Easterly (DEA) Form 4: 12,000 LTIP Units Awarded to EVP Franklin Logan

Rhea-AI Filing Summary

Franklin V. Logan, EVP, General Counsel and Secretary of Easterly Government Properties, Inc. (DEA), reported a grant of 12,000 LTIP Units in the issuer's operating partnership on 08/26/2025. The LTIP Units were granted under the company's 2024 Equity Incentive Plan and are scheduled to vest on the fifth anniversary of the grant date, subject to continued service and achievement of specified performance hurdles that must be met prior to the eighth anniversary. Each LTIP Unit may be converted, if certain tax conditions are met, into a Common Unit convertible or redeemable for cash equal to the fair market value of a share of the issuer's common stock or, at the issuer's election, exchanged for one share. The filing is signed on 08/28/2025.

Positive

• 12,000 LTIP Units granted under the 2024 Equity Incentive Plan, aligning executive pay with long-term performance
• Long-term vesting schedule (vesting on fifth anniversary) supports retention
• Conversion/redemption flexibility allows settlement in cash tied to fair market value or issuance of shares

Negative

• Vesting is contingent on continued service and achievement of specified performance hurdles; units may not be earned if hurdles are not met
• No immediate economic value disclosed beyond the grant; price recorded as $0 and actual payout depends on future conditions

Insights

Corporate Governance Expert

TL;DR: A routine long-term performance award to a senior officer with multi-year vesting and conversion rights; governance implications are standard.

The grant of 12,000 LTIP Units to a named executive aligns compensation with long-term performance and ties payout to both service and objective performance hurdles over an extended period (vesting at year five, earned only if hurdles met by year eight). The conversion and redemption mechanics described create flexibility in settlement (cash or shares) and reflect typical REIT/OP unit structures. No immediate change in voting or liquidity is disclosed.

Compensation Analyst

TL;DR: This is a standard long-term incentive award focused on retention and performance rather than immediate cash gain.

The award is delivered as LTIP Units with a $0 stated exercise/price, indicating a grant rather than a purchase. Vesting is time- and performance-contingent, which emphasizes retention and alignment with multi-year targets. Conversion and redemption terms permit settlement in cash tied to fair market value or in shares at the issuer's election, which affects ultimate dilution and expense recognition but no amounts or payouts are presented in this filing.

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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

Logan Franklin V.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, GC & Secretary

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		12,000		(1)(2)	(2)	Common Stock	12,000	$0	12,000	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	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

What did Franklin V. Logan report in the Form 4 for Easterly Government Properties (DEA)?

The report discloses a grant of 12,000 LTIP Units in the operating partnership under the company's 2024 Equity Incentive Plan on 08/26/2025.

When do the LTIP Units granted to the DEA executive vest?

The LTIP Units are scheduled to vest on the fifth anniversary of the grant date, subject to continued service and achievement of specified performance hurdles prior to the eighth anniversary.

How can the LTIP Units for DEA be converted or settled?

Each LTIP Unit may be converted, if certain tax allocations occur, into a Common Unit that can be redeemed for cash equal to the fair market value of a share or, at the issuer’s election, exchanged for one share of common stock.

Did the Form 4 report an exercise price or purchase by the executive?

The filing shows a $0 price for the reported LTIP Units, indicating a grant rather than a purchase or exercised option.

Who is the reporting person and what is their role at DEA?

The reporting person is Franklin V. Logan, who is listed as EVP, General Counsel & Secretary and a director of Easterly Government Properties, Inc.