — 1,697 — — 221 1,918 Allocation of non-controlling interest in Operating Partnership — — 7,796 — — — (7,796 ) — Balance at March 31, 2020 75,077,197 $ 751 $ 1,270,758 $ 21,701 $ (230,276 ) $ (13,276 ) $ 147,544 $ 1,197,202 |
Summary of Shares of Restricted Common Stock and Long-term Incentive Plan Units in Operating Partnership Awards | A summary of the Company’s shares of restricted common stock and LTIP unit awards at March 31, 2021 is as follows: Restricted Shares Restricted Shares Weighted Average Grant Date Fair Value Per Share LTIP Units (1) LTIP Units Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2020 89,891 $ 19.36 492,180 $ 19.88 Vested (20,725 ) 17.12 (93,085 ) 18.55 Granted 4,462 21.76 277,881 22.30 Forfeited — — — — Outstanding, March 31, 2021 73,628 $ 20.14 676,976 $ 21.06 (1) Reflects the number of LTIP units issued to the grantee on the grant date, which may be different from the number of LTIP units actually earned in the case of performance-based LTIP units. |
Summary of Dividends Declared | A summary of dividends declared by the Company’s board of directors per share of common stock and per common unit at the date of record is as follows: Quarter Declaration Date Record Date Payment Date Dividend (1) Q1 2021 April 29, 2021 May 14, 2021 May 26, 2021 $ 0.26 (1) Prior to the end of the performance period as set forth in the applicable LTIP unit award, holders of performance-based LTIP units are entitled to receive dividends per LTIP unit equal to 10% of the dividend paid per common unit. After the end of the performance period, the number of LTIP units, both vested and unvested, that LTIP award recipients have earned, if any, are entitled to receive dividends in an amount per LTIP unit equal to dividends, both regular and special, payable per common unit. Holders of LTIP units that are not subject to the attainment of performance goals are entitled to receive dividends per LTIP unit equal to 100% of the dividend paid per common unit beginning on the grant date. |
Schedule of Information with Respect to ATM Program | The following table sets forth certain information with respect to issuances under each of the ATM Programs during the quarter ended March 31, 2021 (amounts in thousands except share amounts): March 2019 ATM Program December 2019 ATM Program For the Three Months Ended: Number of Shares Issued (1) Net Proceeds (1) Number of Shares Issued (1) Net Proceeds (1) March 31, 2021 — $ — 1,556,824 $ 39,998 (1) Shares issued by the Company, which were all issued in settlement of forward sales transactions. Additionally, as of March 31, 2021, the Company had entered into forward sales transactions under the March 2019 ATM Program and December 2019 ATM Program for the sale of an additional 2,949,697 shares of its common stock that have not yet been settled. Subject to its right to elect net share settlement, the Company expects to physically settle the forward sales transactions by the maturity dates set forth in each applicable forward sale transaction placement notice, which dates range from April 2021 to February 2022. Assuming the forward sales transactions are physically settled in full utilizing a net weighted average initial forward sales price of $24.43 per share, the Company expects to receive net proceeds of approximately $72.1 million, after deducting offering costs, subject to adjustments in accordance with the applicable forward sale transaction. The Company accounted for the forward sale agreements as equity. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of the Company’s basic and diluted earnings per share of common stock for the three months ended March 31, 2021 and 2020 (amounts in thousands, except per share amounts): For the three months ended March 31, 2021 2020 Numerator Net income $ 7,880 $ 1,918 Less: Non-controlling interest in Operating Partnership (889 ) (221 ) Net income available to Easterly Government Properties, Inc. 6,991 1,697 Less: Dividends on participating securities (114 ) (57 ) Net income available to common stockholders $ 6,877 $ 1,640 Denominator for basic EPS 82,120,353 74,892,711 Dilutive effect of share-based compensation awards 55,822 58,048 Dilutive effect of LTIP units (1) 411,434 471,346 Dilutive effect of shares issuable under forward sales agreements (2) 8,988 194,128 Denominator for diluted EPS 82,596,597 75,616,233 Basic EPS $ 0.08 $ 0.02 Diluted EPS $ 0.08 $ 0.02 (1) (2) |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Summary of Maturity of Fixed Lease Payments Under Company's Leases | The following table summarizes the maturity of fixed lease payments under the Company’s leases as of March 31, 2021 (amounts in thousands): Payments due by period Total 2021 2022 2023 2024 2025 Thereafter Fixed lease payments $ 1,786,411 157,933 190,149 178,205 161,123 149,843 949,158 |
Schedule of Quantitative Information for Company's Operating Leases | The following table provides quantitative information for the Company’s commenced operating leases for the three months ended March 31, 2021 and 2020 (amounts in thousands): For the three months ended March 31, 2021 2020 Operating leases costs $ 149 $ 115 |
Schedule of Maturity of Fixed Lease Payments Under Company's Corporate Office Leases | In addition, the maturity of fixed lease payments under the Company’s commenced corporate office leases as of March 31, 2021 is summarized in the table below (amounts in thousands): Payments due by period Total 2021 2022 2023 2024 2025 Thereafter Fixed lease payments $ 2,017 251 278 277 446 456 309 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Revenue from Tenant Construction Projects Disaggregated by Tenant Agency | The table below sets forth revenue from tenant construction projects and the associated project management income disaggregated by tenant agency for the three months ended March 31, 2021 and 2020 (amounts in thousands): For the three months ended March 31, Tenant 2021 2020 Department of Veteran Affairs (“VA”) $ 111 $ 661 Environmental Protection Agency (“EPA”) 89 — Department of Transportation (“DOT”) 40 — General Services Administration - Other 25 — Food and Drug Administration (“FDA”) 18 — Military Entrance Processing Command (“MEPCOM”) 18 21 U.S. Citizenship and Immigration Services (“USCIS”) 17 — Federal Emergency Management Agency (“FEMA”) 15 — Internal Revenue Service (“IRS”) 11 3 Federal Bureau of Investigation (“FBI”) 5 534 Bureau of the Fiscal Service (“BFS”) 4 6 Health Resources and Services Administration (“HRSA”) 3 — U.S. Joint Staff Command (“JSC”) 1 — U.S. Immigration and Customs Enforcement (“ICE”) — 20 Social Security Administration (“SSA”) — 19 The Judiciary of the U.S. Government (“JUD”) — 1 $ 357 $ 1,265 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021ft²Property | |
Easterly Government Properties LP [Member] | |
Organization And Significant Accounting Policies [Line Items] | |
Outstanding common units of aggregate limited partnership interest owned percentage | 89.00% |
Wholly Owned Operating Properties [Member] | |
Organization And Significant Accounting Policies [Line Items] | |
Number of properties | 82 |
Leased percentage of operating properties | 99.00% |
Aggregate area of land | ft² | 7,500,000 |
Wholly Owned Operating Properties [Member] | Government [Member] | |
Organization And Significant Accounting Policies [Line Items] | |
Number of properties | 80 |
Wholly Owned Operating Properties [Member] | Private Tenants [Member] | |
Organization And Significant Accounting Policies [Line Items] | |
Number of properties | 2 |
Wholly Owned Properties Under Development [Member] | |
Organization And Significant Accounting Policies [Line Items] | |
Number of properties | 1 |
Aggregate area of land | ft² | 200,000 |
Real Estate and Intangibles - A
Real Estate and Intangibles - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)Property | Mar. 31, 2020USD ($) | |
Real Estate Properties [Line Items] | ||
Revenues | $ 65,001 | $ 58,218 |
Net income available to Easterly Government Properties, Inc. | 6,991 | 1,697 |
Acquisition-related expenses | 487 | $ 538 |
Operating Properties Acquired [Member] | ||
Real Estate Properties [Line Items] | ||
Acquisition-related expenses | $ 500 | |
DHA Aurora, FBI DEA El Paso, VA Mobile and VA Chico [Member] | Operating Properties Acquired [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties | Property | 3 | |
Purchase price | $ 64,100 | |
DHA Aurora, FBI DEA El Paso, VA Mobile and VA Chico [Member] | Operating Properties Acquired [Member] | ||
Real Estate Properties [Line Items] | ||
Weighted average amortization period | 7 years 4 months 24 days | |
Revenues | $ 300 | |
Net income available to Easterly Government Properties, Inc. | $ 100 |
Real Estate and Intangibles - F
Real Estate and Intangibles - Fair Values of Assets Acquired and Liabilities Assumed (Detail) - Operating Properties Acquired [Member] - DEA Sterling, VA, FDA College Park, MD, Various GSA Portland, OR, JSC - Suffolk, and FBI New Orleans [Member] $ in Thousands | Mar. 31, 2021USD ($) |
Business Acquisition [Line Items] | |
Total real estate | $ 57,993 |
Total intangible assets | 6,084 |
Total intangible liabilities | (1) |
Purchase price | 64,076 |
Real Estate Investment [Member] | |
Business Acquisition [Line Items] | |
Land | 4,860 |
Building | 49,807 |
Acquired tenant improvements | 3,326 |
In-place leases [Member] | |
Business Acquisition [Line Items] | |
Total intangible assets | 4,490 |
Acquired Leasing Commissions [Member] | |
Business Acquisition [Line Items] | |
Total intangible assets | 1,293 |
Above Market Leases [Member] | |
Business Acquisition [Line Items] | |
Total intangible assets | 301 |
Below Market Leases [Member] | |
Business Acquisition [Line Items] | |
Total intangible liabilities | $ (1) |
Real Estate and Intangibles - S
Real Estate and Intangibles - Schedule of Real Estate and Intangibles (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Real estate properties, net | ||
Land | $ 219,933 | |
Building and improvements | 2,157,087 | |
Acquired tenant improvements | 80,051 | |
Construction in progress | 26,811 | |
Accumulated depreciation | (228,641) | |
Total Real estate properties, net | 2,255,241 | $ 2,208,661 |
Intangible assets, net | ||
Accumulated amortization | (177,404) | |
Total Intangible assets, net | 162,351 | |
Intangible liabilities, net | ||
Intangible Liabilities, Below market leases | (73,602) | |
Intangible Liabilities, Accumulated amortization | 49,864 | |
Total Intangible liabilities, net | (23,738) | |
In-place leases [Member] | ||
Intangible assets, net | ||
Above market leases | 259,223 | |
Acquired Leasing Commissions [Member] | ||
Intangible assets, net | ||
Above market leases | 62,643 | |
Above Market Leases [Member] | ||
Intangible assets, net | ||
Above market leases | $ 17,889 |
Real Estate and Intangibles -_2
Real Estate and Intangibles - Summary of Scheduled Amortization Market Lease Intangibles (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Acquired Above-Market Lease Intangibles | |
2021 | $ 1,152 |
2022 | 1,452 |
2023 | 1,428 |
2024 | 1,341 |
2025 | 1,286 |
Acquired Below-Market Lease Intangibles | |
2021 | (4,164) |
2022 | (4,223) |
2023 | (4,024) |
2024 | (2,877) |
2025 | $ (2,170) |
Debt - Summary of Borrowings (D
Debt - Summary of Borrowings (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | ||
Debt Instrument [Line Items] | |||
Total revolving credit facility, Principal Outstanding | $ 109,000 | $ 79,250 | |
Total term loan facilities, net, Principal Outstanding | 249,057 | 248,966 | |
Total notes payable, net, Principal Outstanding | 447,234 | 447,171 | |
Total mortgage notes payable, net, Principal Outstanding | 201,963 | $ 202,871 | |
Total debt, Principal Outstanding | 1,007,254 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total revolving credit facility, Principal Outstanding | [1] | $ 109,000 | |
Loan, Interest Rate | [1],[2] | L + 130bps | |
Loan, Current Maturity | [1],[3] | 2022-06 | |
2016 Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | $ 100,000 | ||
Loan, Interest Rate | [2],[4] | 2.67% | |
Loan, Current Maturity | 2024-03 | ||
2018 Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | $ 150,000 | ||
Loan, Interest Rate | [2],[5] | 3.96% | |
Loan, Current Maturity | 2023-06 | ||
Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | $ 250,000 | ||
Less: Total unamortized deferred financing fees | (943) | ||
Total term loan facilities, net, Principal Outstanding | 249,057 | ||
Senior Unsecured Notes Payable | 2017 series A senior notes [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | $ 95,000 | ||
Loan, Interest Rate | [2] | 4.05% | |
Loan, Current Maturity | 2027-05 | ||
Senior Unsecured Notes Payable | 2017 series B senior notes [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | $ 50,000 | ||
Loan, Interest Rate | [2] | 4.15% | |
Loan, Current Maturity | 2029-05 | ||
Senior Unsecured Notes Payable | 2017 series C senior notes [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | $ 30,000 | ||
Loan, Interest Rate | [2] | 4.30% | |
Loan, Current Maturity | 2032-05 | ||
Senior Unsecured Notes Payable | 2019 series A senior notes [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | $ 85,000 | ||
Loan, Interest Rate | [2] | 3.73% | |
Loan, Current Maturity | 2029-09 | ||
Senior Unsecured Notes Payable | 2019 series B senior notes [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | $ 100,000 | ||
Loan, Interest Rate | [2] | 3.83% | |
Loan, Current Maturity | 2031-09 | ||
Senior Unsecured Notes Payable | 2019 series C senior notes [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | $ 90,000 | ||
Loan, Interest Rate | [2] | 3.98% | |
Loan, Current Maturity | 2034-09 | ||
Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | $ 450,000 | ||
Less: Total unamortized deferred financing fees | (2,766) | ||
Mortgage Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | 203,251 | ||
Less: Total unamortized deferred financing fees | (1,389) | ||
Less: Total unamortized premium/discount | 101 | ||
Mortgage Notes Payable [Member] | CBP Savannah [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | $ 11,796 | ||
Loan, Interest Rate | [2],[6] | 3.40% | |
Loan, Current Maturity | 2033-07 | ||
Mortgage Notes Payable [Member] | ICE Charleston [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | $ 15,824 | ||
Loan, Interest Rate | [2],[6] | 4.21% | |
Loan, Current Maturity | 2027-01 | ||
Mortgage Notes Payable [Member] | MEPCOM Jacksonville [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | $ 7,640 | ||
Loan, Interest Rate | [2],[6] | 4.41% | |
Loan, Current Maturity | 2025-10 | ||
Mortgage Notes Payable [Member] | USFS II Albuquerque [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | $ 15,826 | ||
Loan, Interest Rate | [2],[6] | 4.46% | |
Loan, Current Maturity | 2026-07 | ||
Mortgage Notes Payable [Member] | DEA Pleasanton [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | $ 15,700 | ||
Loan, Interest Rate | [2],[6] | L + 150bps | |
Loan, Current Maturity | 2023-10 | ||
Mortgage Notes Payable [Member] | VA Loma Linda [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | $ 127,500 | ||
Loan, Interest Rate | [2],[6] | 3.59% | |
Loan, Current Maturity | 2027-07 | ||
Mortgage Notes Payable [Member] | VA Golden [Member] | |||
Debt Instrument [Line Items] | |||
Loan, Principal Outstanding | $ 8,965 | ||
Loan, Interest Rate | [2],[6] | 5.00% | |
Loan, Current Maturity | 2024-04 | ||
[1] | (2) Our revolving credit facility had available capacity of $341.0 million at March 31, 2021 with an accordion feature that permits us to request additional lender commitments for up to $250.0 million of additional capacity, subject to the satisfaction of customary terms and conditions. | ||
[2] | At March 31, 2021, the one-month LIBOR (“L”) was 0.11%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for each of the $450.0 million senior unsecured revolving credit facility (our “revolving credit facility”), the $150.0 million senior unsecured term loan facility (our “2018 term loan facility”) and the $100.0 million senior unsecured term loan facility (our “2016 term loan facility”) is based on the Company’s consolidated leverage ratio, as defined in the respective loan agreements. | ||
[3] | Our revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee. | ||
[4] | Entered into two interest rate swaps with an effective date of March 29, 2017 with an aggregate notional value of $100.0 million to effectively fix the interest rate at 2.67% annually, based on our consolidated leverage ratio, as defined in our 2016 term loan facility agreement | ||
[5] | Entered into four interest rate swaps with an effective date of December 13, 2018 with an aggregate notional value of $ 150.0 million to effectively fix the interest rate at % annually, based on our consolidated leverage ratio, as defined in our 2018 term loan facility agreement | ||
[6] | Effective interest rates are as follows: DEA – Pleasanton 1.80%, VA – Golden 5.03%, MEPCOM – Jacksonville 3.89%, USFS II Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%. |
Debt - Summary of Borrowings (P
Debt - Summary of Borrowings (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2021USD ($)Swap | |
CBP Savannah [Member] | Mortgage Notes Payable [Member] | |
Debt Instrument [Line Items] | |
Effective interest rate | 4.12% |
ICE Charleston [Member] | Mortgage Notes Payable [Member] | |
Debt Instrument [Line Items] | |
Effective interest rate | 3.93% |
MEPCOM Jacksonville [Member] | Mortgage Notes Payable [Member] | |
Debt Instrument [Line Items] | |
Effective interest rate | 3.89% |
USFS II Albuquerque [Member] | Mortgage Notes Payable [Member] | |
Debt Instrument [Line Items] | |
Effective interest rate | 3.92% |
DEA Pleasanton [Member] | Mortgage Notes Payable [Member] | |
Debt Instrument [Line Items] | |
Effective interest rate | 1.80% |
VA Loma Linda [Member] | Mortgage Notes Payable [Member] | |
Debt Instrument [Line Items] | |
Effective interest rate | 3.78% |
VA Golden [Member] | Mortgage Notes Payable [Member] | |
Debt Instrument [Line Items] | |
Effective interest rate | 5.03% |
2018 Term Loan Facility [Member] | |
Debt Instrument [Line Items] | |
Line Of Credit Facility Maximum Borrowing Capacity | $ 150,000,000 |
2018 Term Loan Facility [Member] | Interest Rate Swaps [Member] | |
Debt Instrument [Line Items] | |
Number of forward interest rate swaps | Swap | 4 |
Forward swaps effective date | Dec. 13, 2018 |
Aggregate notional value of interest rate swaps | $ 150,000,000 |
Forward swaps interest rate | 3.96% |
2016 Term Loan Facility [Member] | |
Debt Instrument [Line Items] | |
Line Of Credit Facility Accordion Feature Additional Borrowing Capacity | $ 100,000,000 |
2016 Term Loan Facility [Member] | Interest Rate Swaps [Member] | |
Debt Instrument [Line Items] | |
Number of forward interest rate swaps | Swap | 2 |
Forward swaps effective date | Mar. 29, 2017 |
Aggregate notional value of interest rate swaps | $ 100,000,000 |
Forward swaps interest rate | 2.67% |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Line Of Credit Facility Maximum Borrowing Capacity | $ 450,000,000 |
Line Of Credit Facility Accordion Feature Additional Borrowing Capacity | 250,000,000 |
Amount available under revolving credit facility | $ 341,000,000 |
Line of Credit Facility, Description | revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee |
LIBOR [Member] | |
Debt Instrument [Line Items] | |
Loan, interest rate | 0.11% |
Debt - Additional Information (
Debt - Additional Information (Detail) $ in Millions | Mar. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
Fair value of notes payable | $ 483.2 |
2016 Term Loan Facility [Member] | |
Debt Instrument [Line Items] | |
Fair value of debt | 100 |
2018 Term Loan Facility [Member] | |
Debt Instrument [Line Items] | |
Fair value of debt | 150 |
Mortgage Notes Payable [Member] | |
Debt Instrument [Line Items] | |
Fair value of debt | $ 209.6 |
Derivative and Hedging Activiti
Derivative and Hedging Activities - Schedule of Key Terms and Fair Values of Our Interest Rate Swap Derivatives (Detail) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Interest Swap Rate at 1.14 % Fixed Rate[Member] | |
Derivative [Line Items] | |
Aggregate notional value of interest rate swaps | $ 100,000,000 |
Forward swaps interest rate | 1.41% |
Floating Rate Index | One-Month LIBOR |
Forward swaps effective date | Mar. 29, 2017 |
Expiration Date | Sep. 29, 2023 |
Fair Value | $ (2,772,000) |
Interest Swap Rate at 2.71 % Fixed Rate[Member] | |
Derivative [Line Items] | |
Aggregate notional value of interest rate swaps | $ 150,000,000 |
Forward swaps interest rate | 2.71% |
Floating Rate Index | One-Month LIBOR |
Forward swaps effective date | Dec. 13, 2018 |
Expiration Date | Jun. 19, 2023 |
Fair Value | $ (8,171,000) |
Derivative and Hedging Activi_2
Derivative and Hedging Activities - Schedule of Fair Value of Our Interest Rate Derivatives as Well as Their Classification on Our Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Interest rate swaps - Liability | $ (10,943) | $ (12,781) |
Derivative and Hedging Activi_3
Derivative and Hedging Activities - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Estimates reclassified from accumulated other comprehensive income (loss) increase to interest expense over the next 12 months | $ 5.2 |
Credit risk related contingent features derivatives, net fair value of derivatives in liability position | 11.3 |
Breach of agreement termination value | $ 11.3 |
Derivative and Hedging Activi_4
Derivative and Hedging Activities - Schedule of Effects of Our Interest Rate Derivatives on Our Consolidated Statements of Operations and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Unrealized gain (loss) recognized in AOCI | $ 547 | $ (10,241) |
Loss reclassified from AOCI into interest expense | $ (1,291) | $ (395) |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate swaps - Liability | $ (10,943) | $ (12,781) |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate swaps - Liability | $ (10,943) |
Equity - Summary of Changes In
Equity - Summary of Changes In Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Shareholders Equity [Line Items] | ||
Balance | $ 1,299,970 | $ 1,199,841 |
Stock based compensation | 1,334 | 1,000 |
Dividends and distributions paid | (24,186) | (22,086) |
Issuance of common stock | 39,958 | 4,825 |
Contribution of Property for common units | 21,550 | |
Unrealized gain (loss) on interest rate swaps, net | 1,838 | (9,846) |
Net income | 7,880 | 1,918 |
Balance | $ 1,326,794 | $ 1,197,202 |
Balance (in shares) | 83,856,953 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Shareholders Equity [Line Items] | ||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |
Common Stock Par Value [Member] | ||
Shareholders Equity [Line Items] | ||
Balance | $ 821 | $ 748 |
Balance (in shares) | 82,106,256 | 74,832,292 |
Grant of unvested restricted stock | 4,462 | 2,905 |
Redemption of common units for shares of common stock | $ 2 | $ 1 |
Redemption of common units for shares of common stock (in shares) | 189,411 | 42,000 |
Issuance of common stock | $ 16 | $ 2 |
Issuance of common stock (in share) | 1,556,824 | 200,000 |
Balance | $ 839 | $ 751 |
Balance (in shares) | 83,856,953 | 75,077,197 |
Additional Paid-in Capital [Member] | ||
Shareholders Equity [Line Items] | ||
Balance | $ 1,424,787 | $ 1,257,319 |
Stock based compensation | 218 | 224 |
Redemption of common units for shares of common stock | 2,662 | 596 |
Issuance of common stock | 39,942 | 4,823 |
Allocation of non-controlling interest in Operating Partnership | (3,595) | 7,796 |
Balance | 1,464,014 | 1,270,758 |
Retained Earnings [Member] | ||
Shareholders Equity [Line Items] | ||
Balance | 31,965 | 20,004 |
Net income | 6,991 | 1,697 |
Balance | 38,956 | $ 21,701 |
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Shareholders Equity [Line Items] | ||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |
Cumulative Dividends [Member] | ||
Shareholders Equity [Line Items] | ||
Balance | (291,652) | $ (210,760) |
Dividends and distributions paid | (21,355) | (19,516) |
Balance | (313,007) | (230,276) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Shareholders Equity [Line Items] | ||
Balance | (11,351) | (4,690) |
Unrealized gain (loss) on interest rate swaps, net | 1,610 | (8,586) |
Balance | (9,741) | (13,276) |
Non-controlling Interest in Operating Partnership [Member] | ||
Shareholders Equity [Line Items] | ||
Balance | 145,400 | 137,220 |
Stock based compensation | 1,116 | 776 |
Dividends and distributions paid | (2,831) | (2,570) |
Redemption of common units for shares of common stock | (2,664) | (597) |
Contribution of Property for common units | 21,550 | |
Unrealized gain (loss) on interest rate swaps, net | 228 | (1,260) |
Net income | 889 | 221 |
Allocation of non-controlling interest in Operating Partnership | 3,595 | (7,796) |
Balance | $ 145,733 | $ 147,544 |
Equity - Summary of Changes I_2
Equity - Summary of Changes In Stockholders' Equity (Parenthetical) (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Dividends and distributions paid, per share | $ 0.26 | $ 0.26 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) | Mar. 17, 2021 | Jan. 04, 2021 | Dec. 20, 2019 | Mar. 04, 2019 | Mar. 31, 2021 | |
Stockholders Equity Note Disclosure [Line Items] | ||||||
Unrecognized compensation expense | $ 10,100,000 | |||||
2015 Equity Incentive Plan [Member] | ||||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Compensation expense recognized | $ 1,300,000 | |||||
2015 Equity Incentive Plan [Member] | Employee [Member] | ||||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Grant of unvested restricted stock | 4,462 | |||||
Restricted common stock grants, vesting description | The shares of restricted common stock will vest upon the second anniversary of the grant date so long as the grantee remains an employee of the Company on such date | |||||
2017 and 2019 ATM Programs [Member] | ||||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Aggregate offering price of shares of common stock that the Company may issue and sell | $ 200,000,000 | |||||
December 2019 ATM Program [Member] | ||||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Aggregate offering price of shares of common stock that the Company may issue and sell | $ 300,000,000 | |||||
March 2019 ATM Program [Member] | ||||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Gross sale of common stock available for grant | $ 0 | |||||
December 2019 ATM Program [Member] | ||||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Gross sale of common stock available for grant | $ 123,700,000 | |||||
Restricted Common Stock [Member] | ||||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Aggregate Service-based units granted | [1] | 277,881 | ||||
Restricted Common Stock [Member] | 2015 Equity Incentive Plan [Member] | ||||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Aggregate performance-based units granted | 164,178 | |||||
Aggregate Service-based units granted | 113,703 | |||||
Restricted Common Stock [Member] | Tranche One [Member] | ||||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Aggregate performance-based units granted | 82,070 | |||||
Restricted Common Stock [Member] | Tranche Two [Member] | ||||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Aggregate performance-based units granted | 82,108 | |||||
[1] | Reflects the number of LTIP units issued to the grantee on the grant date, which may be different from the number of LTIP units actually earned in the case of performance-based LTIP units. |
Equity - Summary of Shares of R
Equity - Summary of Shares of Restricted Common Stock and Long-term Incentive Plan Units in Operating Partnership Awards (Detail) | 3 Months Ended | |
Mar. 31, 2021$ / sharesshares | ||
Restricted Shares [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares/Units, Outstanding beginning balance | shares | 89,891 | |
Shares/Units, Vested | shares | (20,725) | |
Shares/Units, Granted | shares | 4,462 | |
Shares/Units, Outstanding ending balance | shares | 73,628 | |
Weighted Average Grant Date Fair Value Per Share, Outstanding beginning balance | $ / shares | $ 19.36 | |
Weighted Average Grant Date Fair Value Per Share, Vested | $ / shares | 17.12 | |
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares | 21.76 | |
Weighted Average Grant Date Fair Value Per Share, Outstanding ending balance | $ / shares | $ 20.14 | |
Restricted Common Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares/Units, Outstanding beginning balance | shares | 492,180 | [1] |
Shares/Units, Vested | shares | (93,085) | [1] |
Shares/Units, Granted | shares | 277,881 | [1] |
Shares/Units, Outstanding ending balance | shares | 676,976 | [1] |
Weighted Average Grant Date Fair Value Per Share, Outstanding beginning balance | $ / shares | $ 19.88 | |
Weighted Average Grant Date Fair Value Per Share, Vested | $ / shares | 18.55 | |
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares | 22.30 | |
Weighted Average Grant Date Fair Value Per Share, Outstanding ending balance | $ / shares | $ 21.06 | |
[1] | Reflects the number of LTIP units issued to the grantee on the grant date, which may be different from the number of LTIP units actually earned in the case of performance-based LTIP units. |
Equity - Summary of Dividends D
Equity - Summary of Dividends Declared (Detail) - $ / shares | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Dividends Payable [Line Items] | |||
Dividend | $ 0.26 | $ 0.26 | |
Q1 2020 [Member] | |||
Dividends Payable [Line Items] | |||
Declaration Date | Apr. 29, 2021 | ||
Record Date | May 14, 2021 | ||
Payment Date | May 26, 2021 | ||
Dividend | [1] | $ 0.26 | |
[1] | Prior to the end of the performance period as set forth in the applicable LTIP unit award, holders of performance-based LTIP units are entitled to receive dividends per LTIP unit equal to 10% of the dividend paid per common unit. After the end of the performance period, the number of LTIP units, both vested and unvested, that LTIP award recipients have earned, if any, are entitled to receive dividends in an amount per LTIP unit equal to dividends, both regular and special, payable per common unit. Holders of LTIP units that are not subject to the attainment of performance goals are entitled to receive dividends per LTIP unit equal to 100% of the dividend paid per common unit beginning on the grant date. |
Equity - Summary of Dividends_2
Equity - Summary of Dividends Declared (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2021 | |
Performance Based LTIP Units[Member] | |
Dividends Payable [Line Items] | |
Operating partnership dividend rate percentage | 10.00% |
Service Based LTIP Units[Member] | |
Dividends Payable [Line Items] | |
Operating partnership dividend rate percentage | 100.00% |
Equity - Schedule of Informatio
Equity - Schedule of Information with Respect to ATM Program (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Subsidiary Sale Of Stock [Line Items] | |||
Net Proceeds | $ 40,403 | $ 4,883 | |
December 2019 ATM Program [Member] | |||
Subsidiary Sale Of Stock [Line Items] | |||
Number of Shares Sold | [1] | 1,556,824 | |
Net Proceeds | [1] | $ 39,998 | |
[1] | Shares issued by the Company, which were all issued in settlement of forward sales transactions. Additionally, as of March 31, 2021, the Company had entered into forward sales transactions under the March 2019 ATM Program and December 2019 ATM Program for the sale of an additional 2,949,697 shares of its common stock that have not yet been settled. Subject to its right to elect net share settlement, the Company expects to physically settle the forward sales transactions by the maturity dates set forth in each applicable forward sale transaction placement notice, which dates range from April 2021 to February 2022. Assuming the forward sales transactions are physically settled in full utilizing a net weighted average initial forward sales price of $24.43 per share, the Company expects to receive net proceeds of approximately $72.1 million, after deducting offering costs, subject to adjustments in accordance with the applicable forward sale transaction. The Company accounted for the forward sale agreements as equity. |
Equity - Schedule of Informat_2
Equity - Schedule of Information with Respect to ATM Program (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Subsidiary Sale Of Stock [Line Items] | ||
Net Proceeds | $ 40,403 | $ 4,883 |
March 2019 and December 2019 ATM Program [Member] | ||
Subsidiary Sale Of Stock [Line Items] | ||
Number of Shares Sold | 2,949,697 | |
Net Proceeds | $ 72,100 | |
Price per share | $ 24.43 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Earnings Per Share Basic And Diluted [Line Items] | |||
Net income | $ 7,880 | $ 1,918 | |
Less: Non-controlling interest in Operating Partnership | (889) | (221) | |
Net income available to Easterly Government Properties, Inc. | 6,991 | 1,697 | |
Less: Dividends on participating securities | (114) | (57) | |
Net income available to common stockholders | $ 6,877 | $ 1,640 | |
Denominator for basic EPS | 82,120,353 | 74,892,711 | |
Denominator for diluted EPS | 82,596,597 | 75,616,233 | |
Basic EPS | $ 0.08 | $ 0.02 | |
Diluted EPS | $ 0.08 | $ 0.02 | |
Stock Compensation Plan [Member] | |||
Earnings Per Share Basic And Diluted [Line Items] | |||
Dilutive effect | 55,822 | 58,048 | |
Restricted Common Stock [Member] | |||
Earnings Per Share Basic And Diluted [Line Items] | |||
Dilutive effect | [1] | 411,434 | 471,346 |
Forward Sales Agreements [Member] | |||
Earnings Per Share Basic And Diluted [Line Items] | |||
Dilutive effect | [2] | 8,988 | 194,128 |
[1] | During the three months ended March 31, 2021 and 2020, there were approximately 122,397 and 43,424 unvested performance-based LTIP units, respectively, that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period. | ||
[2] | During the three months ended March 31, 2021 and 2020, there were approximately 2,549,697 and 523,397 shares, respectively, of underlying unsettled forward sales transactions that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Basic and Diluted Earnings Per Common Share (Parenthetical) (Detail) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Unvested Performance-Based Long Term Incentive Plan [Member] | ||
Earnings Per Share Basic And Diluted [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 122,397 | 43,424 |
Underlying Unsettled Forward Sales Transactions [Member] | ||
Earnings Per Share Basic And Diluted [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 2,549,697 | 523,397 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)Agreement | |
Lessee Lease Description [Line Items] | ||
Average age of property | 15 years 6 months | |
Right-of-use asset | $ 1.7 | $ 0.4 |
Operating lease liability | $ 1.9 | $ 0.4 |
Number of lease agreement | Agreement | 2 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesMember | us-gaap:OtherLiabilitiesMember |
California [Member] | San Diego [Member] | Lease | ||
Lessee Lease Description [Line Items] | ||
Operating lease agreement expire date | 2022-04 | |
Washington, D.C. [Member] | Lease | ||
Lessee Lease Description [Line Items] | ||
Operating lease agreement expire date | 2026-08 |
Leases - Summary of Maturity of
Leases - Summary of Maturity of Fixed Lease Payments Under Company's Leases (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Leases [Abstract] | |
Fixed lease payments, Total | $ 1,786,411 |
Fixed lease payments, 2021 | 157,933 |
Fixed lease payments, 2022 | 190,149 |
Fixed lease payments, 2023 | 178,205 |
Fixed lease payments, 2024 | 161,123 |
Fixed lease payments, 2025 | 149,843 |
Fixed lease payments, Thereafter | $ 949,158 |
Leases - Schedule of Quantitati
Leases - Schedule of Quantitative Information for Company's Operating Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating leases costs | $ 149 | $ 115 |
Leases - Schedule of Maturity o
Leases - Schedule of Maturity of Fixed Lease Payments Under Company's Corporate Office Leases (Detail) - Corporate Office Leases [Member] $ in Thousands | Mar. 31, 2021USD ($) |
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items] | |
Fixed lease payments, Total | $ 2,017 |
Fixed lease payments, 2021 | 251 |
Fixed lease payments, 2022 | 278 |
Fixed lease payments, 2023 | 277 |
Fixed lease payments, 2024 | 446 |
Fixed lease payments, 2025 | 456 |
Fixed lease payments, Thereafter | $ 309 |
Revenue - Summary of Revenue fr
Revenue - Summary of Revenue from Tenant Construction Projects Disaggregated by Tenant Agency (Detail) - ASU 2014-09 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||
Tenant Construction Project Income | $ 357 | $ 1,265 |
Department of Veteran Affairs ("VA") [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Tenant Construction Project Income | 111 | 661 |
Environmental Protection Agency ("EPA") [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Tenant Construction Project Income | 89 | |
Department of Transportation ("DOT") [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Tenant Construction Project Income | 40 | |
General Services Administration - Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Tenant Construction Project Income | 25 | |
Food And Drug Administration ("FDA") [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Tenant Construction Project Income | 18 | |
Military Entrance Processing Command ("MEPCOM") [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Tenant Construction Project Income | 18 | 21 |
U.S. Citizenship and Immigration Services ("USCIS") [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Tenant Construction Project Income | 17 | |
Federal Emergency Management Agency ("FEMA") [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Tenant Construction Project Income | 15 | |
Internal Revenue Service ("IRS") [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Tenant Construction Project Income | 11 | 3 |
Federal Bureau of Investigation ("FBI") [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Tenant Construction Project Income | 5 | 534 |
Bureau of the Fiscal Service ("BFS") [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Tenant Construction Project Income | 4 | 6 |
Health Resources and Services Administration (“HRSA”) [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Tenant Construction Project Income | 3 | |
U.S Joint Staff Command ("JSC") [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Tenant Construction Project Income | $ 1 | |
U.S. Immigration and Customs Enforcement (“ICE”) [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Tenant Construction Project Income | 20 | |
Social Security Administration ("SSA") [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Tenant Construction Project Income | 19 | |
The Judiciary of the U.S. Government ("JUD") [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Tenant Construction Project Income | $ 1 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - ASU 2014-09 [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable related to tenant construction projects | $ 1,700 | $ 3,000 |
Contract assets | 0 | 0 |
Contract liabilities | 0 | 0 |
Parking Garage [Member] | Maximum [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable | 100 | 100 |
Various GSA - Buffalo Property [Member] | Parking Garage [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Parking garage and energy credit income | 100 | 300 |
Total revenues | 100 | 300 |
COVID-19 [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Parking garage and energy credit income | 300 | |
Accounts receivable | 200 | $ 300 |
Total revenues | $ 300 |
Concentrations Risk - Additiona
Concentrations Risk - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021Property | |
Wholly Owned Properties [Member] | |
Concentration Risk [Line Items] | |
Number of properties | 82 |
California [Member] | |
Concentration Risk [Line Items] | |
Number of properties | 18 |
Lease Income [Member] | Credit Concentration Risk [Member] | California [Member] | |
Concentration Risk [Line Items] | |
Percentage of concentrations risk | 23.90% |
Rentable Square Feet [Member] | Credit Concentration Risk [Member] | California [Member] | |
Concentration Risk [Line Items] | |
Percentage of concentrations risk | 17.90% |
U.S. Government [Member] | Lease Income [Member] | Credit Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Percentage of concentrations risk | 98.60% |
Non Governmental Tenants [Member] | Lease Income [Member] | Credit Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Percentage of concentrations risk | 1.40% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event | Apr. 22, 2021ft² |
Subsequent Event [Line Items] | |
Lease start date | Apr. 22, 2021 |
Area acquired | 43,600 |
Lease expiration date | Mar. 31, 2038 |