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
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.
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.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | LTIP Units | 20,000 | $0.00 | -- |
Footnotes (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. 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.
