Easterly (DEA) Insider: 20,000 LTIP Units Awarded to Director

Rhea-AI Filing Summary

Easterly Government Properties (DEA) reporting person Cynthia A. Fisher, a director, was granted 20,000 LTIP Units in the Operating Partnership under the Issuer's 2024 Equity Incentive Plan on 08/26/2025. The LTIP Units vest on the fifth anniversary of the grant date and are earned only if specified performance hurdles are met prior to the eighth anniversary. Each LTIP Unit may be converted, subject to tax allocation conditions, into a Common Unit that can be redeemed for cash equal to fair market value of a share or, at the Issuer's election, exchanged for one share of Common Stock. The conversion and redemption rights have no expiration dates. The Form 4 was signed by Franklin V. Logan, attorney-in-fact, on 08/28/2025.

Positive

• 20,000 LTIP Units granted to Cynthia A. Fisher under the Issuer's 2024 Equity Incentive Plan
• Vesting on the fifth anniversary of the grant date, promoting long-term alignment
• Units are performance-contingent, earned only if specified performance hurdles are met before the eighth anniversary
• Conversion and redemption rights have no expiration, allowing holder flexibility to convert LTIP Units into Common Units and redeem for cash or shares

Negative

• None.

Insights

Financial Analyst

TL;DR: Director received performance-based LTIP Units that vest over five years, aligning compensation with long-term performance.

The award of 20,000 LTIP Units is a long-dated, performance-contingent equity incentive that delays value realization until vesting and achievement of specified hurdles by year eight. This structure ties management incentives to sustained performance rather than immediate payout. The award converts into economic exposure to the issuer's common shares via Common Units that can be redeemed for cash or converted into stock, creating a direct link between unit value and share price.

Corporate Governance Expert

TL;DR: Grant reflects typical governance practice of using performance-vesting LTIP awards for directors/executives.

The grant under the 2024 Equity Incentive Plan uses multi-year vesting and performance conditions, which is consistent with governance best practices for aligning long-term interests of insiders and shareholders. The perpetual conversion and redemption rights provide flexibility for holders while preserving the plan's long-term orientation. Disclosure on specific performance hurdles and potential accounting treatment is not included in this Form 4.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Fisher Cynthia A

(Last) (First) (Middle)

C/O EASTERLY GOVERNMENT PROPERTIES, INC.

2001 K STREET NW, SUITE 775 NORTH

(Street)

WASHINGTON DC 20006

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Easterly Government Properties, Inc. [ DEA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
LTIP Units(1)	(2)	08/26/2025		A		20,000		(1)(2)	(2)	Common Stock	20,000	$0	20,000	D

Explanation of Responses:

1. Represents LTIP Units in Easterly Government Properties LP (the "Operating Partnership"), of which the Issuer is the general partner, granted pursuant to the Issuer's 2024 Equity Incentive Plan, as amended (the "Plan"). The LTIP Units, and the common units of limited partnership interest in the Operating Partnership (each, a "Common Unit") into which such LTIP Units may be converted, will vest on the fifth anniversary of the grant date, subject to the Reporting Person's continued service with the Company, and, in accordance with the terms of the award, only to the extent such LTIP Units are earned based on the achievement of specified performance hurdles prior to the eighth anniversary of the Grant Date.

2. Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, each LTIP Unit may be converted, at the election of the holder, into a Common Unit. Each Common Unit acquired upon conversion of an LTIP Unit may be presented for redemption, at the election of the holder, for cash equal to the fair market value of a share of the Issuer's Common Stock, except that the Issuer may, at its election, acquire each Common Unit so presented for one share of Common Stock. The rights to convert earned and vested LTIP Units into Common Units and redeem Common Units do not have expiration dates.

	/s/ Franklin V. Logan, Attorney-in-fact for Cynthia A. Fisher	08/28/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

Who filed the Form 4 for Easterly Government Properties (DEA)?

The Form 4 reports Cynthia A. Fisher as the reporting person; the filing was signed by Franklin V. Logan, attorney-in-fact, on 08/28/2025.

What security was acquired according to the Form 4 for DEA?

The filing reports an acquisition of 20,000 LTIP Units08/26/2025.

When do the LTIP Units vest and what conditions apply?

The LTIP Units vest on the fifth anniversary of the grant date and are earned only if specified performance hurdles are achieved prior to the eighth anniversary.

Can the LTIP Units be converted into common stock or cash?

Yes. Subject to tax allocation conditions, each LTIP Unit may be converted into a Common Unit that can be redeemed for cash equal to the fair market value of a share, or the Issuer may elect to acquire the Common Unit for one share of Common Stock.

Does the Form 4 disclose a purchase price for the LTIP Units?

The Form 4 shows a price of $0 for the reported LTIP Unit grant, indicating a grant rather than a purchase.

Are there expiration dates for conversion or redemption rights of the LTIP Units?

No. The Form 4 states that the rights to convert earned and vested LTIP Units into Common Units and redeem Common Units do not have expiration dates.