Easterly CEO converts LTIP units into stock

Easterly Government Properties President & CEO Darrell W. Crate reported equity incentive conversions rather than open‑market trades.

Rhea-AI Filing Summary

Easterly Government Properties President & CEO Darrell W. Crate reported equity incentive conversions rather than open‑market trades. On February 24, 2026, 31,488 LTIP Units in the operating partnership were exchanged into an equal number of common units and then redeemed for 31,488 shares of common stock issued to Easterly Capital LLC, an entity wholly owned by him. Following this derivative conversion, Easterly Capital LLC held 300,079 shares of Easterly Government Properties common stock indirectly, with amounts reflected on a post–reverse‑split basis. The LTIP Units involved were previously granted as long‑term incentive compensation, subject to performance‑ and service‑based vesting conditions.

Insider Trade Summary

31,488 shares exercised/converted

Exercise 3 txns

Insider Crate Darrell W

Role President & CEO

Type	Security	Shares	Price	Value
Conversion	LTIP Units	13,100	$0.00	$0.00
Conversion	LTIP Units	18,388	$0.00	$0.00
Conversion	Common Stock	31,488	$0.00	$0.00

Holdings After Transaction: LTIP Units — 245 contracts (Direct); Common Stock — 300,079 shares (Indirect, By Easterly Capital LLC)

Footnotes (5)

1. F1. 31,488 LTIP units ("LTIP Units") in Easterly Government Properties LP (the "Partnership"), of which the Issuer is the sole general partner, were exchanged for an equal number of common units of limited partnership interest in the Partnership ("Common Units"), which were subsequently redeemed for an equal number of shares of the Issuer's common stock, par value $0.01 per share ("Common Stock"). Upon redemption of the Common Units, the shares of Common Stock were issued to Easterly Capital LLC, an entity wholly-owned by the Reporting Person.
2. F2. Shares are reflected on a post-split basis in accordance with the 1-for-2.5 reverse stock split of the Issuer's issued and outstanding shares of Common stock completed on April 28, 2025. Includes 68,591 shares of Common Stock that had previously been reported as direct holdings by the Reporting Person but have been transferred to Easterly Capital LLC in transactions exempt from reporting pursuant to Rule 16a-13.
3. F3. Represents LTIP Units granted as long-term incentive compensation pursuant to the Issuer's 2015 Equity Incentive Plan, as amended, subject to certain performance vesting hurdles, which were earned based on the Issuer's performance from January 3, 2023 through December 31, 2025.
4. F4. Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, each vested LTIP Unit may be exchanged, at the election of either the holder or the Partnership, into a Common Unit. Each Common 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 elect to acquire each Common Unit so presented for one share of Common Stock. LTIP Units are generally not convertible without the consent of the Issuer until two years from the grant date. These redemption rights have no expiration date.
5. F5. Represents LTIP Units granted as long-term incentive compensation pursuant to the Issuer's 2015 Equity Incentive Plan, as amended, subject to service-based vesting conditions, which were granted on January 3, 2023 and vested on December 31, 2025.

FAQ

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What insider transaction did Easterly Government Properties (DEA) report for CEO Darrell W. Crate?

Easterly Government Properties reported that CEO Darrell W. Crate converted equity awards into stock, not an open-market trade. 31,488 LTIP Units in the operating partnership ultimately became 31,488 shares of common stock issued to Easterly Capital LLC, which he wholly owns.

How many Easterly Government Properties shares does Easterly Capital LLC hold after this Form 4?

After the reported transactions, Easterly Capital LLC held 300,079 shares of Easterly Government Properties common stock indirectly. This total includes 68,591 shares previously reported as direct holdings by Darrell W. Crate, transferred to the LLC in transfers exempt from Form 4 reporting.

Were the Easterly Government Properties (DEA) insider transactions a stock purchase or a derivative conversion?

The insider activity was a derivative conversion, not a purchase. LTIP Units granted as long-term incentive compensation were exchanged into common units and then redeemed for an equal number of common shares, all at a stated conversion price of $0.00 per unit in the Form 4 data.

What are LTIP Units referenced in the Easterly Government Properties Form 4 for DEA?

The LTIP Units are long-term incentive partnership units granted under Easterly Government Properties’ 2015 Equity Incentive Plan. They vest based on performance and service conditions, and once vested, each LTIP Unit can be exchanged for a common unit and ultimately redeemed into common stock.

How does the reverse stock split affect the share counts in this DEA Form 4?

Share counts in the Form 4 are presented on a post-split basis. The filing notes they reflect a 1-for-2.5 reverse stock split of Easterly Government Properties’ outstanding common stock that was completed on April 28, 2025, so disclosed holdings already incorporate that adjustment.

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Accepted by SEC EDGAR 02/26/2026 - 05:54 PM Learn about SEC filing dates

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
Estimated average burden
hours per response:			0.5

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^*

Crate Darrell W

(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
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
02/24/2026

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
Common Stock	02/24/2026		C		31,488(1)	A	$0.00	300,079(2)	I	By Easterly Capital LLC

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(3)	(4)	02/24/2026		C			13,100	(3)(4)	(3)(4)	Common Stock	13,100	$0.00	245	D
LTIP Units(5)	(4)	02/24/2026		C			18,388	(4)(5)	(4)(5)	Common Stock	18,388	$0.00	0	D

Explanation of Responses:

1. 31,488 LTIP units ("LTIP Units") in Easterly Government Properties LP (the "Partnership"), of which the Issuer is the sole general partner, were exchanged for an equal number of common units of limited partnership interest in the Partnership ("Common Units"), which were subsequently redeemed for an equal number of shares of the Issuer's common stock, par value $0.01 per share ("Common Stock"). Upon redemption of the Common Units, the shares of Common Stock were issued to Easterly Capital LLC, an entity wholly-owned by the Reporting Person.

2. Shares are reflected on a post-split basis in accordance with the 1-for-2.5 reverse stock split of the Issuer's issued and outstanding shares of Common stock completed on April 28, 2025. Includes 68,591 shares of Common Stock that had previously been reported as direct holdings by the Reporting Person but have been transferred to Easterly Capital LLC in transactions exempt from reporting pursuant to Rule 16a-13.

3. Represents LTIP Units granted as long-term incentive compensation pursuant to the Issuer's 2015 Equity Incentive Plan, as amended, subject to certain performance vesting hurdles, which were earned based on the Issuer's performance from January 3, 2023 through December 31, 2025.

4. Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, each vested LTIP Unit may be exchanged, at the election of either the holder or the Partnership, into a Common Unit. Each Common 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 elect to acquire each Common Unit so presented for one share of Common Stock. LTIP Units are generally not convertible without the consent of the Issuer until two years from the grant date. These redemption rights have no expiration date.

5. Represents LTIP Units granted as long-term incentive compensation pursuant to the Issuer's 2015 Equity Incentive Plan, as amended, subject to service-based vesting conditions, which were granted on January 3, 2023 and vested on December 31, 2025.

	/s/ Franklin V. Logan, Attorney-in-fact for Darrell W. Crate	02/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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