10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-36834

EASTERLY GOVERNMENT PROPERTIES, INC.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	47-2047728
(State of Incorporation)	(IRS Employer Identification No.)
2001 K Street NW, Suite 775 North, Washington, D.C.	20006
(Address of Principal Executive Offices)	(Zip Code)

(202) 595-9500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	DEA	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 23, 2024, the registrant had 102,998,979 shares of common stock, $0.01 par value per share, outstanding.

INDEX TO FINANCIAL STATEMENTS

	Page
Part I: Financial Information
Item 1: Financial Statements:
Consolidated Financial Statements
Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (unaudited)	1
Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (unaudited)	2
Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023 (unaudited)	3
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited)	4
Notes to the Consolidated Financial Statements	6
Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3: Quantitative and Qualitative Disclosures About Market Risk	32
Item 4: Controls and Procedures	32
Part II: Other Information
Item 1: Legal Proceedings	32
Item 1A: Risk Factors	32
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 3: Defaults Upon Senior Securities	32
Item 4: Mine Safety Disclosures	32
Item 5: Other Information	33
Item 6: Exhibits	33
Signatures

Easterly Government Properties, Inc.

Consolidated Balance Sheets (unaudited)

(Amounts in thousands, except share amounts)

	March 31, 2024			December 31, 2023
Assets
Real estate properties, net	$	2,337,307		$	2,319,143
Cash and cash equivalents		43,545			9,381
Restricted cash		12,557			12,558
Tenant accounts receivable		73,092			66,274
Investment in unconsolidated real estate venture		282,879			284,544
Intangible assets, net		143,044			148,453
Interest rate swaps		2,897			1,994
Prepaid expenses and other assets		47,494			37,405
Total assets	$	2,942,815		$	2,879,752
Liabilities
Revolving credit facility		144,500			79,000
Term loan facilities, net		298,917			299,108
Notes payable, net		696,655			696,532
Mortgage notes payable, net		218,916			220,195
Intangible liabilities, net		11,593			12,480
Deferred revenue		88,746			82,712
Accounts payable, accrued expenses and other liabilities		95,642			80,209
Total liabilities		1,554,969			1,470,236
Equity
Common stock, par value $0.01, 200,000,000 shares authorized,   102,354,702 and 100,973,247 shares issued and outstanding at    March 31, 2024 and December 31, 2023, respectively		1,024			1,010
Additional paid-in capital		1,801,304			1,783,338
Retained earnings		116,927			112,301
Cumulative dividends		(603,443	)		(576,319	)
Accumulated other comprehensive income		2,753			1,871
Total stockholders’ equity		1,318,565			1,322,201
Non-controlling interest in Operating Partnership		69,281			87,315
Total equity		1,387,846			1,409,516
Total liabilities and equity	$	2,942,815		$	2,879,752

The accompanying notes are an integral part of these consolidated financial statements.

1

Easterly Government Properties, Inc.

Consolidated Statements of Operations (unaudited)

(Amounts in thousands, except share and per share amounts)

	For the three months ended March 31,
	2024			2023
Revenues
Rental income	$	70,746		$	68,148
Tenant reimbursements		1,017			2,075
Asset management income		550			517
Other income		487			480
Total revenues		72,800			71,220
Expenses
Property operating		16,592			17,888
Real estate taxes		8,229			7,468
Depreciation and amortization		23,800			23,081
Acquisition costs		419			461
Corporate general and administrative		6,455			7,295
Total expenses		55,495			56,193
Other income (expense)
Income from unconsolidated real estate venture		1,415			1,402
Interest expense, net		(13,836	)		(12,015	)
Net income		4,884			4,414
Non-controlling interest in Operating Partnership		(258	)		(523	)
Net income available to Easterly Government    Properties, Inc.	$	4,626		$	3,891
Net income available to Easterly Government    Properties, Inc. per share:
Basic	$	0.04		$	0.04
Diluted	$	0.04		$	0.04
Weighted-average common shares outstanding
Basic		101,993,143			91,099,357
Diluted		102,235,012			91,329,140
Dividends declared per common share	0.265			$	0.265

The accompanying notes are an integral part of these consolidated financial statements.

2

Easterly Government Properties, Inc.

Consolidated Statements of Comprehensive Income (Loss) (unaudited)

(Amounts in thousands)

	For the three months ended March 31,
	2024			2023
Net income	$	4,884		$	4,414
Other comprehensive gain (loss):
Unrealized gain (loss) on interest rate swaps, net		902			(2,013	)
Other comprehensive gain (loss)		902			(2,013	)
Comprehensive income		5,786			2,401
Non-controlling interest in Operating Partnership		(258	)		(523	)
Other comprehensive (gain) loss attributable to    non-controlling interest		(20	)		240
Comprehensive income attributable to    Easterly Government Properties, Inc.	$	5,508		$	2,118

The accompanying notes are an integral part of these consolidated financial statements.

3

Easterly Government Properties, Inc.

Consolidated Statements of Cash Flows (unaudited)

(Amounts in thousands)

	For the three months ended March 31,
	2024			2023
Cash flows from operating activities
Net income	$	4,884		$	4,414
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		23,800			23,081
Straight line rent		(856	)		(463	)
Income from unconsolidated real estate venture		(1,415	)		(1,402	)
Amortization of above- / below-market leases		(594	)		(700	)
Amortization of unearned revenue		(1,604	)		(1,484	)
Amortization of loan premium / discount		(275	)		(270	)
Amortization of deferred financing costs		582			514
Amortization of lease inducements		258			216
Distributions from investment in unconsolidated real estate venture		3,079			2,158
Non-cash compensation		1,229			1,668
Net change in:
Tenant accounts receivable		1,339			734
Prepaid expenses and other assets		(6,458	)		(4,313	)
Deferred revenue associated with operating leases		510			55
Principal payments on operating lease obligations		(166	)		(127	)
Accounts payable, accrued expenses and other liabilities		(422	)		(2,456	)
Net cash provided by operating activities		23,891			21,625
Cash flows from investing activities
Real estate acquisitions and deposits		(612	)		124
Additions to operating properties		(7,906	)		(7,756	)
Additions to development properties		(12,945	)		(2,944	)
Investment in loan receivable		(3,440	)		—
Net cash used in investing activities		(24,903	)		(10,576	)
Cash flows from financing activities
Payment of deferred financing costs		(350	)		—
Issuance of common shares		—			52,414
Credit facility draws		73,000			20,750
Credit facility repayments		(7,500	)		(36,750	)
Repayments of mortgage notes payable		(1,117	)		(16,744	)
Dividends and distributions paid		(28,686	)		(27,464	)
Payment of offering costs		(172	)		(56	)
Net cash provided by (used in) financing activities		35,175			(7,850	)
Net increase in Cash and cash equivalents and Restricted cash		34,163			3,199
Cash and cash equivalents and Restricted cash, beginning of period		21,939			17,274
Cash and cash equivalents and Restricted cash, end of period	$	56,102		$	20,473

The accompanying notes are an integral part of these consolidated financial statements.

4

Easterly Government Properties, Inc.

Consolidated Statements of Cash Flows (unaudited)

(Amounts in thousands)

Supplemental disclosure of cash flow information is as follows:

	For the three months ended March 31,
	2024			2023
Cash paid for interest (net of capitalized interest of $672 and $339 in 2024 and 2023, respectively)	$	12,276		$	11,080
Supplemental disclosure of non-cash information
Additions to operating properties accrued, not paid	$	9,832		$	2,255
Additions to development properties accrued, not paid		22,078			5,380
Offering costs accrued, not paid		28			10
Deferred asset acquisition costs accrued, not paid		115			1
Unrealized gain (loss) on interest rate swaps, net		902			(2,013	)
Properties acquired for Common Units		—			219
Exchange of Common Units for Shares of Common Stock
Non-controlling interest in Operating Partnership	$	(18,088	)	$	(140	)
Common stock		14			—
Additional paid-in capital		18,074			140
Total	$	—		$	—

The accompanying notes are an integral part of these consolidated financial statements.

5

Easterly Government Properties, Inc.

Notes to the Consolidated Financial Statements (unaudited)

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, 2023, 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, 2023 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 27, 2024.

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 out primarily through Easterly Government Properties LP (the “Operating Partnership”) and the wholly owned subsidiaries of the Operating Partnership. As used herein, the “Company,” “we,” “us,” or “our” refer to Easterly Government Properties, Inc. and its consolidated subsidiaries and partnerships, including the Operating Partnership, except where context otherwise requires.

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

We focus primarily 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. We may also consider other potential opportunities to add properties to our portfolio, including acquiring properties leased to state and local governments with strong creditworthiness and other opportunities that directly or indirectly support the mission of select government agencies. As of March 31, 2024, we wholly owned 81 operating properties and nine operating properties through an unconsolidated joint venture (the “JV”) in the United States, encompassing approximately 8.9 million leased square feet, including 88 operating properties that were leased primarily to U.S. Government tenant agencies, one operating property entirely leased to tenant agencies of a U.S. state government and one operating property that was entirely leased to a private tenant. As of March 31, 2024, our operating properties were 97% 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 and owned approximately 95.0% of the aggregate limited partnership interests in the Operating Partnership (“common units”) as of March 31, 2024. We have elected to be taxed as a REIT and believe that we have operated and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015.

Principles of Consolidation

The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, 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, 2024 and December 31, 2023, the consolidated results of operations for the three months ended March 31, 2024 and 2023, and the consolidated cash flows for the three months ended March 31, 2024 and 2023. 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.

6

The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

2. Summary of Significant Accounting Policies

The significant accounting policies used in the preparation of our condensed consolidated financial statements are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.

Recent Accounting Pronouncements Not Yet Adopted

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 adds interim and annual disclosure requirements to GAAP at the request of the Securities and Exchange Commission (the “SEC”). The guidance in ASU 2023-06 is required to be applied prospectively and the GAAP requirements will be effective when the removal of the related SEC disclosure requirements is effective. If the SEC does not act to remove its related requirement by June 30, 2027, any related FASB amendments will be removed from the ASC and will not be effective. We do not anticipate that the adoption of ASU 2023-06 will have a material impact on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard is intended to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. The new standard is effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

3. Real Estate and Intangibles

Consolidated Real Estate and Intangibles

Real estate and intangibles consisted of the following as of March 31, 2024 (amounts in thousands):

	Total
Real estate properties, net
Land	$	221,999
Building and improvements		2,359,074
Acquired tenant improvements		85,949
Construction in progress		79,776
Accumulated depreciation		(409,491	)
Total Real estate properties, net		2,337,307
Intangible assets, net
In-place leases		280,604
Acquired leasing commissions		72,560
Above market leases		14,620
Payment in lieu of taxes		6,394
Accumulated amortization		(231,134	)
Total Intangible assets, net		143,044
Intangible liabilities, net
Below market leases		(72,037	)
Accumulated amortization		60,444
Total Intangible liabilities, net		(11,593	)

No operating properties were acquired or disposed of during the three months ended March 31, 2024.

During the three months ended March 31, 2024, we incurred $0.4 million of acquisition-related expenses mainly consisting of internal costs associated with future property acquisitions.

7

The following table summarizes the scheduled amortization of our acquired above- and below-market lease intangibles for each of the five succeeding years as of March 31, 2024 (amounts in thousands):

	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2024 (1)	$	836	$	(2,051	)
2025		1,097		(2,246	)
2026		1,096		(2,008	)
2027		1,096		(1,783	)
2028		725		(1,238	)

(1)Represents the nine months ending December 31, 2024.

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.

4. Investment in Unconsolidated Real Estate Venture

The following is a summary of our investment in the JV (dollars in thousands):

		As of March 31,
Joint Venture	Ownership Interest	2024
MedBase Venture	53.0%	$	282,879

On October 13, 2021, we formed an unconsolidated real estate venture, which we refer to as the JV, with a global investor to fund the acquisition of a portfolio of ten properties anticipated to encompass 1,214,165 leased square feet (the “VA Portfolio”). We own a 53.0% interest in the JV, subject to preferred allocations as provided in the JV agreement. We have joint approval rights with our JV partner on major decisions, including those regarding property operations. As such, the Company holds a non-controlling interest in the joint venture and accounts for the JV under the equity method of accounting.

No operating properties were acquired by the JV during the three months ended March 31, 2024. As of March 31, 2024, nine of the ten properties in the VA Portfolio had been acquired by the JV.

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5. Debt

At March 31, 2024, our consolidated borrowings consisted of the following (amounts in thousands):

	Principal Outstanding			Interest	Current
Loan	March 31, 2024			Rate (1)	Maturity
Revolving credit facility:
Revolving credit facility (2)	$	144,500		S + 134 bps	July 2025 (3)
Total revolving credit facility		144,500
Term loan facilities:
2016 term loan facility		100,000		5.05% (4)	January 2025
2018 term loan facility		200,000		5.38% (5)	July 2026
Total term loan facilities		300,000
Less: Total unamortized deferred financing fees		(1,083	)
Total term loan facilities, net		298,917
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
2021 series A senior notes		50,000		2.62%	October 2028
2021 series B senior notes		200,000		2.89%	October 2030
Total notes payable		700,000
Less: Total unamortized deferred financing fees		(3,345	)
Total notes payable, net		696,655
Mortgage notes payable:
VA – Golden		8,395		5.00% (6)	April 2024(7)
USFS II – Albuquerque		11,122		4.46% (6)	July 2026
ICE – Charleston		11,627		4.21% (6)	January 2027
VA – Loma Linda		127,500		3.59% (6)	July 2027
CBP – Savannah		9,335		3.40% (6)	July 2033
USCIS – Kansas City		51,500		3.68% (6)	August 2024
Total mortgage notes payable		219,479
Less: Total unamortized deferred financing fees		(830	)
Less: Total unamortized premium/discount		267
Total mortgage notes payable, net		218,916
Total debt	$	1,358,988

(1)At March 31, 2024, the USD SOFR with a five day lookback (“S”) was 5.31%. 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 our $450.0 million senior unsecured revolving credit facility (our “revolving credit facility”), our $200.0 million senior unsecured term loan facility (as amended, our “2018 term loan facility”) and our $100.0 million senior unsecured term loan facility (our “2016 term loan facility”) is based on our consolidated leverage ratio, as set forth in the respective loan agreements.

(2)Our revolving credit facility had available capacity of $305.4 million at March 31, 2024 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)Our 2016 term loan facility is subject to one interest rate swap with an effective date of September 29, 2023 and a notional value of $100.0 million, which effectively fixes the interest rate at 5.05% annually, based on our consolidated leverage ratio, as defined in our 2016 term loan facility agreement.

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(5)Our 2018 term loan facility is subject to two interest rate swaps with an effective date of June 23, 2023 and an aggregate notional value of $200.0 million, which effectively fixes the interest rate at 5.38% annually, based on our consolidated leverage ratio, as defined in our 2018 term loan facility agreement.

(6)Effective interest rates are as follows: VA – Golden 5.03%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%, USCIS – Kansas City 2.05%.

(7)On April 1, 2024, we used $8.4 million of available cash to extinguish the mortgage note obligation on VA – Golden.

As of March 31, 2024, the net carrying value of real estate collateralizing our mortgages payable totaled $323.5 million. See Note 7 for the fair value of our debt instruments.

On January 2, 2024, the margin spreads under the second amended senior unsecured credit agreement, that governs our revolving credit facility and 2018 term loan facility, were reduced by 1 basis point as a result of achieving our sustainability metric percentage.

On January 23, 2024, we entered into the seventh amendment to the senior unsecured term loan agreement, dated as of September 29, 2016, that governs our 2016 term loan facility to extend the maturity date of our 2016 term loan facility from March 29, 2024 to January 30, 2025.

Financial Covenant Considerations

As of March 31, 2024, we were in compliance with all financial and other covenants related to our debt.

6. 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, 2024. We entered into these interest rate swap derivatives to reduce our exposure to the variability in future cash flows attributable to changes in our 2016 term loan facility and 2018 term loan facility (amounts in thousands):

Notional Amount		Fixed Rate			Floating Rate Index	Effective Date	Expiration Date	Fair Value
$	100,000		4.01	%	USD-SOFR with -5 Day Lookback	June 23, 2023	March 23, 2025	$	904
$	100,000		4.18	%	USD-SOFR with -5 Day Lookback	June 23, 2023	December 23, 2024	$	648
$	100,000		3.70	%	USD-SOFR with -5 Day Lookback	September 29, 2023	June 29, 2025	$	1,345

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, 2024
Interest rate swaps	$	2,897

Cash Flow Hedges of Interest Rate Risk

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

We estimate that $3.7 million will be reclassified from AOCI as a decrease to interest expense over the next 12 months.

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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,
	2024		2023
Unrealized gain (loss) recognized in AOCI	$	1,932	$	(506	)
Gain reclassified from AOCI into interest expense		1,030		1,507

Credit-Risk-Related Contingent Features

We have agreements with each of our derivative counterparties that contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on such indebtedness. As of March 31, 2024, we were not in a net liability position with any derivative counterparty. As of March 31, 2024, we were in compliance with these agreements and had not posted any collateral related to these agreements.

7. 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 we determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. We have determined that the significance of the impact of the credit valuation adjustments made to our 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 our derivatives held as of March 31, 2024 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. The table below presents our assets measured at fair value on a recurring basis as of March 31, 2024, aggregated by the level in the fair value hierarchy within which those measurements fall (amounts in thousands):

	As of March 31, 2024
Balance Sheet Line Item	Level 1		Level 2		Level 3
Interest rate swaps	$	—	$	2,897	$	—

For our disclosure of debt fair values, 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.

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Financial assets and liabilities not measured at fair value

As of March 31, 2024, all financial instruments and liabilities were reflected in our balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following:

	As of March 31, 2024
Financial liabilities	Carrying Amount (1)		Fair Value (2)
Revolving credit facility	$	144,500	$	144,500
2016 term loan facility	$	100,000	$	100,000
2018 term loan facility	$	200,000	$	200,000
Notes payable	$	700,000	$	612,213
Mortgages payable	$	219,479	$	207,483

(1)The carrying amount consists of principal only.

(2)We deem the fair value measurement of the financial liability instrument a Level 3 measurement.

8. Equity Incentive Plan

The following is a summary of our stock-based compensation expense for the three months ended March 31, 2024 and 2023, respectively:

	For the three months ended March 31,
	2024		2023
Stock-based compensation expense		1,229	$	1,668

Stock-based compensation expense is included within corporate general and administrative expenses on our Consolidated Statements of Operations.

On January 2, 2024, we granted an aggregate of 201,150 service-based LTIP units and 193,993 performance-based LTIP units to members of management pursuant to the 2015 Equity Incentive Plan (the “2015 Plan”). The service-based LTIP units vest on December 31, 2026 subject to the grantee's continued employment and the other terms of the awards. The performance-based LTIP units consisted of (i) 77,256 LTIP units that are subject to us achieving certain total shareholder return performance thresholds (on both an absolute and relative basis) and (ii) 116,737 LTIP units that are subject to us achieving certain operational performance hurdles, in each case through a performance period ending on December 31, 2026. The performance-based LTIP units will vest to the extent earned following the end of the performance period on December 31, 2026, conditioned on the board of directors approval.

On January 19, 2024, we granted 69,419 performance-based LTIP units to members of management pursuant to the 2015 Plan that are subject to us achieving certain total shareholder return performance thresholds (on a relative basis) through a performance period ending on December 31, 2026. The performance-based LTIP units will vest to the extent earned following the end of the performance period on December 31, 2026, conditioned on the board of directors approval.

Pursuant to the 2015 Plan, the significant assumptions used to value the performance-based LTIP units using a Monte Carlo Simulation (risk -neutral approach) include expected volatility (24.0%), dividend yield (6.6% - 6.7%), risk-free interest rate (4.1%) and expected life (3 years).

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9. Equity

The following table summarizes the changes in our stockholders’ equity for the three months ended March 31, 2024 and 2023 (amounts in thousands, except share amounts):

	Shares		Common Stock Par Value		Additional Paid-in Capital			Retained Earnings		Cumulative Dividends			Accumulated Other Comprehensive Income			Non- controlling Interest in Operating Partnership			Total Equity
Three months ended March 31, 2024
Balance at December 31, 2023		100,973,247	$	1,010	$	1,783,338		$	112,301	$	(576,319	)	$	1,871		$	87,315		$	1,409,516
Stock based compensation		—		—		123			—		—			—			1,106			1,229
Dividends and distributions paid    ($0.265 per share)		—		—		—			—		(27,124	)		—			(1,561	)		(28,685	)
Redemption of common units for    shares of common stock		1,381,455		14		18,074			—		—			—			(18,088	)		—
Unrealized gain on interest rate swaps		—		—		—			—		—			882			20			902
Net income		—		—		—			4,626		—			—			258			4,884
Allocation of non-controlling interest    in Operating Partnership		—		—		(231	)		—		—			—			231			—
Balance at March 31, 2024		102,354,702	$	1,024	$	1,801,304		$	116,927	$	(603,443	)	$	2,753		$	69,281		$	1,387,846
Three months ended March 31, 2023
Balance at December 31, 2022		90,814,021	$	908	$	1,622,913		$	93,497	$	(475,983	)	$	3,546		$	166,101		$	1,410,982
Stock based compensation		—		—		145			—		—			—			1,523			1,668
Dividends and distributions paid    ($0.265 per share)		—		—		—			—		(24,068	)		—			(3,395	)		(27,463	)
Grant of unvested restricted stock		6,686		—		—			—		—			—			—			—
Redemption of common units for shares of common stock		10,199		—		140			—		—			—			(140	)		—
Issuance of common stock, net		2,559,000		26		52,206			—		—			—			—			52,232
Contribution of property for    common units		—		—		—			—		—			—			219			219
Unrealized loss on interest rate     swaps, net		—		—		—			—		—			(1,773	)		(240	)		(2,013	)
Net income		—		—		—			3,891		—			—			523			4,414
Allocation of non-controlling interest    in Operating Partnership		—		—		(2,937	)		—		—			—			2,937			—
Balance at March 31, 2023		93,389,906	$	934	$	1,672,467		$	97,388	$	(500,051	)	$	1,773		$	167,528		$	1,440,039

A summary of dividends declared by our 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 2024	April 25, 2024	May 9, 2024	May 21, 2024	0.265

(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

We entered into separate equity distribution agreements on each of December 20, 2019 (the “2019 ATM Program”) and June 22, 2021 (the “2021 ATM Program” and, together with the 2019 ATM Program, the “ATM Programs”) with various financial institutions pursuant to which we may issue and sell shares of our common stock having an aggregate offering price of up to $300.0 million under each ATM Program from time to time 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”). Under each of the ATM Programs, we may 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 the various financial institutions party to the respective ATM Program for the sale of shares of our common stock on a forward basis.

As of March 31, 2024, we had forward sales transactions outstanding under the 2019 ATM Program for the sale of 589,647 shares of our common stock that had not yet been settled.

On April 10, 2024, we settled the 589,647 shares under our 2019 ATM Program and received $7.9 million of net proceeds. We accounted for the forward sale transactions as equity.

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No sales of shares of our common stock were made under the 2021 ATM Program during the three months ended March 31, 2024.

As of March 31, 2024, we had approximately $300.0 million of gross sales of our common stock available under the 2021 ATM Program and $79.3 million of gross sales of common stock available under the 2019 ATM Program.

Share Repurchase Program

On April 28, 2022, our Board of Directors authorized a share repurchase program whereby we may repurchase up to 4,538,994 shares of our common stock, or approximately 5% of our outstanding shares as of the authorization date. We are not required to purchase shares under the share repurchase program, but may choose to do so in the open market or through privately negotiated transactions at times and amounts based on our evaluation of market conditions and other factors.

No repurchases of shares of our common stock were made under the share repurchase program during the three months ended March 31, 2024.

10. 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 our basic and diluted earnings per share of common stock for the three months ended March 31, 2024 and 2023 (amounts in thousands, except per share amounts):

	For the three months ended March 31,
	2024			2023
Numerator
Net income	$	4,884		$	4,414
Less: Non-controlling interest in Operating Partnership		(258	)		(523	)
Net income available to Easterly Government Properties, Inc.		4,626			3,891
Less: Dividends on participating securities		(148	)		(148	)
Net income available to common stockholders	$	4,478		$	3,743
Denominator for basic EPS		101,993,143			91,099,357
Dilutive effect of share-based compensation awards		27,143			23,556
Dilutive effect of LTIP units (1)		214,726			206,227
Dilutive effect of shares issuable under forward sale agreements (2)		—			—
Denominator for diluted EPS		102,235,012			91,329,140
Basic EPS	$	0.04		$	0.04
Diluted EPS	$	0.04		$	0.04

(1)During the three months ended March 31, 2024 and 2023, there were 491,498 and 347,419 unvested performance-based LTIP units, respectively, that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period.

(2)During the three months ended March 31, 2024 and 2023, there were 589,647 and 1,700,000 shares, respectively, of underlying unsettled forward sales transactions that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period.

11. Leases

Lessor

We lease 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

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these properties based on the date the property was built or renovated-to-suit, where applicable (approximately 19.4 years as of March 31, 2024), the mission-critical focus of the properties subject to the leases and the current level of operations at such properties. Certain lease agreements include variable lease payments that, in the future, will vary based on changes in inflationary measures, real estate tax rates, usage, or share of expenditures of the leased premises.

The table below sets forth our composition of lease revenue recognized between fixed and variable components (amounts in thousands):

	For the three months ended March 31,
	2024		2023
Fixed	$	65,436	$	62,924
Variable		5,310		5,224
Rental income		70,746		68,148

Lessee

We lease corporate office space under operating lease arrangements in Washington, D.C. and San Diego, CA. The 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. We have elected not to separate lease and non-lease components for our corporate office leases.

As of March 31, 2024, the unamortized balances associated with our right-of-use operating lease asset and operating lease liability were both $2.8 million. We used our incremental borrowing rate, which was arrived at utilizing prevailing market rates and the spread on our revolving credit facility, in order to determine the net present value of the minimum lease payments.

The following table provides quantitative information for our commenced operating leases for the three months ended March 31, 2024 and 2023 (amounts in thousands):

	For the three months ended March 31,
	2024		2023
Cash flows from operating lease costs	$	191	$	131

In addition, the maturity of fixed lease payments under our commenced corporate office leases as of March 31, 2024 is summarized in the table below (amounts in thousands):

Corporate office leases	Payments due by period
2024 (1)		578
2025		793
2026		661
2027		368
2028		385
Thereafter		333
Total future minimum lease payments	$	3,118
Imputed interest		(306	)
Total	$	2,812

(1)Represents the nine months ending December 31, 2024.

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12. 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, 2024 and 2023 (amounts in thousands):

	For the three months ended March 31,
Tenant	2024		2023
Department of Veteran Affairs (“VA”)	$	588	$	933
U.S. Joint Staff Command (“JSC”)		164		602
Customs and Border Protection (“CBP”)		139		79
Food and Drug Administration (“FDA”)		124		9
Federal Bureau of Investigation (“FBI”)		61		323
The Judiciary of the U.S. Government (“JUD”)		36		4
General Services Administration - Other		6		—
Department of Transportation (“DOT”)		3		120
Internal Revenue Service (“IRS”)		1		3
U.S. Coast Guard (“USCG”)		—		147
Immigration and Customs Enforcement (“ICE”)		—		71
Federal Emergency Management Agency (“FEMA”)		—		19
	$	1,122	$	2,310

As of March 31, 2024 and December 31, 2023, the balance in Accounts receivable related to tenant construction projects and the associated project management income was $7.7 million and $9.6 million, respectively.

The duration of the majority of tenant construction project reimbursement arrangements is 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, 2024 with a duration of greater than one year.

During each of the three months ended March 31, 2024 and 2023, we recognized $0.1 million in parking garage income. 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 our performance obligation is satisfied. As of both March 31, 2024 and December 31, 2023, the balance in Accounts receivable related to parking garage income was less than $0.1 million.

There were no contract assets or liabilities as of March 31, 2024 or December 31, 2023.

13. Concentrations Risk

Concentrations of credit risk arise for us when multiple of our tenants 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 obligations owed to us. We regularly monitor our tenant base to assess potential concentrations of credit risk.

As stated in Note 1 above, we lease commercial space to the U.S. Government or non-governmental tenants. At March 31, 2024, the U.S. Government accounted for approximately 97.4% of our total annualized lease income, state and local government tenants accounted for approximately 1.1% of our annualized lease income and non-governmental tenants accounted for the remaining approximately 1.5%.

Eighteen of our 90 wholly-owned and unconsolidated operating properties are located in California, accounting for approximately 15.6% of our total leased square feet and approximately 20.2% of our total annualized lease income as of March 31, 2024. 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.

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14. Related Parties

We have reimbursement arrangements with entities controlled by our former Chairman, who was appointed Chief Executive Officer effective January 1, 2024, and Vice Chairman, which provide for reimbursement of costs paid on our behalf, or those we pay on their behalf. During each of the three months ended March 31, 2024 and 2023, we were responsible for reimbursing costs of $0.1 million and received reimbursement for costs of less than $0.1 million.

We provide asset management services to properties owned by the JV. For the three months ended March 31, 2024 and 2023, we recognized Asset management income of $0.6 million and $0.5 million, respectively, and reimbursement for certain costs that we paid on their behalf of $0.4 million and $0.2 million, respectively.

As of March 31, 2024, Accounts receivable from related parties was $0.2 million. As of March 31, 2024, there were no Accounts payable, accrued expenses and other liabilities owed to related parties.

15. Subsequent Events

For our consolidated financial statements as of March 31, 2024, we evaluated subsequent events and noted the following significant events.

On April 1, 2024, we used $8.4 million of available cash to extinguish the mortgage note obligation on VA – Golden.

On April 4, 2024, we acquired land to develop a 50,777 square foot Federal courthouse in Flagstaff, Arizona. The courthouse will be primarily leased to the GSA for beneficial use of the Judiciary of the U.S. Government (“JUD”) over a 20 year non-cancelable term.

On April 12, 2024, we acquired a 129,046 leased square foot U.S. Immigration and Customs Enforcement (“ICE”) facility near Dallas, Texas. The building was renovated to suit in 2020. The facility is primarily leased to the GSA for beneficial use of ICE and has lease expirations ranging from 2032 to 2040.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “potential”, “project”, “result”, “seek”, “should”, “target”, “will”, and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise. Accordingly, investors should use caution in relying on forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

•the factors included under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and the factors included under the heading “Risk Factors” in our other public filings;

•risks associated with our dependence on the U.S. Government and its agencies for substantially all of our revenues, including credit risk and risk that the U.S. Government reduces its spending on real estate or that it changes its preference away from leased properties;

•risks associated with ownership and development of real estate;

•the risk of decreased rental rates or increased vacancy rates;

•the loss of key personnel;

•general volatility of the capital and credit markets and the market price of our common stock;

•the risk we may lose one or more major tenants;

•difficulties in completing and successfully integrating acquisitions;

•failure of acquisitions or development projects to occur at anticipated levels or yield anticipated results;

•risks associated with actual or threatened terrorist attacks;

•risks associated with our joint venture activities;

•intense competition in the real estate market that may limit our ability to attract or retain tenants or re-lease space;

•insufficient amounts of insurance or exposure to events that are either uninsured or underinsured;

•uncertainties and risks related to adverse weather conditions, natural disasters and climate change;

•exposure to liability relating to environmental and health and safety matters;

•limited ability to dispose of assets because of the relative illiquidity of real estate investments and the nature of our assets;

•exposure to litigation or other claims;

•risks associated with breaches of our data security;

•risks associated with our indebtedness, including failure to refinance current or future indebtedness on favorable terms, or at all; failure to meet the restrictive covenants and requirements in our existing and new debt agreements, fluctuations in interest rates and increased costs to refinance or issue new debt;

•risks associated with derivatives or hedging activity;

•risks associated with mortgage debt or unsecured financing or the unavailability thereof, which could make it difficult to finance or refinance properties and could subject us to foreclosure; and

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•adverse impacts from any future pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies and our financial condition and results of operations.

For a further discussion of these and other factors that could affect us and the statements contained herein, see the section entitled “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, as may be supplemented or amended from time to time.

Overview

References to “we,” “our,” “us” and “the Company” refer to Easterly Government Properties, Inc., a Maryland corporation, together with our consolidated subsidiaries, including Easterly Government Properties LP, a Delaware limited partnership, which we refer to herein as the “operating partnership.” We present certain financial information and metrics “at Easterly Share,” which is calculated on an entity-by-entity basis. “At Easterly Share” information, which we also refer to as being “at share,” “pro rata,” “our pro rata share” or “our share” is not, and is not intended to be, a presentation in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

We are an internally managed real estate investment trust (“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 primarily 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. We may also consider other potential opportunities to add properties to our portfolio, including acquiring properties leased to state and local governments with strong creditworthiness and other opportunities that directly or indirectly support the mission of select government agencies. As of March 31, 2024, we wholly owned 81 operating properties and nine operating properties through an unconsolidated joint venture (the “JV”) in the United States, encompassing approximately 8.9 million leased square feet (8.4 million pro rata), including 88 operating properties that were leased primarily to U.S. Government tenant agencies, one operating property entirely leased to tenant agencies of a U.S. state government and one operating property that was entirely leased to a private tenant. As of March 31, 2024, our operating properties were 97% 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 and owned approximately 95.0% of the aggregate limited partnership interests in the operating partnership, which we refer to herein as common units, as of March 31, 2024. We have elected to be taxed as a REIT and believe that we have operated and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015.

2024 Activity

Acquisitions

On April 4, 2024, we acquired land to develop a 50,777 square foot Federal courthouse in Flagstaff, Arizona. The courthouse will be primarily leased to the GSA for beneficial use of the Judiciary of the U.S. Government (“JUD”) over a 20 year non-cancelable term.

On April 12, 2024, we acquired a 129,046 leased square foot U.S. Immigration and Customs Enforcement (“ICE”) facility near Dallas, Texas. The building was renovated to suit in 2020. The facility is primarily leased to the GSA for beneficial use of ICE and has lease expirations ranging from 2032 to 2040.

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Operating Properties

As of March 31, 2024, our operating properties were 97% leased with a weighted average annualized lease income per leased square foot of $35.99 ($35.66 pro rata) and a weighted average age of approximately 14.8 years based on the date the property was built or renovated-to-suit, where applicable. We calculate annualized lease income as annualized contractual base rent for the last month in a specified period, plus the annualized straight line rent adjustments for the last month in such period and the annualized net expense reimbursements earned by us for the last month in such period.

The table set forth below shows information relating to the properties we owned, or in which we had an ownership interest, at March 31, 2024, and it includes properties held by the JV:

Property Name	Location	Property Type (1)	Tenant Lease Expiration Year (2)		Leased Square Feet		Annualized Lease  Income		Percentage of Total Annualized Lease Income			Annualized Lease Income per Leased Square Foot
Wholly Owned U.S. Government Leased Properties
VA - Loma Linda	Loma Linda, CA	OC		2036		327,614	$	16,812,723		5.4	%	$	51.32
USCIS - Kansas City (3)	Lee's Summit, MO	O/W	2024 - 2042			416,399		10,343,455		3.3	%		24.84
JSC - Suffolk	Suffolk, VA	O		2028		403,737		8,427,298		2.7	%		20.87
Various GSA - Chicago	Des Plaines, IL	O		2026		188,768		7,765,015		2.4	%		41.14
IRS - Fresno	Fresno, CA	O		2033		180,481		6,967,590		2.2	%		38.61
FBI - Salt Lake	Salt Lake City, UT	O		2032		169,542		6,897,319		2.2	%		40.68
Various GSA - Portland (4)	Portland, OR	O	2024 - 2039			205,478		6,893,310		2.2	%		33.55
Various GSA - Buffalo (5)	Buffalo, NY	O	2025 - 2039			273,678		6,816,136		2.1	%		24.91
VA - San Jose	San Jose, CA	OC		2038		90,085		5,809,456		1.8	%		64.49
EPA - Lenexa	Lenexa, KS	O		2027		169,585		5,732,732		1.8	%		33.80
FBI - Tampa	Tampa, FL	O		2040		138,000		5,313,546		1.7	%		38.50
FBI - San Antonio	San Antonio, TX	O		2025		148,584		5,207,961		1.6	%		35.05
PTO - Arlington	Arlington, VA	O		2035		190,546		4,914,173		1.5	%		25.79
FDA - Alameda	Alameda, CA	L		2039		69,624		4,898,064		1.5	%		70.35
FEMA - Tracy	Tracy, CA	W		2038		210,373		4,650,064		1.5	%		22.10
FBI / DEA - El Paso	El Paso, TX	O/W		2028		203,683		4,637,075		1.5	%		22.77
FBI - Omaha	Omaha, NE	O		2024		112,196		4,435,692		1.4	%		39.54
TREAS - Parkersburg	Parkersburg, WV	O		2041		182,500		4,367,718		1.4	%		23.93
DOT - Lakewood	Lakewood, CO	O		2039		122,225		4,287,654		1.3	%		35.08
FDA - Lenexa	Lenexa, KS	L		2040		59,690		4,254,685		1.3	%		71.28
VA - South Bend	Mishakawa, IN	OC		2032		86,363		4,104,501		1.3	%		47.53
FBI - Pittsburgh	Pittsburgh, PA	O		2027		100,054		4,037,239		1.3	%		40.35
USCIS - Lincoln	Lincoln, NE	O		2025		137,671		3,937,828		1.2	%		28.60
FBI - New Orleans	New Orleans, LA	O		2029		137,679		3,918,628		1.2	%		28.46
VA - Mobile	Mobile, AL	OC		2033		79,212		3,908,603		1.2	%		49.34
FBI - Birmingham	Birmingham, AL	O		2042		96,278		3,610,167		1.1	%		37.50
FBI - Knoxville	Knoxville, TN	O		2025		99,130		3,607,448		1.1	%		36.39
EPA - Kansas City	Kansas City, KS	L		2043		55,833		3,518,326		1.1	%		63.02
ICE - Charleston	North Charleston, SC	O		2027		65,124		3,362,481		1.1	%		51.63
USFS II - Albuquerque	Albuquerque, NM	O		2026		98,720		3,340,671		1.0	%		33.84
FBI - Richmond	Richmond, VA	O		2041		96,607		3,336,888		1.0	%		34.54
VA - Chico	Chico, CA	OC		2034		51,647		3,324,138		1.0	%		64.36
JUD - Del Rio	Del Rio, TX	C/O		2041		89,880		3,291,972		1.0	%		36.63

20

Property Name	Location	Property Type (1)	Tenant Lease Expiration Year (2)		Leased Square Feet		Annualized Lease  Income		Percentage of Total Annualized Lease Income			Annualized Lease Income per Leased Square Foot
Wholly Owned U.S. Government Leased Properties (Cont.)
DEA - Sterling	Sterling, VA	L		2038		57,692		3,222,789		1.0	%		55.86
FBI - Little Rock	Little Rock, AR	O		2041		102,377		3,217,259		1.0	%		31.43
USCIS - Tustin	Tustin, CA	O		2034		66,818		3,212,163		1.0	%		48.07
FBI - Albany	Albany, NY	O		2036		69,476		3,209,365		1.0	%		46.19
USFS I - Albuquerque	Albuquerque, NM	O		2026		92,455		3,194,573		1.0	%		34.55
DEA - Vista	Vista, CA	L		2035		52,293		3,130,468		1.0	%		59.86
VA - Orange	Orange, CT	OC		2034		56,330		2,991,992		0.9	%		53.12
VA - Indianapolis	Brownsburg, IN	OC		2041		80,000		2,954,619		0.9	%		36.93
ICE - Albuquerque	Albuquerque, NM	O		2027		71,100		2,841,468		0.9	%		39.96
SSA - Charleston	Charleston, WV	O		2029		110,000		2,806,152		0.9	%		25.51
FBI - Mobile	Mobile, AL	O		2029		76,112		2,802,776		0.9	%		36.82
JUD - El Centro	El Centro, CA	C/O		2034		43,345		2,800,986		0.9	%		64.62
DEA - Dallas Lab	Dallas, TX	L		2038		49,723		2,786,394		0.9	%		56.04
DEA - Pleasanton	Pleasanton, CA	L		2035		42,480		2,774,284		0.9	%		65.31
DEA - Upper Marlboro	Upper Marlboro, MD	L		2037		50,978		2,746,542		0.9	%		53.88
NARA - Broomfield	Broomfield, CO	O/W		2032		161,730		2,679,193		0.8	%		16.57
TREAS - Birmingham	Birmingham, AL	O		2029		83,676		2,620,237		0.8	%		31.31
USAO - Louisville	Louisville, KY	O		2031		60,000		2,550,159		0.8	%		42.50
JUD - Charleston	Charleston, SC	C/O		2040		52,339		2,522,971		0.8	%		48.20
JUD - Jackson	Jackson, TN	C/O		2043		75,043		2,386,456		0.7	%		31.80
DEA - Dallas	Dallas, TX	O		2041		71,827		2,270,184		0.7	%		31.61
CBP - Savannah	Savannah, GA	L		2033		35,000		2,267,962		0.7	%		64.80
Various GSA - Cleveland (6)	Brooklyn Heights, OH	O	2028 - 2040			61,384		2,237,124		0.7	%		36.44
NWS - Kansas City	Kansas City, MO	O		2033		94,378		2,151,911		0.7	%		22.80
DHS - Atlanta (7)	Atlanta, GA	O	2031 - 2038			91,185		2,138,276		0.7	%		23.45
NPS - Omaha	Omaha, NE	O		2029		62,772		2,084,215		0.7	%		33.20
DEA - Santa Ana	Santa Ana, CA	O		2029		39,905		1,999,280		0.6	%		50.10
DEA - North Highlands	Sacramento, CA	O		2033		37,975		1,914,312		0.6	%		50.41
GSA - Clarksburg	Clarksburg, WV	O		2039		70,495		1,880,219		0.6	%		26.67
VA - Golden	Golden, CO	O/W		2026		56,753		1,772,202		0.6	%		31.23
JUD - Newport News	Newport News, VA	C/O		2033		35,005		1,670,583		0.5	%		47.72
USCG - Martinsburg	Martinsburg, WV	O		2027		59,547		1,619,785		0.5	%		27.20
JUD - Aberdeen	Aberdeen, MS	C/O		2025		46,979		1,562,188		0.5	%		33.25
VA - Charleston (8)	North Charleston, SC	W	2024 / 2040			102,718		1,553,988		0.5	%		15.13
DEA - Albany	Albany, NY	O		2041		31,976		1,405,541		0.4	%		43.96
USAO - Springfield	Springfield, IL	O		2038		43,600		1,381,505		0.4	%		31.69

21

Property Name	Location	Property Type (1)	Tenant Lease Expiration Year (2)		Leased Square Feet		Annualized Lease  Income		Percentage of Total Annualized Lease Income			Annualized Lease Income per Leased Square Foot
Wholly Owned U.S. Government Leased Properties (Cont.)
DEA - Riverside	Riverside, CA	O		2032		34,354		1,318,815		0.4	%		38.39
JUD - Council Bluffs	Council Bluffs, IA	C/O		2041		28,900		1,288,308		0.4	%		44.58
DEA - Birmingham	Birmingham, AL	O		2038		35,616		1,251,695		0.4	%		35.14
SSA - Dallas	Dallas, TX	O		2035		27,200		1,061,702		0.3	%		39.03
JUD - South Bend	South Bend, IN	C/O		2027		30,119		801,615		0.3	%		26.61
ICE - Louisville	Louisville, KY	O		2036		17,420		654,219		0.2	%		37.56
DEA - San Diego	San Diego, CA	W		2032		16,100		556,881		0.2	%		34.59
DEA - Bakersfield	Bakersfield, CA	O		2038		9,800		487,590		0.2	%		49.75
SSA - San Diego	San Diego, CA	O		2032		10,059		448,019		0.1	%		44.54
ICE - Otay	San Diego, CA	O		2027		7,434		259,066		0.1	%		34.85
Subtotal						7,669,454	$	272,218,587		85.4	%	$	35.49
Wholly Owned State and Local Government Property
CA - Anaheim	Anaheim, CA	O	2033 / 2034			95,273		3,364,379		1.1	%		35.31
Subtotal						95,273	$	3,364,379		1.1	%	$	35.31
Wholly Owned Privately Leased Property
501 East Hunter Street - Lummus Corporation	Lubbock, TX	W/D		2028		70,078		412,024		0.1	%		5.88
Subtotal						70,078	$	412,024		0.1	%	$	5.88
Wholly Owned Properties Total / Weighted Average						7,834,805	$	275,994,990		86.6	%	$	35.23
Unconsolidated Real Estate Venture U.S. Government Leased Properties
VA - Phoenix (9)	Phoenix, AZ	OC		2042		257,294		10,735,555		3.4	%		41.72
VA - San Antonio (9)	San Antonio, TX	OC		2041		226,148		9,222,201		2.9	%		40.78
VA - Chattanooga (9)	Chattanooga, TN	OC		2035		94,566		4,369,452		1.4	%		46.21
VA - Lubbock (9) (10)	Lubbock, TX	OC		2040		120,916		4,245,688		1.3	%		35.11
VA - Marietta (9)	Marietta, GA	OC		2041		76,882		3,845,846		1.2	%		50.02
VA - Birmingham (9)	Irondale, AL	OC		2041		77,128		3,175,571		1.0	%		41.17
VA - Corpus Christi (9)	Corpus Christi, TX	OC		2042		69,276		2,938,590		0.9	%		42.42
VA - Columbus (9)	Columbus, GA	OC		2042		67,793		2,917,896		0.9	%		43.04
VA - Lenexa (9)	Lenexa, KS	OC		2041		31,062		1,319,625		0.4	%		42.48
Subtotal						1,021,065	$	42,770,424		13.4	%	$	41.89
Total / Weighted Average						8,855,870	$	318,765,414		100.0	%	$	35.99
Total / Weighted Average at Easterly's Share						8,375,969	$	298,663,315				$	35.66

(1)OC=Outpatient Clinic; O=Office; C=Courthouse; L=Laboratory; W=Warehouse; D=Distribution.

(2)The year of lease expiration does not include renewal options.

(3)Private tenants occupy 100,081 leased square feet.

(4)Private tenants occupy 36,610 leased square feet.

(5)A state government tenant occupies 14,274 leased square feet.

(6)A private tenant occupies 11,402 leased square feet.

(7)A private tenant occupies 17,373 leased square feet.

(8)A private tenant occupies 5,000 leased square feet.

(9)We own 53.0% of the property through an unconsolidated joint venture.

(10)Asset is subject to a ground lease where we are the lessee.

22

Certain of our leases are currently in the “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. We believe that, from the U.S. Government’s perspective, leases with such provisions are helpful for budgetary purposes. While some 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 19.4 years as of March 31, 2024), the mission-critical focus of the properties subject to the leases and the current level of operations at such properties.

The following table sets forth a schedule of lease expirations for leases in place (including for wholly owned properties and properties held by the JV) as of March 31, 2024:

Year of Lease Expiration (1)	Number of Leases Expiring		Leased Square Footage Expiring		Percentage of Portfolio Leased Square  Footage Expiring			Annualized Lease Income Expiring		Percentage of Total Annualized Lease Income Expiring			Annualized Lease Income per Leased Square Foot Expiring
2024		4		152,063		1.7	%	$	5,408,796		1.7	%	$	35.57
2025		13		597,180		6.7	%		19,211,401		6.0	%		32.17
2026		6		483,013		5.5	%		17,395,649		5.5	%		36.01
2027		9		506,510		5.7	%		18,782,864		5.9	%		37.08
2028		11		802,397		9.1	%		17,504,467		5.5	%		21.82
2029		6		510,144		5.8	%		16,231,288		5.1	%		31.82
2030		1		1,536		0.0	%		58,907		0.0	%		38.35
2031		3		117,875		1.3	%		4,608,435		1.4	%		39.10
2032		7		531,001		6.0	%		17,094,058		5.4	%		32.19
2033		10		566,197		6.4	%		21,690,127		6.8	%		38.31
Thereafter		55		4,587,954		51.8	%		180,779,422		56.7	%		39.40
Total / Weighted Average		125		8,855,870		100.0	%	$	318,765,414		100.0	%	$	35.99

(1)The year of lease expiration is pursuant to current contract terms. Some tenants have the right to vacate their space during a specified period, or “soft term,” before the stated terms of their leases expire. As of March 31, 2024, 11 tenants occupying approximately 7.1% of our leased square feet and contributing approximately 6.9% of our annualized lease income have exercisable rights to terminate their lease before the stated term of their respective lease expires.

Information about our development property as of March 31, 2024 is set forth in the table below:

Property Name	Location	Tenant	Property Type (1)	Lease Term	Estimated Leased Square Feet
FDA - Atlanta	Atlanta, GA	Food and Drug Administration	L	20-year		162,000

(1)L=Laboratory.

23

Results of Operations

Comparison of Results of Operations for the three months ended March 31, 2024 and 2023

The financial information presented below summarizes our results of operations for the three months ended March 31, 2024 and 2023 (amounts in thousands).

	For the three months ended March 31,
	2024			2023			Change
Revenues
Rental income	$	70,746		$	68,148		$	2,598
Tenant reimbursements		1,017			2,075			(1,058	)
Asset management income		550			517			33
Other income		487			480			7
Total revenues		72,800			71,220			1,580
Expenses
Property operating		16,592			17,888			(1,296	)
Real estate taxes		8,229			7,468			761
Depreciation and amortization		23,800			23,081			719
Acquisition costs		419			461			(42	)
Corporate general and administrative		6,455			7,295			(840	)
Total expenses		55,495			56,193			(698	)
Other income (expense)
Income from unconsolidated real estate venture		1,415			1,402			13
Interest expense, net		(13,836	)		(12,015	)		(1,821	)
Net income	$	4,884		$	4,414		$	470

Revenues

Total revenues increased $1.6 million to $72.8 million for the three months ended March 31, 2024 compared to $71.2 million for the three months ended March 31, 2023.

The $2.6 million increase in Rental income is primarily attributable to the three operating properties acquired since March 31, 2023.

The $1.1 million decrease in Tenant reimbursements is primarily attributable to a decrease in tenant project reimbursements.

The less than $0.1 million increase in Asset management income is primarily attributable to the fee earned by us for asset management of the JV from the one property acquired since March 31, 2023.

The less than $0.1 million increase in Other income is primarily attributable to an increase in interest income offset by a decrease in project overhead income from our tenant reimbursable projects.

Expenses

Total expenses decreased $0.7 million to $55.5 million for the three months ended March 31, 2024 compared to $56.2 million for the three months ended March 31, 2023.

The $1.3 million decrease in Property operating expenses is primarily attributable to a decrease in tenant reimbursable projects.

The $0.8 million increase in Real estate taxes is primarily attributable to the three operating properties acquired since March 31, 2023 as well as an increase in real estate taxes across our portfolio.

The $0.7 million increase in Depreciation and amortization is primarily attributable to the three operating properties acquired since March 31, 2023.

The $0.8 million decrease in Corporate general and administrative is primarily due to a decrease in employee services and amortization on stock-based compensation.

24

Income from unconsolidated real estate venture

The less than $0.1 million increase in Income from unconsolidated real estate venture is primarily attributable to our pro rata share of operations from the one operating property acquired by the JV since March 31, 2023.

Interest expense, net

The $1.8 million increase in Interest expense, net is primarily attributable to higher weighted average borrowings and interest rates on our swapped term loans.

Liquidity and Capital Resources

We anticipate that our cash flows from the sources listed below will provide adequate capital for the next 12 months for all anticipated uses, including all scheduled principal and interest payments on our outstanding indebtedness, current and anticipated tenant improvements, development activities at FDA – Atlanta, planned and possible acquisitions of properties, including the one remaining property in the portfolio of ten properties anticipated to be acquired through the JV (the “VA Portfolio”), stockholder distributions to maintain our qualification as a REIT, potential repurchases of common stock under our share repurchase program and other capital obligations associated with conducting our business. At March 31, 2024, we had approximately $56.1 million available in cash and cash equivalents and there was approximately $305.4 million available under our revolving credit facility.

Our primary expected sources of capital are as follows:

•cash and cash equivalents;

•operating cash flow;

•distribution of cash flows from the JV;

•available borrowings under our revolving credit facility;

•issuance of long-term debt;

•issuance of equity, including under our ATM Programs (as described below); and

•asset sales.

Our short-term liquidity requirements consist primarily of funds to pay for the following:

•development and redevelopment activities, including major redevelopment, renovation or expansion programs at FDA - Atlanta and other individual properties;

•property acquisitions under contract, including our pro rata share of the one remaining VA Portfolio property;

•tenant improvements, allowances and leasing costs;

•recurring maintenance and capital expenditures;

•debt repayment requirements;

•corporate and administrative costs;

•interest payments on our outstanding indebtedness;

•interest swap payments;

•distribution payments; and

•potential repurchases of common stock under our share repurchase program.

Our long-term liquidity needs, in addition to recurring short-term liquidity needs as discussed above, consist primarily of funds necessary to pay for acquisitions, non-recurring capital expenditures, and scheduled debt maturities. Although we may be able to anticipate and plan for certain of our liquidity needs, unexpected increases in uses of cash that are beyond our control and which affect our financial condition and results of operations may arise, or our sources of liquidity may be fewer than, and the funds available from such sources may be less than, anticipated or required. As of the date of this filing, there were no known commitments or events that would have a material impact on our liquidity.

25

Equity

ATM Programs

We entered into separate equity distribution agreements on each of December 20, 2019 (the “2019 ATM Program”) and June 22, 2021 (the “2021 ATM Program” and, together with the 2019 ATM Program, the “ATM Programs”) with various financial institutions pursuant to which we may issue and sell shares of our common stock having an aggregate offering price of up to $300.0 million under each ATM Program from time to time in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act. Under each of the ATM Programs, we may 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 the various financial institutions party to the respective ATM Program for the sale of shares of our common stock on a forward basis.

As of March 31, 2024, we had forward sales transactions outstanding under the 2019 ATM Program for the sale of 589,647 shares of our common stock that had not yet been settled.

On April 10, 2024, we settled the 589,647 shares under our 2019 ATM Program and received $7.9 million of net proceeds. We accounted for the forward sale transactions as equity.

No sales of shares of our common stock were made under the 2021 ATM Program during the three months ended March 31, 2024.

As of March 31, 2024, we had approximately $300.0 million of gross sales of our common stock available under the 2021 ATM Program and $79.3 million of gross sales of common stock available under the 2019 ATM Program.

Share Repurchase Program

On April 28, 2022, our Board of Directors authorized a share repurchase program whereby we may repurchase up to 4,538,994 shares of our common stock, or approximately 5% of our outstanding shares as of the authorization date. We are not required to purchase shares under the share repurchase program but may choose to do so in the open market or through privately negotiated transactions at times and amounts based on our evaluation of market conditions and other factors.

No repurchases of shares of our common stock were made under the share repurchase program during the three months ended March 31, 2024.

26

Debt

Indebtedness Outstanding

The following table sets forth certain information with respect to our outstanding indebtedness as of March 31, 2024 (amounts in thousands):

	Principal Outstanding			Interest	Current
Loan	March 31, 2024			Rate (1)	Maturity
Revolving credit facility:
Revolving credit facility (2)	$	144,500		S + 134 bps	July 2025 (3)
Total revolving credit facility		144,500
Term loan facilities:
2016 term loan facility		100,000		5.05% (4)	January 2025
2018 term loan facility		200,000		5.38% (5)	July 2026
Total term loan facilities		300,000
Less: Total unamortized deferred financing fees		(1,083	)
Total term loan facilities, net		298,917
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
2021 series A senior notes		50,000		2.62%	October 2028
2021 series B senior notes		200,000		2.89%	October 2030
Total notes payable		700,000
Less: Total unamortized deferred financing fees		(3,345	)
Total notes payable, net		696,655
Mortgage notes payable:
VA – Golden		8,395		5.00% (6)	April 2024(7)
USFS II – Albuquerque		11,122		4.46% (6)	July 2026
ICE – Charleston		11,627		4.21% (6)	January 2027
VA – Loma Linda		127,500		3.59% (6)	July 2027
CBP – Savannah		9,335		3.40% (6)	July 2033
USCIS – Kansas City		51,500		3.68% (6)	August 2024
Total mortgage notes payable		219,479
Less: Total unamortized deferred financing fees		(830	)
Less: Total unamortized premium/discount		267
Total mortgage notes payable, net		218,916
Total debt	$	1,358,988

(1)At March 31, 2024, the USD SOFR with a five day lookback (“S”) was 5.31%. 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 our $450.0 million senior unsecured revolving credit facility (our “revolving credit facility”), our $200.0 million senior unsecured term loan facility (as amended, our “2018 term loan facility”) and our $100.0 million senior unsecured term loan facility (our “2016 term loan facility”) is based on our consolidated leverage ratio, as set forth in the respective loan agreements.

(2)Our revolving credit facility had available capacity of $305.4 million at March 31, 2024 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.

27

(4)Our 2016 term loan facility is subject to one interest rate swap with an effective date of September 29, 2023 and a notional value of $100.0 million, which effectively fixes the interest rate at 5.05% annually, based on our consolidated leverage ratio, as defined in our 2016 term loan facility agreement.

(5)Our 2018 term loan facility is subject to two interest rate swaps with an effective date of June 23, 2023 and an aggregate notional value of $200.0 million, which effectively fixes the interest rate at 5.38% annually, based on our consolidated leverage ratio, as defined in our 2018 term loan facility agreement.

(6)Effective interest rates are as follows: VA – Golden 5.03%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%, USCIS – Kansas City 2.05%.

(7)On April 1, 2024, we used $8.4 million of available cash to extinguish the mortgage obligation on VA – Golden.

On January 2, 2024, the margin spreads under the second amended senior unsecured credit agreement that governs our revolving credit facility were reduced by 1 basis point as a result of achieving our sustainability metric percentage.

On January 23, 2024, we entered into the seventh amendment to the senior unsecured term loan agreement, dated as of September 29, 2016, that governs our 2016 term loan facility to extend the maturity date of our 2016 term loan facility from March 29, 2024 to January 30, 2025.

On April 1, 2024, we used $8.4 million of available cash to extinguish the mortgage note obligation on VA – Golden.

Our revolving credit facility, term loan facilities, notes payable, and mortgage notes payable are subject to ongoing compliance with a number of financial and other covenants. As of March 31, 2024, we were in compliance with all applicable financial covenants.

The chart below details our debt capital structure as of March 31, 2024 (dollar amounts in thousands):

Debt Capital Structure	March 31, 2024
Total principal outstanding	$	1,363,979
Weighted average maturity	4.3 years
Weighted average interest rate		4.3	%
% Variable debt		10.6	%
% Fixed debt (1)		89.4	%
% Secured debt		16.0	%

(1)Our 2016 term loan facility and 2018 term loan facility are swapped to be fixed and as such are included as fixed rate debt in the table above.

Material Cash Commitments

During the three months ended March 31, 2024, there were no material changes to the cash commitment information presented in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2023.

Unconsolidated Real Estate Venture

We consolidate entities in which we have a controlling interest or are the primary beneficiary in a variable interest entity. From time to time, we may have off-balance sheet unconsolidated real estate ventures and other unconsolidated arrangements with varying structures.

As of March 31, 2024, we had invested $282.9 million in the JV. As of March 31, 2024, we had committed capital, net of return of over committed capital, to the JV totaling $292.8 million and had a remaining capital commitment of $46.6 million. None of the properties owned by the JV are encumbered by mortgage indebtedness.

For a more complete description of the JV, see Note 4 to the Consolidated Financial Statements.

Dividend Policy

In order to qualify as a REIT, we are required to distribute to our stockholders, on an annual basis, at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. We anticipate distributing all of our taxable income. We expect to make quarterly distributions to our stockholders in a manner intended to satisfy this requirement. Prior to making any distributions for U.S. federal tax purposes or otherwise, we must first satisfy our operating and debt service obligations. It is possible that it would be necessary to utilize cash reserves, liquidate assets at unfavorable prices or incur

28

additional indebtedness in order to make required distributions. It is also possible that our board of directors could decide to make required distributions in part by using shares of our common stock.

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

Quarter	Declaration Date	Record Date	Payment Date	Dividend (1)
Q1 2024	April 25, 2024	May 9, 2024	May 21, 2024	0.265

(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.

Inflation

Substantially all of our leases provide for operating expense escalations. We believe inflationary increases in expenses may be at least partially offset by the operating expenses that are passed through to our tenants and by contractual rent increases. We do not believe inflation has had a material impact on our historical financial position or results of operations.

Cash Flows

The following table sets forth a summary of cash flows for the three months ended March 31, 2024 and 2023 (amounts in thousands):

	For the three months ended March 31,
	2024			2023
Net cash provided by (used in):
Operating activities	$	23,891		$	21,625
Investing activities		(24,903	)		(10,576	)
Financing activities		35,175			(7,850	)

Operating Activities

We generated $23.9 million and $21.6 million of cash from operating activities during the three months ended March 31, 2024 and 2023, respectively. Net cash provided by operating activities for the three months ended March 31, 2024 includes $26.0 million in net cash from rental activities net of expenses, $3.1 million related to distributions from investment in unconsolidated real estate venture, offset by $5.2 million related to the change in tenant accounts receivable, prepaid expenses and other assets, deferred revenue associated with operating leases, principal payments on operating lease obligations, and accounts payable, accrued expenses and other liabilities. Net cash provided by operating activities for the three months ended March 31, 2023 includes $25.6 million in net cash from rental activities net of expenses, $2.2 million related to distributions from investment in unconsolidated real estate venture, offset by $6.1 million related to the change in tenant accounts receivable, prepaid expenses and other assets, deferred revenue associated with operating leases, principal payments on operating lease obligations, and accounts payable, accrued expenses and other liabilities.

Investing Activities

We used $24.9 million and $10.6 million in cash for investing activities during the three months ended March 31, 2024 and 2023, respectively. Net cash used in investing activities for the three months ended March 31, 2024 includes $12.9 million in additions to development properties, $7.9 million in additions to operating properties, $3.4 million in investment in loan receivable and $0.6 million in real estate acquisitions and deposits. Net cash used in investing activities for the three months ended March 31, 2023 includes $7.8 million in additions to operating properties and $2.9 million in additions to development properties, offset by $0.1 million in real estate acquisitions and deposits.

29

Financing Activities

We generated $35.2 million and used $7.9 million in cash from financing activities during the three months ended March 31, 2024 and 2023, respectively. Net cash generated in financing activities for the three months ended March 31, 2024 includes $65.5 million in net draws under our revolving credit facility, offset by $28.7 million in dividend payments, $1.1 million in mortgage notes payable repayment, $0.4 million in deferred financing costs and $0.2 million in the payment of offering costs. Net cash used by financing activities for the three months ended March 31, 2023 includes $27.5 million in dividend payments, $16.7 million in mortgage notes payable repayment, $16.0 million in net pay downs under our revolving credit facility and $0.1 million in the payment of offering costs, offset by $52.4 million in gross proceeds from issuance of shares of our common stock.

Non-GAAP Financial Measures

We use and present Funds From Operations (“FFO”) and Core FFO as supplemental measures of our performance. The summary below describes our use of FFO and Core FFO and provides information regarding why we believe these measures are meaningful supplemental measures of our performance and reconciles these measures from net income, presented in accordance with GAAP.

Funds From Operations and Core Funds From Operations

FFO is a supplemental measure of our performance. We present FFO calculated in accordance with the current National Association of Real Estate Investment Trusts (“Nareit”) definition set forth in the Nareit FFO White Paper – Restatement 2018. FFO includes the REIT’s share of FFO generated by unconsolidated affiliates. In addition, we present Core FFO for certain other adjustments that we believe enhance the comparability of our FFO across periods and to the FFO reported by other publicly traded REITs. FFO is a supplemental performance measure that is commonly used in the real estate industry to assist investors and analysts in comparing results of REITs.

FFO is defined by Nareit as net income (calculated in accordance with GAAP), excluding:

•Depreciation and amortization related to real estate.

•Gains and losses from the sale of certain real estate assets.

•Gains and losses from change in control.

•Impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.

We present FFO because we consider it an important supplemental measure of our operating performance, and we believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting results.

We adjust FFO to present Core FFO as an alternative measure of our operating performance, which, when applicable, excludes items which we believe are not representative of ongoing operating results, such as liability management related costs (including losses on extinguishment of debt and modification costs), catastrophic event charges, depreciation of non-real estate assets, and the unconsolidated real estate venture's allocated share of these adjustments. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results. We believe Core FFO more accurately reflects the ongoing operational and financial performance of our core business.

FFO and Core FFO are presented as supplemental financial measures and do not fully represent our operating performance. Other REITs may use different methodologies for calculating FFO and Core FFO or use other definitions of FFO and Core FFO and, accordingly, our presentation of these measures may not be comparable to other REITs. Neither FFO nor Core FFO is intended to be a measure of cash flow or liquidity. Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations and cash flows.

30

The following table sets forth a reconciliation of our net income to FFO and Core FFO for the three months ended March 31, 2024 and 2023 (amounts in thousands):

	For the three months ended March 31,
	2024		2023
Net income	$	4,884	$	4,414
Depreciation of real estate assets		23,549		22,831
Unconsolidated real estate venture allocated share of above adjustments		2,002		1,875
FFO		30,435		29,120
Adjustments to FFO:
Loss on extinguishment of debt		—		14
Natural disaster event expense, net of recovery		53		100
Depreciation of non-real estate assets		251		250
Unconsolidated real estate venture allocated share of above adjustments		17		16
Core FFO		30,756		29,500

Critical Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to use judgment in the application of accounting policies, including making estimates and assumptions. We base these estimates, judgments, and assumptions on historical experience, current trends, and various other factors that we believe to be reasonable under the circumstances. If our judgment or interpretation of the facts and circumstances relating to various transactions had been different, or different assumptions were made, it is possible that different accounting policies would have been applied, resulting in different financial results or a different presentation of our financial statements.

Our Annual Report on Form 10-K for the year ended December 31, 2023 contains a discussion of our significant accounting policies, which utilize relevant critical accounting estimates. During the three months ended March 31, 2024, there were no material changes to the discussion of our significant accounting policies included in our Annual Report on Form 10-K for the year ended December 31, 2023.

31

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market risk is the risk of loss from adverse changes in market prices and interest rates. Our future earnings, cash flows and fair values relevant to financial instruments are dependent upon prevailing market interest rates. Our primary market risk results from our indebtedness, which bears interest at both fixed and variable rates. We manage and may continue to manage our market risk on variable rate debt by entering into swap arrangements to, in effect, fix the rate on all or a portion of the debt for varying periods up to maturity. This in turn, reduces the risks of variability of cash flows created by variable rate debt and mitigates the risk of increases in interest rates. Our objective when undertaking such arrangements is to reduce our floating rate exposure and we do not intend to enter into hedging arrangements for speculative purposes. For more information on our interest rate swaps, see Note 6 to the Consolidated Financial Statements.

As of March 31, 2024, $1.2 billion, or 89.4% of our debt, excluding unamortized premiums and discounts, had fixed interest rates and $144.5 million, or 10.6%, had variable interest rates based on SOFR. If market rates of interest on our variable rate debt fluctuate by 25 basis points, our interest expense would increase or decrease, depending on rate movement, by $0.4 million annually.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We carried out an evaluation required by the Exchange Act, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13a -15(e) and Rule 15d-15 of the Exchange Act, as of March 31, 2024. Based on this evaluation, our principal executive officer and principal financial officer concluded that, as of March 31, 2024, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and to provide reasonable assurance that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the quarter ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Part II

Item 1. Legal Proceedings

We are not currently involved in any material litigation nor, to our knowledge, is any material litigation currently threatened against us.

Item 1A. Risk Factors

Except to the extent additional factual information disclosed elsewhere in this Quarterly Report on Form 10-Q relates to such risk factors (including, without limitation, the matters discussed in Part I, “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations”), there were no material changes to the risk factors disclosed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

32

Item 5. Other Information

During the three months ended March 31, 2024, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

Item 6. Exhibits

The following exhibits are included, or incorporated by reference, in this Quarterly Report on Form 10-Q:

Exhibit	Exhibit Description
3.1	Amended and Restated Articles of Amendment and Restatement of Easterly Government Properties, Inc. (previously filed as Exhibit 3.1 to Amendment No. 2 to the Company’s Registration Statement on Form S-11 on January 30, 2015 and incorporated herein by reference)
3.2	Amended and Restated Bylaws of Easterly Government Properties, Inc. (previously filed as Exhibit 3.2 to Amendment No. 2 to the Company’s Registration Statement on Form S-11 on January 30, 2015 and incorporated herein by reference)
3.3	First Amendment to Amended and Restated Bylaws of Easterly Government Properties, Inc. (previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K on February 27, 2019 and incorporated herein by reference)
3.4	Second Amendment to Amended and Restated Bylaws of Easterly Government Properties, Inc. (previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K on May 20, 2021 and incorporated herein by reference)
4.1	Specimen Certificate of Common Stock of Easterly Government Properties, Inc. (previously filed as Exhibit 4.1 to Amendment No. 2 to the Company’s Registration Statement on Form S-11 on January 30, 2015 and incorporated herein by reference)
10.1	Seventh Amendment to Term Loan Agreement, dated as of January 23, 2024, by and among Easterly Government Properties Inc., Easterly Government Properties LP, the Guarantors named therein, PNC Bank, National Association, as Administrative Agent and a Lender, and U.S. Bank National Association and Truist Bank, as Lenders (previously filed as Exhibit 10.1 to the Company's Current Report on Form 8-K on January 25, 2024 and incorporated herein by reference)
31.1*	Certification of Chief Executive Officer Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended
31.2*	Certification of Chief Financial Officer Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended
32.1**	Certification of Chief Executive Officer and Chief Financial Officer Required by Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended
101.INS*	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document.
101.SCH*	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104*	Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith

** Furnished herewith

33

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Easterly Government Properties, Inc.
Date: April 30, 2024		/s/ Darrell W. Crate
		Darrell W. Crate
		Chief Executive Officer (Principal Executive Officer)
Date: April 30, 2024		/s/ Allison E. Marino
		Allison E. Marino
		Executive Vice President, Chief Financial Officer and Chief Accounting Officer (Principal Financial and Accounting Officer)

EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer

Pursuant to Rule 13a-14(a) and Rule 15d-14(a)

I, Darrell W. Crate, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Easterly Government Properties, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 30, 2024

/s/ Darrell W. Crate

Darrell W. Crate

Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

Certification of Chief Financial Officer

Pursuant to Rule 13a-14(a) and Rule 15d-14(a)

I, Allison E. Marino, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Easterly Government Properties, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 30, 2024

/s/ Allison E. Marino

Allison E. Marino

Executive Vice President, Chief Financial Officer and Chief Accounting Officer

(Principal Financial Officer)

EX-32.1

Exhibit 32.1

Certification

Pursuant to 18 U.S.C. Section 1350

The undersigned officers, who are the Chief Executive Officer and Chief Financial Officer of Easterly Government Properties, Inc. (the “Company”), each hereby certifies to the best of his or her knowledge, that the Company’s Quarterly Report on Form 10-Q to which this certification is attached (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Darrell W. Crate	/s/ Allison E. Marino
Darrell W. Crate	Allison E. Marino
Chief Executive Officer	Executive Vice President, Chief Financial Officer and Chief Accounting Officer
April 30, 2024	April 30, 2024

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 23, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
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	D.C.
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	20006
City Area Code	202
Local Phone Number	595-9500
Entity Common Stock, Shares Outstanding		102,998,979
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

XML

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Real estate properties, net	$ 2,337,307	$ 2,319,143
Cash and cash equivalents	43,545	9,381
Restricted cash	12,557	12,558
Tenant accounts receivable	73,092	66,274
Investment in unconsolidated real estate venture	282,879	284,544
Intangible assets, net	143,044	148,453
Interest rate swaps	2,897	1,994
Prepaid expenses and other assets	47,494	37,405
Total assets	2,942,815	2,879,752
Liabilities
Revolving credit facility	144,500	79,000
Term loan facilities, net	298,917	299,108
Notes payable, net	696,655	696,532
Mortgage notes payable, net	218,916	220,195
Intangible liabilities, net	11,593	12,480
Deferred revenue	88,746	82,712
Accounts payable, accrued expenses and other liabilities	95,642	80,209
Total liabilities	1,554,969	1,470,236
Equity
Common stock, par value $0.01, 200,000,000 shares authorized, 102,354,702 and 100,973,247 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	1,024	1,010
Additional paid-in capital	1,801,304	1,783,338
Retained earnings	116,927	112,301
Cumulative dividends	(603,443)	(576,319)
Accumulated other comprehensive income	2,753	1,871
Total stockholders’ equity	1,318,565	1,322,201
Non-controlling interest in Operating Partnership	69,281	87,315
Total equity	1,387,846	1,409,516
Total liabilities and equity	$ 2,942,815	$ 2,879,752

XML

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	102,354,702	100,973,247
Common Stock, shares outstanding	102,354,702	100,973,247

XML

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Rental income	$ 70,746	$ 68,148
Asset management income	550	517
Total revenues	72,800	71,220
Expenses
Property operating	16,592	17,888
Real estate taxes	8,229	7,468
Depreciation and amortization	23,800	23,081
Acquisition costs	419	461
Corporate general and administrative	6,455	7,295
Total expenses	55,495	56,193
Other income (expense)
Income from unconsolidated real estate venture	1,415	1,402
Interest expense, net	(13,836)	(12,015)
Net income	4,884	4,414
Non-controlling interest in Operating Partnership	(258)	(523)
Net income available to Easterly Government Properties, Inc.	$ 4,626	$ 3,891
Net income available to Easterly Government Properties, Inc. per share:
Basic	$ 0.04	$ 0.04
Diluted	$ 0.04	$ 0.04
Weighted-average common shares outstanding
Basic	101,993,143	91,099,357
Diluted	102,235,012	91,329,140
Dividends declared per common share	$ 0.265	$ 0.265
Tenant Reimbursements [Member]
Revenues
Total revenues	$ 1,017	$ 2,075
Other Income [Member]
Revenues
Total revenues	$ 487	$ 480

XML

Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 4,884	$ 4,414
Other comprehensive gain (loss):
Unrealized gain (loss) on interest rate swaps, net	902	(2,013)
Other comprehensive gain (loss)	902	(2,013)
Comprehensive income	5,786	2,401
Non-controlling interest in Operating Partnership	(258)	(523)
Other comprehensive (gain) loss attributable to non-controlling interest	(20)	240
Comprehensive income attributable to Easterly Government Properties, Inc.	$ 5,508	$ 2,118

XML

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income	$ 4,884	$ 4,414
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	23,800	23,081
Straight line rent	(856)	(463)
Income from unconsolidated real estate venture	(1,415)	(1,402)
Amortization of above- / below-market leases	(594)	(700)
Amortization of unearned revenue	(1,604)	(1,484)
Amortization of loan premium / discount	(275)	(270)
Amortization of deferred financing costs	582	514
Amortization of lease inducements	258	216
Distributions from investment in unconsolidated real estate venture	3,079	2,158
Non-cash compensation	1,229	1,668
Net change in:
Tenant accounts receivable	1,339	734
Prepaid expenses and other assets	(6,458)	(4,313)
Deferred revenue associated with operating leases	510	55
Principal payments on operating lease obligations	(166)	(127)
Accounts payable, accrued expenses and other liabilities	(422)	(2,456)
Net cash provided by operating activities	23,891	21,625
Cash flows from investing activities
Real estate acquisitions and deposits	(612)	124
Additions to operating properties	(7,906)	(7,756)
Additions to development properties	(12,945)	(2,944)
Investment in loan receivable	(3,440)
Net cash used in investing activities	(24,903)	(10,576)
Cash flows from financing activities
Payment of deferred financing costs	(350)
Issuance of common shares		52,414
Credit facility draws	73,000	20,750
Credit facility repayments	(7,500)	(36,750)
Repayments of mortgage notes payable	(1,117)	(16,744)
Dividends and distributions paid	(28,686)	(27,464)
Payment of offering costs	(172)	(56)
Net cash provided by (used in) financing activities	35,175	(7,850)
Net increase in Cash and cash equivalents and Restricted cash	34,163	3,199
Cash and cash equivalents and Restricted cash, beginning of period	21,939	17,274
Cash and cash equivalents and Restricted cash, end of period	56,102	20,473
Supplemental disclosure of cash flow information is as follows (amounts in thousands):
Cash paid for interest (net of capitalized interest of $672 and $339 in 2024 and 2023, respectively)	12,276	11,080
Supplemental disclosure of non-cash information
Offering costs accrued, not paid	28	10
Deferred asset acquisition costs accrued, not paid	115	1
Unrealized gain (loss) on interest rate swaps, net	902	(2,013)
Properties acquired for Common Units		219
Exchange of Common Units for Shares of Common Stock
Non-controlling interest in Operating Partnership	(18,088)	(140)
Common stock	14
Additional paid-in capital	18,074	140
Operating Properties [Member]
Supplemental disclosure of non-cash information
Additions to properties accrued, not paid	9,832	2,255
Development Properties [Member]
Supplemental disclosure of non-cash information
Additions to properties accrued, not paid	$ 22,078	$ 5,380

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Consolidated Statements of Cash Flows (Parenthetical) (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Capitalized interest	$ 672	$ 339

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,626	$ 3,891

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

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Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2024

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, 2023, 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, 2023 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 27, 2024.

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 out primarily through Easterly Government Properties LP (the “Operating Partnership”) and the wholly owned subsidiaries of the Operating Partnership. As used herein, the “Company,” “we,” “us,” or “our” refer to Easterly Government Properties, Inc. and its consolidated subsidiaries and partnerships, including the Operating Partnership, except where context otherwise requires.

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

We focus primarily 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. We may also consider other potential opportunities to add properties to our portfolio, including acquiring properties leased to state and local governments with strong creditworthiness and other opportunities that directly or indirectly support the mission of select government agencies. As of March 31, 2024, we wholly owned 81 operating properties and nine operating properties through an unconsolidated joint venture (the “JV”) in the United States, encompassing approximately 8.9 million leased square feet, including 88 operating properties that were leased primarily to U.S. Government tenant agencies, one operating property entirely leased to tenant agencies of a U.S. state government and one operating property that was entirely leased to a private tenant. As of March 31, 2024, our operating properties were 97% 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 and owned approximately 95.0% of the aggregate limited partnership interests in the Operating Partnership (“common units”) as of March 31, 2024. We have elected to be taxed as a REIT and believe that we have operated and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015.

Principles of Consolidation

The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, 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, 2024 and December 31, 2023, the consolidated results of operations for the three months ended March 31, 2024 and 2023, and the consolidated cash flows for the three months ended March 31, 2024 and 2023. 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, 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, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The significant accounting policies used in the preparation of our condensed consolidated financial statements are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.

Recent Accounting Pronouncements Not Yet Adopted

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 adds interim and annual disclosure requirements to GAAP at the request of the Securities and Exchange Commission (the “SEC”). The guidance in ASU 2023-06 is required to be applied prospectively and the GAAP requirements will be effective when the removal of the related SEC disclosure requirements is effective. If the SEC does not act to remove its related requirement by June 30, 2027, any related FASB amendments will be removed from the ASC and will not be effective. We do not anticipate that the adoption of ASU 2023-06 will have a material impact on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard is intended to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. The new standard is effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

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Real Estate and Intangibles

3 Months Ended

Mar. 31, 2024

Real Estate [Abstract]

Real Estate and Intangibles

3. Real Estate and Intangibles

Consolidated Real Estate and Intangibles

Real estate and intangibles consisted of the following as of March 31, 2024 (amounts in thousands):

	Total
Real estate properties, net
Land	$	221,999
Building and improvements		2,359,074
Acquired tenant improvements		85,949
Construction in progress		79,776
Accumulated depreciation		(409,491	)
Total Real estate properties, net		2,337,307
Intangible assets, net
In-place leases		280,604
Acquired leasing commissions		72,560
Above market leases		14,620
Payment in lieu of taxes		6,394
Accumulated amortization		(231,134	)
Total Intangible assets, net		143,044
Intangible liabilities, net
Below market leases		(72,037	)
Accumulated amortization		60,444
Total Intangible liabilities, net		(11,593	)

No operating properties were acquired or disposed of during the three months ended March 31, 2024.

During the three months ended March 31, 2024, we incurred $0.4 million of acquisition-related expenses mainly consisting of internal costs associated with future property acquisitions.

The following table summarizes the scheduled amortization of our acquired above- and below-market lease intangibles for each of the five succeeding years as of March 31, 2024 (amounts in thousands):

	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2024 (1)	$	836	$	(2,051	)
2025		1,097		(2,246	)
2026		1,096		(2,008	)
2027		1,096		(1,783	)
2028		725		(1,238	)

(1)Represents the nine months ending December 31, 2024.

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.

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Investments in Unconsolidated Real Estate Venture

3 Months Ended

Mar. 31, 2024

Unconsolidated Real Estate Ventures [Abstract]

Investments in Unconsolidated Real Estate Venture

4. Investment in Unconsolidated Real Estate Venture

The following is a summary of our investment in the JV (dollars in thousands):

		As of March 31,
Joint Venture	Ownership Interest	2024
MedBase Venture	53.0%	$	282,879

On October 13, 2021, we formed an unconsolidated real estate venture, which we refer to as the JV, with a global investor to fund the acquisition of a portfolio of ten properties anticipated to encompass 1,214,165 leased square feet (the “VA Portfolio”). We own a 53.0% interest in the JV, subject to preferred allocations as provided in the JV agreement. We have joint approval rights with our JV partner on major decisions, including those regarding property operations. As such, the Company holds a non-controlling interest in the joint venture and accounts for the JV under the equity method of accounting.

No operating properties were acquired by the JV during the three months ended March 31, 2024. As of March 31, 2024, nine of the ten properties in the VA Portfolio had been acquired by the JV.

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Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

5. Debt

At March 31, 2024, our consolidated borrowings consisted of the following (amounts in thousands):

	Principal Outstanding			Interest	Current
Loan	March 31, 2024			Rate (1)	Maturity
Revolving credit facility:
Revolving credit facility (2)	$	144,500		S + 134 bps	July 2025 (3)
Total revolving credit facility		144,500
Term loan facilities:
2016 term loan facility		100,000		5.05% (4)	January 2025
2018 term loan facility		200,000		5.38% (5)	July 2026
Total term loan facilities		300,000
Less: Total unamortized deferred financing fees		(1,083	)
Total term loan facilities, net		298,917
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
2021 series A senior notes		50,000		2.62%	October 2028
2021 series B senior notes		200,000		2.89%	October 2030
Total notes payable		700,000
Less: Total unamortized deferred financing fees		(3,345	)
Total notes payable, net		696,655
Mortgage notes payable:
VA – Golden		8,395		5.00% (6)	April 2024(7)
USFS II – Albuquerque		11,122		4.46% (6)	July 2026
ICE – Charleston		11,627		4.21% (6)	January 2027
VA – Loma Linda		127,500		3.59% (6)	July 2027
CBP – Savannah		9,335		3.40% (6)	July 2033
USCIS – Kansas City		51,500		3.68% (6)	August 2024
Total mortgage notes payable		219,479
Less: Total unamortized deferred financing fees		(830	)
Less: Total unamortized premium/discount		267
Total mortgage notes payable, net		218,916
Total debt	$	1,358,988

(1)At March 31, 2024, the USD SOFR with a five day lookback (“S”) was 5.31%. 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 our $450.0 million senior unsecured revolving credit facility (our “revolving credit facility”), our $200.0 million senior unsecured term loan facility (as amended, our “2018 term loan facility”) and our $100.0 million senior unsecured term loan facility (our “2016 term loan facility”) is based on our consolidated leverage ratio, as set forth in the respective loan agreements.

(2)Our revolving credit facility had available capacity of $305.4 million at March 31, 2024 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)Our 2016 term loan facility is subject to one interest rate swap with an effective date of September 29, 2023 and a notional value of $100.0 million, which effectively fixes the interest rate at 5.05% annually, based on our consolidated leverage ratio, as defined in our 2016 term loan facility agreement.

(5)Our 2018 term loan facility is subject to two interest rate swaps with an effective date of June 23, 2023 and an aggregate notional value of $200.0 million, which effectively fixes the interest rate at 5.38% annually, based on our consolidated leverage ratio, as defined in our 2018 term loan facility agreement.

(6)Effective interest rates are as follows: VA – Golden 5.03%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%, USCIS – Kansas City 2.05%.

(7)On April 1, 2024, we used $8.4 million of available cash to extinguish the mortgage note obligation on VA – Golden.

As of March 31, 2024, the net carrying value of real estate collateralizing our mortgages payable totaled $323.5 million. See Note 7 for the fair value of our debt instruments.

On January 2, 2024, the margin spreads under the second amended senior unsecured credit agreement, that governs our revolving credit facility and 2018 term loan facility, were reduced by 1 basis point as a result of achieving our sustainability metric percentage.

On January 23, 2024, we entered into the seventh amendment to the senior unsecured term loan agreement, dated as of September 29, 2016, that governs our 2016 term loan facility to extend the maturity date of our 2016 term loan facility from March 29, 2024 to January 30, 2025.

Financial Covenant Considerations

As of March 31, 2024, we were in compliance with all financial and other covenants related to our debt.

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Derivatives and Hedging Activities

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

6. 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, 2024. We entered into these interest rate swap derivatives to reduce our exposure to the variability in future cash flows attributable to changes in our 2016 term loan facility and 2018 term loan facility (amounts in thousands):

Notional Amount		Fixed Rate			Floating Rate Index	Effective Date	Expiration Date	Fair Value
$	100,000		4.01	%	USD-SOFR with -5 Day Lookback	June 23, 2023	March 23, 2025	$	904
$	100,000		4.18	%	USD-SOFR with -5 Day Lookback	June 23, 2023	December 23, 2024	$	648
$	100,000		3.70	%	USD-SOFR with -5 Day Lookback	September 29, 2023	June 29, 2025	$	1,345

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, 2024
Interest rate swaps	$	2,897

Cash Flow Hedges of Interest Rate Risk

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

We estimate that $3.7 million will be reclassified from AOCI as a decrease 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,
	2024		2023
Unrealized gain (loss) recognized in AOCI	$	1,932	$	(506	)
Gain reclassified from AOCI into interest expense		1,030		1,507

Credit-Risk-Related Contingent Features

We have agreements with each of our derivative counterparties that contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on such indebtedness. As of March 31, 2024, we were not in a net liability position with any derivative counterparty. As of March 31, 2024, we were in compliance with these agreements and had not posted any collateral related to these agreements.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

7. 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 we determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. We have determined that the significance of the impact of the credit valuation adjustments made to our 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 our derivatives held as of March 31, 2024 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. The table below presents our assets measured at fair value on a recurring basis as of March 31, 2024, aggregated by the level in the fair value hierarchy within which those measurements fall (amounts in thousands):

	As of March 31, 2024
Balance Sheet Line Item	Level 1		Level 2		Level 3
Interest rate swaps	$	—	$	2,897	$	—

For our disclosure of debt fair values, 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.

Financial assets and liabilities not measured at fair value

As of March 31, 2024, all financial instruments and liabilities were reflected in our balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following:

	As of March 31, 2024
Financial liabilities	Carrying Amount (1)		Fair Value (2)
Revolving credit facility	$	144,500	$	144,500
2016 term loan facility	$	100,000	$	100,000
2018 term loan facility	$	200,000	$	200,000
Notes payable	$	700,000	$	612,213
Mortgages payable	$	219,479	$	207,483

(1)The carrying amount consists of principal only.

(2)We deem the fair value measurement of the financial liability instrument a Level 3 measurement.

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Equity Incentive Pan

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Equity Incentive Plan

8. Equity Incentive Plan

The following is a summary of our stock-based compensation expense for the three months ended March 31, 2024 and 2023, respectively:

	For the three months ended March 31,
	2024		2023
Stock-based compensation expense		1,229	$	1,668

Stock-based compensation expense is included within corporate general and administrative expenses on our Consolidated Statements of Operations.

On January 2, 2024, we granted an aggregate of 201,150 service-based LTIP units and 193,993 performance-based LTIP units to members of management pursuant to the 2015 Equity Incentive Plan (the “2015 Plan”). The service-based LTIP units vest on December 31, 2026 subject to the grantee's continued employment and the other terms of the awards. The performance-based LTIP units consisted of (i) 77,256 LTIP units that are subject to us achieving certain total shareholder return performance thresholds (on both an absolute and relative basis) and (ii) 116,737 LTIP units that are subject to us achieving certain operational performance hurdles, in each case through a performance period ending on December 31, 2026. The performance-based LTIP units will vest to the extent earned following the end of the performance period on December 31, 2026, conditioned on the board of directors approval.

On January 19, 2024, we granted 69,419 performance-based LTIP units to members of management pursuant to the 2015 Plan that are subject to us achieving certain total shareholder return performance thresholds (on a relative basis) through a performance period ending on December 31, 2026. The performance-based LTIP units will vest to the extent earned following the end of the performance period on December 31, 2026, conditioned on the board of directors approval.

Pursuant to the 2015 Plan, the significant assumptions used to value the performance-based LTIP units using a Monte Carlo Simulation (risk -neutral approach) include expected volatility (24.0%), dividend yield (6.6% - 6.7%), risk-free interest rate (4.1%) and expected life (3 years).

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Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Equity

9. Equity

The following table summarizes the changes in our stockholders’ equity for the three months ended March 31, 2024 and 2023 (amounts in thousands, except share amounts):

	Shares		Common Stock Par Value		Additional Paid-in Capital			Retained Earnings		Cumulative Dividends			Accumulated Other Comprehensive Income			Non- controlling Interest in Operating Partnership			Total Equity
Three months ended March 31, 2024
Balance at December 31, 2023		100,973,247	$	1,010	$	1,783,338		$	112,301	$	(576,319	)	$	1,871		$	87,315		$	1,409,516
Stock based compensation		—		—		123			—		—			—			1,106			1,229
Dividends and distributions paid    ($0.265 per share)		—		—		—			—		(27,124	)		—			(1,561	)		(28,685	)
Redemption of common units for    shares of common stock		1,381,455		14		18,074			—		—			—			(18,088	)		—
Unrealized gain on interest rate swaps		—		—		—			—		—			882			20			902
Net income		—		—		—			4,626		—			—			258			4,884
Allocation of non-controlling interest    in Operating Partnership		—		—		(231	)		—		—			—			231			—
Balance at March 31, 2024		102,354,702	$	1,024	$	1,801,304		$	116,927	$	(603,443	)	$	2,753		$	69,281		$	1,387,846
Three months ended March 31, 2023
Balance at December 31, 2022		90,814,021	$	908	$	1,622,913		$	93,497	$	(475,983	)	$	3,546		$	166,101		$	1,410,982
Stock based compensation		—		—		145			—		—			—			1,523			1,668
Dividends and distributions paid    ($0.265 per share)		—		—		—			—		(24,068	)		—			(3,395	)		(27,463	)
Grant of unvested restricted stock		6,686		—		—			—		—			—			—			—
Redemption of common units for shares of common stock		10,199		—		140			—		—			—			(140	)		—
Issuance of common stock, net		2,559,000		26		52,206			—		—			—			—			52,232
Contribution of property for    common units		—		—		—			—		—			—			219			219
Unrealized loss on interest rate     swaps, net		—		—		—			—		—			(1,773	)		(240	)		(2,013	)
Net income		—		—		—			3,891		—			—			523			4,414
Allocation of non-controlling interest    in Operating Partnership		—		—		(2,937	)		—		—			—			2,937			—
Balance at March 31, 2023		93,389,906	$	934	$	1,672,467		$	97,388	$	(500,051	)	$	1,773		$	167,528		$	1,440,039

A summary of dividends declared by our 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 2024	April 25, 2024	May 9, 2024	May 21, 2024	0.265

(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

We entered into separate equity distribution agreements on each of December 20, 2019 (the “2019 ATM Program”) and June 22, 2021 (the “2021 ATM Program” and, together with the 2019 ATM Program, the “ATM Programs”) with various financial institutions pursuant to which we may issue and sell shares of our common stock having an aggregate offering price of up to $300.0 million under each ATM Program from time to time 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”). Under each of the ATM Programs, we may 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 the various financial institutions party to the respective ATM Program for the sale of shares of our common stock on a forward basis.

As of March 31, 2024, we had forward sales transactions outstanding under the 2019 ATM Program for the sale of 589,647 shares of our common stock that had not yet been settled.

On April 10, 2024, we settled the 589,647 shares under our 2019 ATM Program and received $7.9 million of net proceeds. We accounted for the forward sale transactions as equity.

No sales of shares of our common stock were made under the 2021 ATM Program during the three months ended March 31, 2024.

As of March 31, 2024, we had approximately $300.0 million of gross sales of our common stock available under the 2021 ATM Program and $79.3 million of gross sales of common stock available under the 2019 ATM Program.

Share Repurchase Program

On April 28, 2022, our Board of Directors authorized a share repurchase program whereby we may repurchase up to 4,538,994 shares of our common stock, or approximately 5% of our outstanding shares as of the authorization date. We are not required to purchase shares under the share repurchase program, but may choose to do so in the open market or through privately negotiated transactions at times and amounts based on our evaluation of market conditions and other factors.

No repurchases of shares of our common stock were made under the share repurchase program during the three months ended March 31, 2024.

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Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

10. 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 our basic and diluted earnings per share of common stock for the three months ended March 31, 2024 and 2023 (amounts in thousands, except per share amounts):

	For the three months ended March 31,
	2024			2023
Numerator
Net income	$	4,884		$	4,414
Less: Non-controlling interest in Operating Partnership		(258	)		(523	)
Net income available to Easterly Government Properties, Inc.		4,626			3,891
Less: Dividends on participating securities		(148	)		(148	)
Net income available to common stockholders	$	4,478		$	3,743
Denominator for basic EPS		101,993,143			91,099,357
Dilutive effect of share-based compensation awards		27,143			23,556
Dilutive effect of LTIP units (1)		214,726			206,227
Dilutive effect of shares issuable under forward sale agreements (2)		—			—
Denominator for diluted EPS		102,235,012			91,329,140
Basic EPS	$	0.04		$	0.04
Diluted EPS	$	0.04		$	0.04

(1)During the three months ended March 31, 2024 and 2023, there were 491,498 and 347,419 unvested performance-based LTIP units, respectively, that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period.

(2)During the three months ended March 31, 2024 and 2023, there were 589,647 and 1,700,000 shares, respectively, of underlying unsettled forward sales transactions that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period.

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Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

11. Leases

Lessor

We lease 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 19.4 years as of March 31, 2024), the mission-critical focus of the properties subject to the leases and the current level of operations at such properties. Certain lease agreements include variable lease payments that, in the future, will vary based on changes in inflationary measures, real estate tax rates, usage, or share of expenditures of the leased premises.

The table below sets forth our composition of lease revenue recognized between fixed and variable components (amounts in thousands):

	For the three months ended March 31,
	2024		2023
Fixed	$	65,436	$	62,924
Variable		5,310		5,224
Rental income		70,746		68,148

Lessee

We lease corporate office space under operating lease arrangements in Washington, D.C. and San Diego, CA. The 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. We have elected not to separate lease and non-lease components for our corporate office leases.

As of March 31, 2024, the unamortized balances associated with our right-of-use operating lease asset and operating lease liability were both $2.8 million. We used our incremental borrowing rate, which was arrived at utilizing prevailing market rates and the spread on our revolving credit facility, in order to determine the net present value of the minimum lease payments.

The following table provides quantitative information for our commenced operating leases for the three months ended March 31, 2024 and 2023 (amounts in thousands):

	For the three months ended March 31,
	2024		2023
Cash flows from operating lease costs	$	191	$	131

In addition, the maturity of fixed lease payments under our commenced corporate office leases as of March 31, 2024 is summarized in the table below (amounts in thousands):

Corporate office leases	Payments due by period
2024 (1)		578
2025		793
2026		661
2027		368
2028		385
Thereafter		333
Total future minimum lease payments	$	3,118
Imputed interest		(306	)
Total	$	2,812

(1)Represents the nine months ending December 31, 2024.

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Revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

12. 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, 2024 and 2023 (amounts in thousands):

	For the three months ended March 31,
Tenant	2024		2023
Department of Veteran Affairs (“VA”)	$	588	$	933
U.S. Joint Staff Command (“JSC”)		164		602
Customs and Border Protection (“CBP”)		139		79
Food and Drug Administration (“FDA”)		124		9
Federal Bureau of Investigation (“FBI”)		61		323
The Judiciary of the U.S. Government (“JUD”)		36		4
General Services Administration - Other		6		—
Department of Transportation (“DOT”)		3		120
Internal Revenue Service (“IRS”)		1		3
U.S. Coast Guard (“USCG”)		—		147
Immigration and Customs Enforcement (“ICE”)		—		71
Federal Emergency Management Agency (“FEMA”)		—		19
	$	1,122	$	2,310

As of March 31, 2024 and December 31, 2023, the balance in Accounts receivable related to tenant construction projects and the associated project management income was $7.7 million and $9.6 million, respectively.

The duration of the majority of tenant construction project reimbursement arrangements is 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, 2024 with a duration of greater than one year.

During each of the three months ended March 31, 2024 and 2023, we recognized $0.1 million in parking garage income. 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 our performance obligation is satisfied. As of both March 31, 2024 and December 31, 2023, the balance in Accounts receivable related to parking garage income was less than $0.1 million.

There were no contract assets or liabilities as of March 31, 2024 or December 31, 2023.

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Concentrations Risk

3 Months Ended

Mar. 31, 2024

Risks and Uncertainties [Abstract]

Concentrations Risk

13. Concentrations Risk

Concentrations of credit risk arise for us when multiple of our tenants 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 obligations owed to us. We regularly monitor our tenant base to assess potential concentrations of credit risk.

As stated in Note 1 above, we lease commercial space to the U.S. Government or non-governmental tenants. At March 31, 2024, the U.S. Government accounted for approximately 97.4% of our total annualized lease income, state and local government tenants accounted for approximately 1.1% of our annualized lease income and non-governmental tenants accounted for the remaining approximately 1.5%.

Eighteen of our 90 wholly-owned and unconsolidated operating properties are located in California, accounting for approximately 15.6% of our total leased square feet and approximately 20.2% of our total annualized lease income as of March 31, 2024. 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.

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Related Parties

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Related Parties

14. Related Parties

We have reimbursement arrangements with entities controlled by our former Chairman, who was appointed Chief Executive Officer effective January 1, 2024, and Vice Chairman, which provide for reimbursement of costs paid on our behalf, or those we pay on their behalf. During each of the three months ended March 31, 2024 and 2023, we were responsible for reimbursing costs of $0.1 million and received reimbursement for costs of less than $0.1 million.

We provide asset management services to properties owned by the JV. For the three months ended March 31, 2024 and 2023, we recognized Asset management income of $0.6 million and $0.5 million, respectively, and reimbursement for certain costs that we paid on their behalf of $0.4 million and $0.2 million, respectively.

As of March 31, 2024, Accounts receivable from related parties was $0.2 million. As of March 31, 2024, there were no Accounts payable, accrued expenses and other liabilities owed to related parties.

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Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

For our consolidated financial statements as of March 31, 2024, we evaluated subsequent events and noted the following significant events.

On April 1, 2024, we used $8.4 million of available cash to extinguish the mortgage note obligation on VA – Golden.

On April 4, 2024, we acquired land to develop a 50,777 square foot Federal courthouse in Flagstaff, Arizona. The courthouse will be primarily leased to the GSA for beneficial use of the Judiciary of the U.S. Government (“JUD”) over a 20 year non-cancelable term.

On April 12, 2024, we acquired a 129,046 leased square foot U.S. Immigration and Customs Enforcement (“ICE”) facility near Dallas, Texas. The building was renovated to suit in 2020. The facility is primarily leased to the GSA for beneficial use of ICE and has lease expirations ranging from 2032 to 2040.

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Recent Accounting Pronouncements Not Yet Adopted

Recent Accounting Pronouncements Not Yet Adopted

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 adds interim and annual disclosure requirements to GAAP at the request of the Securities and Exchange Commission (the “SEC”). The guidance in ASU 2023-06 is required to be applied prospectively and the GAAP requirements will be effective when the removal of the related SEC disclosure requirements is effective. If the SEC does not act to remove its related requirement by June 30, 2027, any related FASB amendments will be removed from the ASC and will not be effective. We do not anticipate that the adoption of ASU 2023-06 will have a material impact on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard is intended to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. The new standard is effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

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Real Estate and Intangibles (Tables)

3 Months Ended

Mar. 31, 2024

Real Estate [Abstract]

Schedule of Real Estate and Intangibles

Real estate and intangibles consisted of the following as of March 31, 2024 (amounts in thousands):

	Total
Real estate properties, net
Land	$	221,999
Building and improvements		2,359,074
Acquired tenant improvements		85,949
Construction in progress		79,776
Accumulated depreciation		(409,491	)
Total Real estate properties, net		2,337,307
Intangible assets, net
In-place leases		280,604
Acquired leasing commissions		72,560
Above market leases		14,620
Payment in lieu of taxes		6,394
Accumulated amortization		(231,134	)
Total Intangible assets, net		143,044
Intangible liabilities, net
Below market leases		(72,037	)
Accumulated amortization		60,444
Total Intangible liabilities, net		(11,593	)

Summary of Scheduled Amortization Market Lease Intangibles

The following table summarizes the scheduled amortization of our acquired above- and below-market lease intangibles for each of the five succeeding years as of March 31, 2024 (amounts in thousands):

	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2024 (1)	$	836	$	(2,051	)
2025		1,097		(2,246	)
2026		1,096		(2,008	)
2027		1,096		(1,783	)
2028		725		(1,238	)

(1)Represents the nine months ending December 31, 2024.

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Investments in Unconsolidated Real Estate Venture (Tables)

3 Months Ended

Mar. 31, 2024

Unconsolidated Real Estate Ventures [Abstract]

Summary of Investments in JV

The following is a summary of our investment in the JV (dollars in thousands):

		As of March 31,
Joint Venture	Ownership Interest	2024
MedBase Venture	53.0%	$	282,879

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Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Summary of Borrowings

At March 31, 2024, our consolidated borrowings consisted of the following (amounts in thousands):

	Principal Outstanding			Interest	Current
Loan	March 31, 2024			Rate (1)	Maturity
Revolving credit facility:
Revolving credit facility (2)	$	144,500		S + 134 bps	July 2025 (3)
Total revolving credit facility		144,500
Term loan facilities:
2016 term loan facility		100,000		5.05% (4)	January 2025
2018 term loan facility		200,000		5.38% (5)	July 2026
Total term loan facilities		300,000
Less: Total unamortized deferred financing fees		(1,083	)
Total term loan facilities, net		298,917
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
2021 series A senior notes		50,000		2.62%	October 2028
2021 series B senior notes		200,000		2.89%	October 2030
Total notes payable		700,000
Less: Total unamortized deferred financing fees		(3,345	)
Total notes payable, net		696,655
Mortgage notes payable:
VA – Golden		8,395		5.00% (6)	April 2024(7)
USFS II – Albuquerque		11,122		4.46% (6)	July 2026
ICE – Charleston		11,627		4.21% (6)	January 2027
VA – Loma Linda		127,500		3.59% (6)	July 2027
CBP – Savannah		9,335		3.40% (6)	July 2033
USCIS – Kansas City		51,500		3.68% (6)	August 2024
Total mortgage notes payable		219,479
Less: Total unamortized deferred financing fees		(830	)
Less: Total unamortized premium/discount		267
Total mortgage notes payable, net		218,916
Total debt	$	1,358,988

(1)At March 31, 2024, the USD SOFR with a five day lookback (“S”) was 5.31%. 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 our $450.0 million senior unsecured revolving credit facility (our “revolving credit facility”), our $200.0 million senior unsecured term loan facility (as amended, our “2018 term loan facility”) and our $100.0 million senior unsecured term loan facility (our “2016 term loan facility”) is based on our consolidated leverage ratio, as set forth in the respective loan agreements.

(2)Our revolving credit facility had available capacity of $305.4 million at March 31, 2024 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)Our 2016 term loan facility is subject to one interest rate swap with an effective date of September 29, 2023 and a notional value of $100.0 million, which effectively fixes the interest rate at 5.05% annually, based on our consolidated leverage ratio, as defined in our 2016 term loan facility agreement.

(5)Our 2018 term loan facility is subject to two interest rate swaps with an effective date of June 23, 2023 and an aggregate notional value of $200.0 million, which effectively fixes the interest rate at 5.38% annually, based on our consolidated leverage ratio, as defined in our 2018 term loan facility agreement.

(6)Effective interest rates are as follows: VA – Golden 5.03%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%, USCIS – Kansas City 2.05%.

(7)On April 1, 2024, we used $8.4 million of available cash to extinguish the mortgage note obligation on VA – Golden.

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Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024. We entered into these interest rate swap derivatives to reduce our exposure to the variability in future cash flows attributable to changes in our 2016 term loan facility and 2018 term loan facility (amounts in thousands):

Notional Amount		Fixed Rate			Floating Rate Index	Effective Date	Expiration Date	Fair Value
$	100,000		4.01	%	USD-SOFR with -5 Day Lookback	June 23, 2023	March 23, 2025	$	904
$	100,000		4.18	%	USD-SOFR with -5 Day Lookback	June 23, 2023	December 23, 2024	$	648
$	100,000		3.70	%	USD-SOFR with -5 Day Lookback	September 29, 2023	June 29, 2025	$	1,345

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, 2024
Interest rate swaps	$	2,897

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,
	2024		2023
Unrealized gain (loss) recognized in AOCI	$	1,932	$	(506	)
Gain reclassified from AOCI into interest expense		1,030		1,507

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

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. The table below presents our assets measured at fair value on a recurring basis as of March 31, 2024, aggregated by the level in the fair value hierarchy within which those measurements fall (amounts in thousands):

	As of March 31, 2024
Balance Sheet Line Item	Level 1		Level 2		Level 3
Interest rate swaps	$	—	$	2,897	$	—

Schedule of Fair Value Financial Assets And Liabilities Not measured At Fair Value

As of March 31, 2024, all financial instruments and liabilities were reflected in our balance sheets at amounts which, in our estimation, reasonably approximated their fair values, except for the following:

	As of March 31, 2024
Financial liabilities	Carrying Amount (1)		Fair Value (2)
Revolving credit facility	$	144,500	$	144,500
2016 term loan facility	$	100,000	$	100,000
2018 term loan facility	$	200,000	$	200,000
Notes payable	$	700,000	$	612,213
Mortgages payable	$	219,479	$	207,483

(1)The carrying amount consists of principal only.

(2)We deem the fair value measurement of the financial liability instrument a Level 3 measurement.

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Equity Incentive Pan (Tables)

3 Months Ended

Mar. 31, 2024

Summary of Stock-based Compensation Expense

The following is a summary of our stock-based compensation expense for the three months ended March 31, 2024 and 2023, respectively:

	For the three months ended March 31,
	2024		2023
Stock-based compensation expense		1,229	$	1,668

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Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Summary of Changes In Stockholders' Equity

The following table summarizes the changes in our stockholders’ equity for the three months ended March 31, 2024 and 2023 (amounts in thousands, except share amounts):

	Shares		Common Stock Par Value		Additional Paid-in Capital			Retained Earnings		Cumulative Dividends			Accumulated Other Comprehensive Income			Non- controlling Interest in Operating Partnership			Total Equity
Three months ended March 31, 2024
Balance at December 31, 2023		100,973,247	$	1,010	$	1,783,338		$	112,301	$	(576,319	)	$	1,871		$	87,315		$	1,409,516
Stock based compensation		—		—		123			—		—			—			1,106			1,229
Dividends and distributions paid    ($0.265 per share)		—		—		—			—		(27,124	)		—			(1,561	)		(28,685	)
Redemption of common units for    shares of common stock		1,381,455		14		18,074			—		—			—			(18,088	)		—
Unrealized gain on interest rate swaps		—		—		—			—		—			882			20			902
Net income		—		—		—			4,626		—			—			258			4,884
Allocation of non-controlling interest    in Operating Partnership		—		—		(231	)		—		—			—			231			—
Balance at March 31, 2024		102,354,702	$	1,024	$	1,801,304		$	116,927	$	(603,443	)	$	2,753		$	69,281		$	1,387,846
Three months ended March 31, 2023
Balance at December 31, 2022		90,814,021	$	908	$	1,622,913		$	93,497	$	(475,983	)	$	3,546		$	166,101		$	1,410,982
Stock based compensation		—		—		145			—		—			—			1,523			1,668
Dividends and distributions paid    ($0.265 per share)		—		—		—			—		(24,068	)		—			(3,395	)		(27,463	)
Grant of unvested restricted stock		6,686		—		—			—		—			—			—			—
Redemption of common units for shares of common stock		10,199		—		140			—		—			—			(140	)		—
Issuance of common stock, net		2,559,000		26		52,206			—		—			—			—			52,232
Contribution of property for    common units		—		—		—			—		—			—			219			219
Unrealized loss on interest rate     swaps, net		—		—		—			—		—			(1,773	)		(240	)		(2,013	)
Net income		—		—		—			3,891		—			—			523			4,414
Allocation of non-controlling interest    in Operating Partnership		—		—		(2,937	)		—		—			—			2,937			—
Balance at March 31, 2023		93,389,906	$	934	$	1,672,467		$	97,388	$	(500,051	)	$	1,773		$	167,528		$	1,440,039

Summary of Dividends Declared

A summary of dividends declared by our 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 2024	April 25, 2024	May 9, 2024	May 21, 2024	0.265

(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.

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of our basic and diluted earnings per share of common stock for the three months ended March 31, 2024 and 2023 (amounts in thousands, except per share amounts):

	For the three months ended March 31,
	2024			2023
Numerator
Net income	$	4,884		$	4,414
Less: Non-controlling interest in Operating Partnership		(258	)		(523	)
Net income available to Easterly Government Properties, Inc.		4,626			3,891
Less: Dividends on participating securities		(148	)		(148	)
Net income available to common stockholders	$	4,478		$	3,743
Denominator for basic EPS		101,993,143			91,099,357
Dilutive effect of share-based compensation awards		27,143			23,556
Dilutive effect of LTIP units (1)		214,726			206,227
Dilutive effect of shares issuable under forward sale agreements (2)		—			—
Denominator for diluted EPS		102,235,012			91,329,140
Basic EPS	$	0.04		$	0.04
Diluted EPS	$	0.04		$	0.04

(1)During the three months ended March 31, 2024 and 2023, there were 491,498 and 347,419 unvested performance-based LTIP units, respectively, that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period.

(2)During the three months ended March 31, 2024 and 2023, there were 589,647 and 1,700,000 shares, respectively, of underlying unsettled forward sales transactions that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period.

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Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Summary of Composition of Lease Revenue Recognized Between Fixed and Variable Components

The table below sets forth our composition of lease revenue recognized between fixed and variable components (amounts in thousands):

	For the three months ended March 31,
	2024		2023
Fixed	$	65,436	$	62,924
Variable		5,310		5,224
Rental income		70,746		68,148

Schedule of Quantitative Information for Our Operating Leases

The following table provides quantitative information for our commenced operating leases for the three months ended March 31, 2024 and 2023 (amounts in thousands):

	For the three months ended March 31,
	2024		2023
Cash flows from operating lease costs	$	191	$	131

Schedule of Maturity of Fixed Lease Payments Under Our Corporate Office Leases

In addition, the maturity of fixed lease payments under our commenced corporate office leases as of March 31, 2024 is summarized in the table below (amounts in thousands):

Corporate office leases	Payments due by period
2024 (1)		578
2025		793
2026		661
2027		368
2028		385
Thereafter		333
Total future minimum lease payments	$	3,118
Imputed interest		(306	)
Total	$	2,812

(1)Represents the nine months ending December 31, 2024.

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Revenue (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023 (amounts in thousands):

	For the three months ended March 31,
Tenant	2024		2023
Department of Veteran Affairs (“VA”)	$	588	$	933
U.S. Joint Staff Command (“JSC”)		164		602
Customs and Border Protection (“CBP”)		139		79
Food and Drug Administration (“FDA”)		124		9
Federal Bureau of Investigation (“FBI”)		61		323
The Judiciary of the U.S. Government (“JUD”)		36		4
General Services Administration - Other		6		—
Department of Transportation (“DOT”)		3		120
Internal Revenue Service (“IRS”)		1		3
U.S. Coast Guard (“USCG”)		—		147
Immigration and Customs Enforcement (“ICE”)		—		71
Federal Emergency Management Agency (“FEMA”)		—		19
	$	1,122	$	2,310

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Organization and Basis of Presentation - Additional Information (Detail) ft² in Millions	3 Months Ended
	Mar. 31, 2024 ft² Property
Easterly Government Properties LP [Member]
Organization And Significant Accounting Policies [Line Items]
Outstanding common units of aggregate limited partnership interest owned percentage	95.00%
Joint Venture [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	9
Wholly Owned Operating Properties [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	81
Leased percentage of operating properties	97.00%
Aggregate area of land | ft²	8.9
Wholly Owned Operating Properties [Member] | Government [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	88
Wholly Owned Operating Properties [Member] | Private Tenants [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	1
Wholly Owned Operating Properties Entirely Leased [Member] | Government [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	1
Wholly Owned Properties Under Development [Member]
Organization And Significant Accounting Policies [Line Items]
Number of properties	1
Aggregate area of land | ft²	0.2

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Real Estate and Intangibles - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Property	Mar. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Acquisition-related expenses | $	$ 419	$ 461
Operating Properties Acquired [Member]
Real Estate Properties [Line Items]
Number of properties | Property	0

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Real Estate and Intangibles - Schedule of Real Estate and Intangibles (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real estate properties, net
Land	$ 221,999
Building and improvements	2,359,074
Acquired tenant improvements	85,949
Construction in progress	79,776
Accumulated depreciation	(409,491)
Total Real estate properties, net	2,337,307	$ 2,319,143
Intangible assets, net
Accumulated amortization	(231,134)
Total Intangible assets, net	143,044
Intangible liabilities, net
Intangible Liabilities, Below market leases	(72,037)
Intangible Liabilities, Accumulated amortization	60,444
Total Intangible liabilities, net	(11,593)
Leases, Acquired-in-Place [Member]
Intangible assets, net
Above market leases	280,604
Acquired Leasing Commissions [Member]
Intangible assets, net
Above market leases	72,560
Above Market Leases [Member]
Intangible assets, net
Above market leases	14,620
Payment in Lieu of Taxes [Member]
Intangible assets, net
Above market leases	$ 6,394

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Real Estate and Intangibles - Summary of Scheduled Amortization Market Lease Intangibles (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Acquired Above-Market Lease Intangibles
2024	$ 836	[1]
2025	1,097
2026	1,096
2027	1,096
2028	725
Acquired Below-Market Lease Intangibles
2024	(2,051)	[1]
2025	(2,246)
2026	(2,008)
2027	(1,783)
2028	$ (1,238)

[1] Represents the nine months ending December 31, 2024.

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Investments in Unconsolidated Real Estate Venture - Summary of Investments in JV (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Investment in unconsolidated real estate venture	$ 282,879	$ 284,544
MedBase Venture [Member]
Related Party Transaction [Line Items]
Effective Ownership Interest	53.00%
Investment in unconsolidated real estate venture	$ 282,879

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Investments in Unconsolidated Real Estate Venture - Additional Information (Details) - JV [Member]	Mar. 31, 2024 Property	Oct. 13, 2021 ft² Property
Unconsolidated Real Estate Venture [Line Items]
Number of properties	0
VA Portfolio [Member]
Unconsolidated Real Estate Venture [Line Items]
Number of properties	9	10
Area of properties acquired | ft²		1,214,165
Global Investor [Member]
Unconsolidated Real Estate Venture [Line Items]
Effective Ownership Interest		53.00%

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Debt - Summary of Borrowings (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total revolving credit facility, Principal Outstanding		$ 144,500	$ 79,000
Total term loan facilities, net, Principal Outstanding		298,917	299,108
Total notes payable, net, Principal Outstanding		696,655	696,532
Total mortgage notes payable, net, Principal Outstanding		218,916	$ 220,195
Total debt, Principal Outstanding		1,358,988
Notes Payable [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		700,000
Less: Total unamortized deferred financing fees		(1,083)
Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		219,479
Less: Total unamortized deferred financing fees		(830)
Less: Total unamortized premium/discount		267
Mortgage Notes Payable [Member] | VA Golden [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 8,395
Loan, Interest Rate	[1],[2]	5.00%
Loan, Current Maturity	[3]	2024-04
Mortgage Notes Payable [Member] | USFS II Albuquerque [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 11,122
Loan, Interest Rate	[1],[2]	4.46%
Loan, Current Maturity		2026-07
Mortgage Notes Payable [Member] | ICE Charleston [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 11,627
Loan, Interest Rate	[1],[2]	4.21%
Loan, Current Maturity		2027-01
Mortgage Notes Payable [Member] | VA Loma Linda [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 127,500
Loan, Interest Rate	[1],[2]	3.59%
Loan, Current Maturity		2027-07
Mortgage Notes Payable [Member] | CBP Savannah [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 9,335
Loan, Interest Rate	[1],[2]	3.40%
Loan, Current Maturity		2033-07
Mortgage Notes Payable [Member] | USCIS - Kansas City [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 51,500
Loan, Interest Rate	[1],[2]	3.68%
Loan, Current Maturity		2024-08
2016 Term Loan Facility [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 100,000
Loan, Interest Rate	[1],[4]	5.05%
Loan, Current Maturity		2025-01
2018 Term Loan Facility [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 200,000
Loan, Interest Rate	[1],[5]	5.38%
Loan, Current Maturity		2026-07
Term Loan Facility [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 300,000
Less: Total unamortized deferred financing fees		(3,345)
Total term loan facilities, net, Principal Outstanding		$ 298,917
2017 series A senior notes [Member]
Debt Instrument [Line Items]
Loan, Interest Rate	[1]	4.05%
Loan, Current Maturity		2027-05
2017 series A senior notes [Member] | Senior Unsecured Notes Payable
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 95,000
2017 series B senior notes [Member]
Debt Instrument [Line Items]
Loan, Interest Rate	[1]	4.15%
Loan, Current Maturity		2029-05
2017 series B senior notes [Member] | Senior Unsecured Notes Payable
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 50,000
2017 series C senior notes [Member]
Debt Instrument [Line Items]
Loan, Interest Rate	[1]	4.30%
Loan, Current Maturity		2032-05
2017 series C senior notes [Member] | Senior Unsecured Notes Payable
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 30,000
2019 series A senior notes [Member]
Debt Instrument [Line Items]
Loan, Interest Rate	[1]	3.73%
Loan, Current Maturity		2029-09
2019 series A senior notes [Member] | Senior Unsecured Notes Payable
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 85,000
2019 series B senior notes [Member]
Debt Instrument [Line Items]
Loan, Interest Rate	[1]	3.83%
Loan, Current Maturity		2031-09
2019 series B senior notes [Member] | Senior Unsecured Notes Payable
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 100,000
2019 series C senior notes [Member]
Debt Instrument [Line Items]
Loan, Interest Rate	[1]	3.98%
Loan, Current Maturity		2034-09
2019 series C senior notes [Member] | Senior Unsecured Notes Payable
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 90,000
2021 Series A Senior Notes [Member]
Debt Instrument [Line Items]
Loan, Interest Rate	[1]	2.62%
Loan, Current Maturity		2028-10
2021 Series A Senior Notes [Member] | Senior Unsecured Notes Payable
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 50,000
2021 Series B Senior Notes [Member]
Debt Instrument [Line Items]
Loan, Interest Rate	[1]	2.89%
Loan, Current Maturity		2030-10
2021 Series B Senior Notes [Member] | Senior Unsecured Notes Payable
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 200,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total revolving credit facility, Principal Outstanding		$ 144,500
Loan, Interest Rate	[1],[6]	S + 134 bps
Loan, Current Maturity	[6],[7]	2025-07

[1] At March 31, 2024, the USD SOFR with a five day lookback (“S”) was 5.31%. 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 our $450.0 million senior unsecured revolving credit facility (our “revolving credit facility”), our $200.0 million senior unsecured term loan facility (as amended, our “2018 term loan facility”) and our $100.0 million senior unsecured term loan facility (our “2016 term loan facility”) is based on our consolidated leverage ratio, as set forth in the respective loan agreements.

[2] Effective interest rates are as follows: VA – Golden 5.03%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%, USCIS – Kansas City 2.05%.

[3] On April 1, 2024, we used $8.4 million of available cash to extinguish the mortgage note obligation on VA – Golden.

[4] Our 2016 term loan facility is subject to one interest rate swap with an effective date of September 29, 2023 and a notional value of $100.0 million, which effectively fixes the interest rate at 5.05% annually, based on our consolidated leverage ratio, as defined in our 2016 term loan facility agreement

[5] Our 2018 term loan facility is subject to two interest rate swaps with an effective date of June 23, 2023 and an aggregate notional value of $200.0 million, which effectively fixes the interest rate at 5.38% annually, based on our consolidated leverage ratio, as defined in our 2018 term loan facility agreement.

[6] Our revolving credit facility had available capacity of $305.4 million at March 31, 2024 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.

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

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Debt - Summary of Borrowings (Parenthetical) (Detail)		3 Months Ended
	Apr. 01, 2024 USD ($)	Mar. 31, 2024 USD ($) Swap	Mar. 31, 2023 USD ($)	Jun. 23, 2023 Swap
Debt Instrument [Line Items]
Mortgage note obligation		$ 1,117,000	$ 16,744,000
Subsequent Event [Member] | VA Golden [Member]
Debt Instrument [Line Items]
Mortgage note obligation	$ 8,400,000
Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Aggregate notional value of interest rate swaps		200,000,000.0
2018 Term Loan Facility [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 200,000,000
2018 Term Loan Facility [Member] | Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps | Swap				2
Forward swaps effective date		Jun. 23, 2023
Forward swaps interest rate		5.38%
2016 Term Loan Facility [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 100,000,000
2016 Term Loan Facility [Member] | Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Aggregate notional value of interest rate swaps		$ 100,000,000.0
Forward swaps interest rate		5.05%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount available under revolving credit facility		$ 305,400,000
Credit facility additional maximum borrowing capacity		$ 250,000,000.0
Line of Credit Facility, Description		revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee
Revolving Credit Facility [Member] | Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps | Swap		1
Forward swaps effective date		Sep. 29, 2023
Senior Unsecured Notes [Member] | 2018 Term Loan Facility [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 200,000,000.0
Senior Unsecured Notes [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		450,000,000.0
Senior Unsecured Credit Facility | 2016 Term Loan Facility [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		100,000,000.0
Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		219,479,000
Mortgage Notes Payable [Member] | CBP Savannah [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 9,335,000
Effective interest rate		4.12%
Mortgage Notes Payable [Member] | ICE Charleston [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 11,627,000
Effective interest rate		3.93%
Mortgage Notes Payable [Member] | USFS II Albuquerque [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 11,122,000
Effective interest rate		3.92%
Mortgage Notes Payable [Member] | VA Loma Linda [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 127,500,000
Effective interest rate		3.78%
Mortgage Notes Payable [Member] | VA Golden [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 8,395,000
Effective interest rate		5.03%
Mortgage Notes Payable [Member] | USCIS - Kansas City [Member]
Debt Instrument [Line Items]
Loan, Principal Outstanding		$ 51,500,000
Effective interest rate		2.05%
SOFR [Member]
Debt Instrument [Line Items]
Loan, interest rate		5.31%

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Debt - Additional Information (Detail)		3 Months Ended
	Jan. 02, 2024	Mar. 31, 2024 USD ($) Swap	Jun. 23, 2023 Swap
Debt Instrument [Line Items]
Net carrying value of real estate collateralizing the mortgage		$ 323,500,000
Margin spread percentage	0.01%
Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Aggregate notional value of interest rate swaps		$ 200,000,000.0
SOFR [Member]
Debt Instrument [Line Items]
Loan, interest rate		5.31%
2018 Term Loan Facility [Member] | Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps | Swap			2
Forward swaps effective date		Jun. 23, 2023
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount available under revolving credit facility		$ 305,400,000
Revolving Credit Facility [Member] | Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of forward interest rate swaps | Swap		1
Forward swaps effective date		Sep. 29, 2023

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Derivative and Hedging Activities - Schedule of Key Terms and Fair Values of Our Interest Rate Swap Derivatives (Detail)	3 Months Ended
	Mar. 31, 2024 USD ($)
Interest Swap Rate at 4.01% Fixed Rate [Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 100,000,000
Forward swaps interest rate	4.01%
Floating Rate Index	USD-SOFR with -5 Day Lookback
Forward swaps effective date	Jun. 23, 2023
Expiration Date	Mar. 23, 2025
Fair Value	$ 904,000
Interest Swap Rate at 4.18% Fixed Rate [Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 100,000,000
Forward swaps interest rate	4.18%
Floating Rate Index	USD-SOFR with -5 Day Lookback
Forward swaps effective date	Jun. 23, 2023
Expiration Date	Dec. 23, 2024
Fair Value	$ 648,000
Interest Swap Rate at 3.70% Fixed Rate [Member]
Derivative [Line Items]
Aggregate notional value of interest rate swaps	$ 100,000,000
Forward swaps interest rate	3.70%
Floating Rate Index	USD-SOFR with -5 Day Lookback
Forward swaps effective date	Sep. 29, 2023
Expiration Date	Jun. 29, 2025
Fair Value	$ 1,345,000

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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, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate swaps	$ 2,897	$ 1,994

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Derivative and Hedging Activities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Estimates reclassified from accumulated other comprehensive income (loss) decrease to interest expense over the next 12 months	$ 3,700,000
Credit risk related contingent features derivatives, net fair value of derivatives in liability position	$ 0

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Derivative and Hedging Activities - Schedule of Effects of Our Interest Rate Derivatives on Our Consolidated Statements of Operations and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gain (loss) recognized in AOCI	$ 1,932	$ (506)
Gain reclassified from AOCI into interest expense	$ 1,030	$ 1,507

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Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps	$ 2,897	$ 1,994
Fair Value, Recurring | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swaps	$ 2,897

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Fair Value Measurements - Schedule of Fair Value Financial Assets And Liabilities Not measured At Fair Value (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Revolving Credit Facility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial liabilities, Carrying amount	$ 144,500	[1]
Financial liabilities, Fair value	144,500	[2]
2016 Term Loan Facility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial liabilities, Carrying amount	100,000	[1]
Financial liabilities, Fair value	100,000	[2]
2018 Term Loan Facility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial liabilities, Carrying amount	200,000	[1]
Financial liabilities, Fair value	200,000	[2]
Notes Payable [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial liabilities, Carrying amount	700,000	[1]
Financial liabilities, Fair value	612,213	[2]
Mortgages Payable [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial liabilities, Carrying amount	219,479	[1]
Financial liabilities, Fair value	$ 207,483	[2]

[1] The carrying amount consists of principal only.

[2] We deem the fair value measurement of the financial liability instrument a Level 3 measurement.

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Equity Incentive Plan - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Additional Disclosure [Abstract]
Stock-based compensation expense	$ 1,229	$ 1,668

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Equity Incentive Plan - Additional Information (Details) - Long Term Incentive Plan - 2015 Equity Incentive Plan [Member] - shares			3 Months Ended
	Jan. 19, 2024	Jan. 02, 2024	Mar. 31, 2024
Stockholders Equity Note Disclosure [Line Items]
Units Granted	69,419	193,993
Aggregate Service-based units granted		201,150
Vest date	Dec. 31, 2026	Dec. 31, 2026
Expected volatility			24.00%
Risk-free interest rate			4.10%
Expected life			3 years
Minimum
Stockholders Equity Note Disclosure [Line Items]
Dividend yield			6.60%
Maximum
Stockholders Equity Note Disclosure [Line Items]
Dividend yield			6.70%
Total Shareholder Return Performance Thresholds
Stockholders Equity Note Disclosure [Line Items]
Units Granted		77,256
Operational Performance Hurdles
Stockholders Equity Note Disclosure [Line Items]
Units Granted		116,737

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Equity - Summary of Changes In Stockholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Shareholders Equity [Line Items]
Balance	$ 1,409,516	$ 1,410,982
Stock based compensation	1,229	1,668
Dividends and distributions paid	(28,685)	(27,463)
Issuance of common stock, net		52,232
Contribution of property for common units		219
Unrealized gain (loss) on interest rate swaps, net	902	(2,013)
Net income	4,884	4,414
Balance	1,387,846	1,440,039
Common Stock Par Value [Member]
Shareholders Equity [Line Items]
Balance	$ 1,010	$ 908
Balance (in shares)	100,973,247	90,814,021
Grant of unvested restricted stock (in shares)		6,686
Redemption of common units for shares of common stock	$ 14
Redemption of common units for shares of common stock (in shares)	1,381,455	10,199
Issuance of common stock, net		$ 26
Issuance of common stock (in share)		2,559,000
Balance	$ 1,024	$ 934
Balance (in shares)	102,354,702	93,389,906
Additional Paid-in Capital [Member]
Shareholders Equity [Line Items]
Balance	$ 1,783,338	$ 1,622,913
Stock based compensation	123	145
Redemption of common units for shares of common stock	18,074	140
Issuance of common stock, net		52,206
Allocation of non-controlling interest in Operating Partnership	(231)	(2,937)
Balance	1,801,304	1,672,467
Retained Earnings [Member]
Shareholders Equity [Line Items]
Balance	112,301	93,497
Net income	4,626	3,891
Balance	116,927	97,388
Cumulative Dividends [Member]
Shareholders Equity [Line Items]
Balance	(576,319)	(475,983)
Dividends and distributions paid	(27,124)	(24,068)
Balance	(603,443)	(500,051)
Accumulated Other Comprehensive Income [Member]
Shareholders Equity [Line Items]
Balance	1,871	3,546
Unrealized gain (loss) on interest rate swaps, net	882	(1,773)
Balance	2,753	1,773
Non-controlling Interest in Operating Partnership [Member]
Shareholders Equity [Line Items]
Balance	87,315	166,101
Stock based compensation	1,106	1,523
Dividends and distributions paid	(1,561)	(3,395)
Redemption of common units for shares of common stock	(18,088)	(140)
Contribution of property for common units		219
Unrealized gain (loss) on interest rate swaps, net	20	(240)
Net income	258	523
Allocation of non-controlling interest in Operating Partnership	231	2,937
Balance	$ 69,281	$ 167,528

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Equity - Summary of Changes In Stockholders' Equity (Parenthetical) (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Dividends and distributions paid, per share	$ 0.265	$ 0.265

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Equity - Summary of Dividends Declared (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Dividends Payable [Line Items]
Dividend	$ 0.265	$ 0.265
Q1 2024 [Member]
Dividends Payable [Line Items]
Declaration Date	Apr. 25, 2024
Record Date	May 09, 2024
Payment Date	May 21, 2024
Dividend	$ 0.265

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Equity - Summary of Dividends Declared (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2024
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%

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Equity - Additional Information (Detail) - USD ($) $ in Millions				3 Months Ended
	Apr. 10, 2024	Jun. 22, 2021	Dec. 20, 2019	Mar. 31, 2024	Dec. 31, 2023	Apr. 28, 2022
Stockholders Equity Note Disclosure [Line Items]
Common Stock, shares issued				102,354,702	100,973,247
Board of Directors [Member] | Share Repurchase Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Repurchase of common stock,percentage						5.00%
Board of Directors [Member] | Share Repurchase Program [Member] | Maximum [Member]
Stockholders Equity Note Disclosure [Line Items]
Repurchase of common stock,shares				0		4,538,994
2019 ATM Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Aggregate offering price of shares of common stock that the Company may issue and sell			$ 300.0
Gross sale of common stock available for grant				$ 79.3
2021 ATM Programs [Member]
Stockholders Equity Note Disclosure [Line Items]
Aggregate offering price of shares of common stock that the Company may issue and sell		$ 300.0
Number of Shares Sold				0
Gross sale of common stock available for grant				$ 300.0
Underwritten Public Offering [Member] | 2019 ATM Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Number of unsettled common stock shares sold				589,647
Subsequent Event [Member] | 2019 ATM Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Number of settled common stock shares	589,647
Proceeds received	$ 7.9

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Earnings Per Share - Summary of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share Basic And Diluted [Line Items]
Net income		$ 4,884	$ 4,414
Less: Non-controlling interest in Operating Partnership		(258)	(523)
Net income available to Easterly Government Properties, Inc.		4,626	3,891
Less: Dividends on participating securities		(148)	(148)
Net income available to common stockholders		$ 4,478	$ 3,743
Denominator for basic EPS		101,993,143	91,099,357
Denominator for diluted EPS		102,235,012	91,329,140
Basic EPS		$ 0.04	$ 0.04
Diluted EPS		$ 0.04	$ 0.04
Stock Compensation Plan [Member]
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect		27,143	23,556
Long Term Incentive Plan
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect	[1]	214,726	206,227

[1] During the three months ended March 31, 2024 and 2023, there were 491,498 and 347,419 unvested performance-based LTIP units, respectively, that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period.

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Earnings Per Share - Summary of Basic and Diluted Earnings Per Common Share (Parenthetical) (Detail) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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	491,498	347,419
Underlying Unsettled Forward Sales Transactions [Member]
Earnings Per Share Basic And Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	589,647	1,700,000

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Leases - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Lessee Lease Description [Line Items]
Average age of property	19 years 4 months 24 days
Right-of-use asset	$ 2.8
Operating lease liability	$ 2.8

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Leases - Summary of Composition of Lease Revenue Recognized Between Fixed and Variable Components (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Leased Assets [Line Items]
Rental income	$ 70,746	$ 68,148
Fixed
Operating Leased Assets [Line Items]
Rental income	65,436	62,924
Variable
Operating Leased Assets [Line Items]
Rental income	$ 5,310	$ 5,224

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Leases - Schedule of Quantitative Information for Company's Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Cash flows from operating lease costs	$ 191	$ 131

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Leases - Schedule of Maturity of Fixed Lease Payments Under Company's Corporate Office Leases (Detail) - Corporate Office Leases [Member] $ in Thousands	Mar. 31, 2024 USD ($)
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
2024	$ 578	[1]
2025	793
2026	661
2027	368
2028	385
Thereafter	333
Total future minimum lease payments	3,118
Imputed interest	(306)
Total	$ 2,812

[1] Represents the nine months ending December 31, 2024.

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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, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	$ 1,122	$ 2,310
Department of Veteran Affairs ("VA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	588	933
U.S Joint Staff Command ("JSC") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	164	602
Federal Bureau of Investigation ("FBI") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	61	323
U.S. Coast Guard ("USCG") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		147
Customs and Border Protection ("CBP") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	139	79
Department of Transportation ("DOT") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	3	120
The Judiciary of the U.S. Government ("JUD") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	36	4
Immigration and Customs Enforcement ("ICE") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		71
Federal Emergency Management Agency ("FEMA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income		19
Food And Drug Administration ("FDA") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	124	9
Internal Revenue Service ("IRS") [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	1	$ 3
General Services Administration - Other [Member]
Disaggregation Of Revenue [Line Items]
Tenant Construction Project Income	$ 6

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Revenue - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Tenant accounts receivable	$ 73,092	$ 66,274
ASU 2014-09 [Member]
Disaggregation of Revenue [Line Items]
Accounts receivable related to tenant construction projects	7,700	9,600
Contract assets	0	0
Contract liabilities	0	0
ASU 2014-09 [Member] | Various GSA - Buffalo Property [Member] | Parking Garage [Member]
Disaggregation of Revenue [Line Items]
Total revenues	100	100
Tenant accounts receivable	$ 100	$ 100

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Concentrations Risk - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 Property
Wholly Owned Properties [Member]
Concentration Risk [Line Items]
Number of properties	90
CALIFORNIA
Concentration Risk [Line Items]
Number of properties	18
Lease Income [Member] | Credit Concentration Risk [Member] | CALIFORNIA
Concentration Risk [Line Items]
Percentage of concentrations risk	20.20%
Rentable Square Feet [Member] | Credit Concentration Risk [Member] | CALIFORNIA
Concentration Risk [Line Items]
Percentage of concentrations risk	15.60%
U.S. Government [Member] | Lease Income [Member] | Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	97.40%
Non Governmental Tenants [Member] | Lease Income [Member] | Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	1.50%
State and Local Government Tenants [Member] | Lease Income [Member] | Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	1.10%

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Related Parties - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Reimbursement Cost Paid	$ 400,000	$ 200,000
Accounts payable, accrued expenses and other liabilities	95,642,000		$ 80,209,000
Asset management income	550,000	517,000
JV [Member]
Related Party Transaction [Line Items]
Asset management income	600,000	500,000
Certain Entities Controlled by Chairman [Member]
Related Party Transaction [Line Items]
Reimbursable rent and office expense due to related party	100,000	100,000
Accounts payable, accrued expenses and other liabilities	0
Certain Entities Controlled by Vice Chairman [Member]
Related Party Transaction [Line Items]
Reimbursable payroll expenses interest and defeasance costs due from related party	100,000	$ 100,000
Reimbursements accounts receivable	$ 200,000

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Subsequent Events - Additional Information (Detail) $ in Thousands			3 Months Ended
	Apr. 12, 2024 ft²	Apr. 01, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Apr. 04, 2024 ft²
Subsequent Event [Line Items]
Mortgage note obligation			$ 1,117	$ 16,744
Net proceeds from the settlement of shares				$ 52,414
Subsequent Event [Member] | VA Golden [Member]
Subsequent Event [Line Items]
Mortgage note obligation		$ 8,400
Subsequent Event [Member] | The Judiciary of the U.S. Government ("JUD") [Member] | Arizona [Member]
Subsequent Event [Line Items]
Area of properties acquired | ft²					50,777
Leased period					20 years
Subsequent Event [Member] | Immigration and Customs Enforcement ("ICE") [Member] | Texas [Member]
Subsequent Event [Line Items]
Area of properties acquired | ft²	129,046
Subsequent Event [Member] | Immigration and Customs Enforcement ("ICE") [Member] | Maximum [Member] | Texas [Member]
Subsequent Event [Line Items]
Lease expirations year	2040
Subsequent Event [Member] | Immigration and Customs Enforcement ("ICE") [Member] | Minimum [Member] | Texas [Member]
Subsequent Event [Line Items]
Lease expirations year	2032