The following table summarizes the changes in the Company’s stockholders’ equity for the three months ended March 31, 2020 and 2019 (amounts in thousands, except share amounts):

	Shares		Common Stock Par Value		Additional Paid-in Capital			Retained Earnings (Deficit)			Cumulative Dividends			Accumulated Other Comprehensive Income (Loss)			Non- controlling Interest in Operating Partnership			Total Equity
Three months ended March 31, 2020
Balance at December 31, 2019		74,832,292	$	748	$	1,257,319		$	20,004		$	(210,760	)	$	(4,690	)	$	137,220		$	1,199,841
Stock based compensation		—		—		224			—			—			—			776			1,000
Dividends and distributions paid ($0.26 per share)		—		—		—			—			(19,516	)		—			(2,570	)		(22,086	)
Grant of unvested restricted stock		2,905		—		—			—			—			—			—			—
Redemption of common units for shares of common stock		42,000		1		596			—			—			—			(597	)		—
Issuance of common stock		200,000		2		4,823			—			—			—			—			4,825
Contribution of Property for common units		—		—		—			—			—			—			21,550			21,550
Unrealized loss on interest rate swaps, net		—		—		—			—			—			(8,586	)		(1,260	)		(9,846	)
Net income		—		—		—			1,697			—			—			221			1,918
Allocation of non-controlling interest in Operating Partnership		—		—		7,796			—			—			—			(7,796	)		—
Balance at March 31, 2020		75,077,197	$	751	$	1,270,758		$	21,701		$	(230,276	)	$	(13,276	)	$	147,544		$	1,197,202
Three months ended March 31, 2019
Balance at December 31, 2018		60,849,206	$	608	$	1,017,415		$	12,831		$	(139,103	)	$	2,412		$	131,090		$	1,025,253
Cumulative effect adjustment related to adoption of Leases (Topic 842)		—		—		—			(34	)		—			—			—			(34	)
Stock based compensation		—		—		183			—			—			—			551			734
Dividends and distributions paid ($0.26 per share)		—		—		—			—			(15,841	)		—			(2,592	)		(18,433	)
Grant of unvested restricted stock		57,121		1		(1	)		—			—			—			—			—
Redemption of common units for shares of common stock		33,125		—		493			—			—			—			(493	)		—
Issuance of common stock		7,066,455		71		125,653			—			—			—			—			125,724
Unrealized loss on interest rate swaps, net		—		—		—			—			—			(2,631	)		(386	)		(3,017	)
Net loss		—		—		—			(416	)		—			—			(65	)		(481	)
Allocation of non-controlling interest in Operating Partnership		—		—		(15,805	)		—			—			—			15,805			—
Balance at March 31, 2019		68,005,907	$	680	$	1,127,938		$	12,381		$	(154,944	)	$	(219	)	$	143,910		$	1,129,746

On January 3, 2020, the Company granted an aggregate of 146,199 performance-based long-term incentive plan units in the Operating Partnership (“LTIP units”) to members of management pursuant to the Easterly Government Properties, Inc. 2015 Equity Incentive Plan, as amended (the “2015 Equity Incentive Plan”), consisting of (i) 81,693 LTIP units that are subject to the Company achieving certain total shareholder return performance thresholds (on both an absolute and a relative basis) and (ii) 64,506 LTIP units that are subject to the Company achieving certain operational performance hurdles, in each case through a performance period ending on December 31, 2022. Fifty percent of the LTIP units that are subject to the Company’s total shareholder return performance will vest when earned following the end of the performance period and 50% of the earned award will vest on January 2, 2024, subject to the grantee’s continued employment and the other terms of the awards. All of the LTIP units subject to the Company’s operational performance will vest when earned. On January 3, 2020, the Company also granted an aggregate of 89,242 service-based LTIP units to members of management pursuant to the 2015 Equity Incentive Plan, which will vest on December 31, 2022, subject to the grantee’s continued employment and the other terms of the awards.

On March 23, 2020, the Company issued an aggregate of 2,905 shares of restricted common stock to certain employees pursuant to the 2015 Equity Incentive Plan. The shares of restricted common stock will vest upon the second anniversary of the grant date so long as the grantee remains an employee of the Company on such date.

A summary of the Company’s shares of restricted common stock and LTIP unit awards at March 31, 2020 is as follows:

The Company recognized $1.0 million in compensation expense related to its shares of restricted common stock and the LTIP unit awards for the three months ended March 31, 2020. As of March 31, 2020, unrecognized compensation expense for both sets of awards was $7.7 million, which will be amortized over the applicable vesting period.

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

On March 4, 2019, the Company entered into separate equity distribution agreements with each of Citigroup Global Markets Inc., BMO Capital Markets Corp., BTIG, LLC, Capital One Securities, Inc., Jefferies LLC, Raymond James & Associates, Inc., RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC (collectively, the “Sales Agents”) pursuant to which it may issue and sell shares of its common stock having an aggregate offering price of up to $200.0 million from time to time (the “March 2019 ATM Program”) 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 the March 2019 ATM Program, the Company may also enter into one or more forward transactions (each, a “forward sale transaction”) under separate master forward sale confirmations and related supplemental confirmations with each of Citibank, N.A., Bank of Montreal, Jefferies

LLC, Raymond James & Associates, Inc., Royal Bank of Canada and Wells Fargo Bank, National Association (collectively, the “Forward Counterparties”) for the sale of shares of its common stock on a forward basis.

On December 20, 2019, the Company entered into separate new equity distribution agreements with each of the Sales Agents pursuant to which it may issue and sell shares of its common stock having an aggregate offering price of up to $300.0 million from time to time (the “December 2019 ATM Program”) in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act. Under the December 2019 ATM Program, the Company may also enter into one or more forward transactions under separate master forward sale confirmations and related supplemental confirmations with each of the Forward Counterparties for the sale of shares of its common stock on a forward basis. No sales of shares of the Company’s common stock were made under the December 2019 ATM Program during the three months ended March 31, 2020.

The following table sets forth certain information with respect to sales made under the March 2019 ATM Program as of March 31, 2020 (amounts in thousands except share amounts):

The Company used the net proceeds received from such sales for general corporate purposes. As of March 31, 2020, the Company had approximately $99.0 million and $300.0 million of gross sales of its common stock available under the March 2019 ATM Program and the December 2019 ATM Program, respectively.

On March 26, 2020, the Company acquired FBI / DEA – El Paso for which it paid, as partial consideration, 870,730 common units. The issuance of the common units was effected in reliance upon an exemption from registration provided by Section 4(a)(2) under the Securities Act. In connection with this acquisition, the Company entered into a tax protection agreement, under which it agreed to indemnify the contributors for any taxes incurred as a result of a taxable sale of such property for a period of four years. The Company also agreed in the tax protection agreement with the contributors to use the “traditional method” of making allocations under Section 704(c) of the Code for the four-year period.